Nippon Steel: "The Issue of Forced Labor Victims Has Already Been Resolved by the Korea-Japan Claims Agreement"

"Immediate appeal aims to request the cancellation of asset seizure"

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Nippon Steel, which has not complied with the Supreme Court's compensation order for forced labor victims during the Japanese colonial period, has reportedly submitted an immediate appeal to the Korean court demanding the cancellation of the asset seizure order.

Nippon Steel explained the purpose of the immediate appeal, stating, "We submitted an immediate appeal to the Pohang Branch of the Daegu District Court on the same day in response to the public notification of the seizure order on PNR shares," and added, "This is a request to cancel the seizure order on PNR shares issued by the Daegu District Court (Pohang Branch) on January 3 of last year."

Regarding the expected sale process of PNR shares in Korea, Nippon Steel claimed, "The issue of forced labor victims was completely and finally resolved under the Korea-Japan Claims and Economic Cooperation Agreement, a formal agreement between the two countries signed in 1965."

They further stated, "We will continue to respond appropriately, considering diplomatic negotiations and other circumstances between the governments of Korea and Japan."

According to Kyodo News, even if Nippon Steel's immediate appeal is not accepted by the court, it is expected to take several more months before the seized assets in Korea (PNR shares) are sold and cash is paid to the forced labor victims. The representatives of the forced labor victims criticized the immediate appeal as a "delay tactic."

This content was produced with the assistance of AI translation services.