Nippon Steel Appeals Asset Seizure Order by S. Korea Court

Society

Seoul, Aug. 7 (Jiji Press)--Nippon Steel Corp. <5401> filed an immediate appeal on Friday against an order by a South Korean district court to seize assets held by the Japanese company in South Korea, the court said.

The order by Daegu District Court’s Pohang branch was related to a South Korean Supreme Court order in 2018 to the steelmaker, then Nippon Steel & Sumitomo Metal Corp., to pay compensation to South Koreans requisitioned to work for the company during World War II.

The plaintiffs’ side has seized part of shares held by Nippon Steel of a joint venture in South Korea between the Japanese company and a local concern.

The effective notification of documents on the asset seizure order came into force on Tuesday.

Due to the immediate appeal, the seizure will not be valid until the court reaches a decision.

[Copyright The Jiji Press, Ltd.]

Jiji Press