Kim Jong-il keeps $4bn 'emergency fund' in European banks

Kim Jong-il keeps $4bn 'emergency fund' in European banks

www.telegraph.co.uk

South Korean intelligence officials told The Daily Telegraph that much of the money was held in Swiss banks until authorities there began to tighten regulations on money laundering.

Mr Kim’s operatives then withdrew the money - in cash, in order not to leave a paper trail - and transferred it to banks in Luxembourg. The money is the profits from impoverished North Korea selling its nuclear and missile technology, dealing in narcotics, insurance fraud, the use of forced labour in its vast gulag system, and the counterfeiting of foreign currency.

“I believe this is the most extensive m

(visit the link for the full news article)

Ok I read this and thought this is so pathetic for a leader who demands poverty from his people then to have a Golden parachute to use after he has bankrupted the country and could bring them to the brink of nuclear war.


Good Boy Kimmy.


Now I wonder just how many have contributed to said parachute?



www.telegraph.co.uk
(visit the link for the full news article)

[edit on 17-3-2010 by SLAYER69]

Pathetic, but not surprising.

Why would he be different than any other?

Lookin' out for number 1 first... the motto that lives on.

reply to post by LadySkadi


lets tax him to hell!!!

reply to post by SLAYER69


I wonder if his people are aware of all of this? Then I wonder what will he do with all that loot? It's not like he could pack up shop and buy a village in the Caribbean and retire. Kim Jong's chateau on the beach?

If they know where the funds are there should be a legal way to confiscate them. I remember the insurance fraud thing. Most of that was from American insurance companies.

In interviews and court documents, Western insurers, U.S. officials and defectors such as Kim said the impoverished and isolated North Korean government has collected hundreds of millions of dollars from some of the world's largest insurance companies on large and suspicious claims for transportation accidents, factory fires, flood damage and other alleged disasters. Still, recent attempts by international insurers to overturn North Korea's claims have failed in British courts.

www.washingtonpost.com...

[edit on 17-3-2010 by jackflap]

Originally posted by jackflap
reply to post by SLAYER69

 

I wonder if his people are aware of all of this? Then I wonder what will he do with all that loot? It's not like he could pack up shop and buy a village in the Caribbean and retire. Kim Jong's chateau on the beach?

Well if he isnt going to enjoy it on the run. Maybe he should give that money back to his people so they can eat real food.

reply to post by SLAYER69


And why should lil Kimmy be any different than past presidents of Mexico have been?

With the sanctions against North Korea, I am surprised none of this money was ever seized.

4 billion sounds low for as long as he has been around.

Originally posted by jam321
With the sanctions against North Korea, I am surprised none of this money was ever seized.

4 billion sounds low for as long as he has been around.

Unless of course this is just one of many?
The rest have yet to be found?

US news at him at about 4 billion in 2003.

Guess he took a hit with the recession.

In 2003, U.S. News estimated his net worth to be $4 billion, “amassed in part, U.S. officials say, through drug and missile sales and counterfeiting.” Rumors are that he had a stroke at some point in the past couple years, though he recently appeared in public again when President Clinton went to North Korea to fetch two jailed American journalists.Photo Credit:

www.mainstreet.com...

Feel sorry for the N Koreans who suffer because of his greed.

On Nov. 30, North Korea announced it would knock two zeros off its currency, the won, which was then trading on the black market at about 3,500 to the U.S. dollar.

People had just one week to trade in their money for new notes, and they were given a limit: Each family could exchange 100,000 old won for 1,000 new won, the equivalent of less than $30.

Any cash in excess of the limit would become invalid -- meaning life savings were being wiped out with the stroke of a pen.

articles.latimes.com...

reply to post by jam321

Any cash in excess of the limit would become invalid -- meaning life savings were being wiped out with the stroke of a pen.

This is sickening. This guy should be one of our priorities in this whole war on terror thing. Detonates two nuclear weapons, threatens the U.S. constantly and bleeds his own people of everything they have.

I wish we could accidentally drop a trillion leaflets outlining the dear leaders personal endeavors. Let the public there find out what kind of dear leader he really is. Although they may be so brainwashed that they wouldn't care.

reply to post by SLAYER69


If Kim Jong Il has $4B, makes you wonder how much personal fund leaders like Castro, Hugo Chaves and various other dictators, and thug leaders have put together for themselves in Luxemburg!

Sounds just like good old Yasser Arafat.

I guess if your the head honcho in a country it makes sense to keep a slush fund tucked away just in case the peasants storm the palace with torches and pitch forks.

Where's Arafat's Money