S.korean Court Approves Asset Seizure

S.Korean court approves asset seizure

The South Korean plaintiffs in a wartime labor lawsuit against Nippon Steel & Sumitomo Metal say a court has approved a petition to seize the Japanese company's assets in the country.

The move follows a finalized court decision ordering the Japanese company to pay compensation for wartime labor.

Nippon Steel & Sumitomo Metal will not be able to transfer or sell its assets in South Korea.

Different procedures are necessary before the plaintiffs can sell off the assets.

The Japanese government has indicated that it will take immediate countermeasures if Japanese firms suffer disadvantages related to the issue.