Japanese media reported that Nippon Steel Corp has appealed a South Korean court order over the sale of company assets South Korean plaintiffs have seized in connection with wartime labor issues. The appeal came after a district court branch in the southeastern city of Daegu issued an order on 30 December 2021 to sell 194,000 shares worth about 94 million yen (USD 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 South Korean court ordering the company in October 2018 to pay compensation for South Korean plaintiffs who were mobilized to work for Japan Iron & Steel Co, its forerunner, during the Japanese colonial era. Nippon Steel had said in a comment that it understands the issue of compensation was settled "completely and finally" by a 1965 agreement Tokyo and Seoul signed alongside a treaty that established diplomatic ties.As a result, the plaintiffs had a portion of the company's shares in POSCO-Nippon Steel RHF Joint Venture, involving South Korean steelmaker POSCO, seized via the court and in May 2019 asked the court to order the sale of the shares.
Japanese media reported that Nippon Steel Corp has appealed a South Korean court order over the sale of company assets South Korean plaintiffs have seized in connection with wartime labor issues. The appeal came after a district court branch in the southeastern city of Daegu issued an order on 30 December 2021 to sell 194,000 shares worth about 94 million yen (USD 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 South Korean court ordering the company in October 2018 to pay compensation for South Korean plaintiffs who were mobilized to work for Japan Iron & Steel Co, its forerunner, during the Japanese colonial era. Nippon Steel had said in a comment that it understands the issue of compensation was settled "completely and finally" by a 1965 agreement Tokyo and Seoul signed alongside a treaty that established diplomatic ties.As a result, the plaintiffs had a portion of the company's shares in POSCO-Nippon Steel RHF Joint Venture, involving South Korean steelmaker POSCO, seized via the court and in May 2019 asked the court to order the sale of the shares.
