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South Korean investigators were attempting to arrest President Yoon Suk Yeol as part of a probe into alleged treason and abuse of power after his failed attempt last month to impose martial law.
The Corruption Investigation Office for High-ranking Officials said early on Friday that it had begun to execute an arrest warrant for Yoon.
A team of officials from the office entered Yoon’s residence in central Seoul, television footage showed, with almost 3,000 police officers present in the area.
If arrested, Yoon will be the first incumbent South Korean president to be detained.
Yoon unleashed an acute political crisis in South Korea with his failed effort to impose martial law.
He was impeached by parliament last month, but the move has to be approved by the country’s constitutional court.
The independent anti-corruption agency is expected to question Yoon over possible insurrection after he allegedly dispatched troops to the national assembly in an attempt to prevent lawmakers from rejecting his shortlived martial law decree.
Yoon on Wednesday sent a letter to hundreds of his supporters rallying outside his residence.
“The country is in jeopardy due to anti-state forces. I’ll fight until the end to protect the nation together with you,” he said in the letter.
Under South Korea’s constitution, the president is immune from criminal prosecution, except when facing allegations of rebellion or treason. Acting president Choi Sang-mok on Tuesday appointed two justices to the court, filling two of the vacancies at the nine-member constitutional court.
The court’s eight sitting justices will hold a second hearing on Friday on whether to remove Yoon from office. The court has until June to reach a verdict though this deadline could be extended. A minimum six votes are required to approve Yoon’s impeachment. If he is removed from office, a presidential election must be held within 60 days.
The political turmoil has weighed on the South Korean economy, which is facing higher US tariffs in Donald Trump’s second term in the White House. The government on Thursday revised down this year’s growth forecast to 1.8 per cent from 2.2 per cent and is considering drawing up an extra budget to boost sluggish domestic consumption.
Choi on Friday ordered officials to take measures to stabilise financial markets “swiftly and boldly” in case of heightened volatility. He said he would continue to meet high-ranking financial officials including Bank of Korea governor Rhee Chang-yong every week to monitor market conditions. Rhee on Thursday warned of growing downside risks for the Korean economy and said the bank would be “flexible” with the pace of rate cuts in the face of “unprecedented” political and economic uncertainties.
South Korea’s stocks and currency were among the worst performers in Asia last year, in part because of the political chaos, with the Kospi stock index down nearly 10 per cent and the won trading near its lowest level since 2009. The country’s stock market opened slightly higher on Friday.
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