Forced Labor Verdict May Cause Seizure of Japanese Assets in South Korea

This could get ugly very quickly if the South Korean government decides to forcibly seize assets from Japanese companies to pay for these court rulings:

South Korean victims of forced labor during Japan’s colonial rule have begun taking steps to seize the assets held in South Korea by a Japanese firm implicated in the Japan’s wartime crime. 

The lawyers for Lee Chun-sik and three other South Koreans forced to work for Nippon Steel and Sumitomo Metal Corporation recently asked a local court in Pohang, North Gyeongsang Province to issue a writ of execution to have the company’s assets in the country seized. 

The company reportedly holds eleven billion won worth stocks of PNR, a joint venture with POSCO. 

In late October, South Korea’s Supreme Court had ordered the Japanese firm to compensate the four victims 100 million won each. 

Following the top court’s decision, the victims’ lawyers requested that the company answer how it will compensate, but has yet to give a reply.

KBS World Radio

The major issue here is that the Japanese government says that all compensation claims were paid for with the 1965 pact that saw $500 million from Japan given to South Korea. The ROK government at the time could have compensated everyone back then with that money, however it was instead used for the overall development of the country such as improving infrastructure.  

The money ultimately helped with the country’s economic development at the expense of direct compensation to those effected by Japan’s colonial rule.  This is why Japan is so strongly against the court rulings they feel they have already paid compensation for.

With that all said when is the ROK government going to launch lawsuits on behalf of victims of North Korea’s kidnappings and provocations in far more recent times than Japan’s colonial rule that began over a century ago?