News reports from South Korea say North Korea's ailing leader, Kim Jong-il, has started transferring his personal wealth to his youngest son and anointed successor.

The Seoul-based Open Radio for North Korea says Pyongyang's former ambassador to Switzerland, Ri Chol, has been charged with managing Mr Kim's wealth.

Mr Ri is considered one of the dictator's closest aides and has looked after his secret overseas funds for years.

Open Radio for North Korea is reporting that Mr Ri is now transferring Mr Kim's personal wealth to his son Jong-un.

Last month, South Korea's spy chief, Won Sei-Hoon, said that Mr's Kim ailing health was prompting him to speed up the transfer of power to his son.