Categories
· Business (Tobacco)
· Cross-Border/Crime
non-USA, by Country
· Korea - North
Organizations
· BAT
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Raphael Perl ¡°Every tobacco corporations in North Korea suspected of conspiring illegal acts¡±
Jump to full article: DailyNK (au), 2006-12-20
Author: Yang Jung A, Reporter
Intro: In amongst the North Korean accounts that were frozen from Macao¡¯s Banco Delta Bank (BDA) was joint funds from a British tobacco company which has been deemed difficult to recover.
The U.K. Financial Times reported on the 18th that the $7mn of the $24mn in North Korea funds frozen in BDA accounts is from Korean trusts and banks of which half the funds is estimated to from a joint account by British American Tobacco (BAT) and a tobacco company trading by North Korea.
BAT¡¯s spokesperson Catherine Armstrong revealed in an interview with Radio Free Asia (RFA) on the 18th ¡°The money has been certified as legal so we¡¯re very keen to get the money out of the frozen account.¡±
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