SEOUL - Republic of Korea (ROK) and the Democratic People's Republic of Korea (DPRK) on Wednesday failed to narrow gap over Seoul's assets at the Mount Kumgang resort, Seoul's Ministry of Unification, which oversees inter-Korean affairs, said in a press release.

A ROK's delegation composed of government officials and businessmen held heated debates with DPRK officials at Kumgang Hotel at the mountain resort earlier in the day.

During the meeting, the DPRK side informed ROK that it has the right to dispose ROK's properties at the resort in accordance with it's special laws on international tours to Mount Kumgang, if ROK's operators do not participate in international tour programs. It also said ROK should admit its responsibility over the suspension of Mount Kumang tours, the ministry said.

On it's part, ROK reiterated its stance on the property issues, noting that it can not accept any acts of infringement against property rights, and the North's new laws are a violation of related agreements and contracts between the two sides.

The DPRK side proposed further consultation over the issue, saying that it will carry out the disposal actions unilaterally unless ROK gives any responses by July 29, the ministry said.

The ministry said it will seek more discussions with related companies, vowing to protect property rights of the firms involved in the project.  

Last year, the DPRK unilaterally seized ROK's properties at the resort in response to what it saw as ROK's reluctance to reopen the suspended tours.

Tours to Mount Kumgang, launched in 1998 and run by ROK's Hyundai Asan Corp., were halted in 2008 soon after a ROK's female tourist was shot dead by a DPRK soldier.  

Seoul has long refused to reopen the tours without a proper investigation into the shooting death and safety guarantees, while Pyongyang said it has done enough.