(Bloomberg) — South Korean anti-corruption investigators moved to arrest impeached President Yoon Suk Yeol, facing off with his presidential security and about a thousand protesters outside his residence seeking to block the attempt.
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A team from the Corruption Investigation Office for High-ranking Officials arrived at Yoon’s residence in Seoul’s Yongsan district on Friday to try and arrest him. Investigators were able to get past a military unit blocking their access, but had not yet entered the building, according to Yonhap News.
Yoon’s security service told Bloomberg News there was no confrontation between the investigators and the military unit.
The attempt to arrest Yoon follows his shocking martial law declaration on Dec. 3, which ultimately led to his impeachment. The investigation office is probing him for insurrection, but Yoon had repeatedly refused to appear for questioning. The office then requested an arrest warrant, which was approved.
Police deployed about 2,700 officers near Yoon’s residence, according to Yonhap News, as his supporters gathered to block the unprecedented attempt to arrest a sitting president. Police estimates put the number of demonstrators at around 1,200, Yonhap added.
Yoon’s representative called the arrest attempt illegal and vowed to take legal action. They had previously sought a court injunction to block the warrant.
Protesters near his residence were chanting “Disband CIO” in reference to the investigating agency. Some were shouting “Arrest Lee Jae-myung,” the opposition leader seen as a top contender to take power if Yoon is removed from office.
Both the CIO and the Defense Ministry didn’t immediately respond to requests from Bloomberg News for comment.
The opposition Democratic Party was among those who had pushed for the insurrection probe into Yoon. “All members in South Korea should cooperate with the legitimate execution of a warrant for someone suspected of leading an insurrection,” Kim Sung-hoi, a party spokesperson, said on Friday.
South Korea has been in a political crisis since Yoon’s martial law declaration, which lasted just six hours. The move rattled financial markets, hurt the local currency and disrupted diplomatic efforts. It’s also weighed on the economy, prompting the government to cut its 2025 growth forecast to 1.8% from 2.2%.
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After Yoon was suspended from his duties on Dec. 14, Prime Minister Han Duck-soo, who briefly stepped in as acting president, was impeached as well. Finance Minister Choi Sang-mok is now the interim leader.
The benchmark Kospi stock index climbed almost 2% on Friday after five consecutive sessions of declines. The won gained 0.4% against the dollar.
‘Priced In’
The impact of the martial law and the president’s impeachment are “already fully priced in,” Jung In Yun, chief executive officer of Fibonacci Asset Management Global, said in a Bloomberg TV interview, adding that Korean stocks are “very cheap right now.”
If Yoon is arrested, investigators can hold him for 48 hours and are likely to question him at their office in Gwacheon, near Seoul. The team could request for another warrant to keep him detained for up to 20 days.
The investigation office said it will hold a briefing Friday afternoon on the exercising of Yoon’s arrest warrant.
Yoon has signaled his intent to fight in court to stay in office, saying his martial law decree was within his constitutional powers. He’s facing a trial that will decide whether he will be reinstated or permanently removed from office.
The court, which has until June to make a ruling, is set to hold a pre-trial later Friday — the first gathering since Choi appointed two new judges, increasing the likelihood of a decision to finalize Yoon’s removal.
As the political turmoil deepens, the country is dealing with the aftermath of a Jeju Air flight crash over the weekend, which killed all but two of the 181 people onboard. Choi has declared a week-long mourning period until Jan. 4.
–With assistance from Shinhye Kang, Youkyung Lee, Abhishek Vishnoi and Jaehyun Eom.
(Updates with additional details from seventh paragraph)
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