[Source: Reuters]

South Korea’s parliament impeached acting President Han Duck-soo on Saturday, less than two weeks after suspending President Yoon Suk Yeol’s powers over his short-lived declaration of martial law, plunging the country deeper into political chaos.

The impeachment of prime minister Han, the acting president since Yoon was impeached on Dec. 14 for declaring martial law on Dec. 3, has pushed South Korea’s once-vibrant democratic success story into uncharted territory.

Finance Minister Choi Sang-mok, who assumed the position of acting president while the cases of Yoon and Han are considered by the Constitutional Court, convened the National Security Council, spoke with key officials including military leaders and vowed to do everything in his power to stabilise state affairs.

The unexpected imposition of martial law and the ensuing political upheaval sent shockwaves through Asia’s fourth-largest economy, and drew concerns from allies in the United States and Europe who had seen Yoon as a key partner in efforts to counter China, Russia and North Korea.

Han’s sudden ouster adds to the uncertainty, and Choi may also face removal if he too clashes with the opposition-led parliament.

“The government must do its best to ensure that the people do not become anxious, or the security of the country and people’s daily lives are not shaken,” Choi said, according to a statement from his office.

Earlier, Choi had pleaded unsuccessfully with parliament to withdraw the plan to impeach Han, saying it would do serious damage to the economy.

Han’s sudden ouster adds to the uncertainty, and Choi may also face removal if he too clashes with the opposition-led parliament.

“The government must do its best to ensure that the people do not become anxious, or the security of the country and people’s daily lives are not shaken,” Choi said, according to a statement from his office.

Earlier, Choi had pleaded unsuccessfully with parliament to withdraw the plan to impeach Han, saying it would do serious damage to the economy.

The Korean won was down 0.5% at 1,477.0 per dollar as of 1100 GMT, after hitting a more than 15-year low of 1,486.7 ahead of the vote.

“In terms of financial markets, (Choi) taking charge can only be bad news, as it only goes to show that political turmoil is ongoing,” said Huh Jae-hwan, an analyst at Eugene Investment & Securities.

The country could plunge into economic troubles comparable to its devastating financial crisis of the late 1990s, said Shin Yul, a political science professor at Myongji University.