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S. Korean court can proceed with selling of Nippon Steel's assets on Tuesday
Updated: 2020-08-03 14:05:06 KST
In a matter of hours, a deadline will pass enabling a South Korean court to enforce an order to seize the local assets of Japan's Nippon Steel Corporation.
The proceeds would be used to compensate people forced to work for the company when Korea was under Japanese colonial rule during World War Two.
If the company still hasn't responded to notice of the ruling by midnight Tuesday, the Pohang Branch of the Daegu District Court can move to liquidate them.
In 2018, Nippon Steel was ordered by South Korea's Supreme Court to compensate four victims of forced labor by paying them 84-thousand U.S. dollars each.
That ruling prompted Japan to retaliate against South Korea by restricting the export of key materials.
High-ranking Japanese officials have warned of "serious consequences" if the seizure is carried out.
Reporter : tkim@arirang.com