Procedures Start to Convert Nippon Steel Assets into Cash

Society

Seoul, May 1 (Jiji Press)--South Korean plaintiffs in a wartime labor lawsuit against Nippon Steel Corp. <5401> said Wednesday that they have asked a court to issue an order to sell assets seized from the Japanese company to convert them into cash.

A similar court order was also sought to sell Nachi-Fujikoshi Corp. <6474> assets seized in South Korea following a series of appeals court rulings against the Japanese machine tool maker over South Korean women requisitioned to work for the company during World War II.

It was the first time that the plaintiffs have called for such orders against Nippon Steel, which was renamed from Nippon Steel & Sumitomo Metal Corp. last month, and Nachi-Fujikoshi.

With Nippon Steel and Nachi-Fujikoshi at imminent risk of suffering losses, the Japanese government is expected to strengthen its opposition and conduct a full study on countermeasures against the moves by the plaintiffs.

The plaintiff side said that they had judged that they cannot delay procedures to convert the seized assets into cash any longer, with six months having passed since the South Korea's Supreme Court ordered Nippon Steel to pay compensation on Oct. 30 last year.

[Copyright The Jiji Press, Ltd.]

Jiji Press