• About
  • Advertise
  • Privacy Policy
  • Contact
Sunday, October 18, 2026
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result
in Asia

South Korea Considers Setting Up Funds To Compensate Forced Labor Victims

Comfort Ampomaaby Comfort Ampomaa
January 12, 2023
Reading Time: 4 mins read
Add as Preferred on Google
Members of a civic group seeking compensation from Japanese firms over forced labor during World War II and opposition lawmakers stage a rally to oppose the government's reported resolution to the issue outside the National Assembly in Seoul, Thursday, Jan. 12, 2023. The banners read "Apology and compensation from Japanese war criminal companies and condemn the government of President Yoon Suk Yeol."

Members of a civic group seeking compensation from Japanese firms over forced labor during World War II and opposition lawmakers stage a rally to oppose the government's reported resolution to the issue outside the National Assembly in Seoul, Thursday, Jan. 12, 2023. The banners read "Apology and compensation from Japanese war criminal companies and condemn the government of President Yoon Suk Yeol."

South Korean officials are planning of establishing a domestic fund to compensate Koreans who were enslaved by Japanese companies before the end of World War II.

This decision is a step in South Korea’s frantic efforts to repair relations with Tokyo that have soured in recent years over historical grievances.

The plan, revealed on Thursday, January 12, 2023 during a public hearing organized by Seoul’s Foreign Ministry, was met with fierce criticism by victims and their legal representatives, who have demanded that the compensations come from Japan.

Victims have also demanded the Japanese companies issue an apology over their ordeals.

ADVERTISEMENT

Relations between Seoul and Tokyo have been tense since South Korea’s Supreme Court in 2018 upheld lower court verdicts and ordered Nippon Steel and Mitsubishi Heavy Industries to compensate Korean forced laborers.

The 2018 rulings ordered Nippon Steel and Mitsubishi to provide around 100 to 150 million won ($80,000 to $120,000) each to 15 plaintiffs, including both survivors and relatives of deceased victims.

The companies have refused to carry out the orders and the plaintiffs have responded by pursuing legal steps aimed at forcing the companies to sell off their local assets to provide compensation.

However, South Korean officials fear that the process would cause further rift between Seoul and Tokyo.

Ties between Seoul and Tokyo have become sour due to grievances related to Japan’s brutal rule of the Korean Peninsula from 1910 to 1945, when hundreds of thousands of Koreans were mobilized as forced laborers for Japanese companies or sex slaves at Tokyo’s wartime brothels.

ADVERTISEMENT

South Korean President Yoon Suk Yeol, has been willing to improve relations with Japan as they pursue stronger trilateral security cooperation with the United States in the face of the mounting North Korean nuclear threat.

1000 18 1
Members of a civic group seeking compensation from Japanese firms over forced labor during World War II and opposition lawmakers stage a rally outside the National Assembly in Seoul

During Thursday’s public hearing at the National Assembly, South Korean Foreign Ministry Official, Seo Min-jung announced that her government’s priority is to arrange the payments as quickly as possible, citing that many forced labor victims are already dead and most known survivors are in their nineties.

Seo disclosed that the payments could possibly be handled by the Seoul-based Foundation for Victims of Forced Mobilization by Imperial Japan.

ADVERTISEMENT

Shim Kyu-sun, the foundation’s chair, remarked that the payments could be funded by South Korean firms that benefited from Japanese economic assistance when the countries normalized their ties in the 1960s, such as steel giant, POSCO.

Seo Min-jung noted that government officials have planned to meet the victims and their family members in person to explain the payment plans and seek their consent.

Japanese Companies’ Apology Impossible

The South Korean Official, Seo Min-jung iterated that it would be “impossible” to make the Japanese companies apologize on behalf of the broader forced labor issue, which has fueled mutual frustration between the countries for decades.

“It would be important that Japan sincerely maintains and inherits the poignant expressions of apology and remorse that it already expressed in the past. The Japanese companies have reduced much of their economic activity in South Korea and withdrawn (many of their) assets, so it’s not even clear whether a liquidation process would be enough to provide compensation to the plaintiffs.”  

Seo Min-jung

Lim Jae-sung, a lawyer who represented the plaintiffs in the 2018 rulings, accused the government of pushing ahead with a settlement that excessively aligns with Japan’s position while ignoring the voices of victims.

“It seems that the South Korean government’s finalized plan is to use the money by South Korean companies like POSCO to allow the Foundation for Victims of Forced Mobilization by Imperial Japan to eliminate the forced labor victims’ rights to receivables.”

Lim Jae-sung

Lim iterated, “Japan doesn’t take any burden at all.”

Japan insists that all wartime compensation issues were settled under a 1965 treaty normalizing relations between the two nations that was accompanied by hundreds of millions of dollars in economic aid and loans from Japan to South Korea.

READ ALSO: UAE Nominates Oil Company CEO To Lead COP28 Climate Talks

ADVERTISEMENT

Sign Up to Our Newsletter

Fresh updates, Straight to your inbox

Tags: JapanpeacerepatriationsSouth Korea
Please login to join discussion
Previous Post

Revised E-levy: GRA To Repay Customers Wrongfully Overcharged

Next Post

Michael Blackson Turns Down Requests To Stand As President

Related Posts

afp newsml.afp .com .20261016T073547Z.doc d3g37xc 1792136975
Asia

Pezeshkian Warns US-Iran War Risks Long-Term Environmental Damage

October 16, 2026
afp 6ad1d5b45a82 1792136628
Asia

India Tightens Security Ahead of Fresh CJP Protest

October 16, 2026
Fighters recruited into the Houthi group ride on top of an armoured personnel carrier in a demonstration to show solidarity with Palestinians in the Gaza Strip, in Sanaa, Yemen, August 24, 2024.
Asia

Saudi Arabia Accuses Iran Of Fueling Houthi Attacks

October 15, 2026
download 60
Asia

School Roof Collapse In Pakistan Kills 29

October 15, 2026
ADVERTISEMENT

Sign Up to Our Newsletter

Fresh updates, Straight to your inbox

ADVERTISEMENT

Recent News

Barcelona players jubilate after scoring against Real Betis

Barcelona Thump Betis to Extend Winning Streak to 11 Games

October 17, 2026
Hearts of Oak secure first ever win at the Nii Agjei Kraku II Sports Complex

Hearts Hand Vision FC First Home Defeat

October 17, 2026
Greater Accra Regional Director of Health Service, Dr. Robert Amesiya,

Ghana Records Over 5,000 Breast Cancer Cases Annually

October 17, 2026
NJ Ayuk, Executive Chairman, African Energy Chamber

AEC Chief Urges Africa to Mobilise Capital for Energy Development

October 17, 2026
Ukraine's President, Volodymyr Zelenskyy.

Zelenskyy Bemoans Trump’s Waiver Of Russia Sanctions In Graham Act

October 17, 2026
ADVERTISEMENT
Next Post
Michael Blackson

Michael Blackson Turns Down Requests To Stand As President

The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Ok

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.