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Shin Hak-cheol, chief executive and vice chairman of LG Chem, speaks during the company's general shareholders meeting held at the headquarters building in Seoul , Thursday. (Yonhap) |
Shin Hak-cheol, chief executive and vice chairman of LG Chem, on Thursday vowed to get proper compensation from SK Innovation for stealing its battery technologies.
“We can’t easily let go of this case for the general good of global companies that are developing technologies on the belief of fair competition and clients who make purchases on the belief they were lawfully made,” Shin said at the company’s general shareholders meeting held at the headquarters building in Seoul on Thursday.
The US International Trade Commission in February sided with LG Chem, which last year spun off its battery business unit into LG Energy Solution, in a high-profile case lodged against LG’s crosstown rival.
The top trade court confirmed that SK Innovation misappropriated 22 trade secrets of LG Chem while developing electric vehicle batteries. It also issued a 10-year import ban on SK Innovation, but gave temporary permits to SK Innovation to supply components to its clients Ford Motor and Volkswagen.
Since the ruling, SK Innovation has gone all out to overturn the ban, appealing to US President Joe Biden, who has the right to overturn the commission’s decision. Biden and the United States Trade Representative have until April 11 to decide whether or not to exercise the veto right.
Shin expressed regret over SK Innovation’s refusal to accept the US trade panel’s ruling, as well as its lobbying efforts to nullify the decision.
“The International Trade Commission’s ruling on trade secret misappropriation and its comments on its corporate culture underlines the graveness and seriousness of this case,” he said.
It is regrettable that SK Innovation refuses to accept the ITC’s decision and treats it as if it was caused by the company’s inexperience in handling such disputes in the global scene, he said.
“Not infringing on rival companies’ intellectual property, including trade secrets, is one of basic principles that a company should adhere to,” he said.
By Shim Woo-hyun (
ws@heraldcorp.com)
