Pyongyang to seize South Korean assets at tourist resort

Seoul - North Korea said Friday it was to seize five South Korean-run facilities at its Mount Kumgang resort in a move to pressure Seoul to restart tours to the cash-strapped Stalinist state.

"First, we will confiscate all five assets of the South Korean authorities that have already been frozen in compensation for our loss due to the long suspension of the tour," the state-run Korean Central News Agency quoted a spokesman for the General Guidance Bureau for the Development of Scenic Spots as saying.

The assets, which have been frozen since April 13 include a fire station, a duty-free shop and a family reunion center owned by South Korea's Red Cross, the South's Yonhap news agency said.

North Korea said it would either take ownership or turn the assets over to a new business partner. In addition, all other assets would be frozen and all South Korean employees at the resort are to be deported.

North and South Korea were at "the crossroads of a war or peace," the statement said. "It is quite natural that we can no longer show generosity and tolerance to the south side under this situation."

Pyongyang has been attempting to bully Seoul to reopen the lucrative tours, which have brought much-needed cash to the impoverished country.

Visits to Mount Kumgang were frozen in 2008, when a South Korean woman was shot after walking into a nearby restricted military area. Visits to Kaesong, a jointly operated free-trade zone in the north, were also suspended.

South Korea has demanded that Pyongyang guarantee the safety of any future South Korean tourists to the site, and hold a joint investigation into the shooting, before considering further tours.

Source: Earth Times.
Link: http://www.earthtimes.org/articles/show/320177,pyongyang-to-seize-south-korean-assets-at-tourist-resort.html.