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N. Korea's slush fund
Posted By Anthony C. LoBaido On 03/19/2000 @ 1:00 am In Front Page | Comments Disabled
North Korean dictator Kim Jong-il is an interesting character, to say
the least. When not cavorting with Swedish prostitutes, watching Daffy
Duck cartoons or swilling cognac, Kim schemes for new ways to fill his
As reported in WorldNetDaily,
North Korea finances its foreign terrorist operations and domestic
tyranny with a plethora of concerns. Primarily, the regime imports
Burmese heroin for sale to Europe, Australia and the United States.
Then there is the counterfeiting of U.S. $100 bills. The North
Koreans have stolen both the printing presses (from Switzerland) and the
formula for the pulp and paper of the U.S. currency. Their quality is
reputed to be so good that one South Korean Military intelligence
official told WorldNetDaily, “The North Koreans must actually
lower their counterfeiting standards — their fake bills are
better made than those in the U.S.”
The sale to radical Islamic states of everything from human organs
(gathered primarily from Christians in North Korea’s gulags) to
ballistic missiles also ranks as major cash sources for Kim Jong-il.
Two months ago, WorldNetDaily visited North Korea’s Onjung-ri, near
the port of Chanjon, where curious observers of North Korea can climb
Surrounded by barbed wire fences, the mountain trek brings in $8
million per month to Kim Jong-il’s regime. The facilities at Onjung-ri
were built by South Korean Chaebol [the Korean word for
mega-corporation] at a cost of $950 million.
There are the cash gifts from North Korean government agencies –
food monies collected after reselling rice sent to the Hermit Kingdom by
well-meaning Western nations — as well as the 200 kilograms of gold
ingots given him by the North Korean defense ministry on his recent
birthday on February 16.
“They say in America that gold is only for paranoid lunatics,” says
Michelle Mullaney, a Hong Kong futures trader based in Bangkok, who
specializes in precious metals contracts.
“But the North Koreans, like the Chinese and a lot of people in India
and for that matter all of Asia, still see gold as the only real measure
of wealth. After all, what is cash paper once stripped of its illusion
of wealth? You can’t eat it or build anything with it. In the end, it’s
just paper. And currency trading via computers is, in the end, nothing
more than electrons shuttling across one’s computer screen.”
The Austrian connection
While the European Community has demonized Jorg Haider and his
Freedom Party in recent months, the EU and the West have overlooked a
giant fascist tarantula crawling across the cake of the Austrian banking
After interviews with both Thai and South Korean military
intelligence sources, WorldNetDaily has learned that Gold Star Bank, a
joint Austrian-North Korean financial institution, has helped Kim
Jong-il to launder more than $70 million per year since the dictator’s
rise to power in North Korea in the mid 1990s.
Lee Na Mi, a South Korean military intelligence analyst, told
WorldNetDaily, “Kim Jong-il began a slush fund in the mid-1970s. Paik
In-su, the chief of Office Number 39 in the Workers Party, started the
fund with $20 million in cash.”
“Paik was able to do this because of his work in Singapore, where he
was North Korea’s head trade official. He and Kim Jong-il are very
clever customers, what we call “chon-jay” or “mo-bum” in Korean — that
is to say, “geniuses” or “smart-thinking.”
“Personally, I think he is a crazy man. Crazy like a fox, as you say
in your country. He is what we call ‘Na-boon saram,’ or simply a ‘Bad
man’ incapable of doing good to others.”
Lee said that Office Number 39′s main function was the export of
mining products from North Korea. At one time, 39 also exported
agricultural products, but in light of North Korea’s recent famine, that
function has ceased.
Yet North Korea is not content simply to export mining products.
Currently the regime is digging in Marxist Congo (formerly Zaire) where
it hopes to mine uranium for its fledgling nuclear program.
In recent years, North Korea has launched missiles over Honshu, the
main body of Japan. The idea of a North Korean nuclear missile program
is anathema to the Japanese. So the recent missile tests have scared
the Japanese into developing their own spy capability independent of the
However, Lee told WorldNetDaily, “North Korea sabotaged Japan’s
recent attempt to launch a satellite to spy on China and North Korea.
The rocket exploded and so much Yen was lost, you couldn’t begin to
count it. It was a major setback for the Japanese. For now they must
continue to rely on the Americans for intelligence information.”
WorldNetDaily also has reported that North Korea regularly extorts
Japanese credit unions for cash.
Lee told WorldNetDaily she was surprised the Americans and EU would
combine to come down on Haider, and yet, “don’t do anything about
Austria’s laundering of Kim Jong-il’s fortune.”
In fact, the slush fund is so large, Lee said, “Kim Jong-il usually
makes withdrawals of $10 million per transaction.”
U.S. Sen. John McCain told this WorldNetDaily reporter in a personal
interview last year, “Kim Jong-il is unique in that he is a hereditary,
communist cult-type figure. We know that he is buying satellite photos
of U.S. and South Korean military installations from the Russians.
Everything is for sale it seems in Russia these days.”
As for how the cult that is the Hermit Kingdom of North Korea will
join the international community, recent events point to attempts at
rapprochement with the West.
Only days ago, North Korean leaders made an historic trip to
Washington, D.C., hoping to negotiate a way to end their inclusion on
the ever-shrinking “nations which sponsor terrorism” list of the U.S.
State Department. The North is also seeking heavy oil, commercial
nuclear power plant assistance and food aid.
“North Korea has more than 10 different kinds of biological weapons
pointed at South Korea, and U.S. forces in Okinawa,” said Lee.
“Kim Jong-il has promised to ‘bathe Seoul with fire.’ Why go after
Haider so hard and give this dictator a helping hand?”
Shin Soon Duck, the owner of an international investment company
based in Seoul, refuses to go to Diamond Mountain.
“Kim Jong-il will take our money, buy more missiles and then launch
them at Seoul. I think it’s insane to help him destroy our own people.”
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