Skip to comments.N. Korea threatens to seize S. Korean assets at Mount Kumgang
Posted on 03/18/2010 4:07:36 AM PDT by TigerLikesRooster
N. Korea threatens to seize S. Korean assets at Mount Kumgang
SEOUL, March 18 (Yonhap) -- North Korea has informed South Korea of its plan to look into all of the real estate owned by South Koreans inside the scenic mountain resort along its east coast, as it apparently grows impatient with Seoul's refusal to allow its citizens to travel there, according to industry sources here Thursday.
In a recently faxed message to the South Korean government, the North's Asia-Pacific Peace Committee, a state agency in charge of cross-border exchanges, said, "South Korean figures who possess real estate in the Mount Kumgang district should come to Mount Kumgang by March 25," sources reported, asking not to be identified.
The North went on to say, "All assets of those who do not meet the deadline will be confiscated and won't be able to visit Mount Kumgang again."
An inter-Korean tourism program to the mountain, once a cash cow for the impoverished North, has been suspended since the summer of 2008, when a female South Korean tourist was shot dead by a North Korean soldier while traveling there. A luxury hotel, a golf course, and other facilities built by the South Korean conglomerate Hyundai there have since remained idle. A similar joint tour business to the ancient city of Kaesong, just north of the two Koreas' border, has been also halted.
North Korea, feeling the pinch of U.N. sanctions imposed for its missile and nuclear tests, has called for the South to immediately resume the tours.
In its statement issued March 4, the North Korean committee said, "We would open the door to the tour of the Kaesong area from March and that of Mount Kumgang from April."
It said it may revoke all accords and contracts on the business unless the South stops blocking the resumption of the joint ventures.
South Korea has urged the North to first fully guarantee the safety of South Korean tourists. Related working-level talks between the two sides last month failed to yield a deal due to differences over details on a security guarantee
What an unfortunate name for a mountain resort...
North Korea is going to invade North Korea?
Investors in NK should ask themselves if putting their money where there is no rule of law is a good idea. Investors in China are just finding this out.
"A foole and his money be soone at debate: which after with sorow repents him too late."
- Thomas Tusser (15241580)
If you come, we MIGHT shoot you dead. If you don't come, we seize your property. Ergo, if you want to retain your stuff in NK, you must be ready to take a bullet.
Now THAT is encouragement..!
Time 4u 2 buy some cute NK souvenirs from Mount Kumgang..!!
Thank you for the ping.