nuclear-news

Tens of millions of pounds have been sent on to North Korea from the anonymous looking detached property in a quiet Blackheath street. Reports in the Sunday Times claim up to £33 million a year has been funnelled through the insurance company which is said to have been controlled directly from Pyongyang. Last night UK Government officials confirmed the company has recently been closed down.

The Korea National Insurance Corporation’s (KNIC) assets have also been frozen over fears it’s funding the development of weapons of mass destruction, it’s claimed.

There are also local reports the luxury home was raided by police last year, but that has not been confirmed by the authorities. The move is the latest in a series of tough economic sanctions imposed on North Korea including an arms embargo and a crackdown on trade that might help the country’s military.

Reports say KNIC was targeted as a direct way of stopping funding of  the nuclear programme. Two North Korean officials working for the company were said to have been deported but the Home Office refused to confirm this.

An EU report into KNIC concluded: ‘The Korea National Insurance Corporation, a state-owned and controlled company, is generating substantial foreign exchange revenue which could contribute to the DPRK’s [Democratic People’s Republic of Korea] nuclear-related, ballistic missile-related or other weapons of mass destruction-related programmes.’

Companies House records show that the huge sums made by the company were funnelled back to the regime in North Korea’s capital Pyongyang.

The North Korean embassy in London described the allegations against the KNIC as “groundless”.