"Dis no good! Me can't even get own funny money!"
Posted on 03/27/2007 2:43:02 AM PDT by TigerLikesRooster
N.Korean bank threatens legal action
By WILLIAM FOREMAN, Associated Press Writer
Mon Mar 26, 11:13 PM ET
A North Korean bank was threatening to derail a U.S.-North Korean financial deal that was crucial in getting the North to agree to disarm its nuclear program, a report said Tuesday.
The North has refused to return to the nuclear talks until about $25 million of its funds frozen at a blacklisted Macau lender are transferred to the Bank of China.
The fund transfer was supposed to happen last week, but the transaction has been delayed for reasons that haven't been fully explained.
On Tuesday, the International Herald Tribune reported that a British businessman, Colin McAskill, has threatened legal action if $7 million of the funds is moved to the Bank of China account. The money belongs to the Pyongyang-based Daedong Credit Bank, which McAskill has agreed to buy, the report said.
McAskill told The Associated Press that the report was accurate, but he declined to comment further on the record.
The $25 million was frozen in September 2005 after the U.S. accused the Macau lender, Banco Delta Asia, of helping North Korean launder money and handle counterfeit U.S. currency.
The move enraged the North Koreans, who boycotted the nuclear talks for more than a year. They recently returned to the discussions after the U.S. promised it would settle the banking issue. The funds were to be transferred to the Bank of China account, which would be used for humanitarian purposes.
But McAskill said the $7 million that belongs to the majority-owned Daedong Credit Bank was made from legitimate joint ventures between foreign companies and North Korea, the report said. McAskill was hoping to discuss the matter with Macau authorities, who took control of the bank, it said.
"Daedong's money must be separated from the political arena," he was quoted as saying. "We wish to leave the money in Macau until we can make arrangements to transfer it to one of our normal correspondent banks."
The U.S. has decided to cut off Banco Delta Asia from the American financial system. Once this becomes effective in mid April, it will be difficult for the Macau lender to move money out of U.S. currency accounts because most U.S. dollar transfers are processed in the U.S., the report said.
McAskill said Daedong Credit Bank wanted to beat the deadline by getting permission to move its money to a temporary account in another Macau bank, the report said.
As long as you try to talk things over with Kim Jong-il, you will age faster.:-)
Ping!
"Dis no good! Me can't even get own funny money!"
This whole situation could be solved by simply informing the Chicoms that unless they get their "dog", NK, "back on the porch"; not one container of their junk will be unloaded in San Pedro or anywhere else in the Free World. NK depends on the Chicoms & the Chicoms depend on exports.
How do you say embargo in Chinese & blockade in NK.
It would be akin to a turkey lobbying for Thanksgiving to do such a thing...as nice as it would be. I guess we can still dream, can't we??
Many from foreign policy establishment are fronting for them, too.
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