SOUTH KOREA: Focus Turns To Timing Of Lee's Sentencing After Court Ruling
May-01 09:02
Following the Supreme Court's decision to overturn the previous acquittal of presidential frontrunner Lee Jae-myung on charges of violating election law, focus now turns to the timeframe of his sentencing hearing at the Seoul High Court.
- As noted earlier (see 'SOUTH KOREA: Overturn Of Lee's Acquittal Could Upend Election Campaign', 0831BST), if Lee is sentenced with a fine in excess of KRW1mn (USD700), he will be ineligible to run for political office for a period of five years.
- Yonhap reports "There is a slim possibility that legal procedures for a final sentencing will be completed by the election date, but controversy over Lee's eligibility to run for presidency is expected to continue."
- The conservative People Power Party (PPP) has called for Lee to stand down as candidate for the liberal Democratic Party of Korea (DPK) in the 3 June presidential election. After the verdict was handed down, Chairman of the Emergency Response Committee of the PPP Kwon Young-see said "Continuing to insist on a presidential candidate even after a ruling has been made is a grave insult to the people...It is common sense for a candidate to voluntarily resign,”
- DPK spox Cho Seung-rae said Lee would not be removed.
- Political betting markets continue to have Lee as the frontrunner, with a 76% implied probability of victory. This is down from 81% prior to the ruling. Acting President Han Duck-soo sits in a distant second place with a 13.2% implied probability, up from 8.3% earlier in the day.
Chart 1. Betting Market Implied Probability of Winning Presidential Election, %
Source: Polymarket
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