N.Korean Bank Loses in U.S. District Court

Write : 2010-08-07 11:11:29 Update : 2010-08-07 14:02:18

A New York court has ruled in favor of a Taiwanese bank that sued the North Korean Foreign Trade Bank for failing to repay loans.

A U.S. district court in New York ruled on August fourth local time that the North Korean bank should pay a total of six-point-seven million dollars to the plaintiff, Taiwan’s Mega International Commercial Bank.

The Taiwanese bank filed its lawsuit to claim some five million dollars in interest and principal on August 25th, 2001.

It is unclear whether the North Korean bank will repay the Taiwanese plaintiff, but North Korea experts say this will at least add to the crunch on North Korean finances.

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