South Korean Court OKs Seizure of Nippon Steel Assets


Seoul, Jan. 8 (Jiji Press)--A South Korean court has approved the seizure of assets of Nippon Steel & Sumitomo Metal Corp. <5401>, which refuses to follow a Supreme Court order to pay compensation for wartime labor.

Plaintiffs in a damages lawsuit against the company over the wartime labor on Tuesday announced the recent approval given by the Pohang branch of Daegu District Court.

The plaintiffs warned that they will seek a court order to sell the assets in South Korea unless Nippon Steel meets their request for talks.

The Japanese government sees the wartime labor issue as resolved with an agreement on claims and property concluded in 1965, when the two countries normalized their diplomatic relations.

After the plaintiffs filed a petition for the seizure of Nippon Steel assets in South Korea, the government started considering how to respond. The focus is when Japan will take action.

[Copyright The Jiji Press, Ltd.]

Jiji Press