South and North Korea have reportedly held a heated debate over the South Korean assets at the Mount Geumgang resort.

A South Korean delegation of government and private company officials held a meeting with North Korean officials at Geumgangsan Hotel at the resort for about one hour on Wednesday morning.

During the meeting, the North reportedly demanded South Korean firms to have their assets registered according to its special laws on international tours to Mount Geumgang, and asked the South Korean firms to participate in international tour programs. The North said that it could lease, transfer or sell the South Korean assets if the firms do not participate in the tour programs.

The South Korean delegation, led by the Unification Ministry’s chief of Social and Cultural Exchange Division Seo Du-hyeon, reaffirmed the existing position that Seoul cannot accept any acts of infringement against property rights.

The delegation stressed that the North’s actions of freezing or seizing South Korean property, including any further possible actions taken on the assets, are a violation of agreements between the business entities from both countries, the two governments, and international regulations.