May 27, 2014 11:30
Hyundai Asan has ordered 10 percent of its remaining staff to take a three-month leave as part of broader restructuring at parent Hyundai Group.
The company has been saddled with mounting debt since business projects in North Korea like package tours to the scenic Mt. Kumgang resort came to a halt in 2008.
Hyundai Asan told 17 workers from its construction operations and 13 staff in charge of tour-related businesses and clerical jobs to take leave while the company decides what to do with them.
"There has been no progress in major business projects including the halted Mt. Kumgang tours, while the construction business is also having a tough time winning new orders," a Hyundai Asan spokesman said. "We have no choice but to downsize."
The package tours were stopped after a North Korean soldier shot dead a South Korean tourist who had strayed off-limits.
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