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NK to Freeze SK-held Assets in Mt. Geumgang

Written: 2010-04-11 13:20:54Updated: 2010-04-11 14:12:07

NK to Freeze SK-held Assets in Mt. Geumgang

North Korea says it will freeze Tuesday all facilities owned by the South Korean government at the North’s resort in Mount Geumgang.

Pyongyang demanded in a notice sent to Seoul that South Korean officials concerned be present on site when it implements procedures for the freeze.

The South has rejected the demand, calling the freeze unfair and unilateral.

The Unification Ministry in Seoul says Pyongyang sent the notice Friday to Hyundai Asan Co., the South Korean operator of tours to the North Korean resort.

The notice said the North will freeze Tuesday a family reunion center, a cultural center, a hot spring and a duty-free shop. All of the four facilities belong to the South Korean government and the Korea Tourism Organization.

Pyongyang also reiterated that it will terminate contracts with three South Korean companies that boycotted the North’s probe into their real estate holdings at Mount Geumgang late last month.

The North’ Guidance Bureau for Comprehensive Development of Scenic Spots had announced Thursday the freeze on South Korean government-held assets.

The bureau says South Korean managers at the facilities will be expelled and agreements on the resort with the South will be nullified.

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