U.S. bankers propose solution to NKorea impasse

[Eugene]

Source: Reuters

U.S. bankers propose solution to NKorea impasse

By Carol Giacomo, Diplomatic Correspondent
Thu May 10, 7:49 PM ET

WASHINGTON (Reuters) - U.S. investment bankers in Hong Kong have
proposed a private sector solution to an impasse over $25 million in
tainted funds that is delaying a shutdown of North Korea's nuclear
complex, a participant in the talks said on Thursday.

John Park told Reuters that repeated attempts to resolve the complex
issue by having the North Korean money transferred from Macau's
Banco Delta Asia to a bank in Russia, Italy, South Korea, China or
elsewhere have proven unworkable so new ideas are required.

-snip-

Although Washington has agreed to unfreeze the funds, foreign banks
have refused to accept the tainted funds, fearing they too would be
tainted and cut off from the U.S. system.

-snip-

It would treat Banco Delta Asia or BDA as a "distressed bank," enable
Pyongyang to obtain its money, and make it possible for the U.S.
investment bankers to purchase the BDA license, giving them a
foothold in Macau's fast-growing market, he said.

-snip-

Read more: http://news.yahoo.com/s/nm/20070510/wl_nm/korea_north_bank_dc