Japanese steelmaker to file appeal against S. Korean court's asset sale decision
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Update time : 2020-08-04 21:27:05
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."
