N Korea blames China's Xiyang for failed venture

North Korea blamed Chinese company Xiyang Group for the failure of its joint venture there and said its contract had been cancelled because it failed to meet agreed investment plans, the North's state news agency said today.

North Korea blamed Chinese company Xiyang Group for the failure of its joint venture there and said its contract had been cancelled because it failed to meet agreed investment plans, the North's state news agency said on Wednesday.

HT Image

Xiyang officials were quoted in the media recently as saying the Chinese company had withdrawn from its multi-million dollar iron ore deal after North Korea reneged on its commitments.

"It (Xiyang) has carried out only 50% of its investment obligations though almost four years have past since the contract took effect," KCNA quoted a spokesman for its Commission for Joint Venture and Investment as saying.