SEOUL, May 1, 2025 (BSS/AFP) - South Korea's finance minister Choi Sang-mok handed in his resignation on Thursday and it was accepted, his ministry said in a statement, as the country's parliament was voting on his impeachment.

"Choi's resignation has been accepted," said the finance ministry in a statement.

Choi was set to assume the acting presidency at midnight on Thursday with acting president Han Duck-soo scheduled to formally resign, in what many saw as a move to launch a presidential bid before a snap election next month.

"I apologise that I am stepping down from my post, as it has become difficult to continue fulfilling my duties amid the grave economic circumstances both at home and abroad," Choi said in a statement released by the finance ministry.

His resignation came as opposition MPs introduced an impeachment motion against Choi after the country's Supreme Court overturned a ruling that found their presidential candidate and frontrunner Lee Jae-myung not guilty of violating election law.

The vote on Choi's impeachment was halted after Han accepted his resignation.

"Choi's resignation has been notified. We are suspending the impeachment vote," said National Assembly Speaker Woo Won-shik.

Choi's resignation adds to the political uncertainty in South Korea following former president Yoon Suk Yeol's botched martial law declaration in December.

With Han stepping down at midnight, the acting presidency was supposed to pass to Choi.

But with his resignation, the role now falls to Education Minister Lee Ju-ho, who will be tasked with managing the electoral process for the presidential election on June 3.