KNTO to Join Mt. Kumgang Tour Project

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Wednesday, June 20, 2001, updated at 15:02(GMT+8)

World

KNTO to Join Mt. Kumgang Tour Project

South Korea National Tourism Organization (KNTO) decided to join the Mt. Kumgang tour project along with Hyundai Asan, according to a S. Korean government source Tuesday.

The source said the tourism agency will create up to W90 billion either by bank loan or government's Inter-Korea Cooperation Fund and purchase Hyundai Asan's assets at the Mt. Kumgang area by the end of June enabling the cash-strapped Hyundai's subsidiary to pay outstanding US$22 million tour fee to DPRK.

The KNTO's decision is expected to provoke a controversy as the move is considered as government taking over Hyundai's Mt. Kumgang tour project with taxpayers' money.



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	South Korea National Tourism Organization (KNTO) decided to join the Mt. Kumgang tour project along with Hyundai Asan, according to a S. Korean government source Tuesday.




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