South Korea: Short-lived martial law leads to massive delays, disruptions in govt schedules

Seoul, Dec 4
South Korea's economic officials canceled their major pre-announced schedules on Wednesday as they focussed on addressing the fallout from a short-lived declaration of emergency martial law.

The series of cancellations came as the government continued to cope with the shock to the local financial markets and businesses following the surprise announcement of emergency martial law, lifted in the early hours of Wednesday, only a few hours after being declared, Yonhap news agency reported.

Finance Minister Choi Sang-mok cancelled most of his scheduled meetings for Wednesday. Choi had been set to meet with economy-related ministers early in the day to discuss measures to support self-employed individuals, including small merchants.

Choi earlier found himself in an emergency meeting with such ministers but was forced to discuss ways to minimise market volatility instead.

He also called off a meeting with global credit appraiser Fitch Ratings in Seoul, where he had originally planned to discuss the latest macroeconomic trends in Asia's fourth-largest economy.

Kim Byung-hwan, chairman of the Financial Services Commission, has called off 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 unit of General Motors Co., in Incheon, west of Seoul.

Ahn's visit to the completion ceremony of a combined heat and power plant in Gimpo, just west of Seoul, was also postponed as the event itself was put on hold.

Land Minister Park Sang-woo cancelled some of his scheduled appointments to focus on inspecting whether transportation and construction sites were operating normally.

"Since the financial market is facing instability, there should be policy measures to address it," Jung Kyu-chul, a director at the Korea Development Institute, told Yonhap News Agency.

Jung added that it is important for the government to maintain planned operations to demonstrate resilience in the face of the shock, although a temporary setback may be inevitable.

Separately, MBK Partners Ltd. cancelled its press conference scheduled for the day following the lifting of martial law.

The private equity fund, in alliance with Young Poong Corp., the largest shareholder of Korea Zinc Co., had planned to propose measures to improve the corporate governance and enhance shareholder value of the world's largest zinc smelter, currently facing a battle between the Young Poong alliance and Korea Zinc Chairman Choi Yun-beom over its management control.