South Korea's Yoon Suk Yeol Removed, Court Says President 'Committed A Grave Betrayal'

South Korea’s suspended president, Yoon Suk Yeol, was removed from office Friday after the country’s Constitutional Court unanimously upheld parliament’s impeachment over his December martial law declaration.

What Happened: All eight justices voted to strip Yoon of presidential powers, concluding he had “committed a grave betrayal of the trust of the people” and created widespread chaos in society, the economy, and foreign policy, reported The Guardian.

Acting president Han Duck-soo will remain in office until a new leader is elected within 60 days. Han pledged to ensure “there are no gaps in national security and diplomacy” during the transition period.

“The defendant not only declared martial law, but also violated the constitution and laws by mobilizing military and police forces to obstruct the exercise of legislative authority,” said acting chief justice Moon Hyung-bae in the televised ruling.

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Why It Matters: South Korea’s National Assembly initially impeached Yoon in mid-December after he imposed martial law, claiming it was necessary to prevent “anti-state” opposition forces with North Korean sympathies from threatening the country. Lawmakers defied security forces to reject the order, forcing Yoon to lift it after just six hours.

The ruling People Power Party said it “solemnly accepts and humbly respects” the court’s decision, while Yoon’s lawyer called the judgment “completely incomprehensible” and a “purely political decision.”

Political uncertainty has weighed on South Korean markets. The iShares MSCI South Korea ETF (NYSE:EWY) closed at $53.14, down 2.73%, while the Franklin FTSE South Korea ETF (NYSE:FLKR) ended at $18.09, down 2.79% on Thursday. As of Friday, 12:37 p.m. local time, the Korea Composite Stock Price Index or KOSPI was down 1.49%, trading at 2,449.69.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.