N. Korea Declares Gaeseong Contract Invalid

North Korea said Friday it has nullified all contracts with South Korea on the operations of a joint industrial venture in Gaeseong and told South Korean firms to leave the park if they cannot accept it.

"We declare the nullification of all incumbent regulations and contracts regarding the Gaeseong industrial complex," the North's government agency in charge of the border-town industrial park said in a statement carried by its official Korean Central News Agency.

While threatening to terminate the existing contract terms, the agency vowed to install a set of revised regulations and contracts.

"The South Korean firms and pertinent personnel of the industrial complex should unconditionally accept the revisions, and if they don't have intentions to accept them, they can leave," the statement said.