North Korea Freezes South Korea's Assets within Kaesong Industrial Complex
North Korea Freezes South Korea's Assets within Kaesong Industrial Complex
  • By Chun Go-eun (
  • 승인 2016.02.12 10:31
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Image source: Reuters

In retaliation of the South Korean government's decision to halt the operations of the Kaesong Industrial Complex, the North said on February 11 that it would freeze all the South's assets within the industrial complex.

In addition, the North Korean government declared the area as part of an off-limits military zone while closing off the complex and expelling all personnel from the South.

The North announced on the same day under the name of the Committee for the Peaceful Reunification of the Fatherland, "The successful launch of the Kwangmyongsong-4 [Bright Star-4] satellite was a self-defensive measure to guarantee peace and regional security." It also said, "Beginning at 10 am [10:30 am in South Korea time] on February 11, we will close the entire section of the demilitarized zone near the Kaesong Industrial Complex, block the overland route along the west coast within the joint administration area, and declare the complex as part of an off-limit zone." The statement also remarked that it would expel all South Korean workers in Kaesong by 5:30 pm on the same day.

The statement continued, ""We decided to freeze all the assets belonging to South Korean companies and related organizations, including their equipment, raw materials, and inventories. Those who are deported can take nothing but their personal belongings. All the assets will be under management by the People's Committee of Kaesong from now on." The North Korean government announced the statement at 4:50 pm, only 40 minutes before the deadline. The peaceful unification committee also said it would cut off all communication channels between the two Koreas through Panmunjom.

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