Radio Free Asia (RFA) said on Wednesday that Hong Kong authorities have begun investigating charges of illegal activities by a regional investment broker, who is the largest shareholder of financial institutions under Office 39 of the Workers’ Party in North Korea.

RFA said Hong Kong police, the Financial Services and the Treasury Bureau ordered a probe into alleged illegal activities by the Phoenix Commercial Venture, which holds a 70% stake in a North Korean bank, Daedong Credit Bank.

Phoenix Commercial Venture is a broker specializing in attracting investment in North Korea. It is based in the Virgin Islands and has an office in Hong Kong as well.

Asia International Human Rights representative Ken Kato, who has been tracking down North Korean leader Kim Jong-il’s overseas funds, told RFA that the remaining 30-percent stake is held by another bank, Korea Daesong Bank, that handles Office 39’s external transaction settlements.

He said he had notified Hong Kong authorities of this and urged them to investigate, and Kato received a response on Sunday that they would.