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Nippon Steel Files Appeal Against Asset Seizure Order

Steel News - Published on Fri, 07 Aug 2020

Image Source: Nippon Steel South Korea
Japanese media reported that steelmaker Nippon Steel Corp filed an immediate appeal on Friday over the court ordered seizure of some of its assets in South Korea stemming from a 2018 South Korean top court wartime labor compensation order against it. The district court will now decide whether to accept the appeal. Even if the appeal is rejected, it is expected to take at least several months from the time of the rejection before the assets can be liquidated upon a court order and proceeds from the sale can be paid to the plaintiffs. A lawyer representing plaintiffs in the case has said an appeal by the steelmaker lacks reasonable grounds and would be a delaying tactic.

The Daegu District Court’s Pohang branch this week approved seizing the assets owned by the Japanese steelmaker, including around 81,000 shares it had acquired through its joint venture with the Korean firm Posco. The court completed the prerequisite monthlong task of delivering legal documents to the company Tuesday. The court decision on asset seizure would have been finalized if the Japanese firm didn’t file an appeal within a week from Tuesday.

The assets were seized last year, following a decision by the South Korean Supreme Court in 2018 ordering the Japanese steelmaker, then Nippon Steel & Sumitomo Metal Corp., to provide compensation of about JPY 40 million to four Koreans who had said they were forced to work against their will for the firm’s precursor, Japan Iron & Steel Co, under Japanese colonial rule.

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Posted By : Yogender Pancholi on Fri, 07 Aug 2020
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