Seoul Semiconductor (KOSDAQ: 046890) announced Sept. 21 that Seoul Semiconductor, a former executive and two former employees of Seoul Semiconductor, was to be detained by the 4th International Crime Investigation Unit of the South Korean Regional Police Department in Gyeonggi-do on suspicion of leaking Seoul to its Taiwanese rival Everlight Electronics. Semiconductors cost 560 billion won and 7 years of development of automotive LED technology.
The three men will be detained and transferred for review and prosecution for violations of the Prevention of Leakage and Protection of Industrial Technologies Act and the Anti-Unfair Competition and Trade Secrets Protection Act; under the Prevention of Leakage and Protection of Industrial Technologies Act, billions of CEOs and billions of photoelectric subsidiaries responsible for technology leaks have also been filed.
Seoul Semiconductor believes its former executive, dissatisfied with wage negotiations, used technology illegally acquired from Seoul Semiconductor as a chip to join Taiwan's billion photoelectronics, with a high salary as vice president.
In addition to the case, Seoul semiconductor has filed five LED patent infringement suits against Taiwan billion optoelectronics.
Yong Tae Lee, executive vice president of Seoul Semiconductor Compliance, said: "We estimate that if the three employees are not found, Seoul Semiconductor will lose 560 billion won in research and development spending over seven years and will hit its current annual sales of 1 trillion won."
"The police will track down suspects who have leaked technology overseas through all legal procedures, even if the suspect has fled the country," the local police department in southern Gyeonggi said. In cooperation with the authorities concerned, the police will also take measures to enable them to restrict imports/exports and prohibit the entry of foreign company personnel engaged in industrial espionage. In addition, the police will continue to work to recover the economic losses caused by technical leaks. "
Seoul Semiconductor invests about 10% of its sales annually in the development of LED technology, making the first automotive LED in South Korea in 2011. With unremitting efforts, Seoul Semiconductor currently holds more than 12,000 patents, and is listed as one of the top companies in the world by the Patent Strength Assessment compiled by IEEE (Association of Electrical and Electronic Engineers), a global electronics and electrical technology professional organization based in the United States. Seoul Semiconductor is the world's fourth largest LED manufacturer, and the global LED lighting market is currently 37 trillion won, and the market is expected to reach 52 trillion won in the future.