November 02, 2018 11:22
The U.S. has canceled conference calls with major South Korean conglomerates in what is seen by many as an attempt to put the brakes on hasty cross-border projects amid a lack of progress in North Korea's denuclearization.
Chiefs of the conglomerates were advised by the U.S. Embassy in Seoul last week to prepare for calls with U.S. Treasury Department officials in which they were to explain economic cooperation pledges they made during their trip to Pyongyang in September.
"We've heard the U.S. side canceled the conference call scheduled for this week," a Hyundai executive said. "But it did not give a specific reason for the cancellation," he added.
Samsung, SK and LG were also notified of the cancellation on the same day.
Experts speculated that Washington just wanted to send a warning that it is monitoring inter-Korean projects to see whether they are abiding by sanctions against North Korea.
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