Unification Church quits auto venture with NKorea
SEOUL, South Korea - An automaker owned by South Korea's Unification Church says it's quitting its joint venture with North Korea.
Pyeonghwa Motors Corp. general manager Roh Byoung-chun said Friday that Pyeonghwa will sell its 70 per cent stake in the 11-year-old joint venture to the North Korean government.
He didn't give a specific reason for the decision but said Pyeonghwa will also close a hotel it has in Pyongyang and try to enter a new business such as retailing.
The auto-making venture is among a number of businesses that the Unification Church has in authoritarian North Korea where very few foreign companies operate.
It makes and sells about 2,000 vehicles annually in the North. It became profitable in 2009 after registering losses for years.
latest auto gallery
On September 17, 1976, NASA unveiled the very first Space Shuttle, named Enterprise. Constructed without engines or a functional heat shield, it did sp... More On September 17, 1976, NASA unveiled the very first Space Shuttle, named Enterprise. Constructed without engines or a functional heat shield, it did spent any time in Space, however it did pave the way for future flight in Space. In this featured footage, filmed on April 27, 2012, 'JollyRogerPhoto' captured stunning sights of Enterprise over John F. Kennedy International Airport, while piggybacking on the 747 Shuttle Carrier Aircraft on its way to the Intrepid Sea-Air-Space Museum. Video by Dan Adams of Aviation Photojournal.
Date 4 hrs ago, Duration 0:37, Views 130