South Korean markets up after court confirms impeachment of President

park-geun-hye

Mar 10, 2017 (LBO) – South Korean markets rose marginally after the country’s Constitutional Court upheld a parliament vote made late last year to impeach President Park Geun-hye.

The benchmark Kospi gained 0.17 percent and the Korean won was 0.2 percent stronger against the dollar at Won1155.64 despite growing political uncertainty in the country.

In a historical ruling, eight justices of the Constitutional Court unanimously upheld the impeachment triggered by a widespread corruption scandal involving Park and her longtime friend Choi Soon-sil.

As per Korean media reports, the Chief Justice said that Park was found to have broken the law by allowing Choi to meddle in state affairs, and breached rules on public servants’ activities.

President Park Geun-hye, country’s first democratically elected president to be ousted by impeachment now has to leave the office and snap elections must be held within 60 days.

Her aides said they are discussing her future action to cope with the ramifications of her departure from office.

Meanwhile, her longtime friend Choi Soon-sil is also on trial for abuse of power, while Lee Jae-Yong, the de facto leader of the world’s biggest smartphone maker Samsung, has been indicted for bribery, corruption and other offences.