You have commented 339 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
Submit your comments on this article
China-Japan-Koreas
Pudgy's Slush Funds Found
2013-03-12
South Korean and U.S. authorities have found dozens of accounts presumed to belong to North Korean leader Fat Boy Kim Jong-un in several banks in Shanghai and other parts of China. They contain hundreds of millions of dollars.

Yet for some reason the accounts were excluded from financial sanctions under the new UN Security Council Resolution 2098, which was adopted last Thursday, posing questions over the effectiveness of the measures.
For some reason indeed...
A government source here said an investigation that lasted for several years led South Korea and the U.S. to the accounts. "We have located the names of the account holders and account numbers, some of them set up in the days of former North Korean leader Kim Jong-il," the source added.

South Korean and U.S. officials urged China to include the accounts in the latest sanctions against North Korea, but Beijing apparently refused.
They gotta keep their boy in twinkies and cognac...
"Following North Korea's third nuclear test, China has demonstrated willingness to take part in sanctions against the North," the government source said. "But Beijing is reluctant to touch North Korea's real Achilles heel."
There's a lesson there for you gullible Westerners...
The South Korean government believes freezing the bank accounts would have a stronger impact than freezing Kim Jong-il's accounts held at Macau's Banco Delta Asia some years ago because they hold much more money.

In 2005, the U.S. froze US$25 million Kim Jong-il had deposited in some 50 accounts at BDA. North Korea hit back by boycotting the six-party nuclear talks, launching a long-range missile and conducting its first nuclear test in 2006.

The latest UN sanctions in response to North Korea's third nuclear test require banks in member countries to halt financial services for the North involving funds that could be used to develop nuclear weapons or missiles. The sanctions also prohibit North Korean banks from engaging in new financial activities in UN member nations and vice versa.
Posted by:Steve White

#7  China's refusal to impound Pudgy's money? That's the real business right there.

Likely China's banks (at least one in particular) that have lent the NorKs money would like to have Pudge's accounts accessible.
Posted by: Pappy   2013-03-12 16:20  

#6  A clever hacker would hack the accounts and leave a trail leading back to that Chinese hacker den that poked into US government stuff recently.
Posted by: rjschwarz   2013-03-12 14:48  

#5  Bill C, hacking is of course illegal, and we'd never condone that here.

But watching the Chinese, the masters of hacking, and the look of incredulity (then horror) on their faces, and the rage as Pudgy pounds his tiny fists on a desk and executes a few Nork generals, would make me want to contribute to the Mountain Dew and corn dog fund.

Just for educational purposes, you understand...
Posted by: Steve White   2013-03-12 11:52  

#4  Well, that explains the threats and bluster coming from the Norks. Dear Leader's wallet is in danger!
Posted by: Muggsy Mussolini1226   2013-03-12 10:51  

#3  Geez, I know a couple of kids down at Game Stop that for a case of Mountain Dew and a case of corn dogs would hack those mothers and drain them for posterity.

Where do you want the money deposited? The kids need a routing number to do the transfer.

I mean the CIA could be a bit more imaginative than that...crap half the kids in LA can hack a Chinese freaking bank.
Posted by: Bill Clinton   2013-03-12 09:47  

#2  Not confiscated -- the money is in Chinese banks.

Remember, North Korea is China's lapdog. China funds it, cares for it, looks after it, and in return the Norks do as they're told.

China's agreeing to a UN strongly-worded resolution on a nuke test? Window-dressing for gullible Westerners.

China's refusal to impound Pudgy's money? That's the real business right there.
Posted by: Steve White   2013-03-12 07:55  

#1  Were the confiscated?
If not, why hot, it'll help the budget crunch.
Posted by: Redneck Jim   2013-03-12 02:13  

00:00