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Press Releases

Inter-Korean Talks on Mt. Geumgang Property


□ The South Korean delegation of government officials and businessmen today met with the North Korean counterpart at Mt. Geumgang Tourist District to have talks on the South’s property rights there. The two sides had five meetings- four on our companies’ ownership and one on the government’s stance.

□ North Korea said that it would dispose of South Korean properties in accordance with the special law on international tours to Mt. Geumgang.
- North Korean officials said South Korea should take its assets out if it denies the special law and turns down their demands.
- Also, the North added that it could not reverse its decisions on the annulment of Hyundai Asan’s exclusive tourism rights and the enactment of the special laws.

□ The North Korean officials reiterated that South Korea was responsible for the suspension of Mt. Geumgang tours.

□ We confirmed we would not accept the assets disposal because the North’s special law on international tours to Mt. Geumgang breaches inter-Korean business contract as well as investment guarantee agreement.
- We urged the North to cancel its unilateral move to seize our assets and strip Hyundai Asan of inter-Korean tours.

□ The North Koreans proposed additional talks and demanded to respond to the offer by July 29th. Otherwise, the North said it would dispose of the South Korean assets at the resort.

□ The South Korean government will continue to negotiate with our private investors of Mt. Geumgang to protect our citizens’ property rights.

Ministry of Unification