South Korean President Yoon Suk Yeol Faces Arrest Over Martial Law Declaration

A South Korean court has approved the detainment of President Yoon Suk Yeol over his imposition of martial law earlier in the month.

What Happened: On Tuesday (local time), the Seoul Western District Court issued a warrant against Yoon on charges of masterminding a failed martial law declaration, orchestrating an insurrection, and abusing power, according to The Korea Times report. The Corruption Investigation Office applied for the warrant after Yoon ignored three requests for an appearance from the anti-corruption agency for questioning.

The court warrant grants the CIO 48 hours to detain Yoon for questioning and seek an arrest warrant. However, the Presidential Security Service has blocked investigators from accessing both the presidential office compound and Yoon’s official residence, citing concerns over military security.

Although Yoon has presidential immunity from criminal prosecution, this protection does not extend to charges of insurrection or treason. Yoon’s defense team contends that the CIO does not have the legal authority to investigate insurrection, a charge that, under the current system, falls within the investigative jurisdiction of the police.

Yoon was suspended from his duties after the opposition-controlled National Assembly voted to impeach him on December 14 for imposing martial law, which was overturned by a parliamentary vote just six hours later. The Constitutional Court has initiated proceedings to decide whether to remove the incumbent from office or reinstate him, with a ruling expected within 180 days beginning Dec. 14.

See Also: Anthony Scaramucci Tells Elon Musk To ‘Stick To Business'—Here's Musk's Bold Response

Why It Matters: The impeachment and potential arrest of President Yoon Suk Yeol is the culmination of a series of events that started with his controversial declaration of martial law on Dec. 3. This move, which Yoon justified as a measure against anti-state activities, led to a significant drop in South Korean ETFs and widespread protests across the country.

In mid-December, South Korean lawmakers, including several members of Yoon’s own People Power Party (PPP), voted to impeach him over his martial law attempt. The Constitutional Court now has 180 days to ratify the impeachment, which could result in Yoon’s removal from office.

The Korea Composite Stock Price Index was seen trading lower by 0.22% at 2,399.49 at the time of writing. Shares of major South Korean companies like Samsung Electronics Co. Ltd SSNLF and Hyundai Motor Co. HYMTF were in the red. Korean memory giant SK Hynix Inc. HXSCL also traded lower in Seoul.

Image via Shutterstock

Did You Know?

Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal