Lawmakers from Park's own party had backed moves to impeach her this Friday, but now want the issue discussed in parliament before holding a vote, likely to be scheduled a week later.
Park said yesterday she would let parliament decide her fate following accusations that Choi Soon-Sil -- a secretive confidante dubbed "Korea's Rasputin" -- elicited more than $60 million in payments from some of the country's top firms, including Samsung.
"Once lawmakers come up with measures to transfer power in a way that minimises any power vacuum and chaos in governance, I will step down," she said in a live video address.
Critics said the statement was a calculated bid to delay impeachment, by splitting opinion on her fate among her own party and the three opposition parties.
The speech appeared to convince some from Park's Saenuri party, creating a roadblock for the opposition which requires a two-thirds majority in the national assembly to pass an impeachment motion.
The opposition insists Park must step down immediately and unconditionally, while loyalists call for an "orderly departure".
While she retains the presidency, Park cannot be charged with a criminal offence except insurrection or treason, but she could be charged once she steps down.
Massive weekly protests have been intensifying over the past month, with up to 1.5 million people braving freezing temperatures in Seoul Saturday to demand Park's resignation, according to organisers.
Activists called for a sixth weekly protest on Saturday in central Seoul, despite Park's statement that she would be willing to cede power.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
