According to Hyundai Asan Corp. Tuesday, North Korea has decided not to send a delegation to the funeral of Chung Mong-hun, but will instead hold its own memorial event.

A Huyundai Asan official said the North will hold a large-scale memorial event for Chung at Mount Geumgang, and will express condolences at an altar set up by Hyundai at the mountain resort.

According to the company official, North Korean officials also agreed to erect a memorial monument at the North Korean mountain resort.

After the funeral, Chung's family members, relatives and journalists are to visit Mount Geumgang via a cross-border overland route.