The motion, tabled by opposition politicians, needed the support of two-thirds of South Korea's 300-member National Assembly to pass.
South Korea n President Yoon Suk Yeol unexpectedly declared martial law earlier this week, causing a political whiplash that bled into the markets of Asia's fourth-largest economy.
SEOUL, SOUTH KOREA - NOVEMBER 07: South Korean President Yoon Suk-yeol attends a press conference on state affairs at the presidential office on Nov. 7, 2024.Beleaguered South Korean President Yoon Suk Yeol on Saturday survived an impeachment motion triggered by his short-lived failed attempt to impose martial law earlier this week, after his ruling party boycotted the vote, according to South Korean news agency Yonhap.
If successful, the motion would have stripped Yoon of his presidential authority with immediate effect. A presidential election would have to be held within 60 days if the incumbent is dismissed or resigns. With 190 members present and protesters to the streets, the country's parliament passed a resolution to lift martial law – as the political whiplashit stood ready to deploy a combined 50 trillion won in funds to stabilize domestic stock and bond markets if needed, amid volatility.
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