South Korea Court Sides With Opposition Leader in Election Case
(Bloomberg) -- A South Korean court has ruled that the country's main opposition leader Lee Jae-myung did not violate election laws, overturning a lower court's decision and bolstering his standing as a potential presidential front-runner.
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The Seoul High Court said in its ruling Wednesday that Democratic Party leader Lee is not guilty of making false claims in 2021 while campaigning for the presidency, South Korea's Yonhap News reported. A lower court in November found Lee guilty of the charges and handed down a year-long jail term, suspended for two years.
It was not immediately clear if prosecutors would appeal the ruling. If the case proceeds to the Supreme Court, it will likely take months to resolve.
About one dozen small-cap stocks perceived by retail investors as having links to Lee surged by their daily limit of 30%, including E-Starco Co.. The trading ended before the court's verdict was announced.
The case adds another twist to South Korea's already turbulent political landscape. The country has been in crisis since President Yoon Suk Yeol shocked the world by declaring martial law in December. Lawmakers later impeached Yoon, and he is now awaiting a ruling from the Constitutional Court on whether he will be permanently removed from office or reinstated.
If the court removes him, a presidential election must be held within 60 days, giving Lee a potential path to run.
Lee is considered the presidential front-runner in the event Yoon's impeachment is upheld, and the latest court ruling could improve his image and strengthen his position ahead of a potential election.
Meanwhile, the Constitutional Court this week overturned the impeachment of Prime Minister Han Duck-soo, reinstating him as acting leader.
Lee, who narrowly lost to Yoon in the 2022 presidential election, has remained a dominant figure in South Korean politics. His party's landslide victory in last year's parliamentary elections bolstered his standing as a leading contender to succeed Yoon.
--With assistance from Youkyung Lee.
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