South Korea's special prosecutor has formally requested the death penalty for former President Yoon Suk-yeol over his controversial declaration of martial law in December 2024, marking a potential turning point in the nation’s political history. The move could lead to the first execution in nearly three decades if upheld by the courts.
- Former President Yoon Suk-yeol faces a death penalty request for declaring martial law in December 2024
- The last execution in South Korea occurred in 1997
- KOSPI index fell 3.2% following the prosecution’s request
- South Korean won (KRW) weakened 1.8% against the U.S. dollar
- TQQQ declined 4.5% over four days amid heightened market volatility
- Over 7.8 million citizens signed petitions demanding Yoon’s prosecution
The South Korean special prosecutor’s office has filed a formal request for the death penalty against former President Yoon Suk-yeol, accusing him of violating the constitution and undermining democratic institutions during his short-lived declaration of martial law in December 2024. The unprecedented legal action stems from a 10-hour emergency decree that suspended civil liberties, shut down Parliament, and deployed military forces across major urban centers, including Seoul and Busan. The prosecution argues that Yoon’s actions constituted a breach of Article 45 of the South Korean Constitution, which prohibits the imposition of martial law without parliamentary approval. The case has drawn widespread public attention, with over 7.8 million citizens signing a petition calling for his prosecution, according to government records. If convicted, Yoon could face the death penalty, a sentence not carried out in South Korea since 1997, when four individuals were executed for crimes including murder and espionage. The legal proceedings come at a critical juncture for South Korea’s economy, which is deeply integrated into global semiconductor and electronics supply chains. The country’s KOSPI index dropped 3.2% in the week following the indictment announcement, reflecting investor concerns over political instability. The South Korean won (KRW) also weakened by 1.8% against the U.S. dollar, with market analysts noting heightened risk premiums across financial and technology sectors. Exchange-traded funds tracking global tech exposure, including TQQQ and SQQQ, saw increased volatility, with TQQQ declining 4.5% over a four-day period. Market participants are closely monitoring the outcome, as prolonged political uncertainty could deter foreign direct investment and disrupt production schedules for key global tech firms reliant on South Korean components. Analysts at major investment banks have revised their 2026 growth forecasts for the region, downgrading baseline expectations by 0.6 percentage points due to elevated geopolitical risk. The case remains under review by the Seoul High Court, with a verdict expected by mid-2026.