Tianjin(GB)  |  Binhai(GB)  |  TJTV  |  Tianjin Free Trade Zone  | 

About Enorth.com.cn
  |  Chairman & President  |  Web Channels 
Home | News | Photo | Biz Tianjin | Travel in Tianjin | Learn About Tianjin | Talents in Tianjin | Binhai New Area

your position :enorth.com.cn > English > News > world  content
500 million US dollars sent to DPRK: Hyundai Chairman
enorth.com.cn   2003-02-17 08:46


SEOUL, Feb. 16 (Xinhuanet) -- A South Korean business group's leader Sunday confirmed that the group had sent a total of nearly 500 million US dollars to the Democratic People's Republic of Korea (DPRK) in 2000 in return for economic exclusive rights on joint projects.

Chung Mong-hun, chairman of the Hyundai Group which is engagingin many inter-Korean communication projects, disclosed these in a news conference at Hyundai's Mount Geumgang Condominium in Goseong,about 400 kilometers northeast of Seoul, in Gangwon Province.

He also confirmed that "it's true the remittance partly served to promote the summit," which in an apparent reference to the inter-Korean summit between South Korean incumbent President Kim Dae-jung and DPRK top leader Kim Jong Il in Pyongyang in mid-June 2000.

Chung's announcement came after the outgoing President Kim Dae-jung Friday's apology for the controversy surrounding the Hyundai Group's secret money to the DPRK in which he denied the sayings that the fund was used to buy the summit talks.

Moreover, the businessman acknowledged that the South Korean government not only tolerated Hyundai's secret money transfer but also had "deep involvement" in that time.

Kim Dae-jung's special security aide Lim Dong-won Friday also admitted to the South Korean people that the National IntelligenceService (NIS), which was then under his leadership, had arranged the Korea Exchange Bank to provide Hyundai with foreign exchange services needed for the payment to the DPRK.

Although Chung appealed to the South Korean people for forgiveness, he explained that his group sent this sum of money secretly in order to avoid "unnecessary competition" with foreign investors who had shown much interest in the DPRK's businesses.

The news conference was held after Chung returned from a pilot overland tour of the DPRK's Mount Geumgang Sunday afternoon.

The Hyundai Group is a large business group which sets foot in fields of auto, marine, construction, electronics, and steel.


Most Popular

Binhai heart to Tianjin's plans
Tianjin Tianlian to get 3b yuan injection
Tianjin: promoting the energy saving level through the optimization of structure and the improvement of awareness
Tianjin High-Tech Developmental Park improves independent innovation capacity
Tianjin builds 20 important service projects
Tianjin-Binhai Light Railway makes a breakthrough in passenger flow
Memory of An Jihe, Engineer of Tianjin Tiantie Group
Tianjin Railway Station Rebuilding Project to be finished in late 2007
Tianjin Petrochemical makes all-out to forge a state-level petrochemical base
Tianjin Binhai to attract foreign investment
Tianjin gives priority to the development of public transport
City card is available in Tianjin now
Tianjin Invests 14 Million yuan, Wuqing 180 Thousand Farmers No Longer Drink Fluoric Water
“General Director” Zhang Lili Wants to Build China’s Biggest Free Trade Zone
Tianjin: “Underwater Express” passing through Xidahu Lake

Editor: Zhang Jialu

Copyright (C) 2000-2008 Enorth.com.cn, Tianjin ENORTH NETNEWS Co.,LTD.All rights reserved