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Japanese steelmaker to file appeal against S. Korean court's asset sale decision Updated: 2020-08-04 17:06:13 KST

Japan's Nippon Steel Corporation plans to appeal a South Korean court decision to seize the company's assets in South Korea.
In early June, the Pohang branch of the Daegu District Court served Nippon Steel Corporation with a public noticethat shares will be auctioned off to compensate the Korean victims of wartime forced labor.
The assets in question are the 30-percent stake held by the company in PNR, a joint venture with South Korea's POSCO.
The notice was up for two months, until August 4th, and the South Korean court is now judicially able to proceed with liquidating the company's assets.
But according to Japanese reports, Nippon Steel, plans to file an appeal, which, for the time being, brings things to a halt.
Japan says "it has no choice but to respond."

"I understand that South Korea is saying their supreme court comes above international law. I think this stance is different from international norms. In that case, we would have no choice but to respond."

Seoul's foreign ministry says it does not yet have any specific plans on how to respond to Tokyo's actions, but will continue diplomatic efforts.

"Our government has been continuously trying to find a resolution with Japan while considering the judiciary's decision, the victims' rights, Seoul-Tokyo relations, and opinions from all walks of life. We would like to once again emphasize the importance of dialogue."

Regarding the Seoul-Tokyo bilateral intel sharing pact 'GSOMIA', which Seoul had initially intended to terminate following Japan's export restrictions but later decided not to, the foreign ministry said the pact could be terminated anytime Seoul wants and won't be extended by a year automatically like it used to be before.
Oh Jung-hee, Arirang News.
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