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| BOC Refuses to Accept Transfer of Frozen Funds from BDA |
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The Bank of China (BOC) in Beijing refused to accept the transfer of frozen funds from Macao-based Banco Delta Asia (BDA), said chief Russian negotiator Alexander Losyukov. Losyukov said the six-party talks achieved no results on March 21 due to the frozen funds issue between North Korea and the US. Losyukov said he would leave for Moscow on Thursday to make preparations for President Hu Jintao's upcoming visit. Russian special envoy Vladimir Rakhmanin would then pick up the job as chief negotiator. Losyukov said he was cautious about what results could be finally gained during this round of talks, adding that it was possible for all the parties to have further discussions on other issues only when some breakthrough could be made on the frozen funds issue. The frozen funds issue came under spotlight when an account held by North Korea was frozen in 2005, after the US Treasury Department suspected the BDA of helping North Korea launder money and ordered American financial institutions to suspend business ties with the bank. The US on Monday agreed to transfer the funds of US$25 million frozen at BDA to a North Korean account at BOC in Beijing. (Xinhua News Agency March 22, 2007)
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