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S.Korea court approves seizure of some of Nippon Steel's assets: Yonhap

Reuters  |  SEOUL 

(Reuters) - A on Tuesday approved a request by plaintiffs in a wartime forced labour case to seize part of the local assets of Japan's Corp, Agency said, citing a

On Dec. 31, the plaintiffs applied to the for the seizure of 81,075 shares held by Nippon Steel in PNR, its Korea-based joint venture with steelmaker POSCO, said.

This is part of a total of 2.34 million shares worth about 11 billion won ($9.78 million) owned by the Japanese steelmaker, the report said.

The move came after a ruling by South Korea's ruling in October that Nippon Steel should pay 100 million won to each of four South Koreans to compensate them for suffering forced labour during the World War Two.Nippon Steel was not immediately available for comment.

($1 = 1,125.0000 won)

(Reporting by Hyunjoo Jin and Hyonhee Shin; Additional reporting by Kiyoshi Takenaka in TOKYO, editing by Louise Heavens)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 21:39 IST