Pyongyang also announced that it has scrapped all agreements with the South on commercial exchange projects and would “liquidate” South Korean assets left behind in its territory.
“We will completely liquidate all left assets of South Korean companies and relevant organizations” the national news agency for notification from North Korea KCNA Committee for Peaceful Unification of Korea mentioned. Co-operate activities between North Korea and South Korea including the Mount Kumgang resort and the Kaesong industrial Complex. Korean assets primarily located in Kaesong.
Seoul suspended operations in the jointly-run zone last month as punishment for the North’s rocket launch and nuclear test. In response, Pyongyang then expelled Koreans from joint-run Kaesong.
Committee for the Peaceful Reunification of Korea also threatened with actions to create “the catastrophic end for (South Korean President) Park Geun-hye and the ruling party”.South Korea has 124 companies operating in Kaesong, mostly small and medium companies. These companies provide jobs for nearly 55,000 workers of North Korea, as of August last year.Kaesong industrial complex was located in the North Korea side which was several kilometers from the military border between the two countries and began operations in 2005.North Korea used to freeze and liquidate assets at Mount Kumgang Korea after Seoul ended the tours in 2008 because a North Korean soldier shot dead a South Korean tourist.