North Korea attacks charges from Chinese firm

By Gong Yingchun
0 Comment(s)Print E-mail China.org.cn, September 7, 2012
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Xiyang had invested more than 240 million yuan into an iron-ore powder venture. [File photo] 
North Korean state-run news agency KCNA issued criticisms on Wednesday over a Chinese company accusing North Korea of cheating them in business. KCNA said Xiyang Group failed to honor obligations of the contract and should be blamed, the Global Times reported.

An article that claimed investing in North Korea was a "nightmare" was published on the internet on August 2. It said Xiyang had invested more than 240 million yuan into an iron-ore powder venture. North Korean workers had learned new skills, and mastered producing iron powders after three months of training provided by the Chinese company. However, North Korea proposed 16 items contrary to the contract, such as paying a land lease fee, resource tax and so on. Xiyang Group rejected the proposal. North Korea unilaterally terminated the contract in February 2012 and expelled Chinese staff working with Xiyang.

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