North Korea’s Committee for the Peaceful Reunification of Fatherland has announced the abrogation of all inter-Korean economic agreements and the liquidation of all South Korean assets in North Korea, Yonhap News Agency reported on Thursday.

The statement, reportedly released by the committee’s spokesperson, read that the North Korean action was taken to counter the South Korean closure of the Mount Kumgang Tourist Region in 2008 and the Kaesong Industrial Complex (KIC) exactly a month ago from today.