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NK to Seize 5 S.Korean Properties at Geumgang

Written: 2010-04-23 15:26:32Updated: 2010-04-23 17:37:25

NK to Seize 5 S.Korean Properties at Geumgang

North Korea said Friday that it would seize five South Korean facilities at the North’s Mount Geumgang resort and that the remainder of the South’s assets at the resort would be frozen.

According to a spokesman at the North Korean Guidance Bureau for Comprehensive Development of Scenic Spots, the North will seize the five South Korean assets that it froze last Tuesday following inspections. The bureau also said that South Korean employees at the resort would be deported.

The five facilities include a family reunion center and fire station belonging to the South Korean government, and a culture center, hot spring, and duty-free store owned by the South's Korea Tourism Organization.

The spokesman added that the seized property will be taken over by the North Korean government or turned over to a new tourism business partner.

It appears likely that the North will also freeze privately held properties, including those owned by Hyundai Asan.

South Korean Unification Minister Hyun In-taek has said that Seoul would respond strongly if the North went through with its threat to freeze South Korean assets at Geumgang.

Pyongyang’s latest moves follow its accusations that Seoul is attempting to link last month’s sinking of South Korea’s “Cheonan” naval ship in the Yellow Sea to North Korea.

Pyongyang said last month that it refuses to be lenient to the South any longer.

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