Singaporean Company Selling Luxury Goods in N. Korea
A Singaporean trade company is reported to be operating two department stores in North Korea that sell luxury products to Pyongyang’s elite.
According to North Korea-specialized NK News on Monday, OCN Pte. Ltd. has been selling luxury goods for several years in two department stores in downtown Pyongyang.
The report quoted an anonymous source as saying that the stores are referred to as the “Singapore Shops” by locals. The source added that “OCN” is labeled on the packaging of goods which include expensive alcoholic drinks and luxury apparel brands.
NK News said that OCN has been operating in the North’s stores that sell luxury products since the mid-1990s.
UN Security Council Resolution 1718, which was adopted after the North conducted a nuclear test on October ninth, 2006, bans UN members from exporting luxury goods to the North.
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