South Korea’s political landscape faces further upheaval as the National Assembly prepares to vote on the impeachment of Acting President and Prime Minister Han Duck-soo, following a tumultuous period of political instability and economic decline. The crisis has shaken investor confidence, sending the South Korean won plunging to its lowest levels against the US dollar since the global financial crisis of 2007-2009.
The opposition Democratic Party (DP), which controls 170 seats in the 300-member legislature, filed the impeachment motion on Thursday. The DP accuses Han of complicity in an alleged insurrection by suspended President Yoon Suk-yeol, who is under criminal investigation for abuse of power and declaring martial law earlier this month. The impeachment vote comes less than two weeks after Han assumed acting presidential duties following Yoon’s suspension. Yoon, who has defended his martial law declaration as a necessary measure against “anti-state forces,” faces an impeachment trial in the Constitutional Court.
At the heart of the controversy is Han’s refusal to fill three judicial vacancies on the court tasked with adjudicating Yoon’s impeachment. With only six justices currently on the bench, a unanimous decision would be required to remove Yoon from office. Han’s People Power Party (PPP) contends that only an elected president has the authority to appoint Constitutional Court justices, adding to the tensions between the two political camps.
The vote has triggered heated debate over the threshold required to impeach Han. While the PPP insists that a two-thirds majority is necessary, the DP argues that a simple majority of 151 lawmakers can remove Cabinet members, including the acting president. With 192 seats collectively held by the DP, minor opposition parties, and independents, the DP would need at least eight PPP lawmakers to cross party lines to reach the two-thirds threshold.
Finance Minister Choi Sang-mok, who would assume acting presidential duties if Han is impeached, warned that the move could exacerbate the country’s economic struggles. Choi described the situation as a “national state of emergency,” cautioning against further instability that could harm South Korea’s economic standing.
Meanwhile, the South Korean won plummeted to below 1,480 against the US dollar on Friday, its lowest value since March 2009, reflecting growing investor concerns over the country’s mounting political and economic uncertainties. The Constitutional Court is set to begin hearings on Yoon’s impeachment, with a final ruling expected within six months.
