Assets of Japanese Nippon Steel in South Korea can be sold

Today, August 4, the confiscation of the assets of the Japanese company Nippon Steel in the form of compensation for Korean victims of forced labor during the colonial period was actually completed. This was reported by KBS World. See also: The assets of the Japanese Nippon Steel seized in South Korea can be sold. In accordance with the decision of the district court of Daegu, about 80 thousand shares of the company placed in the Republic of Korea can be converted into cash at a nominal price. We are talking about property worth about $356 thousand, which belongs to Japan. It is specified that Nippon Steel has a joint venture with the South Korean steel mill Posco. As Bloomberg columnist Jeong Ho Lee noted in his article, the money will most likely not be transferred immediately, since the liquidation process takes several months to implement due to procedural formalities. Nippon Steel has seven days to appeal. According to the news agency, in 2018, the Supreme Court of the Republic of Korea issued a verdict on the payment of compensation to four former workers of the Japanese company, now known as Nippon Steel & Sumitomo Metal. The Japanese government rejected this court decision and stated that the issue of compensation was finally resolved when diplomatic relations between the two countries were restored in 1965. In response, South Korea began confiscating the assets of the company.