(March 26): A South Korean court has ruled that opposition leader Lee Jae-myung did not violate election laws, overturning a lower court’s decision and boosting his chances of running in any future presidential elections.

The Seoul High Court on Wednesday acquitted the Democratic Party leader Lee of making false claims in 2021 while campaigning for the presidency, Yonhap News reported. A lower court in November found Lee guilty of the charges and handed down a year-long jail term, suspended for two years.

The ruling adds another twist to South Korea’s already turbulent political landscape. The country has been in crisis since President Yoon Suk Yeol shocked the world by declaring martial law in December. Lawmakers later impeached Yoon and he is now awaiting a ruling from the Constitutional Court on whether he will be permanently removed from office or reinstated.

If the court removes him, a presidential election must be held within 60 days, giving Lee a potential path to run.

Lee is considered the presidential front-runner in the event Yoon’s impeachment is upheld, and the latest court ruling could improve his image and strengthen his position ahead of a potential election.

“I appreciate the judges for a proper ruling based on truth and justice,” Lee told reporters as he left the court surrounded by tens of opposition lawmakers who had waited outside the courtroom for his verdict.

A weekly Gallup opinion poll last Friday showed 36% of respondents favour Lee as the next president, putting him far ahead of other conservative candidates whose support rates remained in single digits.

About one dozen small-cap stocks perceived by retail investors as having links to Lee surged by their daily limit of 30%, including E-Starco Co. The trading ended before the court’s verdict was announced.

The ruling People Power Party expressed “deep regrets” over the decision. It was not immediately clear if prosecutors would appeal the ruling. If the case proceeds to the top court, it will likely take months to resolve, prolonging uncertainty over Lee’s candidacy.

Meanwhile, the Constitutional Court this week overturned the impeachment of Prime Minister Han Duck-soo, reinstating him as acting leader.

Lee, who narrowly lost to Yoon in the 2022 presidential election, has remained a dominant figure in South Korean politics. His party’s landslide victory in last year’s parliamentary elections bolstered his standing as a leading contender to succeed Yoon.

Uploaded by Arion Yeow