Japan is alleged to be threatened by North Korea while British banker is arranging weapons deals in Pyongyang

Would be interesting to find out how Japan’s foreign ministry would react to finding out a British banker is living in North Korea who set up a company used by North Korea to sell weapons and to expand its nuclear weapons program. This is apparently what has been revealed in the Panama Papers leak of documents from the firm Mossack Fonseca. Shouldn’t come as any surprise that this British banker worked at HSBC (the opium bank) bank in Hong Kong before going to North Korea to live. This only goes further to demonstrate North Korea is cynically used as a bogey man in the region to justify military expenditure on the part of the Anglo-Americans and Japan. Although I think the nuclear arms part is the greatest scam of the 20th century, it doesn’t stop enormous amounts of wealth from being generated. The idea here of the Anglo-Americans and Japan having a peaceful and lasting friendship is so completely fraudulent it makes my head spin, while a British banker is in North Korea running a company and a bank doing the financial work required to sell North Korean manufactured weapons and importing allegedly components used in nuclear weapons construction.

Source: the guardian

British banker set up firm ‘used by North Korea to sell weapons’

Nigel Cowie’s front company also allegedly helped regime expand nuclear programme, Panama Papers show

Nigel Cowie moved to North Korea in 1995 and became head of its first foreign bank. Photograph: Bloomberg/Bloomberg via Getty Images

Juliette Garside and Luke Harding

April 5, 2016

A British banker who spent two decades living in communist North Korea set up a secret offshore finance company allegedly used by the Pyongyang regime to help sell arms and expand its nuclear weapons programme.

Nigel Cowie – a fluent Korean and Chinese speaker, who studied at Edinburgh University – was behind a Pyongyang front company, DCB Finance Limited, registered in the British Virgin Islands, papers show.

He says DCB Finance was used for legitimate business and that he was unaware of any unlawful transactions.

Cowie moved to North Korea in 1995 when Kim Jong-il was in power, and went on to become head of its first foreign bank, Daedong Credit Bank. Initially operating out of a ramshackle Pyongyang hotel with a staff of three, Cowie led a consortium that in 2006 bought a 70% stake in the bank.

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Giving his address as Pyongyang’s International House of Culture, he registered DCB Finance Limited, an offshoot of the bank, in the BVI in summer 2006, with a senior North Korean official, Kim Chol-sam. The Panamanian law firm Mossack Fonseca incorporated the company, despite North Korea being an obvious high-risk destination.

That July Kim Jong-il signalled his defiance of US sanctions by firing seven ballistic missiles. In October, North Korea carried out its first nuclear weapons test with a controlled underground explosion. The ensuing diplomatic crisis saw the UN impose asset freezes and and travel and trade bans.

In 2013, the US imposed sanctions on Daedong and Cowie’s front company, DCB, as well as on Kim Chol-sam. It alleged the bank provided “financial services” to North Korea’s main arms dealer, the Korea Mining Development Corporation, and its main financial arm, Tanchon Commercial Bank, which were subject to sanctions for the “central role they play supporting North Korea’s illicit nuclear and ballistic missiles programs”.

Please go to the guardian website to read the entire article.