ID :
198048
Fri, 07/29/2011 - 11:21
Auther :
Shortlink :
https://oananews.org//node/198048
The shortlink copeid
N. Korea says it will take steps to dispose of S. Korean assets
(ATTN: UPDATES throughout with North Korea's messages)
SEOUL, July 29 (Yonhap) -- North Korea said Friday it will dispose of South Korean assets at its scenic mountain resort in the coming weeks, a development that is likely to further worsen the already frayed ties between the two countries.
South Korea quickly expressed deep regret and vowed to safeguard the property rights of its firms.
The move came hours after South Korea urged North Korea to agree to talks aimed at resolving the dispute over the assets for stalled joint tour programs at Mount Kumgang.
Pyongyang has threatened to dispose of the assets unless South Korean business representatives join an international tour program for the resort under the North's new law.
North Korea told the South in messages that it was compelled to take unspecified steps to dispose of the assets beginning Friday and that the business representatives can visit the resort in the next three weeks to consult on how to handle their assets, the Unification Ministry said.
The North said the business representatives can either join the international tour program or lease, transfer or sell their assets by visiting the resort during the next three weeks. Otherwise, the North will dispose of the assets.
The Unification Ministry, which handles inter-Korean affairs, warned that the North will be held accountable for all consequences resulting from its disposal of the assets, estimated to be worth about 300 billion won (US$284 million).
"The government will explore every legal and diplomatic means available to protect the property rights of our companies," ministry spokesman Chun Hae-sung said in a press release.
South Korea had invested tens of millions of dollars in building hotels, restaurants and a golf course at the resort since 1998 when the North opened it for South Korean tourists.
The cross-border project was once hailed as a key symbol of inter-Korean reconciliation after decades of enmity.
However, Seoul halted the tour programs in 2008 following the shooting death of a South Korean female tourist at the resort, stripping the North of a key source of much-needed hard currency.
Earlier this year, the North announced a law designed to develop the resort as a special zone for international tours after unilaterally terminating exclusive tourism rights for Hyundai Asan, a key South Korean tour operator at the resort.
An official at Hyundai Asan said his company had no immediate comment on the North's latest statement. He asked not to be identified as he was not authorized
SEOUL, July 29 (Yonhap) -- North Korea said Friday it will dispose of South Korean assets at its scenic mountain resort in the coming weeks, a development that is likely to further worsen the already frayed ties between the two countries.
South Korea quickly expressed deep regret and vowed to safeguard the property rights of its firms.
The move came hours after South Korea urged North Korea to agree to talks aimed at resolving the dispute over the assets for stalled joint tour programs at Mount Kumgang.
Pyongyang has threatened to dispose of the assets unless South Korean business representatives join an international tour program for the resort under the North's new law.
North Korea told the South in messages that it was compelled to take unspecified steps to dispose of the assets beginning Friday and that the business representatives can visit the resort in the next three weeks to consult on how to handle their assets, the Unification Ministry said.
The North said the business representatives can either join the international tour program or lease, transfer or sell their assets by visiting the resort during the next three weeks. Otherwise, the North will dispose of the assets.
The Unification Ministry, which handles inter-Korean affairs, warned that the North will be held accountable for all consequences resulting from its disposal of the assets, estimated to be worth about 300 billion won (US$284 million).
"The government will explore every legal and diplomatic means available to protect the property rights of our companies," ministry spokesman Chun Hae-sung said in a press release.
South Korea had invested tens of millions of dollars in building hotels, restaurants and a golf course at the resort since 1998 when the North opened it for South Korean tourists.
The cross-border project was once hailed as a key symbol of inter-Korean reconciliation after decades of enmity.
However, Seoul halted the tour programs in 2008 following the shooting death of a South Korean female tourist at the resort, stripping the North of a key source of much-needed hard currency.
Earlier this year, the North announced a law designed to develop the resort as a special zone for international tours after unilaterally terminating exclusive tourism rights for Hyundai Asan, a key South Korean tour operator at the resort.
An official at Hyundai Asan said his company had no immediate comment on the North's latest statement. He asked not to be identified as he was not authorized
