Koryo Bank Explained
Koryo Bank is a North Korean bank.[1] It was originally opened in July 1994.[2]
History
The bank has about thirty employees and has regional offices specializing in weapon sales in the Middle East, Myanmar, and Africa.[3]
It is controlled by Korean Workers' Party Office 39 to control "the service industry, hotels and department stores that cater to foreigners".[3]
According to Business Insider, Koryo Bank is the financial institution used by the North Korean Office 39 "to repatriate and hold foreign currency accounts"[4] and, at one time, under the control of the Ministry of Defense.[2]
At one time, the bank's leader was Kim Yong-goo.[2] The bank use to belong to the Trade Bank.[2]
See also
Notes and References
- Web site: Bankruptcy of North Korean Foreign Currency Management System Due to "Royal Court" Economy . . 2008-01-15 . 12 September 2017 . Joe Litt & Park Hyun Min.
- Book: Korea North Doing Business for Everyone Guide: Practical Information and Contacts . Intl Business Pubns USA . 2012 . 68 . 1438772475.
- Web site: The Defector’s Tale: Inside North Korea’s Secret Economy . World Affairs . 12 September 2017 . Kim Kwang Jin . https://web.archive.org/web/20170925132637/http://www.worldaffairsjournal.org/article/defector%E2%80%99s-tale-inside-north-korea%E2%80%99s-secret-economy . 25 September 2017 . usurped .
- Web site: How North Korea uses slaves to get around trade sanctions . Business Insider . July 2017 . 12 September 2017.
