ID :
39059
Tue, 01/06/2009 - 14:09
Auther :
Shortlink :
http://m.oananews.org//node/39059
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N. Korean envoy in Geneva played key role in drawing Egyptian investment: source
SEOUL, Jan. 6 (Yonhap) -- The recent launch of North Korean mobile service by
Egypt's Orascom Telecom -- the biggest foreign investor yet in the communist
state -- came under the baton of the North Korean ambassador to Switzerland, a
source said Tuesday.
Ri Chol, who is also known as the manager of North Korean leader Kim Jong-il's
secret funds abroad, played the middleman in Orascom's deal with Pyongyang in
December to invest US$400 million over the next three years, the source
well-versed in North Korean affairs said on condition of anonymity.
Orascom started the third generation mobile phone network on Dec. 15, with its
chief executive, Naguib Sawiris, vowing to develop and open up the isolated
country. The giant Arab firm also opened a joint bank with North Korea the same
month.
Orascom's money also made it possible for North Korea to resume construction of
the 105-story Ryukyong Hotel, which stood unfinished in downtown Pyongyang for
more than 15 years. Its construction started in 1987 with French money and
technology but halted in 1992 due to a lack of capital.
"Orascom's investments in North Korea came as the result of Ambassador Ri Chol's
direct dealings with Orascom," the source said.
Under Ri's guidance, the entire North Korean embassy in Geneva pushed through the
major foreign investment project, the source said.
"I don't know how he convinced Orascom, but given that it is the largest-ever
foreign investment to be made in North Korea, the case became a model for the
North Korean authorities, who have been trying to draw foreign capital to break
the country's economic impasse," the source said.
Ri served in Geneva since the 1980s. He is considered one of the closest
confidants to the North Korean leader, taking care of sensitive personal matters,
such as his secret funds overseas and his tightly-veiled family.
The key watch point has been whether North Korea would impose any controls on the
mobile service. Observers said the authorities are likely to take measures to
eavesdrop on conversations.
The mobile network, named "Koryo Link," operates exclusively with phones produced
by Orascom's factory in North Korea.
North Korea intends to allow the mobile service to its entire populace, but the
phone's US$500 price tag would make it virtually impossible for ordinary citizens
to use it, the source said. Officials can buy them cheaper in North Korean
currency, according to the source.
Pyongyang introduced a mobile service with a Thai group's backing in 2002 but
halted the service in 2004, following the explosion of a train in Ryongchon, a
North Korean town bordering China. The disaster killed more than 150 people and
rumors circulated that it had been an assassination attempt on the North Korean
leader who was traveling in the area.
Briefing leader Kim, the North's spy agency, the State Security Agency, reportedly
raised the issue of the difficulty in eavesdropping on ordinary citizens.
hkim@yna.co.kr
(END)
Egypt's Orascom Telecom -- the biggest foreign investor yet in the communist
state -- came under the baton of the North Korean ambassador to Switzerland, a
source said Tuesday.
Ri Chol, who is also known as the manager of North Korean leader Kim Jong-il's
secret funds abroad, played the middleman in Orascom's deal with Pyongyang in
December to invest US$400 million over the next three years, the source
well-versed in North Korean affairs said on condition of anonymity.
Orascom started the third generation mobile phone network on Dec. 15, with its
chief executive, Naguib Sawiris, vowing to develop and open up the isolated
country. The giant Arab firm also opened a joint bank with North Korea the same
month.
Orascom's money also made it possible for North Korea to resume construction of
the 105-story Ryukyong Hotel, which stood unfinished in downtown Pyongyang for
more than 15 years. Its construction started in 1987 with French money and
technology but halted in 1992 due to a lack of capital.
"Orascom's investments in North Korea came as the result of Ambassador Ri Chol's
direct dealings with Orascom," the source said.
Under Ri's guidance, the entire North Korean embassy in Geneva pushed through the
major foreign investment project, the source said.
"I don't know how he convinced Orascom, but given that it is the largest-ever
foreign investment to be made in North Korea, the case became a model for the
North Korean authorities, who have been trying to draw foreign capital to break
the country's economic impasse," the source said.
Ri served in Geneva since the 1980s. He is considered one of the closest
confidants to the North Korean leader, taking care of sensitive personal matters,
such as his secret funds overseas and his tightly-veiled family.
The key watch point has been whether North Korea would impose any controls on the
mobile service. Observers said the authorities are likely to take measures to
eavesdrop on conversations.
The mobile network, named "Koryo Link," operates exclusively with phones produced
by Orascom's factory in North Korea.
North Korea intends to allow the mobile service to its entire populace, but the
phone's US$500 price tag would make it virtually impossible for ordinary citizens
to use it, the source said. Officials can buy them cheaper in North Korean
currency, according to the source.
Pyongyang introduced a mobile service with a Thai group's backing in 2002 but
halted the service in 2004, following the explosion of a train in Ryongchon, a
North Korean town bordering China. The disaster killed more than 150 people and
rumors circulated that it had been an assassination attempt on the North Korean
leader who was traveling in the area.
Briefing leader Kim, the North's spy agency, the State Security Agency, reportedly
raised the issue of the difficulty in eavesdropping on ordinary citizens.
hkim@yna.co.kr
(END)
