N.Korea Still Owes Sweden for Volvos Bought 43 Years Ago

  • By Kim Jin-myung

    October 24, 2017 09:30

    North Korea still owes Sweden 2.73 billion kronor or about US$330 million for 1,000 Volvos and other equipment it imported from the Scandinavian country in 1974, reports said Monday.

    Sweden established diplomatic relations with the North in 1973. The following year, it placed an order for 1,000 Volvo 144 sedans, Asea ship equipment, and Atlas Copco mining excavators.

    The Swedish companies sent the shipments as ordered, but Pyongyang never paid the 600 million kronor bill.

    Under an export credit insurance contract, the unpaid export bills were purchased by the Swedish Export Credit Agency, and receivables have now snowballed to 2.73 billion kronor with accumulated interest.

    The North also owes 26 million euros to the Finnish government and 6 million euros to Finnish companies for paper-making machines it bought in the 1970s. And it owes Rolex 205.1 million Swiss francs for watches it bought in the past.

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