ID :
75610
Sun, 08/16/2009 - 22:08
Auther :
Shortlink :
https://www.oananews.org//node/75610
The shortlink copeid
Hyundai chief extends stay in North Korea for fifth time
(ATTN: UPDATES with Hyundai chief extending her trip to North Korea)
SEOUL, Aug. 16 (Yonhap) -- A South Korean business tycoon extended her stay in
North Korea another day for the fifth time on Sunday company officials said, in
an apparent bid to salvage her cross-border tourism projects in deep trouble.
Hyundai Group chairwoman Hyun Jung-eun traveled to North Korea on Monday for what
should have been a three-day mission to win the release of an employee detained
there since March. The Hyundai worker, Yu Seong-jin, was freed and returned home
Thursday, but the chairwoman extended her trip four times.
No reason was given for Hyun's decision to stay back but there was mounting
speculation that she was waiting for a meeting with the North's absolute leader,
Kim Jong-il. She had met the leader in 2005 and 2007 which led to important
agreements on Hyundai business.
"We've just received a notification that the chairperson will stay one more day
in North Korea," a Hyundai official said without elaborating.
Hyundai has been in dire financial shape since its joint tourism ventures in
North Korea hit a snag last year amid worsening political relations between Seoul
and Pyongyang. All Hyundai business projects in North Korea except for an
industrial park in a border city have been suspended because of political
tensions.
The Hyundai worker was detained on March 30 for allegedly slandering the North's
political system while staying at the Kaesong Industrial Complex in the North's
border city of Kaesong. His release came days after former U.S. President Bill
secured the release two detained American journalists after meeting with the
leader in Pyongyang.
Hyundai Group has so far invested US$1.2 billion in North Korea. Seoul suspended
Hyundai's Mount Kumgang tour last year after a North Korean soldier shot dead a
South Korean tourist who strayed into a military area.
Hyundai's last-remaining joint venture also faces uncertainty as North Korea is
demanding hefty hikes in wages and rent.
The industrial zone is a rare source of cash for the impoverished North currently
under international financial sanctions and a trade embargo for its second
nuclear test in May. More than US$26 million was paid in wages alone last year.
hkim@yna.co.kr
(END)
SEOUL, Aug. 16 (Yonhap) -- A South Korean business tycoon extended her stay in
North Korea another day for the fifth time on Sunday company officials said, in
an apparent bid to salvage her cross-border tourism projects in deep trouble.
Hyundai Group chairwoman Hyun Jung-eun traveled to North Korea on Monday for what
should have been a three-day mission to win the release of an employee detained
there since March. The Hyundai worker, Yu Seong-jin, was freed and returned home
Thursday, but the chairwoman extended her trip four times.
No reason was given for Hyun's decision to stay back but there was mounting
speculation that she was waiting for a meeting with the North's absolute leader,
Kim Jong-il. She had met the leader in 2005 and 2007 which led to important
agreements on Hyundai business.
"We've just received a notification that the chairperson will stay one more day
in North Korea," a Hyundai official said without elaborating.
Hyundai has been in dire financial shape since its joint tourism ventures in
North Korea hit a snag last year amid worsening political relations between Seoul
and Pyongyang. All Hyundai business projects in North Korea except for an
industrial park in a border city have been suspended because of political
tensions.
The Hyundai worker was detained on March 30 for allegedly slandering the North's
political system while staying at the Kaesong Industrial Complex in the North's
border city of Kaesong. His release came days after former U.S. President Bill
secured the release two detained American journalists after meeting with the
leader in Pyongyang.
Hyundai Group has so far invested US$1.2 billion in North Korea. Seoul suspended
Hyundai's Mount Kumgang tour last year after a North Korean soldier shot dead a
South Korean tourist who strayed into a military area.
Hyundai's last-remaining joint venture also faces uncertainty as North Korea is
demanding hefty hikes in wages and rent.
The industrial zone is a rare source of cash for the impoverished North currently
under international financial sanctions and a trade embargo for its second
nuclear test in May. More than US$26 million was paid in wages alone last year.
hkim@yna.co.kr
(END)
