A South Korean court is set to start liquidating assets of a Japanese company to compensate Koreans conscripted to work during colonial occupation, straining ties between two key U.S. partners just as the Trump administration needs their help in countering China.
A district court in the eastern city of Pohang will start a process on Tuesday to seize shares valued at about $356,000 that Japan’s Nippon Steel Corp. has in a joint venture with South Korean steelmaker Posco. No money is expected to move immediately, however, as the liquidation process requires months to realize due to procedural formalities. If Nippon Steel does not appeal the case within seven days, the order becomes effective and will likely inflame tensions as Japan has said the order is unlawful.
The two countries have seen threats to their enmeshed economies and their joint security efforts following South Korea’s Supreme Court ruling in 2018 that Nippon Steel and Mitsubishi Heavy Industries Ltd. were liable to compensate for forced labor during the 1910-1945 colonial period.
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