In an effort to obtain profits held there to impose international sanctions on the North Korean regime, Orascom Investment Company, owned by businessman Naguib Sawiris, has announced the approval of its independent board members on a loan provided by its affiliated company in North Korea.
In a formal statement, Orascom Investment stated that the company had accepted the loan offered by its North Korean subsidiary Chio Technology, valued at 81. 7 million euros without benefits.
In compliance with the relevant laws and regulations, it was further stated in the statement that the loan’s value would be transferred to and kept in the North Korean Republic.
I kept it in her North Korean bank accounts so that it would be transferred to her in the event that the sanctions were lifted, according to sources at Orascom, who claimed that the company would not be able to obtain the loan due to the sanctions imposed on the North Korean economy because of its nuclear programme.
The investment of Naguib Sawiris in North Korea dates back to 2008, when he established a commercial Coriulink company as Chio Technology in collaboration with North Korean government agencies, with 75% of its ownership, and obtained a construction contract to build the country’s first telecommunications network with a value of $250 million.
It has become more challenging for Orascom to obtain its profits from Chio Technology as a result of the adoption of economic sanctions against North Korea. This has forced the company to change how Corulinic is treated in its accounting in order to compensate for its inability to control it in 2015.
In 2019, businessman Naguib Sawiris estimated the total profits of North Korea, who was held in North Korea at about $ 500 million..
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