From 12 AM on the 4th, Forced Labor Japanese Company Asset Seizure Takes Effect...Nippon Steel Announces Immediate Appeal
Ministry of Foreign Affairs Emphasizes Dialogue for Resolution...Japanese Government Says "Considering All Options"
[Asia Economy Reporter Lim Cheol-young] Following Nippon Steel (formerly Shin Nippon Steel & Sumitomo Metal), which received a court ruling on forced labor compensation during Japanese colonial rule, stating that it plans to "file an immediate appeal" against the South Korean court's asset seizure decision, and the Japanese government announcing its policy to "respond with all possible options," the Ministry of Foreign Affairs emphasized the importance of resolving the issue through dialogue and expressed expectations for the Japanese government's active and sincere response.
The effect of the public notification of the South Korean court's seizure order on domestic assets took effect from midnight on the 4th. The assets subject to seizure are 81,075 shares of PNR, a joint venture between Nippon Steel and POSCO, valued at approximately 400 million KRW based on a par value of 5,000 KRW per share. Until now, the Japanese government had not delivered the South Korean court's asset seizure decision to the defendant Nippon Steel, and accordingly, the Pohang Branch initiated the public notification procedure for the related documents on June 1. This means that the documents are considered delivered to the defendant, allowing for compulsory execution to proceed.
On this day, Ministry of Foreign Affairs spokesperson Kim In-cheol explained at a regular briefing regarding the possibility of Japanese retaliation, "Specific countermeasures will be taken when concrete actions arise," adding, "We are closely monitoring the situation, keeping options open, and reviewing response directions."
He also emphasized the importance of resolving the issue through dialogue. Japan agreed on resolving the issue through dialogue during the Korea-Japan summit last year but has continued a lukewarm attitude.
Spokesperson Kim stressed, "The Korean government has been open to discussing various reasonable solutions while respecting the judiciary's judgment, realizing victims' rights, and considering Korea-Japan relations, and has been making efforts to find solutions with the Japanese side by listening to diverse opinions."
He added, "The government once again emphasizes the importance of resolving the issue through dialogue," and "We will continue efforts to resolve the issue through diplomatic channels and expect a more active and sincere response from the Japanese government."
Regarding the termination of the Korea-Japan General Security of Military Information Agreement (GSOMIA), he reiterated the position that it can be terminated at any time. The Korean government suspended the effect of the GSOMIA termination notice on November 22 last year, on the premise that it can terminate GSOMIA at any time.
Spokesperson Kim emphasized, "Our position remains unchanged that we will review whether to exercise this right depending on the trend of Japan's withdrawal of export restrictions," and "GSOMIA can be terminated by our government at any time regardless of the date, and the concept of extending the agreement annually does not currently apply."
Earlier, Chief Cabinet Secretary Yoshihide Suga, the Japanese government spokesperson, said at a press conference on the same day regarding the sale of seized Japanese companies' assets, "From the perspective of protecting the legitimate economic activities of Japanese companies, we want to respond calmly with all options in sight." He also hinted at the possibility of retaliation measures during an appearance on Japanese media on the 1st, stating, "The direction is definitely clear."
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