Park impeached, but South Korea's problems are just beginning
THE writing was on the wall long before last Friday, when South Korea's Parliament voted overwhelmingly in favour of impeaching the country's embattled president, Park Geun-hye.
No one would have been too surprised at the outcome, given that she had little hope of surviving an embarrassing and explosive influence-peddling scandal that led members of her own party to want to oust her. After nearly four years at the helm, the political future of the nation's first female leader hangs in the balance.
Even as much of South Korea erupted in euphoria upon hearing news of the National Assembly's decision, the problems for the country are probably just beginning. Ms Park's powers are now suspended while the constitutional court has up to six months to consider whether to remove her for good. If it chooses to do so, South Koreans will go to the polls to pick a new president within 60 days. Until the court makes up its mind, Prime Minister Hwang Kyo-ahn serves as acting president.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
OCBC should put its properties into a Reit and distribute the trust’s units to shareholders
Why a stronger US dollar is dangerous
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access