Letter to the Secretary of State for Foreign
and Commonwealth Affairs from the Chairman of the Committee
The enclosed Bloomberg article[4]
has been brought to the Committee's attention concerning the investment
fund ChosunFund Pte. Ltd., which seeks to invest in projects in
the Democratic People's Republic of Korea in the mining and energy
sectors (http://www.chosunfund.com/pages/chosun/about.aspx). We
understand that the Executive Chairman of the fund is a British
businessman, Colin McAskill, although the fund appears to be incorporated
in Singapore or Hong Kong. It has been put to us that the ability
of the North Korean regime to tap international private investment
through vehicles such as the ChosunFund is one reason for its
continued defiance of the international community on nuclear issues
and human rights.
I would be grateful if you could let me know
whether the FCO is aware of the ChosunFund and whether the information
in the Bloomberg article is correct. I would also like to know
the Government's current policy regarding private investment into
North Korea, in light of its overall objectives in relation to
that country, and whether the Government has any plans to take
further action against the DPRK regime's ability to access international
private finance. In April, the UN Security Council decided to
designate North Korean entities to be subject to sanctions under
UNSCR 1718. Especially given that one of the designated entities
is the Korea Mining Development Trading Corporation, will the
Security Council's decision make any difference to the situation
or to the ChosunFund?
If it would be more sensible to wait to reply
until after the possible passage of the Security Council resolution
on the DPRK which is currently under discussion, please feel free
to do so.
Thank you in advance.
2 June 2009
4 Not printed. Back
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