District Court dismissed Nippon Steel’s appeal against asset forfeiture

On August 17, the Pohang Branch of Daegu District Court announced its decision to grant court assistants permission to hear an appeal filed by the Japanese company Nippon Steel, involved in war crimes and forced labor during the war. War in the Pacific to challenge an earlier decision to confiscate Nippon Steel’s assets in South Korea. By its ruling, the court actually concluded that Nippon Steel had no reason to object to the confiscation order. This also means that the suspension of the execution of the judgment is no longer valid. The final decision whether to accept or reject Nippon Steel’s immediate appeal must be made by the Court of Appeals, the Daegu District Court’s Civil Appeals Division.

In October 2018, a South Korean court ruled that Nippon Steel paid victims of forced labor 100 million won (USD 84,376) each. In January last year, the victims won a court order to seize PNR shares held by Nippon Steel. PNR is a South Korean joint venture between POSCO and Nippon Steel. The Pohang Branch of the Daegu District Court subsequently passed a confiscation order to Nippon Steel, only to be returned in July 2019. In June 2020, the Pohang branch received an official copy of the confiscation order, transmitted by Nippon Steel through publication. Thus, the court actually began the procedure for the compulsory disposal of Nippon Steel’s assets in South Korea. In response, Nippon Steel immediately filed an appeal with Pohang to challenge the confiscation order.

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