Seoul:An appeals court in Seoul has overturned a previous ruling, acquitting Seoul Mayor Oh Se-hoon of charges related to violating the Political Funds Act. The trial was centered around opinion polls connected to the 2021 mayoral by-election. The lower court had earlier convicted Mayor Oh and imposed a fine of 10 million won (approximately US$7,500), which could have jeopardized his position as mayor.
According to Yonhap News Agency, the Seoul High Court's decision to acquit Mayor Oh marks a significant turn in the legal proceedings that had previously found him guilty. This ruling not only clears Mayor Oh of the charges but also ensures his continuation in the mayoral role.
In a separate development, South Korea has reiterated its proposal for military talks with North Korea. The aim is to address and potentially resolve differing perspectives on the demarcation of the inter-Korean border, especially following a land mine explosion last month in the Demilitarized Zone (DMZ). The blast injured three South Korean soldiers, with Seoul attributing the incident to Pyongyang, which has denied involvement and threatened military action if necessary.
Meanwhile, Bank of Korea Governor Shin Hyun-song indicated the central bank's intention to maintain a hawkish monetary policy stance. This approach is in response to anticipated higher economic growth and interest rates, signaling a departure from the era of ultra-low interest rates. This statement was made during a parliamentary audit at the National Assembly.
In the financial markets, South Korean stocks saw a slight uptick on Friday. This followed a significant decline of over 3% the previous day, as investors engaged in bargain hunting, particularly in major chip stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose by 0.3 percent, closing at 5,550.30, with the Korean won gaining strength against the U.S. dollar.