S. Korean Court Approves Seizure of Mitsubishi Heavy Assets


Seoul, March 25 (Jiji Press)--A South Korean court has approved the seizure of assets held in the country by Mitsubishi Heavy Industries Ltd. <7011>, over a wartime labor damages lawsuit filed against the Japanese firm, a group supporting plaintiffs in the suit said Monday.

Daejeon District Court allowed the South Korean plaintiffs to seize six patents and two trademarks held by the heavy machinery maker, worth a total of some 804 million won, after the South Korean top court ordered the company late last November to pay compensation in the World War II labor suit. The district court approval was given on Friday.

The support group warned that procedures to convert the assets into cash will be taken unless Mitsubishi Heavy responds sincerely to the Supreme Court of Korea ruling.

Mitsubishi Heavy said in a statement that it will respond to the situation in an appropriate manner in cooperation with the Japanese government.

The South Korean group also started accepting more reports from wartime labor victims in preparation for a possible additional damages lawsuit that would be filed by the end of next month.

[Copyright The Jiji Press, Ltd.]

Jiji Press