S Korea envoy flies to US to settle N Korea bank row
Tuesday, April 24, 2007
SOUTH KOREA'S chief nuclear negotiator Chun Yung-woo left yesterday for the United States, calling for an early settlement of a banking dispute which is blocking progress on North Korea's nuclear disarmament.
The North missed an April 14 deadline to start shutting down its nuclear programme under an international accord. It says it will only do so once it receives US$25 million of its funds which had been frozen in a Macau bank at US instigation.
Chun will hold talks with his US counterpart Christopher Hill on "technical issues" preventing a settlement of the dispute over the accounts at Banco Delta Asia (BDA), a foreign ministry official said on condition of anonymity.
"It will take some time to clear up some procedural matters surrounding the BDA issue, but the government believes the matters are only procedural," the official said.
Before leaving Seoul with his deputy Lim Sung-nam, Chun called for progress.
"We cannot continue putting off the more important denuclearisation issue because of this BDA issue," he said.
Chun said the North's demands on the issue have "generally been identified" but more time would be needed to fully resolve the impasse.
"Let us wait and see for a little longer because the parties are working hard for the resolution," he said.
Macau's financial authorities have unblocked the funds, which had been frozen since 2005 on suspicion of money-laundering and counterfeiting, and the United States says they are available for collection.
The communist state, which staged its first nuclear test last October, said Friday there were "brisk" negotiations between one of its banks and BDA but gave no indication when the matter would be settled.
Analysts believe other foreign banks are reluctant to accept the transferred cash because it is seen as tainted. They say that apart from just recovering the BDA cash, North Korea wants to ensure that its access to the international financial system has been restored.
Under the deadline for initial actions set by a February 13 six-nation accord, the North was to have shut down its Yongbyon reactor by April 14 in the presence of UN atomic inspectors. Chun is also scheduled to meet other US officials and legislators during his trip, which ends Friday.
AFP
The North missed an April 14 deadline to start shutting down its nuclear programme under an international accord. It says it will only do so once it receives US$25 million of its funds which had been frozen in a Macau bank at US instigation.
Chun will hold talks with his US counterpart Christopher Hill on "technical issues" preventing a settlement of the dispute over the accounts at Banco Delta Asia (BDA), a foreign ministry official said on condition of anonymity.
"It will take some time to clear up some procedural matters surrounding the BDA issue, but the government believes the matters are only procedural," the official said.
Before leaving Seoul with his deputy Lim Sung-nam, Chun called for progress.
"We cannot continue putting off the more important denuclearisation issue because of this BDA issue," he said.
Chun said the North's demands on the issue have "generally been identified" but more time would be needed to fully resolve the impasse.
"Let us wait and see for a little longer because the parties are working hard for the resolution," he said.
Macau's financial authorities have unblocked the funds, which had been frozen since 2005 on suspicion of money-laundering and counterfeiting, and the United States says they are available for collection.
The communist state, which staged its first nuclear test last October, said Friday there were "brisk" negotiations between one of its banks and BDA but gave no indication when the matter would be settled.
Analysts believe other foreign banks are reluctant to accept the transferred cash because it is seen as tainted. They say that apart from just recovering the BDA cash, North Korea wants to ensure that its access to the international financial system has been restored.
Under the deadline for initial actions set by a February 13 six-nation accord, the North was to have shut down its Yongbyon reactor by April 14 in the presence of UN atomic inspectors. Chun is also scheduled to meet other US officials and legislators during his trip, which ends Friday.
AFP
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