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S. Korean court to begin procedure to auction off Nippon Steel's stakes Updated: 2020-08-04 06:57:37 KST

In early June, the Pohang branch of the Daegu District Court served Nippon Steel Corporation with a public notice to auction off shares to compensate the Korean victims of wartime forced labor.
While Japan's foreign ministry failed to deliver the document to the company, the two-month public notification is considered completed as though the papers were received by the defendant, allowing the court to proceed with the asset sales.
Beginning Tuesday, the procedure starts. and over 80-thousand shares of Nippon Steel in PNR, its Korea-based joint venture with steelmaker POSCO worth over 335-thousand dollars will be sold off.
Nippon Steel has one week to file an appeal, if they fail to do so, the auction will be confirmed.
However, law experts say it'll be tricky to compensate the victims through the seized assets.
For one, a separate trial must be held after the stock is fully appraised and sold.
Also, it'll take some time before the actual stock can be cashed out.
Therefore, pundits say despite the procedure beginning as of Tuesday, the compensation process will not be finalized quickly.
In addition, the South Korean Foreign Ministry on Monday said it's also bracing for the possibility of Japan taking retaliatory steps following the court order.
Some experts point to a possibly financial restriction in relation to some 42-billion dollars that Japanese banks have invested in South Korean companies, or even raising tariffs and visa restrictions.
Lee Seung-jae, Arirang News.

KOGL : Korea Open Government License
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