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INTERNATIONAL > East Asia & Pacific

Nippon Steel appeals South Korean court order over asset sale

  • January 13, 2022
  • , Nikkei , Kyodo
  • JMH Summary

Nikkei ran a Kyodo dispatch from Seoul saying that Nippon Steel on Wednesday appealed a South Korean court ruling over the sale of company assets South Korean plaintiffs have seized in connection with requisitioned worker issues. A district court branch in the southeastern city of Daegu issued an order on Dec. 30, 2021, to sell 194,000 shares worth about 94 million yen ($815,000) in a joint venture involving Nippon Steel and South Korean steelmaker POSCO. The shares were seized after Nippon Steel did not compensate the plaintiffs over wartime labor despite the top South Korean court’s order in October 2018 for the company to pay compensation to the South Korean plaintiffs who were mobilized to work for Japan Iron & Steel, its forerunner, during the Japanese colonial era. Last September, the Daejeon District Court ordered Mitsubishi Heavy Industries to sell its assets in South Korea to provide compensation to wartime laborers, making it the first such order issued to a Japanese company in relation to the issue. Mitsubishi Heavy Industries immediately appealed the ruling. Sankei ran a similar report.

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