KOREA-JAPAN CONFERENCE

Summary Record of the Fourth Session of the Claims Committee
1. Date, time and place:
March 3rd (Monday), 1952, 10:15 hours-11:45 hours
At Room No. 419, Ministry of Foreign Affairs
2. Conferees:
Same as in the preceeding session.
3. Proceedings:
Through questions and answers exchanged by both sides on the principles of the Korean proposal, clarification was made on the following points:
1) Concerning paragraph 3-return of the monetary accounts transferred and/or remitted from Korea on or after 9 August 1945-the Korean side stated that:
a) “transfer” and/or “remittance” included those made through Post Offices, and “remittee” meant Japanese nationals in Korea on or after 9 August 1945,
b) payment, under this paragraph, would be made by the Japanese Government if or when it is unable to get payment from the Japanese individuals involved, and
c) the problem concerning “transfer” or “remittance” made through the financial institutions in Korea with head offices in Japan and disbursed by those head offices to Japanese individuals concerned without actual movement of funds between Korea and Japan, should be separately discussed hereafter.
2) As to paragraph 4-return of the properties in Japan of juridical persons with head offices in Korea as of 9 August 1945, the Korean side explained;
a) the outline of procedures relating to the disposition of rights owned by Japan or Japanese stock or debenture holders,
b) that the legal capacity (Personlichkeit) of Japanese juridical person in Korea was not recognized by the Japanese Commercial Law but “the Governor-General’s Decree on Civil Code”; and that the present Bank of Korea is entirely a different one from the former Bank of Chosun which is now under liquidation,
c) that only the Chosun Mailship Company Ltd. was nationalized,
d) the outline of process of disposition of vested property by the United States Military Government in Korea, and the Government of the Republic of Korea,
e) that the properties of juridical persons concerned meant all their assets and liabilities,
f) that the bona-fide administration by the Japanese authorities for the properties under this item could be recognized, but further discussion was to be held separately,
g) that the disposition of holdings owned by Japanese members of partnership or foundation was the same as in the case of shares in the limited company; of these, the legal basis of the request for the foundation, e.g., “the Foundation for Japanizing Korean Students in Japan” ( ) was more obvious,
h) that “the Mutual Aid Association for Korean Railway Employees” ( ) was an extraordinary juridical person, against which its members had no claim to their contributions except the right to the residual property, only when it was dissolved,
i) that there was no organization for the “Foundation for Japanizing Korean Students in Japan”, in Korea, and
j) that the detailed inventories on disposition of Japan or Japanese properties in Korea could not be submitted, since those properties were disposed, not separately but in bloc, in accordance with the USAMGIK Ordinance No. 33
3) As regards paragraph 5-repayment of national or public bonds, notes, outstanding obligations and other claims, the Korean side made the following explanations;
a) the “Korean juridical persons” referred therein included the vested companies,
b) the public bonds meant such as those issued by the Hypothec Bank,
c) the Bank of Japan notes in possession of the Government of the Republic of Korea were exchanged for the Bank of Korea notes at par by the directive of the United States Military Government in Korea,
d) the outstanding accounts or advances of the Bank of Japan to the Bank of Chosun meant those which the latter made advance payment for the military use of Japan, without receiving remittance from Japan on or since 9 August 1945,
e) the consolation money to be paid for Koreans dead in the war was to be discussed in the near future, but in this regard, if possible, the information concerning the measures taken by the Japanese Government authorities for Japanese victims were requested,
f) the unpaid salaries for Koreans in Japan should be returned to the Government of the Republic of Korea, and
g) the outstanding exchange balance between Japan and Korea meant the one as of August 9, 1945.
4) Regarding paragraph 6-recognition of the legality of the Korean or its juridical persons’ ownership of the shares or other securities, Korean side stated that;
a) “other securities” included above, meant “bonds”,
b) Japanese juridical person involved, meant the one with head office in Japan, and
c) “legal recognition” would be materialized by giving the newly issued shares to the rightful owner or by other indemnity, but it was to be settled case by case.
5) As to paragraph 7-return of all the interests as have been or will be yielded by the above mentioned properties or claims, Korean side explained that the fruits under this paragraph, indicated interests from bonds, rents from real properties, and interests from reserve funds for pension.
6) Concerning paragraph 8-execution of all those returns and repayments of the accounts, the Korean side desired that they be settled in the shortest time under the spirit expressed in Article 15 of the Peace Treaty.
4. The meeting adjourned at 11:55 hours. Next meeting was set for 14:00 hours, March 6 (Thursday), 1952 at the same conference room.

 

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