North Korean Company Sues South Korean Firm for $5.3 Billion Payment... First Lawsuit Against South Korean Company

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] It was revealed belatedly that a North Korean company filed a lawsuit in a South Korean court, claiming it was defrauded of money during transactions with a South Korean company.

According to the legal community on the 25th, Company A, affiliated with the North Korean National Economic Cooperation Federation (Mingyeongryeon), filed a lawsuit against South Korean Company B in the Seoul Central District Court in 2019, claiming 5.3 billion KRW in payment for goods. It is known to be the first time a North Korean company has filed a lawsuit against a South Korean company.

Company A claims that it agreed in 2010 to supply approximately 2,600 tons of zinc to Company B and delivered the zinc, but did not receive 5.3 billion KRW of the total payment. On the other hand, Company B is reported to maintain that it has already paid the amount.

The first trial ruling is scheduled for April.

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