Saturday, April 10News That Matters

N.Korean Company Loses Lawsuit in S.Korea

A North Korean company has lost a lawsuit it filed right here in opposition to South Korean companies over an alleged unpaid bill.

The Seoul Central District Court on Tuesday dominated in opposition to Myongi general company and its South Korean plaintiff, Kim Han-shin, who heads an inter-Korean economic cooperation analysis heart in Seoul. They had sued four companies in the important-ever lawsuit North Korea has filed in opposition to a South Korean commercial right here.

In 2010, Myongi agreed to offer 2,600 hundreds zinc to the South Korean companies for US$6 million. Nonetheless the deal collapsed on myth of South Korea’s ban on remittance to and alternate with North Korea after the North sank the South Korean Navy corvette Cheonan.

Myongi filed the swimsuit in 2019 over an unpaid bill amounting to some W5.3 billion. Nonetheless the South Korean companies mentioned they made the whole rate to a Chinese language company that had brokered the deal.

“There changed into no longer enough evidence to carry out that Myongy had dispute dealings with the South Korean companies,” the court docket dominated. “It appears sure that a Third-party company changed into fascinated by supplying the zinc to the defendants.” 

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