South Korea: Ruling party leader Han Dong Hoon resigns

South Korea’s ruling party leader Han Dong Hoon announced his resignation two days after the impeachment trial of President Yoon Suk Yeol. In a live televised press conference, Han said it had become impossible for him to fulfill his duties as leader of the conservative People Power Party (PPP). He also said that he did not regret his controversial call within the party for impeachment proceedings against President Yoon Suk Yeol (also PPP).

On Saturday, Yoon was removed from office following a vote in parliament. Prime Minister Han Duck Soo will take over presidential duties on an interim basis. The South Korean Constitutional Court began reviewing the impeachment proceedings against Yoon on Monday. The court now has up to six months to decide whether Yoon should be removed from office or reinstated. A joint investigation team from the police, the defense ministry and the anti-corruption agency summoned the president on Wednesday. Yoon did not respond to a separate summons from the public prosecutor’s office on Sunday, the South Korean news agency Yonhap reported.

The opposition accuses Yoon of violating the constitution. He had imposed martial law completely unexpectedly at the beginning of the month and lifted it again hours later after massive resistance. 204 of the 300 MPs voted for impeachment on Saturday, achieving the required two-thirds majority this time with the help of votes from Yoon’s PP party.

The resigning party leader Han Dong Hoon had already called on Yoon to resign early at the beginning of the state crisis. After the president failed to comply with the request, Han publicly spoke out in favor of the impeachment process requested by the opposition.

The political crisis is also affecting the financial markets. The government under interim President Han Duck Soo is trying to reassure international partners and stabilize the markets. On Monday morning, the finance minister, the Bank of Korea governor and top financial regulators met to ensure round-the-clock monitoring of financial and foreign exchange markets. Diplomats and investors also expressed concern about the country’s stability and its ability to counter the threat from a nuclear-armed North Korea.