Sweden still owes the payment for 1,000 Volvos from North Korea; Read in detail

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Decades again in the 1970s, Swedish companies had been trying ahead to increasing right into a promising new market and located potential in North Korea. At that point, North Korea had emerged as considered one of the most economically sturdy nations. Notably, Sweden, which had Volvo 144s, the sturdy and boxy sedans in manufacturing, signed an enormous contract with North Korea for delivering 1,000 Volvo vehicles. The order for the 1,000 Volvos of their 144 mannequin was given by Kim Jong-un’s grandfather, Kim Il-sung in 1974 and it was finally shipped that very 12 months. However, there’s a catch to it. The phrase quickly got here out and it was revealed that Sweden by no means received paid for the order. It has been 49 years since then, but it surely appears North Korea is still in no temper to clear the long-standing payment.

Recalling the identical, a video of comparable Volvo vehicles has been shared by a Twitter deal with named History Vids. Calling it the ‘largest car theft’ in historical past, the caption of the put up said, “In the 1970s, North Korea ordered 1,000 Volvo cars from Sweden. The cars were shipped & delivered but North Korea just didn’t bother paying and ignored the invoice. Till this day the bill remains unpaid making it the largest car theft in history.”

Watch:

In response to the video, many social media handles took to the remark part and posted divided reactions. A person wrote, “The inception of pre-payments”, whereas one other person wrote, “That’s a lot of racked-up interest.” Some additionally identified why such an enormous order was delivered with out receiving any payment.

Sweden’s wait for payment of 1,000 Volvos continues

With almost 50 years since the order was positioned, the overdue quantity for the 1,000 Volvos has crossed a sure restrict and it appears the likelihood of receiving the payment is near zero. While the Swedish authorities proceed to ship payments to North Korea twice yearly, the dues have been rising with curiosity and different taxes and reached roughly 300 million Euros at the current date.

While the Swedish authorities has already paid the car-making firm in full from public funds, it still owes cash from North Korea for the exported items.

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