Egyptian telecommunications company Orascom announced on Sunday it will shutter its affiliate bank in North Korea due to U.S. Treasury Department sanctions, according to a note sent to the Egyptian Exchange and translated by local media.
Orabank set up shop in North Korea shortly after the setting up of Koryolink, North Korea’s wireless telecommunications provider, also run by Orascom, in 2008.
Egyptian telecommunications company Orascom announced on Sunday it will shutter its affiliate bank in North Korea due to U.S. Treasury Department sanctions, according to a note sent to the Egyptian Exchange and translated by local media.
Orabank set up shop in North Korea shortly after the setting up of Koryolink, North Korea’s wireless telecommunications provider, also run by Orascom, in 2008.
Try unlimited access
Only $1 for four weeks
-
Unlimited access to all of NK News: reporting, investigations,
analysis
-
Year-one discount if you continue past $1 trial period
-
The NK News Daily Update, an email newsletter to keep you in
the loop
-
Searchable archive of all content, photo galleries, special columns
-
Contact NK News reporters with tips or requests for reporting
Get unlimited access to all NK News content, including original reporting,
investigations, and analyses by our team of DPRK experts.
Subscribe
now
All major cards accepted. No commitments – you can cancel any time.
SHARE
COPY LINK
X
MASTODON
