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Zhou Furen, chairman and general manager of Xiyang Group [File photo]

Xiyang Group had carried out only 50% of its investment obligations since the contract took effect four year ago, KCNA quoted a spokesman for North Korea's Commission for Joint Venture and Investment as saying. Regarding those 16 items, the spokesman said the contract was signed based on "Joint Venturing Law of the Democratic People's Republic of Korea", so it was necessary to honor obligations listed in the contract. Xiyang Group nevertheless insisted on unilaterally proposing a business processing scheme to attempt to deal with its debt problem in China.

"They [DPRK] don't have the conditions for foreigners to invest. They say they welcome investment but they don't have legal or social foundations to support it," Wu Xisheng, vice general manager of Xiyang Group, told Reuters on Wednesday.

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