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The opposition parties in South Korea, whose lawmakers tussled with security forces to vote down the controversial martial law, filed a motion on Wednesday to impeach President Yoon Suk Yeol. "We've submitted an impeachment motion prepared urgently," said Kim Yong-min of the opposition Democratic Party (DP).
Lawmakers are yet to decide when the impeachment motion will be put to a vote, but it could come as soon as Friday. South Korea's opposition controls the National Assembly. The opposition has threatened to impeach President Yoon if he does not resign voluntarily, following his ill-fated move to impose martial law. In case Mr Yoon quits or is removed from office then, the South Korean constitution mandates that Prime Minister Han Duck-soo steps in to perform presidential duties.
Earlier the DP in a statement said it would file charges of "insurrection," against Yoon, his defence and interior ministers and "key military and police figures involved, such as the martial law commander and the police chief." The National Assembly can impeach the president if more than two-thirds of lawmakers vote for it. A trial is then held by the constitutional court, which can confirm it with a vote by six of the nine justices.
The opposition in South Korea holds a large majority in the 300-member parliament and needs only a handful of defections from the president's party to secure the two-thirds majority needed to pass the motion. Earlier, even the leader of Yoon's own ruling party, which controls 108 seats in the 300-member legislature, described the attempt to bring the martial law as "tragic" while calling for those involved to be held accountable.
South Korean stocks sank on Wednesday while the currency won dipping multi-year lows only to rebound later after the shocking announcement on Tuesday night. The hours of martial rule in the country sent shivers through the trading floor in Seoul, with investors keeping a close eye on developments in the country.
The Kospi index ended down more than one per cent, having shed as much as 2.3 per cent at the open, as traders fretted over the impact of Yoon declaring the Asian country's first martial law in more than four decades. Analysts pointed out that the upheaval comes as authorities steeled for the second US presidency of Donald Trump who has vowed to reignite his hardball trade policy.
The South Korean finance ministry and central bank looked to provide stability and reassure markets by promising to pour in money if needed to prop up volatile financial markets. "As announced together with the government, it has been decided to temporarily supply sufficient liquidity until the financial and foreign exchange markets stabilise," the Bank of Korea said. It added that "the range of securities eligible for (repo) transactions and the target institutions will be expanded". Deputy Prime Minister Choi Sang-mok, who also holds the economy portfolio, said financial authorities will keep international partners informed about developments.
South Koreans continued with their lives on Wednesday, with people going to offices, businesses and schools as usual. There were scarcely any visible signs in the capital Seoul that six hours of surprise martial law and high political drama overnight had spilled into everyday life. The city of 9 million started the day normally with the usual morning rush hour in trains and on the streets. "At first, I was scared and very confused. I kept thinking, 'What is going on? Is this something that could actually happen in this era?' I couldn't sleep until the martial law was lifted because I was so frightened," Seoul resident Gang He-Soo, 50, told Reuters.
President Yoon declared martial law in a live TV address at around 10:30 pm (13:30 GMT) on Tuesday, only to reverse the decree after lawmakers defied police and special forces condoning the National Assembly to vote, forcing him to lift the order. The president's office said the declaration of martial law was done at night to "minimize damage to the national economy and people's lives". South Korean soldiers, equipped with rifles, body armour and night-vision equipment, were seen entering the parliament building in Seoul through smashed windows, while helicopters hovered in the night sky above the building.
Soon after the news broke of the martial law broke, thousands of protesters stepped out on the streets, asking for the decree's reversal and removal of the President. Flag-waving protesters kept vigil outside parliament braving freezing temperatures through the night in defiance of Mr Yoon's martial law order. Several senior aides working for Mr Yoon also offered Wednesday to resign en masse over the martial law declaration.