Samsung executive indicted

 

A former Samsung executive has been indicted in South Korea for allegedly stealing company technology to form a rival China-based chip factory.  The individual, who was not identified due to privacy laws, is accused of illegally obtaining proprietary information and engineering secrets from Samsung to set up and operate the new factory. The executive, who was also a VP at memory chip producer SK Hynix, attempted to build the chip-making facility near Samsung's semiconductor factory in Xi'an, China. Additionally, the defendant allegedly recruited around 200 employees from local chip producers, including Samsung. Prosecutors estimate that the data theft caused losses of at least 300 billion won ($233M) for Samsung. Six other individuals, including a Samsung subcontractor, have been indicted in connection with the case. The case highlights China's ongoing efforts to acquire South Korean tech and the stricter punishments in South Korea for related offenses.