Coal, ships and steel: New Hong Kong company flouts DPRK sanctions, report says



Analysis Coal, ships and steel: New Hong Kong company flouts DPRK sanctions, report says Firm’s murky origins and alleged dealings fit the bill of Pyongyang’s usual cast of overseas collaborators Ethan Jewell February 22, 2022 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON NK Pro (file) \| Workers move coal in a steel mill in Pyongyang, Aug. 17, 2018 An opaque company in Hong Kong recently joined Kim Jong Un’s shadowy overseas procurement network, an upcoming U.N. report seen by NK Pro alleges, underscoring the regime’s continued ability to exploit business-friendly jurisdictions despite unremitting pressure from sanctions enforcers. The company, HongKong Great Fortune Development Co. Ltd. (HKGF), is the latest Hong Kong-based firm to fall in the crosshairs of U.N. monitors for a range of alleged sanctions violations, some of which may have netted the Kim regime tens of millions of dollars for its weapons programs. Citing several unspecified sources Read More © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01How Trump’s return could transform North Korea’s quiet ties with Thailand 02How Assad’s downfall could expose secrets of North Korea-Syria military ties 03All the companies that participated in the Pyongyang Autumn Trade Fair 2024 04What defectors’ exam scores reveal about the quality of North Korean health care 05North Korean Il-76 cargo planes make rare flights to northeast coast 06From aid to academia: The status of foreign organizations in North Korea 07North Korea expanding rail access to airport near Wonsan mega resort: Imagery 08Assad’s fall deprives North Korea of a fellow pariah, but its focus is elsewhere

Analysis

Coal, ships and steel: New Hong Kong company flouts DPRK sanctions, report says

Firm’s murky origins and alleged dealings fit the bill of Pyongyang’s usual cast of overseas collaborators

Ethan Jewell February 22, 2022

Coal, ships and steel: New Hong Kong company flouts DPRK sanctions, report says

NK Pro (file) | Workers move coal in a steel mill in Pyongyang, Aug. 17, 2018

An opaque company in Hong Kong recently joined Kim Jong Un’s shadowy overseas procurement network, an upcoming U.N. report seen by NK Pro alleges, underscoring the regime’s continued ability to exploit business-friendly jurisdictions despite unremitting pressure from sanctions enforcers.

The company, HongKong Great Fortune Development Co. Ltd. (HKGF), is the latest Hong Kong-based firm to fall in the crosshairs of U.N. monitors for a range of alleged sanctions violations, some of which may have netted the Kim regime tens of millions of dollars for its weapons programs.

Citing several unspecified sources

01How Trump’s return could transform North Korea’s quiet ties with Thailand
02How Assad’s downfall could expose secrets of North Korea-Syria military ties
03All the companies that participated in the Pyongyang Autumn Trade Fair 2024
04What defectors’ exam scores reveal about the quality of North Korean health care
05North Korean Il-76 cargo planes make rare flights to northeast coast
06From aid to academia: The status of foreign organizations in North Korea
07North Korea expanding rail access to airport near Wonsan mega resort: Imagery
08Assad’s fall deprives North Korea of a fellow pariah, but its focus is elsewhere

Coal, ships and steel: New Hong Kong company flouts DPRK sanctions, report says

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Ethan Jewell