Changchun, China -- It has been confirmed that Park Nam Ki, who is now infamous as the one who led the disastrous currency redenomination of November 30th, 2009, was publicly executed on March 12th in a Pyongyang stadium.

Park, the former Director of the Planning and Financial Department of the Central Committee of the Workers’ Party, was denounced as a traitor and arrested in late January.

Thereafter, “At 2 P.M. on March 12th at the Seosan Stadium in the Athletes’ Village, Pyongyang, Park Nam Ki was executed before cadres in the economic field and Party Central Committee officials,” a source from Pyongyang told The Daily NK on Sunday.

“Immediately before the execution, the judge is said to have criticized Park as ‘a historical traitor who trapped the people in misery with this redenomination,’” the source added.

According to the source, an unknown Vice-Chairperson of the National Planning Commission was shot alongside Park. According to information received by the South Korean Ministry of Unification, the new Chairperson of the National Planning Commission is Noh Du Cheol, while the First Vice-Chairpersons are Kang In Sam and Park Chang Ryeon. There are also a further seven Vice-Chairpersons, including Cho Young Nam.

However, of course, two officials acting alone were not the cause of the catastrophic redenomination or its aftermath. The source explained the need for a scapegoat, “Although it is a fact that the redenomination caused hardships for the people, Park Nam Ki was not capable of implementing a national project all by himself without the permission of the General (Kim Jong Il). However, it is the nature of the Central Committee that when they do not succeed, someone has to be branded a traitor.”

Following the execution, it has been reported that Yun Gi Jeong, a reliable and allegedly hard-working former Finance Director of the old Administration Council (now the Cabinet), has returned to the Cabinet to deal with economic affairs.