A group of South Korean plaintiffs are pushing to seize the Korea-based assets of a Japanese steelmaker over Tokyo's policy of forcing Koreans to labor for little to no pay during its colonial rule of the Korean Peninsula.
In the latest development in a situation that's driving even more of a diplomatic wedge between Seoul and Tokyo,... a South Korean court said on Tuesday that it's proceeding with measures to help the plaintiffs.
Kim Hyo-sun reports.
A local court has approved the seizure of the Korea-based assets of Japanese steelmaker Nippon Steel and Sumitomo Metal Corporation as requested by the South Korean victims of Tokyo's wartime forced labor.
On December 31st, the victims' attorneys applied to the Daegu District Court for the seizure of over 81-thousand shares held by the company in PNR, its Korea-based joint venture with Korea's largest steelmaker, POSCO.
The Japanese steelmaker is estimated to hold around two-point-three-four million shares of PNR, worth around ten million U.S. dollars.
The move comes as the firm refused to abide by the South Korean top court's order to compensate the victims of Japan's forced labor.
In October last year, the Supreme Court ordered the Japanese company to pay nearly 90-thousand dollars in compensation to each of the four victims.
According to Japanese broadcaster NHK, Nippon Steel and Sumitomo Metal plans to consult with the Japanese government over Tuesday's verdict.
Kim Hyo-sun, Arirang News.