Analyst: North Korea’s Kim has secret stash of up to $5 billion hidden abroad
Is Kim saving it for a rainy day?
North Korean leader Kim Jong-un has a US$3 billion to US$5 billion “revolutionary fund” stashed in bank accounts under false names in Switzerland and other countries, says a report in Japan’s Asahi Shimbun, quoting a South Korean analyst.
The fund has been used by successive North Korean leaders and members of the Kim dynasty, North Korea’s “royal family,” to govern the country, Cho Bong-hyun of the Industrial Bank of Korea in Seoul told Asahi.
Kim has used the fund to reward high-achieving senior officials with expensive watches and electronic goods, while the royal family has spent cash on luxury items. Some sources said the fund has even been used to finance Pyongyang’s nuclear and missile programs.
Other parts of the revolutionary fund are kept at financial institutions in Hong Kong and countries in the Middle East, Cho added.