Moment of reckoning for S. Korean business elite

South Korean protesters celebrate after hearing that the National Assembly has voted to impeach President Park Geun-hye in Seoul, South Korea on Friday.

South Korea starts what could be its biggest parliamentary hearing in history this week, as the heads of industrial behemoths Samsung and Hyundai line up with seven other top business leaders to be grilled by lawmakers over President Park Geun-hye’s influence-peddling scandal.

Nearly eight out of 10 South Koreans demanded embattled President Park Geun-hye immediately step down or be impeached, a local survey showed on Tuesday.

In the first hearing of its kind for almost 30 years, the publicity-shy heads of the South’s eight largest conglomerates were grilled relentlessly over donations their companies made to dubious foundations controlled by Choi Soo-Sil, a close friend of President Park Geun-Hye.

Ahead of the scheduled National Assembly vote on a presidential impeachment motion Friday, Park met with Saenuri Party Chairman Lee Jung-hyun and floor leader Chung Jin-suk at the Blue House.

The three opposition parties submitted an impeachment motion Saturday, and they still plan a vote Friday despite Park’s potential April departure.

None of the chaebol, which are among 53 corporate groups that gave money to foundations linked to Park and Choi, has been accused of any wrongdoing in the case, but a protester outside the parliamentary building could be seen holding a sign saying: “Arrest the chaebol chiefs”. If parliament were to impeach her, Park would be suspended from power unless the move was rejected by the constitutional court.

The scandal – which has gripped South Korea since October – centers on the relationship between Park and her unofficial advisor Choi Soon-sil. Tens of lawmakers of the party’s faction, who are not loyal to Park, have agreed to vote for it, raising possibility for the passage of the bill, according to local media speculations.

The opposition parties also said they will seek to enact a special law to confiscate any assets that were illegally acquired by President Park and her confidante Choi Soon-sil.

A coalition of opposition and independent lawmakers submitted a motion on Park’s impeachment over the weekend, accusing her of violating the constitution and undermining democracy.

“There are two powers in South Korea that were untouchable – the president and the chaebol owner families”, said CEO Score Corporate Analysis Head Park Ju-gun. The country then has to hold a presidential election within 60 days.

“This crisis made me realise that we need to change ourselves to keep up with public’s expectation”, Lee said, ignoring the lawmaker’s repeated demand to “answer the question”. Park, who has immunity from prosecution while in office, has refused to meet with prosecutors investigating the scandal.

As the protests against her grew larger, louder and closer, and her career, reputation and presidency march inexorably towards an impeachment, she kept mostly hidden from public view, gripped by self-pity and despair, and largely alone. The Constitutional Court has 180 days to determine whether it will uphold the impeachment.

During an hour-long meeting with the president, Chung said he had told her that public sentiment had forced the Saenuri party to withdraw an earlier proposal for Park to step down voluntarily in April.