South Korean MPs have begun impeachment proceedings against President Yoon Suk Yeol after thwarting his shock move to impose martial law.
The president had said martial law was needed to protect the country from “North Korea’s communist forces” and to “eliminate anti-state elements”.
Though he cited North Korea, President Yoon’s decision was seen as a response to domestic pressure and a series of scandals.
Less than two hours after his declaration, MPs forced their way into the National Assembly and voted to block his decision, some broke through barricades; the parliament’s speaker told the BBC he climbed over a wall.
After the assembly vote, President Yoon announced he was reversing his martial law decision, MPs will now vote on his impeachment in the coming days.
Yoon’s defence minister, Kim Yong-hyun, said to be influential in the president’s martial law plan, offered his resignation yesterday.
South Korea’s deputy prime minister has sent a letter to leading figures in the financial world, reassuring them martial law has been lifted, according to the Yonhap news agency.
“All national systems, including Korea’s politics and economy, are operating normally as before,” the letter read.
It was reportedly sent to a number of major powers, including the United States Japan and China and key financial institutions.
The political crisis in South Korea has impacted financial markets, with the country’s currency, the won, reaching a near two-year low, and Korea’s Kospi share index down 1.4 per cent today.