South Korea names new PM, finance
minister amid scandal, angering opposition
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[November 02, 2016]
By Christine Kim
SEOUL (Reuters) - South Korea's
presidential office on Wednesday named a new prime minister and finance
minister, the highest-level shake-up since President Park Geun-hye's
administration was rocked by a scandal involving a friend accused of
meddling in state affairs.
But opposition parties denounced the reshuffle as a bid by Park to
divert attention from the political crisis, which has dragged her
approval rating to an all-time low.
The Blue House named Financial Services Commission Chairman Yim
Jong-yong as finance minister and deputy prime minister. Yim, who
replaces incumbent minister Yoo Il-ho, has been well-regarded by
policy-makers and market participants in his current role.
Kim Byong-joon, a senior presidential secretary during former president
Roh Moo-hyun's administration, is expected to replace Hwang Kyo-ahn as
prime minister. The prime minister's role in South Korea is largely
administrative and requires parliamentary approval.
Kim initially scheduled a news conference but later called it off,
saying he would speak further on Thursday.
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"This situation is moving pretty quickly and I will voice my thoughts
tomorrow after having listened to those around me," Kim told reporters,
declining to comment further.
Appointing Kim, who has a reputation as a liberal, appears to be a bid
by the conservative Park to placate the opposition and soothe public
anger over the scandal involving Park's friend, Choi Soon-sil, who is in
custody and under investigation by prosecutors.
But the shake-up, which included a new minister of public safety and
security, did little to please the opposition.
"This replacement of the prime minister and finance minister can't be
happening without discussing it with the opposition," Park Jie-won,
leader of the opposition People's Party, told a party meeting.
"We won't stand by such a move to turn around the current situation with
the personnel change," said Park, adding that his party would boycott
nomination hearings.
South Korean stocks and the won currency did not react to the cabinet
changes.
Neither incumbent Yoo or Hwang have been implicated in the scandal,
although Yoo had been under pressure from opposition lawmakers over his
close relationship with Park.
"The Blue House named Kim as the right person to lead the cabinet for
the country's future and to overcome current hardships," presidential
spokesman Jung Youn-kuk said.
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![](../images/110216PICS/news_s31.jpg)
Kim Byong-joon, a nominee for South Korea's Prime Minister, speaks
during a news conference in Seoul, South Korea, November 2, 2016.
Baek Seung-ryeol/Yonhap/via REUTERS
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RESIGNATION CALLS
A growing number of opposition politicians, as well as many members
of the public have called on Park to step down, although the
opposition has not called for impeachment proceedings.
Despite numerous scandals over the years, no South Korean president
has ever resigned or been successfully impeached.
If Park, 64, were to step down before the end of her five-year term,
an election would be held in 60 days, with the winner serving five
years, making for a high-stakes race for which neither of the main
parties has prepared.
Park apologized on television last week for giving Choi access to
draft speeches during the first months of her presidency, but that
did little to deflect demands that Park reveal the full nature of
her ties with Choi and whether she enjoyed favors because of her
friendship with the president.
Choi, 60, arrived at the prosecutors' office on Wednesday morning in
handcuffs for a third day of questioning.
Prosecutors asked a court for a warrant to arrest Choi after
charging her with abuse of power and attempted fraud, a court
official said.
Prosecutors have said they are looking into allegations Choi forced
conglomerates to donate funds to non-profit foundations using her
friendship with the president and whether she benefited financially
through the foundations.
Choi told South Korea's Segye Ilbo newspaper last week that she
received drafts of Park's speeches after Park's election victory but
denied she had access to other official material, influenced state
affairs or benefited financially.
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(Reporting by Christine Kim; Additional reporting by Cynthia Kim and
Ju-min Park; Editing by Tony Munroe and Robert Birsel)
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