South Korea will sell the assets of Japanese companies for forced labor

　　Chinanews, August 4th, a comprehensive report, on the 4th, the South Korean court sent to Japan an order to seize the property of Japanese companies involved in the forced conquest of labor during World War II. In response, Japan’s Chief Cabinet Secretary Yoshihide Suga, Finance Minister Taro Aso, and Foreign Minister Toshimitsu Motegi responded in succession.

Data map: South Korean citizens protested in front of the Japanese Embassy in South Korea.

　　According to reports, the South Korean court issued an order to seize its properties in South Korea to Nippon Steel (formerly Nippon Steel & Sumitomo Metal), which was served by the announcement at 0:00 local time on the 4th and became effective. If Nippon Steel does not appeal before 0:00 on the 11th 7 days later, the stock seizure order will be finalized, but it will take time to actually sell the stock.

　　The Japan Broadcasting Association (NHK) reported that the South Korean side's move means that in the future, it will continue to promote the sale of Nippon Steel's properties in South Korea and turn the assets involved in the case into cash.

Data map: Chief Cabinet Secretary Yoshihide Suga.

　　In response, Yoshihide Suga stated at a press conference on the 4th that the Korean court’s decision was “violating international law” and said that “if (South Korea) wants to advance the realization of liquidity, it will inevitably lead to serious problems. It is strongly requested that the South Korean side can resolve this issue as soon as possible."

　　The report pointed out that although Yoshihide Suga did not disclose the specific future response measures of the Japanese side, he said that he "will deal with it seriously from the perspective of protecting the legitimate economic activities of Japanese companies."

　　In addition, Taro Aso stated that “South Korea’s response is against international common sense” and revealed that if the South Korean side really realizes the assets of the relevant Japanese company, the Japanese side will have to take corresponding measures. And Motegi Toshimitsu also said that "all options will be considered and corresponding."

　　The full-member collegiate panel of the Supreme Court of South Korea ordered Japan Steel to compensate each victim 100 million won in its final trial in October 2018. On January 9, 2019, the Pohang Branch served a seizure order to Nippon Steel's PNR company. From that day on, Nippon Steel was not allowed to dispose of the property. However, due to the boycott of the Japanese Ministry of Foreign Affairs, the seizure order did not reach Nippon Steel. The Pohang Branch had to decide on June 1, 2020 to serve the seizure order by public announcement.