A Hyundai Asan official says the Korean operator of tour programs to North Korea suffered some 32 billion won in losses from its suspended tour programs to Mount Geumgang in the North last year.

Chang Hwan-bin, a senior executive at Hyundai Asan, made the comment Tuesday during a debate organized by the Korea Peace Forum.

Chang said Hyundai Asan is currently suffering operating losses of two billion won each month due to suspensions to the tour programs.

Chang said that as part of an emergency operation system, his company has reduced its staff in the North from one-thousand-80 to 330, adding that some one-thousand of Hyundai Asan’s North Korean employees were let go. He also noted concerns that Hyundai Asan’s subcontractors are on the verge of collapse.

Chang said that the assets North Korea has seized from Hyundai Asan and the assets belonging to subcontractors that Pyongyang has frozen are valued at around 323 billion won.