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Sale of Nippon Steel assets in South Korea deferred

Steel News - Published on Wed, 27 Mar 2019

Image Source: The Daily Manila Shimbun
Jiji Press reported that South Korean plaintiffs in a wartime labor lawsuit against Nippon Steel & Sumitomo Metal Corp. said Tuesday that they will defer the filing for a court order to sell seized assets of the Japanese company for cash. In a statement, the plaintiffs also said that they have additionally seized assets held by the Japanese steelmaker in South Korea.

While putting off the procedures for the asset sales, they again urged Nippon Steel to hold talks on compensation for the plaintiffs who were requisitioned to work for the Japanese firm during World War II, based on a South Korean top court ruling late last October that ordered the company to pay damages.

Meanwhile, the plaintiffs criticized the Japanese government for showing its intention to take retaliatory measures, claiming that such a move would amount to unfair intervention in judicial affairs in South Korea and violate victims' rights. They also warned of the possibility of bringing up the issue to the international community, including through the United Nations.

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Posted By : Rabi Wangkhem on Wed, 27 Mar 2019
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