South Korea seizes Japanese steel firms' shares in forced labor dispute

South Korea has seized shares of two Japanese steel companies in connection with lawsuits over forced labor during Japan's colonial rule, Japanese daily Sankei reported Friday.

The move follows legal action by South Koreans who said they were forced to work for Japanese firms during World War II.

The seized holdings include 460 million won ($333,000) worth of shares from Nippon Steel and 320 million won ($231,000) from JX Metals.

The support group representing the plaintiffs demanded that the companies "acknowledge the fact of forced labor, apologize, and provide compensation."

Analysts said it could take time before the seized shares are sold and converted into cash for compensation.