S. Korean court can deliver liquidation order for Mitsubishi Heavy Industries' local assets; Mitsubishi reportedly to appeal
- 3 years ago
'강제노역' 미쓰비시 자산 매각명령 오늘부터 가능...미쓰비시 "즉각 항고"
Starting today, a South Korean court can deliver an order to liquidate the local assets of Mitsubishi Heavy Industries,... to compensate Korean victims of wartime forced labor.
The Japanese company will reportedly lodge an immediate appeal.
Yoon Jung-min reports.
As of Tuesday, Daejeon District Court can deliver an order to liquidate the assets of Mitsubishi Heavy Industries, which has ignored a top court ruling in 2018 to compensate the Korean victims of wartime forced labor.
This comes as legal documents for public notification, which were issued by the local court in Daejeon, bring the ruling into effect from Tuesday.
The liquidation process is expected to begin with an appraisal of the firm's local assets, which will then be auctioned off.
In November 2018, South Korea's Supreme Court ordered Mitsubishi Heavy Industries to pay five victims of wartime forced labor and their families,... around 90-thousand to 130-thousand U.S. dollars each in compensation.
Daejeon District Court then ordered the seizure of two trademark rights and six patents in March 2019 as Mitsubishi Heavy Industries had failed to follow the Supreme Court ruling.
Japan's Kyodo News and NHK reported Tuesday that Mitsubishi plans to immediately appeal.
The Japanese firm told the media that the compensation claims have been settled "completely and finally" by the bilateral treaty in 1965, which was signed to normalize diplomatic relations between Seoul and Tokyo after World War II.
The liquidation process is likely to be postponed if the company files an appeal and brings it to court.
Japan has also been threatening to retaliate if South Korea goes ahead with the liquidation.
In October, Japanese Prime Minister Yoshihide Suga said there will be "serious consequences" should a Japanese company's assets in Korea be liquidated to compensate the forced labor victims.
Japanese media have been citing the dispute as one reason why Suga is not travelling to Seoul for an annual trilateral summit with South Korea and China.
Yoon Jung-min, Arirang News.
Starting today, a South Korean court can deliver an order to liquidate the local assets of Mitsubishi Heavy Industries,... to compensate Korean victims of wartime forced labor.
The Japanese company will reportedly lodge an immediate appeal.
Yoon Jung-min reports.
As of Tuesday, Daejeon District Court can deliver an order to liquidate the assets of Mitsubishi Heavy Industries, which has ignored a top court ruling in 2018 to compensate the Korean victims of wartime forced labor.
This comes as legal documents for public notification, which were issued by the local court in Daejeon, bring the ruling into effect from Tuesday.
The liquidation process is expected to begin with an appraisal of the firm's local assets, which will then be auctioned off.
In November 2018, South Korea's Supreme Court ordered Mitsubishi Heavy Industries to pay five victims of wartime forced labor and their families,... around 90-thousand to 130-thousand U.S. dollars each in compensation.
Daejeon District Court then ordered the seizure of two trademark rights and six patents in March 2019 as Mitsubishi Heavy Industries had failed to follow the Supreme Court ruling.
Japan's Kyodo News and NHK reported Tuesday that Mitsubishi plans to immediately appeal.
The Japanese firm told the media that the compensation claims have been settled "completely and finally" by the bilateral treaty in 1965, which was signed to normalize diplomatic relations between Seoul and Tokyo after World War II.
The liquidation process is likely to be postponed if the company files an appeal and brings it to court.
Japan has also been threatening to retaliate if South Korea goes ahead with the liquidation.
In October, Japanese Prime Minister Yoshihide Suga said there will be "serious consequences" should a Japanese company's assets in Korea be liquidated to compensate the forced labor victims.
Japanese media have been citing the dispute as one reason why Suga is not travelling to Seoul for an annual trilateral summit with South Korea and China.
Yoon Jung-min, Arirang News.