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International

Firms lose more than $1 billion from industrial complex closure

February 23, 2017 Reprints

An emergency committee of the 124 South Korean firms in the Kaesong Industrial Complex in North Korea said that the forced closure of the companies' operations in February 2016 has caused 1.5 trillion South Korean won ($1.3 billion) worth of damage, Asia Insurance Review reported citing Yonhap News Agency. The amount includes lost sales, fixed and floating assets left behind and amount paid as penalties or damage for breached contracts. The South Korean government compensated the firms with KRW 484 billion, accounting for 32% of the losses suffered, a committee official said.

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Firms lose more than $1 billion from industrial complex closure

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