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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World S.Korea rejects N.Korea threat to seize assets AFP - Friday, March 19 Send IM Story Print S.Korea rejects N.Korea threat to seize assets SEOUL (AFP) - – South Korea said Friday it would only resume tours to North Korea if Pyongyang provided safety guarantees, rejecting the regime's threat to confiscate Seoul's assets at a resort north of the border. The unification ministry, which handles relations with the isolated communist state, expressed deep regret about the North's latest warning, saying it violated international norms and cross-border agreements. The Seoul-funded Mount Kumgang resort once earned the cash-strapped North tens of millions of dollars a year. But the South Korean government suspended the tours after a North Korean soldier in July 2008 shot dead a Seoul housewife who had strayed into a poorly marked military zone. The sanctions-hit North is increasingly impatient to restart the business. The South says the two governments must first reach firm agreements on the safety of South Korean visitors. In its latest message on the issue, the North said all South Koreans with assets at Kumgang should visit the resort by March 25. "All assets of those who do not meet the deadline will be confiscated and they will not be able to visit Mount Kumgang again," it said. South Korean conglomerate Hyundai developed the scenic east coast resort as a symbol of reconciliation, with tours there starting in 1998. A luxury hotel, a golf course, and other facilities have remained unused since the shooting. "We have not changed our stand... that the security of our tourists must first be secured in order for tours to resume," ministry spokesman Chun Hae-Sung said Friday, calling for more talks on the issue. Chun said it was up to other parties whether to visit Kumgang by March 25, but the Seoul government had no plans to do so. The Kumgang trips were the first-ever such tours between the two nations, which have remained technically at war since their 1950-1953 conflict. Hyundai, whose founder Chung Ju-Yung was a fervent believer in reunification, invested hundreds of millions of dollars developing Kumgang and a joint industrial estate in the town of Kaesong. Affiliate Hyundai Asan, which runs the cross-border businesses, said in a statement it was still deciding whether to visit Kumgang before March 25. It called for the two sides to compromise so that tours could quickly resume, noting it had invested a total of 226 billion won (199.3 million dollars) in Kumgang alone. Recommend Send IM Story Print Related Articles Chile mulls raising mining royalty after quake Reuters - 36 minutes ago GLOBAL MARKETS-Shares slip from 17-month highs, euro falls Reuters - 39 minutes ago Oil explorer Gulfsands rejects bid approach Reuters - 44 minutes ago RPT-US STOCKS-Wall St edges down weighed by energy, Palm tumbles Reuters - 45 minutes ago FXOUTLOOK-US dollar likely to rise next week Reuters - 46 minutes ago News Search Top Stories Atom smasher reaches record energy levels: CERN British Airways strike to go ahead McLaren launches new supercar Japan celebrates defeat of bluefin tuna trade ban US may extend tanker deadline to allow EADS bid More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US children get Playboy, not Bugs Bunny in cable mixup Bullock cancels London trip, film premiere called off Siemens to revamp IT unit, cut 4,200 jobs Omega 3 supplement targets bowel cancer risk: study Obama signs multibillion-dollar jobs bill More Most Viewed » Chile quake moved Earth's axis, shortened days: scientist Experts confirm asteroid wiped out the dinosaurs 'Britain's Fritzl' raped daughters for over 25yrs Researchers back cancer-fighting properties of papaya Common weed-killer chemically castrates frogs: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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