Who owns the Banco Delta money?

Chris Gelken has an interesting insight into the Banko Delta funds…

“It was quite a rude awakening to hear on the news that my money was going to be used for charity,” the holder of an account with the Macau-based Banco Delta Asia told me on the condition that I didn’t reveal his identity.

“What needs to be understood,” he said, “is that not all the funds belong to the North Korean government, but that a substantial amount belongs to private customers.”

Bloomberg quoted Colin McAskill, chairman of the London-based fund Koryo Asia Ltd, as saying he contacted the Macau Monetary Authority warning them that the money held by private businesses based in Pyongyang did not belong to the North Korean government and must not be included in the proposed transfer to settle the 18-month dispute between the North and the U.S. Treasury.


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