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Kim Kwang-jin, Former banker for North Korean dictator
Feb. 21, 2017

On North Korea’s alternate economy:

  • “The same economy that cannot produce a usable enough tooth brush is now arming itself with nuclear weapons.
    An economic corpse has been able to produce such nuclear achievements by creating a secret invisible financial system, scavenging off the west… This was solely created to serve Kim’s interests and obsessions, including the development of nuclear weapons; and this separate economy creates by my estimates fully 200 times the foreign cash revenue of the cabinet run people’s economy.”
  • “The danger to the west goes far beyond fraudulent claims or even the suffering of the North Korean people. The danger lies in the transfer of Kim’s dollars from the Royal Court economy into the development of Kim’s nuclear arsenal and WMD and the proliferation of those assets around the world.”

 

On North Korea’s fraudulent insurance scheme which funds its alternate economy:

  • “Although there are other forms of illicit activities… with the exception of the munitions industry, the largest generation of foreign currency for Kim comes from claims filed through international insurance operation and insurance frauds…”
  • “Korean National Insurance Corp is not at all concerned with losses or the results of internal North Korean insurance operations … In fact, the common understanding in the industry is that the more accidents and misery there are in the nation, the more hard cash goes to Kim and his family.”
  • “Every year… as a birth day gift, we presented 20 million US dollars cash to Kim Jong Il, produced as the direct result of the suffering of the North Korean  people.”
  • “Domestic insurance operations of the KNIC based on the North Korean currency… are little more than an automated paper trail in which operations are planned by the state, claims are filed by the state organizations and payments are made to those same state organizations, with no concern for providing coverage for risk, but solely concerned with generating hard currency by KNIC. We could shift and distribute the largely mythical costs to international reinsurers mainly via the brokers.”