N. Korea deems S. Korean contracts invalid

SEOUL, May 15 (UPI) -- North Korea said Friday contracts for a joint industrial venture with South Korea are invalid following unsuccessful negotiations between the two sides.

The North Korean agency in charge of the joint venture in the North Korean border town of Kaesong said in a statement all contracts and regulations between the neighboring countries regarding the site have been nullified.

South Korea's Yonhap News Agency said the agency also said it would be creating a new set of contracts and regulations regarding the Kaesong industrial complex.

"The future of the Kaesong industrial complex is entirely up to South Korea's posturing," the North Korean agency said.

"The South Korean firms and pertinent personnel of the Kaesong industrial complex should unconditionally accept what we hereby notify, and if they don't have intentions to accept them, they can leave," it added.

The South Korean government said it would not recognize the North's nullification of the agreements, Yonhap reported. Currently, more than 100 firms from South Korea have operations at the joint venture site.