Yoon may reduce his power if he were impeached, but he would continue in business until the Constitutional Court either removes or reinstates him. In the meantime, Prime Minister Han Duck-soo may serve as acting leader.
A presidential election must be held within 60 days if Yoon is removed by the judge or he steps down.
Yoon is also facing a fugitive investigation for allegedly inciting protests following the declaration of martial law, and his travel ban has been instituted abroad.
He has not indicated whether he will step down, and in a statement on Thursday he pledged to “fight to the finish” and defended the military law order as necessary to break the political deadlock and keep the nation safe from local politicians who are undermining democracy.
Yoon, leader of Asia’s fourth-largest market, hopes democratic allies will march to assist him, but the flaming remarks appeared to get mixed reception among PPP lawmakers.
A Gallup Korea ballot on Friday had two-thirds of followers of Yoon’s group opposing the prosecution, though three-quarters of all responders supported it.
Yoon, who was elected in 2022, received a lot of applause in Washington and other European cities for his speech defending world democracy and freedom, but critics claimed that this masked growing issues at home.
He fought with opposition politicians who he has labeled as “anti-state causes,” and press freedom organizations have criticized his heavy-handed approach to press coverage that he deems to be unfavorable.
Financial markets were shaken by the crisis and the subsequent confusion, which threatened to destroy South Korea’s status as a secure, democratic success story.
On Friday, South Korean stocks rose for a third straight session in hopes that the political uncertainty may subside following this weekend’s political impeachment vote.