North Korea has reportedly told Hyundai Asan officials on Friday at the Mount Geumgang resort that if South Korean companies do not take part in the asset disposal, it would consider the move as South Korean companies relinquishing their ownership rights to the property.

The North said it would dispose of them in accordance with its special district law. North Korea has demanded South Korean companies at the mountain resort to register under the new law for international tourism at Mount Geumgang as part of its asset disposal plan.

Hyundai Asan, which was the exclusive tourism operator at the mountain resort, said it could not accept North Korea’s demands.

Instead, the South Korean company demanded the North to protect the company’s former asset ownership rights and to acknowledge their deal to the firm’s exclusive tourism rights. It also demanded North Korea to not take unilateral measures, put asset disposal on hold, and engage in dialogue and discussions.

The Unification Ministry said that the North is to blame for all responsibilities for having unilaterally violated the business contract and bilateral government agreements when North Korea infringed on the ownership rights of the South Korean business operators. The South’s ministry said that legal and diplomatic measures will be taken.