April 01, 2023

North Korean conglomerate faces serious fallout after deadly bus accident

Korea Kumgang Group appears to have downsized or shut down completely after a once-successful run

A well-known and internationally-connected North Korean conglomerate with military affiliations appears to have significantly downsized or even fully shut down, according to an investigation conducted by NK News.

Korea Kumgang Group (KKG) — best known for operating an imported fleet of maroon and gold-colored taxis and for its plans to redevelop downtown Pyongyang — was previously at the forefront of North Korean efforts to win major foreign investments. But a deadly April 2018 bus accident was disastrous for the budding conglomerate, according to informed sources. Street-level photos and satellite imagery also support this claim.