Posted on 04/09/2007 7:17:46 AM PDT by TigerLikesRooster
N. Korea Likely to Withdraw BDA Funds in Cash
North Korea will probably have to withdraw US$25 million of unfrozen funds from the Macau-based Banco Delta Asia in cash. A South Korean government official on Sunday said the North wanted the money transferred to an overseas bank account, “but realistically there are too many difficulties. Both the U.S. and China are of the opinion that everything should be discussed between Macau authorities and North Korea." A diplomatic source said despite a visit to China by U.S. Deputy Assistant Treasury Secretary Daniel Glaser, Washington and Beijing have failed to find a solution in the way North Korea wants. “To my understanding, the U.S. and China instead reviewed ways for North Korea to open a new separate account at BDA and withdraw the money, and have suggested this to North Korea." The source said the practical way would be allowing North Korea to withdraw the money after providing details about the account holder, or do so after opening an integrated account at BDA.
In a recent meeting in New York, the U.S. chief nuclear negotiator Christopher Hill put the suggestion to the deputy chief of North Korea's UN mission Kim Myong-gil. But it is unclear whether North Korea will accept. Chun Yung-woo, South Korea's top negotiator at the six-party nuclear talks, recently said the North apparently wants to open an overseas bank account to withdraw the money in cash. But sources say even if Pyongyang accepts the suggestion, it would still take a considerable amount of time because North Korea has to undergo procedures like identifying the account holder before it can withdraw the money.
North Korea has held off shutting down its nuclear facilities in Yongbyon, which it is supposed to do by April 14 under the Feb. 13 six-nation agreement, until it has the money in hand. The U.S. has in theory freed the funds, which it says are illegal, but international banks refuse to touch them.
(englishnews@chosun.com )
It seems that China and N. Korea teamed up together to nullify damages to both China and N. Korea from U.S. financial sanction.
So how will this cash transaction proceed? Cut a $25million check or, as I said in the banner, 250K 100 dollar bills?
Ping!
NK is going to need a ‘bag-man’ to go to Macau with a big bag.
More like a container ship.:-)
Why can’t NK just cut out the middle-man and print the 25 mil?
You mean outsourcing dollar-printing to N. Korea?
Yes, that will solve both counterfeiting and sending financial aid from U.S. in a single shot.:-)
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