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Nippon Steel may see seized South Korean assets sold off

Steel News - Published on Fri, 15 Feb 2019

Image Source: Business Insider
Jiji Press reported that a lawyer for South Korean plaintiffs in a South Korean wartime labor case hinted Thursday that they will start procedures to convert Nippon Steel & Sumitomo Metal Corp's seized assets into cash by the end of February. The lawyer said that the plaintiffs' side will visit Nippon Steel's headquarters in Tokyo on Friday to ask the company for talks. If Nippon Steel refuses to hold discussions, the lawyer warned that the plaintiffs' side have no choice but to apply as soon as possible to the court for an order to sell the company's seized assets in South Korea.

The Japanese government upholds the position that the wartime labor issue has already been settled under a 1965 bilateral agreement on war-related claim rights. At a news conference in Tokyo on Thursday, Japanese Chief Cabinet Secretary Yoshihide Suga criticized the possible conversion of the assets into cash, saying the situation is very serious.

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Posted By : Rabi Wangkhem on Fri, 15 Feb 2019
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