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Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newspaper.
South Korean investigators were trying to arrest President Yoon Suk Yeol as part of an investigation into treason and abuse of power after his failed attempt to impose martial law last month.
The Office of Corruption Investigation of High-ranking Officials said earlier on Friday that it has started to carry out the arrest warrant. Yoon.
A group of officers from the bureau entered Yoon’s home in central Seoul, television footage was shown, and about 3,000 police officers were on the scene.
If arrested, Yoon will be the first South Korean president to be arrested.
Yoon created a strong political crisis South Korea in his failed attempt to impose martial law.
He was impeached by parliament last month, but the move must be approved by the country’s legislature.
The independent anti-corruption agency is expected to question Yoon about a possible coup after he allegedly sent troops to the national assembly in a bid to prevent lawmakers from rejecting his interim martial law order.
Yoon on Wednesday sent a letter to hundreds of his supporters who gathered outside his home.
“The country is in crisis because of the anti-government forces. I will fight until the end to protect the nation together with you,” he said in the letter.
According to South Korea’s constitution, the president cannot be charged with a crime, unless he faces charges of rebellion or treason. Former President Choi Sang-mok on Tuesday appointed two judges to the court, filling two vacancies on the nine-member legislature.
The court’s eight judges will hold a second hearing on Friday on whether to remove Yoon from the bench. The court has until June to reach a decision although this time can be extended. At least six votes are needed to approve Yoon’s impeachment. If he is removed from office, presidential elections must be held within 60 days.
Political unrest has gripped South Korea the economyfacing high US tariffs during Donald Trump’s second term in the White House. The government on Thursday upgraded this year’s growth forecast to 1.8 percent from 2.2 percent and is considering a spending plan to boost sluggish domestic consumption.
Choi on Friday ordered officials to take measures to stabilize financial markets “swiftly and boldly” in case of increased volatility. He said he will continue to meet with senior financial officials including Bank of Korea governor Rhee Chang-yong every week to monitor market conditions. Rhee on Thursday warned of growing risks to the Korean economy and said the bank would “reverse” the pace of rate cuts in the face of “unprecedented” political and economic uncertainty. seen”.
South Korean stocks and shares were among the worst performers in Asia last year, partly due to political unrest, with the Kospi index down nearly 10 percent. percent and business captured near its lowest level since 2009. The country’s stock market opened slightly. up on Friday.