Tour Corporation, to Pay Additional Amount of 31.6 Billion to Hyundai Asan.

Korea tour corporation (KTC) stated that it made a contract to take over Hotel Mount. Keumgang and hot spring resorts in 46.2 billion won from Hyundai Asan (HA) and it will pay an additional amount of 31.6 billion won to HA.

KTC side said, “the contract for Hotel Mount Keumgang and hot spring resorts completed on last 27th ”and “we will provide additional funds to HA on the condition of buying Mount Keungang literary center.”

KTC concerned stated, “KTC will pay total 6.2 billion won soon to HA including first aid (45 billion won), which was provided to HA in last June and 1.2 billion won, which is balance to take over this property.”

KTC applied for a loan of about 6.2 billion won to Export and Import bank and if it is fast, funds will be provided to HA in the first of the next week.

HA, after receiving additional aid such as 31.6 billion won from KTC, can avoid severe financial difficulty.

Also, HA expects that if support expenditure regarding school excursions, which government is promoting is put in to practice, HA will be able to avoid financial difficulty as tourist for Mount. Keumgang will increase highly.

HA has been suffering as tourist for Mount Keumgang reduced a lot as well as matters related to special region for tour and land routes didn`t solve out.

Dong-Won Kim daviskim@donga.com