S.Korea decides to pay Kaesong companies insurance

2013-08-07 06:13:25 GMT2013-08-07 14:13:25(Beijing Time)  Xinhua English

South Korea decided to make insurance payment to local companies that are running businesses at the Kaesong industrial zone, which will pass the ownership of company assets to the South Korean government, Seoul's Unification Ministry said Wednesday.

"North Korea (DPRK)'s unilateral shutdown and withdrawal of its workers suspended the Kaesong industrial park for more than one month, which is one of preconditions for insurance payment," Kim Hyung-seok, spokesman of the Unification Ministry, told a press briefing.

A total of 109 South Korean companies applied for the payment of insurance coming from Seoul's inter-Korean economic cooperation funds, Kim said, noting that around 280 billion won (250 million U. S. dollars) will be paid to the applicants starting Thursday.

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