North Korea's only foreign-founded law firm suspends operations
The majority of firm’s clients are foreign investors, many of whom have been negatively affected by tightened sanctions against Pyongyang
The firm is a joint venture between the North Korean state and British-French citizen Michael Hay, who has represented foreign clients in the capital, Pyongyang, for 12 years.
Hay said he had made the decision based on “business and geopolitical principles”.
“This decision has been taken only after lengthy and thorough deliberation and an examination of the continuing deterioration of inter-regional relations pertaining to the Korean peninsula,” Hay said in a statement.
“It is not unreasonable to assume that no meaningful change or indicator of change in relations shall occur, if at all, until well after the United States Presidential Inauguration, on January 20, 2017,” Hay said in the statement.
