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Daegu District Court Quashes Nippon Steel Appeal against Asset Seizure

Steel News - Published on Wed, 19 Aug 2020

Image Source: Nippon Steel South Korea
South Korean media Hani reported that on Augut 17, the Pohang branch of Daegu District Court announced that it had decided to grant approval for judicial assistants to process an immediate appeal case filed by Nippon Steel, a Japanese company implicated in war crimes and forced labor during the Pacific War, to dispute an earlier decision ordering the confiscation of Nippon Steel’s assets in South Korea. With its ruling, the court effectively concluded that Nippon Steel had no grounds for filing an objection to the confiscation order. This also means that a suspension of the decision’s execution is no longer recognized as valid. The final decision on whether to accept or reject Nippon Steel’s immediate appeal is to be made going forward by the appellate court, the civil appeals division of Daegu District Court.

In October 2018, a South Korean court ruling was finalized ordering Nippon Steel to pay 100 million won (USD 84,376) each to victims of forced labor. In January of last year, the victims won a court order for the seizure of PNR shares owned by Nippon Steel. PNR is a South Korean joint venture by POSCO and Nippon Steel. The Pohang branch of Daegu District Court subsequently delivered the confiscation order to Nippon Steel, only to have it returned in July 2019. In June 2020, the Pohang branch had an official copy of the confiscation order served to Nippon Steel by publication. With this, the court effectively began procedures to forcibly dispose of Nippon Steel’s assets in South Korea. In response, Nippon Steel submitted an immediate appeal to the Pohang branch on Aug. 7 to dispute the stock confiscation order.

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Posted By : Yogender Pancholi on Wed, 19 Aug 2020
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