North Korea Seizes South Korean Assets at Joint Resort

Posted August 22nd, 2011 at 12:05 am (UTC-5)
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North Korea announced Monday that it has seized all South Korean assets at a jointly run resort and ordered all South Koreans to leave.

The North's official Korean Central News Agency said all South Korean employees must leave the country “within 72 hours” and they cannot take any assets from the Mount Kumgang resort. Fourteen South Koreans are listed as being at the resort.

The statement said the South had given up all rights on properties owned by South Korean companies because Seoul missed a Friday deadline to resolve a dispute over the property.

The South has warned that the North will be held accountable for all consequences resulting from its disposal of the assets.

Seoul suspended tours by its citizens after a North Korean soldier shot a South Korean woman to death when she strayed into a restricted military zone in July of 2008.

South Korea has said it will not resume tours until the North allows an on-site investigation of the shooting and gives solid safety guarantees. Pyongyang has refused the demands.