Pyongyang names on Newstapa list

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Pyongyang names on Newstapa list

A new list of shell companies in tax havens that are assumed to be established by North Koreans has been released by online media organization Newstapa yesterday.

At 1 p.m., Newstapa, operated by the Korea Center for Investigative Journalism, released a list of four shell companies attributed to Pyongyang through its official Web site and with a video on YouTube.

The fifth list states the shell company Larivader Solutions was established on Nov. 19, 2004 on the British Virgin Islands by Mun Kwang-nam, a registered director of the company. It said the company used Mun’s address: “Mao Lang Bong District, Pyongyang, Republic of Korea [sic].” It added the company existed until October 2009.

Newstapa also stated that three shell companies: Chollima Limited, established on Nov. 30, 2000; Chosun Limited, established on Feb. 6, 2001, and Koryo Telecom Limited, established on Feb. 7, 2001, were all established by registered director, Lim Jong-ju, in the Virgin Islands.

“We found a shell company that used an address in Mao Lang Bong District, Pyongyang,” an official of Newstapa told reporters. “We assume that Lim Jong-ju is not a North Korean but found some records that show some directors of the company have taken part in businesses related to North Korea, therefore they are possibly related to Pyongyang.”

Along with the list, the center also released additional reports on Chun Jae-kook, the eldest son of former President Chun Doo Hwan, who has been accused of creating a shell company in the British Virgin Islands on July 28, 2004. Chun was registered as the sole director and exclusive shareholder of the shell company Blue Adonis since Aug. 13, 2004. Chun used an address in Seocho-dong, southern Seoul, in the shareholder document.

It added yesterday that Chun opened a bank account at the Arab Bank’s Singapore branch under the shell company’s name. According to the board resolutions the company made on Aug. 13, 2004, it stated that all of Blue Adonis’ accounting books, conference minutes, registered book of shareholders and directors as well as any other documents related to the company must be housed in the Arab Bank’s Singapore branch.

By Min Kyung-won, Kwon Sang-soo []
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