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Japan Warns South Korea Over Seizure of Nippon Steel Assets

Steel News - Published on Fri, 25 Sep 2020

Image Source: South Korea Seizure Nippon Steel Assets
UPI reported that Japan's newly appointed chief cabinet secretary Mr Katsunobu Kato warned against the liquidation of assets belonging to Japan's Nippon Steel and Sumitomo Metal Corp in South Korea, where a court last year approved the seizure of the firm's assets for wartime forced labor compensation. He said that the seizure of Japanese assets could lead to a grave situation. He said "The Japanese side has pointed this out forcefully and repeatedly. We want to continue to strongly demand the Korean side propose a solution at an early time."

In October 2018, South Korea's Supreme Court ordered Nippon Steel pay about USD 85,000 each to plaintiffs in a forced wartime labor case. The Japanese company appealed the decision in August.

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Posted By : Yogender Pancholi on Fri, 25 Sep 2020
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