DPRK to start disposal of S. Korea's real estates in Mt. Kumgang Resort

16:44, July 30, 2011      

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The Democratic People's Republic of Korea (DPRK) Friday declared to start "legal disposal" of South Korea's real estates and properties in Mt. Kumgang Resort, the official news agency KCNA reported.

According to the KCNA, the Guidance Bureau of Special Zone for International Tour of Mt. Kumgang of the DPRK said in a report released on Friday that it has become impossible to hold negotiations for settling readjustment of properties of the south side in special zone of Mt. Kumgang with the south side's businessmen due to the S. Korean authorities' unjust obstructions.

The South Korean authorities obstructed the negotiations between the DPRK and the south side's NGO business groups for the adjustment of properties while misleading public opinion by saying that the DPRK rejected the north-south authorities' working talks, said the report.

Now that it has become impossible to hold negotiations, the legal disposal of all the real estates and other properties of the south side inside the special zone for international tour of Mt. Kumgang would be started, said the report.

The DPRK notified Hyundai of this decision at Mt. Kumgang resort so that it can be conveyed to the south side's businesses. It also informed the South Korean authorities of the decision through a Panmunjom channel, the report added.

The period of undergoing the procedures for the legal disposal of the south side's businesses' properties is three weeks and can be extended if necessary to offer the south side's businesses the opportunities of taking part in international tour or leasing, transferring and selling their properties. Those businesses can entrust the matter to a third party and can meet the DPRK side in a third place for the registration and disposal of their properties or can choose other ways. Those businesses which failed to take part in the legal disposal of the properties within three weeks shall be considered as having given up their property right and their properties shall be disposed of according to the law on special zone for international tour of Mt. Kumgang. Those real estates shall be used for international tour after going through necessary procedures, said the report.

The responsibility for the prevailing situation entirely rests with the South Korean authorities, the report stressed, saying that these measures taken by the DPRK fully conform with the DPRK law and the international usage and the south side has no right to appeal against them.

The DPRK Guidance Bureau of Special Zone for International Tour of Mt. Kumgang notified the south side on June 17 that all assets including real estates in the zone are to be disposed of under the Law on Special Zone for International Tour of Mt. Kumgang and asked all parties concerned of the south side which have real estates in the zone to come to Mt. Kumgang in order to discuss the matter of disposing of the frozen and seized properties. Both the negotiations held on June 30 and July 14 failed due to the obstructive moves of the South Korean authorities according to the report on KCNA. The DPRK side notified the south side that it would start the disposal of the south side's properties unless the south side responds to the negotiations for the adjustment of the properties by July 29.

Source: Xinhua
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