North Korea announced on 22 August 2011 that it has seized all South Korean assets at a jointly run resort and ordered all South Koreans to leave. The North's official Korean Central News Agency said all South Korean employees must leave the country within 72 hours and they cannot take any assets from the Mount Kumgang resort. Fourteen South Koreans are listed as being at the resort.
The statement said the South had given up all rights on properties owned by South Korean companies because Seoul missed a Friday deadline to resolve a dispute over the property. The South has warned that the North will be held accountable for all consequences resulting from its disposal of the assets.
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