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Parliament Narrowly Defeats Motion To Permit Opposition Leader's Arrest
Yonhap News Agency reports that South Korea's National Assembly rejected the government's request to allow for the arrest of main opposition Democratic Party leader Lee Jae-myung by 139 votes to 138, with nine abstentions and 11 votes deemed invalid.
- The razor-thin margin came as a surprise, as the Democratic Party commands 169 seats in the 299-member lower house and was expected to easily defeat the motion of President Yoon's People Power Party.
- The government sought permission to arrest Lee over corruption charges dating back to his time as the mayor of Seongnam. The request marked the first time in South Korea's history when the authorities sought to arrest the opposition leader.
- The Democratic Party rejected allegations against its leader as politically motivated, arguing that President Yoon is seeking revenge on his election rival. The People Power Party urged Lee to give up his parliamentary immunity voluntarily.
- According to Yonhap, prosecutors will likely indict Lee without detention, as the outcome of today's vote triggers a dismissal of the arrest warrant request against the opposition leader.
- The thin margin by which the motion was rejected should be a warning sign for Lee, since it suggests that some of his colleagues defied party line, while a scenario in which prosecutors will seek another arrest warrant remains on the table.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.