November 02, 2016 13:31
The government is mulling sanctioning Hongxiang Industrial Development Co. after a similar move from the U.S. over the company's alleged support for North Korea's weapons program.
Seoul, Washington and Tokyo last week discussed joint sanctions on businesses that help the North with its nuclear and missile programs.
Once the company included in the sanctioned list, it will be banned from making transactions with businesses here and the assets of the company and its executives will be frozen.
The final decision will be announced "when its effects can be maximized," a government spokesman said, hinting that the government is taking into consideration a possible backlash from China.
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