Kaesong Manufacturers' Losses Tallied at W706 Billion

      June 26, 2013 12:10

      South Korean businesses have lost W706.7 billion due to the closure of the inter-Korean Kaesong Industrial Complex on April 9, the Unification Ministry said Tuesday (US$1=W1,157).

      Between May 2 and June 7, the ministry tallied losses reported by the 296 South Korean manufacturers operating in the complex and arrived at W1.06 trillion, from which it extrapolated the total.

      The industrial park was effectively shut in April after the North closed the border amid rising tensions.

      "Reported losses from raw materials and finished products left behind totaled W193.7 billion, and around W98.4 billion of that amount has been confirmed," said a staffer at Deloitte Anjin LLC, which handles the accounting.

      If the Kaesong complex is shut down permanently, the manufacturers could receive compensation after handing over ownership rights to the government. "At present, 94 companies have applied for around W229.9 billion worth of insurance compensation," said Suh Ho at the ministry.

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