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South Korea, Japan near landmark deal on wartime labour dispute

South Korea and Japan may be near resolving a dispute over colonial-era forced labour that has overshadowed political and trade relations between the two neighbours, with media reports saying Seoul could announce plans on Monday.
The South Korean government plans to announce on Monday morning its solution to the historical and legal dispute over compensating people forced to work under Japan's 1910-1945 occupation of Korea, Japan's Kyodo news reported, citing unnamed diplomatic sources.
The labour dispute and one over women forced into Japanese military brothels have bedevilled ties between the two pivotal U.S. allies for years.
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South Korea's foreign ministry, asked about the reported agreement, said negotiations were ongoing.
"The government is continuing to consult in various ways between diplomatic authorities at all levels in order to come up with a reasonable solution that meets the common interests of Korea and Japan as soon as possible," it said in a statement.
Japan's Cabinet Office and Foreign Ministry did not immediately respond to phone and email requests for comment.
Relations plunged to their lowest point in decades after South Korea's Supreme Court in 2018 ordered Japanese firms to pay reparations to former forced labourers. Fifteen South Koreans have won such cases, but none has been compensated.
The row spilled over into a trade dispute. Japan has maintained the compensation issue was settled under earlier treaties.
'VOLUNTARY' FUND, SUMMIT
Seoul unveiled a plan in January to compensate former forced labourers through a South Korean public foundation. The proposal sparked backlash from victims and their families because it did not include contributions from Japanese companies, including those ordered by South Korean courts to pay reparations.
Japan could allow its companies to "voluntarily" contribute to the foundation, and the two governments are aiming for South Korean President Yoon Suk-yeol to visit Japan this month, Kyodo reported.
South Korea's Yonhap news agency, citing unnamed government sources, said Seoul and Tokyo had tentatively agreed to create a "future youth fund" to sponsor scholarships for students as part of the deal.
The fund would be jointly formed by the Federation of Korean Industries, South Korea's big business lobby, and its Japanese counterpart, Keidanren, the report said.
Japan's Nikkei reported that a Korean foundation would pay compensation on behalf of Japan, and the Japanese side would acknowledge expressions of apology and reflection made by previous administrations.
Prime Minster Fumio Kishida plans to say he is extending past statements on wartime forced labour, which include an apology for Japan's colonialism, Japan's Yomiuri reported on Saturday.
The newspaper said Tokyo could lift restrictions on exports of key electronics components to South Korea, as part of a deal for Seoul to withdraw its complaint to the World Trade Organization over the trade dispute.
The conservative Yoon, who took office in May, has vowed to improve ties with Japan. In September, he met Kishida in the two countries' first summit since 2019.
On the dispute over Korean women forced into wartime brothels, euphemistically called "comfort women", a 2015 agreement that was supposed to "irreversibly" resolve the claims fell apart after backlash from many of the victims.
Source: anews
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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