S. Korean lawyers are set to freeze firm’s assets
Print Edition
Lawyers for Korean wartime forced laborers have demanded that a Japanese steelmaker respond to their request to discuss compensation.
The two lawyers asked Nippon Steel & Sumitomo Metal Corp in Tokyo to respond by 5pm on December 24. They said if there is no response by the deadline, they will seek to freeze part of the company’s assets in South Korea, including shares of PNR, its joint venture with Korean steelmaker POSCO.
South Korea’s top court in October ordered Nippon Steel to pay 100 million won (US$87,680) each to four plaintiffs forced to work at the company during Japan’s colonial rule of the Korean Peninsula.
The court made similar rulings on another Japanese company, triggering disputes between the two countries.
“If we find that (the company) doesn’t want to have negotiations and communication by then, we’ll launch steps to seize its assets in South Korea within that week,” said Lim Jae-sung, one of the attorneys who visited the company to submit the request.
Lim said he and his colleagues have found out that Nippon Steel holds about 2.34 million PNR shares that could be worth about 11 billion won.
He said the only survivor among the four plaintiffs is already 94.
“We hope the company responds sincerely,” he said.
Japan’s government and the companies that used Korean laborers maintain that all wartime compensation issues were settled by a 1965 treaty between the governments.
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