Debate Magazine

North Korea’s Kim: Another Socialist Dictator with Multimillions in Assets

By Eowyn @DrEowyn

The world sure is a strange place.

Socialist Hugo Chavez, the Venezuelan dictator whose recent demise broke socialist Sean Penn’s heart, died with a family fortune worth $2 billion. (Socialist Sean Penn has an estimated net worth of $150 million.)

Similarly, the personal fortunes of the socialist Castro brothers (Fidel and Raúl) in socialist Cuba are estimated to be about $2 billion.

Now comes news that the socialist young leader of the socialist and increasingly belligerent North Korea has a slush fund of hundreds of millions of dollars secreted in bank accounts all over the world. This, in a country where reportedly, many are starving and driven to cannibalism because of years of famine and government mismanagement.

North Korea's new leader: Kim

North Korea’s leader: Kim “Porky Pig” Jong Un reports, March 11, 2013, that South Korean and U.S. authorities have found dozens of accounts presumed to belong to North Korean leader Kim Jong-un in several banks in Shanghai and other parts of China. They contain hundreds of millions of dollars.

Yet for some reason the accounts were excluded from financial sanctions under the new UN Security Council Resolution 2098, posing questions over the effectiveness of the measures.

A government source in South Korea said an investigation that lasted for several years led South Korea and the U.S. to the accounts: “We have located the names of the account holders and account numbers, some of them set up in the days of former North Korean leader Kim Jong-il.”

South Korean and U.S. officials urged China to include the accounts in the latest sanctions against North Korea, but Beijing apparently refused.

In 2005, the U.S. froze US$25 million Kim Jong-il had deposited in some 50 accounts at Macau’s Banco Delta Asia. North Korea hit back by boycotting the six-party nuclear talks, launching a long-range missile and conducting its first nuclear test in 2006.


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