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DPRK funds set to be returned [Copy link] 中文

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Post time 2007-3-20 11:38:16 |Display all floors
Funds frozen in Macao's Banco Delta Asia (BDA) will be returned to Pyongyang via a Chinese mainland bank, raising hopes of progress at talks on denuclearizing the Korean Peninsula.

The Democratic People's Republic of Korea (DPRK) has pledged that the released money, to be deposited into an account held by its Foreign Trade Bank at Bank of China in Beijing, will be used for humanitarian purposes and education, said Glaser.

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Post time 2007-3-20 11:40:02 |Display all floors


North Korea's Vice Foreign Minister Kim Kye-gwan takes his seat before the opening of the sixth round of the six-party talks on curbing North Korea's nuclear programme, in Beijing March 19, 2007. North Korea and the United States have resolved a dispute over $25 million frozen at a Macau bank, U.S. officials said, clearing a major obstacle to six-party talks on nuclear disarmament that resumed on Monday. [Reuters]

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Post time 2007-3-20 19:46:53 |Display all floors

I think it bears repeating here

While the US blacklisted Banco Delta Asia on allegation of money laundering in contravention of US laws, its the Chinese authority that took over the bank, purportedly to stem a run by depositors, and froze the accounts held by the DPRK.

This is an important distinction; when Kim Gye kwan threatened to walk away from the deal unless the US released the fund, what he should have done is he should have addressed this to the Chinese government.

Also its an important fact, in that as to be expected, it shows up most of the world press for the shoddy writing that they regularly pass for news reporting by merely quoting Kim without independent fact checking.

P.S.  What happens to the previous thread; America reneged on NK deal started by jetsam, or one of his clones that infest the board?

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