Seven people and organizations in total were placed under Seoul’s new financial sanctions.
Date: June 26, 2015
By: Elizabeth Shim
SEOUL, June 26 (UPI) — Taiwanese businesses with ties to North Korea were placed under
South Korea financial sanctions on Friday.
Seoul’s Foreign Ministry said in a statement that Taiwanese firms Global Interface Co. Inc., Trans Merits and Trans Multi Mechanics Co. Ltd., as well as a handful of Taiwanese people were banned from normal trade with South Korea entities, Yonhap reported.
Taiwanese businessman Tsai Hsien-tai of Global Interface was charged with selling precision machine tools to North Korea – equipment that could be refurbished as weapons. Tsai has been charged in a northern Illinois U.S. court for selling the weapons, and was sentenced to two years in prison last March.
The North Korea entity Tsai dealt with, Korea Mining Development Trading Corp., has been under U.S. Treasury sanctions since January 2009. KOMIC is also under U.N. sanctions.
South Korea’s Friday announcement marks the first time Seoul is taking action against third-party nationals and businesses for their links to North Korea. [FULL STORY]