Lee Jae-myung Resigns as Opposition Leader, Eyes South Korea Presidency Amid Political Turmoil

Lee Jae-myung, head of South Korea’s main opposition Democratic Party, announced his resignation on Wednesday, fueling speculation of his imminent presidential bid. Lee, the current frontrunner in polls, did not confirm his candidacy but stated he is "starting new work" during a live-streamed party meeting.

His move comes ahead of the snap presidential election set for June 3, following former President Yoon Suk Yeol’s impeachment. Yoon was removed from office after the Constitutional Court upheld charges related to his controversial declaration of martial law in December, citing unproven election fraud claims and political obstruction.

Labour Minister Kim Moon-soo, a key member of the ruling People Power Party (PPP) and supporter of Yoon, officially entered the presidential race. Despite being the leading conservative contender, Kim trails Lee by a significant margin in head-to-head polls. Kim pledged to strengthen U.S. ties and explore nuclear armament, citing North Korea's growing threat.

The PPP faces a fragmented field of candidates, including the mayors of Seoul and Incheon, none of whom have surpassed single-digit support. In contrast, Lee, 61, who narrowly lost the 2022 election to Yoon and later led his party to a sweeping parliamentary win, remains a strong liberal favorite despite ongoing legal battles.

While a court recently overturned a conviction against Lee for election law violations, he still faces several charges, including bribery and corruption. Prosecutors have appealed the acquittal, and his legal future remains uncertain.

Election officials reaffirmed the integrity of the 2024 parliamentary vote, dismissing fraud allegations. Yoon also faces a criminal trial for leading an unconstitutional insurrection.

The upcoming election will determine who leads Asia’s fourth-largest economy amid global trade tensions and rising regional security threats.