A BRITISH investor who is buying a bank in the Democratic People’s Republic of Korea (DPRK) said yesterday he is trying to block the transfer of money it holds in a Macao bank to a Chinese mainland bank, in a move that might complicate a deal with the DPRK to shut down its nuclear programs.

The DPRK refused last week to return to nuclear disarmament talks until about US$25 million of its funds frozen at Banco Delta Asia in Macao is transferred to Bank of China.

The transfer was supposed to occur last week, but was delayed for reasons that haven’t been fully explained.

British investor Colin McAskill said he “would take whatever steps necessary” to stop the “unauthorized transfer” of US$7 million held in Macao’s Banco Delta Asia. He said he has written twice to the territory’s bank regulator, the Macao Monetary Authority, without receiving a reply.

McAskill has agreed to buy DPRK’s Daedong Credit Bank, which is majority foreign-owned, and is representing it in discussions with Macao authorities.

He denied a report that he threatened legal action but said that is a possible option.

Asked whether the money came from legitimate ventures, McAskill said in an e-mail, “I have answered this question many times and been widely quoted as saying, ‘Yes it is.’”

The US$25 million was frozen in September 2005 after the United States accused Banco Delta Asia of helping the DPRK launder money. Banco Delta Asia on Monday denied U.S. accusations that it had engaged in money laundering activities or neglected unusual financial practices related with Pyongyang. (SD-Agencies)