S.Korea court approves seizure of some of Nippon Steel’s assets

Sumitomo Metal industries, Image from Wikimedia

A South Korean court on Tuesday approved a request by plaintiffs in a wartime forced labour case to seize part of the local assets of Japan’s Nippon Steel & Sumitomo Metal Corp, Yonhap News Agency said, citing a court official.

On Dec. 31, the plaintiffs applied to the Daegu District Court for the seizure of 81,075 shares held by Nippon Steel in PNR, its Korea-based joint venture with steelmaker POSCO , Yonhap said.

This is part of a total of 2.34 million shares worth about 11 billion won ($9.78 million) owned by the Japanese steelmaker, the report said.

The move came after a ruling by South Korea’s Supreme Court ruling in October that Nippon Steel should pay 100 million won to each of four South Koreans to compensate them for suffering forced labour during World War Two.

Nippon Steel was not immediately available for comment. ($1 = 1,125.0000 won)

(By Hyunjoo Jin and Hyonhee Shin; additional reporting by Kiyoshi Takenaka in TOKYO, editing by Louise Heavens)

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