South Korean markets opened calmly Thursday and mildly hopeful that the political impasse and social divide that anguished and stifled the nation could subside after the Judgment Day set for 11:00 a.m. Friday.

The Constitutional Court after 150-minute discussions on Wednesday announced that it will deliver its verdict on Friday from its deliberation on the validity of Dec. 9 legislative motion to impeach South Korean President Park Geun-hye for multiple wrongdoings including power abuse and negligence in duty. The main Korean composite stock price index gained 3.47 points to 2,098.35 and secondary Kosdaq index up 3.66 points at 609.41 as of 9:30 a.m. Thursday.

The Constitutional Court had until June to deliberate on the motion, but it chose to close the case before its acting Chief Justice Lee Jung-mi’s term ends on Monday. A full bench composed of nine justices is required to review an impeachment case with attendance of seven or more justices. Without Lee, the bench would be left with seven as Chief Justice Park Han-chul’s term already ended in January.

If the court supports the legislative impeachment, Park will immediately have to step down. She would make the first Korean president to be dismissed from office before tenure on impeachment. Formerly impeached President Roh Moo-hyun was acquitted in the 2004 ruling.

A presidential election could be held early around May 9. Upon losing title and judicial immunity, Park would have to comply with summoning and questioning by state prosecutors. If the court strikes down the impeachment, Park would return to office and finish her term that formerly ends in February of next year. The outcome also would demoralize the ongoing probe on the power abuse scandal on Park and her inner circle.

Judges will discuss till the last hour before the verdict deadline. Each judge’s opinion would be made public. The court process and result will be aired live.

By Lee Hyun-jung

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]