Korea National Insurance Corporation

from Wikipedia, the free encyclopedia

The Korea National Insurance Corporation , shortly teal , is a North Korean insurance , which as a limited liability company owned by the state is organized. Insurance is owned by the DPRK and has its headquarters in Haebangsan-dong, Chung-guyok , Pyongyang The company was insurance fraud in connection with foreign exchange errands for the North Korean nuclear weapons program accused of what it now from the United Nations sanctioned and other countries . The insurance company was founded in 1947 and had a monopoly in the North Korean business insurance market from that time until around 2016 .

The insurance is listed in sanction lists under other names such as Korea National Insurance Company or Korea Foreign Insurance Company .

So Tong Myon has been managing director of the insurance company since June 2012 .

International branches

In Europe , the KNIC has two branches:

  • In the UK , the insurance was based in Kidbrooke Park Road, Blackheath , London SE3 0LW. Until 2006 the branch was in the City of London . The assets were frozen in 2017 in connection with the UN sanctions against the People's Republic of Korea. The office was also closed on October 6, 2016. The branch was founded on January 1st, 1996.
  • In Germany , the insurance company has a branch at Rahlstedter Straße 83 a, 22149 Hamburg .

Controversy

In 2005, a helicopter aircraft accident is said to have occurred in Pyongyang . The helicopter allegedly crashed into a camp while a pregnant woman was on the way to the hospital . KCIN wanted the reinsurer Allianz Global Corporate & Specialty AG (part of Allianz SE ) to pay out the money for this event, which initially refused because the reinsurer believed that this event was a fraud. KCIN reached a ruling in a North Korean court that obliged Allianz to pay the sum of 44 million euros . According to the plaintiff's attorney, the KCIN brought the case to the High Court in Great Britain and the Court of Appeal . It was then agreed to pay 95% of the requested amount.

The insurance company is accused of generating foreign currency for the North Korean nuclear program with insurance fraud. Damage, for which the insurance is supposed to cover, is said to have been falsified and invoiced to the reinsurers. The reinsurers, on the other hand, cannot prove that the damaging event did not occur. The insurance company is also said to work with Office 39 , a division of the Labor Party of Korea , to get foreign exchange. For these reasons, the company has been subject to sanctions since 2015.

Individual evidence

  1. ↑ KOREA NATIONAL INSURANCE CORPORATION. Company number FC018996. Retrieved March 26, 2020 (English).
  2. ↑ a b Tim Geyer, Fabian Herriger: The North Korea GmbH - How Kim Jong-un makes money in Germany and the world. A Berlin hostel, gold-seeking online gamers and a fairytale fountain in Frankfurt are just the beginning. In: Vice. May 24, 2017, accessed March 26, 2020 .
  3. ↑ Chi Jingyi, Huang Ge: Insurance service boosts investors' confidence in North Korea. July 8, 2019, accessed March 27, 2020 .
  4. ^ North Korea Designations; North Korea Administrative Update; Counter Terrorism Designations. April 10, 2018, accessed on March 27, 2020 .
  5. ↑ a b c d Ordinance of May 3, 2016 regarding the amendment of the Ordinance on Measures against the Democratic People's Republic of Korea . In: Liechtensteinisches Landesgesetzblatt . Volume 2016, No. 183 , May 4, 2016 ( gesetze.li ).
  6. ↑ COUNCIL IMPLEMENTING REGULATION (EU) 2018/714 of 14 May 2018 implementing Regulation (EU) 2017/1509 concerning restrictive measures against the Democratic People's Republic of Korea. (pdf) In: Official Journal of the European Union. May 6, 2018, p. 3 , accessed on March 27, 2020 .
  7. ^ A b UK freezes assets of North Korean insurer in London. April 24, 2017, accessed March 27, 2020 .
  8. ^ Robert Booth: UK freezes assets of North Korean company based in south London. Move follows similar action in Germany over claims insurance firm funnelled money to nuclear weapons program. In: The Guarian. April 23, 2017, accessed March 27, 2020 .
  9. ↑ KOREA NATIONAL INSURANCE CORPORATION. UK establishment number BR003264. Accessed March 27, 2020 (English).
  10. ↑ Nadine Jakobs: Reinsurers pay North Korea claim, drop fraud case. December 10, 2008, accessed March 27, 2020 .
  11. ^ Korea National Insurance Company v Allianz. In: CMS Law now. December 18, 2008, accessed March 27, 2020 .