A South Korean court has issued a warrant against the country’s sitting President, Yoon Suk Yeol, for imposing a short-lived martial law earlier this month, The Korean Herald reported. Yoon has become the first sitting South Korean President to face a possible arrest.
Arrest of President for Failed Military Rule
The warrant against President Yoon from the Seoul Western District Court today (Tuesday) was issued for charges of leading and organising the martial law declaration and abuse of power. The warrant was issued after Yoon failed to appear before a joint investigation committee three times.
The authorities have 48 hours following the court order to take Yoon into custody for questioning.
President Yoon suddenly appeared on national television on 3 December 2024 to declare the imposition of martial law throughout the country, with justification to curb “anti-national sentiments” within the political elite. Although the military took control of some institutions, or at least appeared to, the martial law only lasted for a few hours as the country’s lawmakers rushed to vote against it.
Under South Korean law, a majority of lawmakers’ votes against the military rule can nullify it.
WATCH: Soldiers arrive at South Korea’s parliament after president declares martial law pic.twitter.com/cZX4vsM34y
— BNO News (@BNONews) December 3, 2024
The Impact of the Arrest
Although the direct impact of the warrant against President Yoon is hard to determine, it might destabilise the country’s financial markets.
The value of the Korean won has been maintaining its declining trend against the US dollar for the last three months. Now, the President’s arrest might impact it further. Additionally, the country’s inflation data for the month of December also came in at 1.9 per cent, which is against the expected 1.7 per cent, marking the most rapid rise in the past four months.
An unstable South Korea might also impact the cryptocurrency market. Bitcoin is already down to $92,600, shedding about 16 per cent from its peak value above the $100,000 psychological milestone. Other altcoins that gained significantly amid the US Presidential election are also shedding their dollar value.
This article was written by Arnab Shome at www.financemagnates.com.
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