South Korea: Brief Martial Law Results in Significant Delays and Government Disruptions
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Seoul, Dec 4 (NationPress) South Korea's economic officials abandoned their significant pre-announced agendas on Wednesday as they concentrated on mitigating the repercussions of a brief declaration of emergency martial law.
The sequence of cancellations occurred as the government continued to manage the shock to the local financial markets and businesses that followed the unexpected announcement of emergency martial law, which was rescinded in the early hours of Wednesday, merely a few hours after its announcement, as reported by Yonhap news agency.
Finance Minister Choi Sang-mok cancelled most of his scheduled meetings for Wednesday. Choi had been slated to convene with economy-related ministers early in the day to deliberate on measures to assist self-employed individuals, including small merchants.
Choi found himself in an emergency meeting with such ministers but was compelled to discuss strategies to reduce market volatility instead.
He also called off a meeting with global credit evaluator Fitch Ratings in Seoul, where he had initially intended to discuss the latest macroeconomic trends in Asia's fourth-largest economy.
Chairman Kim Byung-hwan of the Financial Services Commission has cancelled his visit to a financial consulting centre for youth in central Seoul.
Industry Minister Ahn Duk-Geun scrapped his prearranged visit to the production line of GM Korea Co., the South Korean branch of General Motors Co., in Incheon, west of Seoul.
Ahn's attendance at the completion ceremony of a combined heat and power plant in Gimpo, just west of Seoul, was also postponed as the event itself was placed on hold.
Land Minister Park Sang-woo cancelled several of his scheduled appointments to focus on evaluating whether transportation and construction sites were operating normally.
"Given that the financial market is experiencing instability, there should be policy measures to address it," Jung Kyu-chul, a director at the Korea Development Institute, told Yonhap News Agency.
Jung emphasized that it is crucial for the government to maintain scheduled operations to demonstrate resilience in the face of the shock, although a temporary setback may be unavoidable.
In a separate development, MBK Partners Ltd. cancelled its press conference that was scheduled for the day following the lifting of martial law.
The private equity fund, in collaboration with Young Poong Corp., the largest shareholder of Korea Zinc Co., had intended to propose measures to enhance corporate governance and bolster shareholder value of the world's largest zinc smelter, currently embroiled in a battle between the Young Poong alliance and Korea Zinc Chairman Choi Yun-beom over its management control.
