Hyundai Asan President Yoon Man-joon is visiting North Korea to commemorate the late Hyundai Group Chairman Chung Mong-heon.

Hyundai Asan said Yoon and 22 other executives and staff arrived at the North’s Mount Geumgang resort at three p.m. on Monday. They will pay respect to the memorial for the late chairman and return on Tuesday afternoon.

Although the company said the purpose of the visit was to commemorate the anniversary of Chung’s death, there is a possibility that the Hyundai president may meet with North Korean officials.

Yoon said that, if given chance, he would explain the situation in the South and listen to the North’s side but added he had little expectation.

However, another Hyundai official said that the president had no schedule other than the memorial service.