South Korea’s Yoon Declares Martial Law in Shock Political Move
South Korean President Yoon Suk Yeol stunned voters, lawmakers and investors by declaring martial law on Tuesday after accusing the opposition of trying to paralyze his administration amid a political rift that is set to deepen markedly.
In an emergency national address televised live, Yoon said he made the decision to protect freedom and constitutional order, and that it will not have an impact on South Korea’s foreign policy. He added that it would also help eradicate the influence of North Korean supporters.
“Through the declaration of martial law, I will rebuild and protect a free South Korea,” Yoon said. A proclamation released after the address banned all political activities and strikes and said media would be subject to control of the Martial Law Command, according to Yonhap News.
The move was initially viewed as a risky political play that is likely to backfire rather than an attempt to return to military-led regimes of the past.
South Korea’s National Assembly Speaker Woo Won-shik called on lawmakers to go the national assembly immediately. In the 300-seat parliament, 190 lawmakers unanimously voted to demand the lifting of the martial law. “I urge the public to trust the parliament and monitor the situation with calm,” Woo said in a statement.
The won tumbled to 1,444.65 — its lowest level in over two years — while London-listed shares of Samsung Electronics fell as much as 5.5%. The Korea Exchange said it’s reviewing whether trading will resume as usual on Wednesday.
People watch Yoon Suk Yeol’s national televised address in Seoul, on Dec. 3.
The shock announcement to impose martial law for the first time since the democratization of South Korea in 1987 left even Yoon’s own party blindsided with its leader vowing to stop the move. Yoon’s abrupt decision comes after months of wrangling and deadlock in parliament between the president’s minority government and the main opposition Democratic Party.
The DP is currently trying to force through its own budget proposal through parliament and has submitted an impeachment motion against the chief prosecutor after months of also trying to get Yoon’s wife prosecuted. Meanwhile, the DP’s leader has faced multiple court cases and was convicted last month of election-law violations.
Yoon has dealt with the deadlock in a largely standoffish manner, vetoing a string of bills passed by parliament and at times angering his own party. His latest act ramps up tensions considerably both domestically, while also creating high uncertainty abroad for the outlook of one of the world’s key suppliers of semiconductors and tech-related gear.
“Yoon’s declaration of emergency martial law is highly concerning. It marks a stark shift in the administration’s policy,” said Kayla Orta, senior associate at the Hyundai Motor-Korea Foundation Center for Korean History and Public Policy in Washington DC. “Instead of solidifying his political position, this could further damage his domestic standing.”
South Korea’s defense minister ordered a meeting with the military’s top commanders and the finance minister also called an emergency meeting, according to Yonhap.
South Korean broadcaster YTN showed police restricting entry to the parliament compound as people gathered neared the gate. Aides of lawmakers used fire extinguisher to block soldiers from entering the building.
Under the country’s constitution, the president has to comply if the parliament requests the lifting of martial law with the concurrent vote of a majority of the total members.
“The president’s declaration of martial law is wrong,” Han Dong-hoon, head of Yoon’s People Power Party, said in a Facebook post. “I will stop this with people.”
The statement from the South Korean President caused gold prices to strengthen slightly as market players considered the magnitude of the impact of this incident. Gold which had previously been trading down again rose by 0.3% after the news was released.
Source : Bloomberg
