"200kg Gold Bars Bound for Pyongyang Stolen"… North Korea in Turmoil

"Armed Soldiers Helpless... Robbers Trained in Special Tactics"
Gold Price 1kg 74 Million Won... Theft Worth 14.8 Billion Won

Roads in Pyongyang
[Image source=Yonhap News]

[Asia Economy Reporter Jang Hee-jun] News has emerged that 200 kg of gold bars heading to Pyongyang from North Korea were stolen in a mass robbery, triggering a state of emergency across North Korea. The value is estimated at approximately 14.8 billion KRW.

According to Radio Free Asia (RFA) on the 1st, a source in North Pyongan Province stated, "These days, the area around Sinuiju has been turned upside down as investigation teams from the State Security Department and the Ministry of State Security have arrived," adding, "This is because a gold transport vehicle was attacked by robbers on National Highway No. 1 between Sinuiju and Pyongyang in mid-month."

North Pyongan Province houses major gold production facilities such as the Jeongju Smelting Plant and the Unjeon Smelting Plant. Most of the gold produced here is delivered to the Party’s Office No. 39, which manages the Workers' Party funds, and some is reportedly sent to the Central Bank of Korea.

The source explained, "The transport vehicle was carrying 200 kg of gold bars destined for the Party Central Committee," and added, "Three robbers with covered faces ambushed the vehicle when it stopped on the road between Sinuiju and Pyongyang, seized the box containing the gold, and fled."

They continued, "There were two armed soldiers on the gold transport vehicle," and noted, "However, judging by the robbers’ swift overpowering of the armed soldiers, it appears the perpetrators received special training in the military, and testimonies indicate that even the armed soldiers were helpless."

Accordingly, the State Security Department and the Ministry of State Security have placed former soldiers from alert units (special forces) in North Pyongan Province under suspicion and are investigating their whereabouts on the day of the incident. However, the whereabouts of the perpetrators have not yet been revealed.

A source in Yanggang Province, near the North Korea-China border, also said, "These days, investigation agents from the State Security Department, the Ministry of State Security, and the Border Command are deployed around the Hyesan city border area, and the situation is extremely tense," adding, "This is to prevent the 200 kg of gold stolen in the robbery on National Highway No. 1 between Sinuiju and Pyongyang from being smuggled into China through the border by the criminals."

They also emphasized, "The authorities have distributed leaflets stating, 'If anyone possesses gold or knows about gold smuggling vessels, report immediately.'"

North Korea’s gold production bases are located in Hwanghae Namdo, North Pyongan Province, and Yanggang Province, with the nationwide annual gold production estimated at about 2 to 4 tons. Additionally, the Party’s Office No. 39’s subordinate Office No. 5 in various cities and counties reportedly collects about 2 tons of gold annually from factory and enterprise workers as a loyalty task.

Meanwhile, as of this date, 1 kg of gold is traded domestically at about 74 million KRW. Converted to 200 kg, this amounts to approximately 14.8 billion KRW.