SEOUL -- Nippon Steel Corp. on Friday filed an immediate appeal against a ruling by a South Korean court to seize assets held by the Japanese company in South Korea.
The company filed the appeal with the Daegu District Court's Pohang Branch. The move is a new development in the issue of former wartime requisitioned workers from the Korean Peninsula against Japanese companies. The ruling that ordered Nippon Steel -- formerly Nippon Steel & Sumitomo Metal Corp. -- to pay compensation has been finalized.
"We understand that the requisitioned labor issue has been 'settled completely and finally' by the [1965] Agreement on the Settlement of Problems concerning Property and Claims and on Economic Cooperation between Japan and the Republic of Korea," Nippon Steel reiterated in a statement.
The appeal is expected to be dismissed, and that would finalize the seizure. A court order could be issued for the company to sell the assets within as early as several months.
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