S. Korea Court Orders Sale of Nippon Steel Assets

Society

Seoul, Dec. 30 (Jiji Press)--A South Korean district court branch issued on Thursday an order for the sale of Nippon Steel Corp. <5401> assets in South Korea that have been seized over a wartime labor lawsuit.

Daegu District Court's Pohang branch made the decision in connection with a South Korean Supreme Court ruling ordering the Japanese company to pay compensation to plaintiffs for wartime labor.

This is the second court order instructing the sale of a Japanese company's assets in a damages suit over wartime labor after the one issued in September over Mitsubishi Heavy Industries Ltd. <7011> assets.

With Nippon Steel likely to file an immediate appeal against the latest court order, it is expected to take some time before the assets are actually sold, sources familiar with the situation said.

The Supreme Court finalized its ruling in 2018 over the suit filed by four South Korean plaintiffs who were requisitioned to work at a steel plant in Japan from the Korean Peninsula during Japan's colonial rule.

[Copyright The Jiji Press, Ltd.]

Jiji Press