More than 100 South Korean police officers failed to arrest impeached President Yoon Suk Yeol after a near-six-hour standoff on Friday, in the latest development in South Korea's month-long political crisis.
The Details: According to a report from the Associated Press, South Korea's anti-corruption agency withdrew its officers due to safety concerns after the hours-long standoff with presidential security forces.
The anti-corruption agency said it has "serious regret about the attitude of the suspect, who did not comply with the legal process" and its agents had been involved in "several scuffles" with the presidential forces as they prevented access to Yoon's residence.
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The current political crisis began on Dec. 3 when President Yoon declared martial law, leading to his impeachment on Dec. 14.
On Tuesday, 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. The Corruption Investigation Office obtained a warrant for Yoon's arrest after he ignored three requests for an appearance for questioning.
Following Friday's failed attempt to arrest Yoon, the anti-corruption agency said that it plans to "strongly demand" the country's acting leader, Deputy Prime Minister Choi Sang-mok, instruct the presidential security forces to allow the execution of the warrant.
According to AP, the National Police Agency said it planned to investigate the chief and deputy chiefs of the presidential security service and summoned them for questioning on Saturday on suspicion of obstructing official duty.
Why It Matters: The country's economy faces significant challenges in 2025, exacerbated by the recent political turmoil and global economic pressures.
South Korea's Finance Ministry said in a statement Thursday it now sees the economy growing 2.1% in 2024 and 1.8% in 2025, down from July's forecasts of 2.2% growth for 2024 and 2.6% for 2025, per Bloomberg.
The iShares MSCI South Korea ETF EWY, providing exposure to large and mid-sized companies in South Korea, is down more than 20% over the past six months and down 5% in the last month alone. Shares of Coupang, Inc. CPNG, the country's largest e-commerce platform, are down nearly 7% since the political turmoil began.
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