Posted December. 20, 2005 08:23,
It has been confirmed that Jogwang Trading Co., which virtually represents North Korea in Macau, has withdrawn from Macau. The company, which was situated in the building complex in front of the transportation agency of the Macau security police, recently moved its office. Hence, North Korean employees have stopped coming to the site, and the signboard of the company has been removed.
A source from Macau said that Jogwang Trading Co. moved its office to Zhuhai, a Chinese territory near Macau, at about the same time that the United States announced that a Macau bank had engaged in money-laundering for North Korea. It also said that quite a few North Korean enterprises have also moved their offices to mainland China.
About 10 North Korean business enterprises were based in Macau. However, after Banco Delta Asia, North Korea`s key business partner bank, ceased all transactions with North Korea, only three or four companies remain.