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Legal Steps Completed for Liquidation of Mitsubishi Heavy's Assets

Written: 2020-12-29 08:37:19Updated: 2020-12-29 18:36:05

Photo : YONHAP News

A South Korean court may now order the forcible liquidation of Japanese company Mitsubishi Heavy Industries' assets to compensate Korean victims of wartime forced labor, as a related legal move went into effect on Tuesday. 

In October, the Daejeon District Court took the legal step of issuing a "public notification" of its ruling, an extraordinary delivery format used when legal documents fail to be delivered to concerned parties. 

According to judicial circles on Tuesday, two of the court's four legal documents went into effect on Tuesday. The other two are set to take effect on Thursday. 
 
The court completed the task of delivering legal documents notifying Mitsubishi Heavy Industries that it needed to sell its assets in South Korea, a prerequisite for their ultimate liquidation. The delivery has been effective since November 10. 

In November 2018, the South Korean Supreme Court ordered Mitsubishi to pay five Korean victims of wartime forced labor 100 to 150 million won each in compensation.

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