Asset Seizure Approved Over Wartime Labor

Asset seizure approved over wartime labor

A court in South Korea has approved a seizure of assets held in the country by Nippon Steel & Sumitomo Metal following a final court decision ordering the Japanese firm to pay compensation for wartime labor.

South Korean plaintiffs said on Tuesday that the Pohang branch of the Daegu district court approved a petition for the seizure on January third.

They filed the petition in December after the Supreme Court in October ordered the firm to pay damages.

The plaintiffs said the assets are more than 81,000 shares in a joint venture with South Korea's largest steelmaker, Posco.

Nippon Steel & Sumitomo Metal can file a court objection, but will not be able to sell the shares following the decision.

The plaintiffs have not begun the process for selling the shares, and say they're asking the firm to hold talks on the matter.

Japan's government says any right to claims was settled completely and finally in an agreement in 1965, when Japan and South Korea normalized ties.

The government has indicated that it will take countermeasures immediately if Japanese firms are disadvantaged over the issue.