Samsung is one of the top consumer electronics manufactures in the world. The company has its hands in everything from TVs and PCs to smartphones and fridges. As a matter of fact, Samsung does a lot more in its native country of South Korea than it does here in the United States. If you ever get to visit South Korea, you will see the company has its brand in just about everything.
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So protecting trade secrets is a considerable deal for them, as it is with any large and successful manufacturer. Reuters is reporting that former Samsung executive Choi Jinseog has been named in an indictment where he was involved in trying to procure trade secrets for his new employer, Foxconn.
Foxconn is well-known for making components for multiple companies in the consumer technology space, most notably, Apple.
According to Reuters. “Prosecutors announced the indictment on June 12, saying the theft caused more than $200 million in damages to Samsung Electronics (005930.KS), based on the estimated costs Samsung spent to develop the stolen data. The announcement did not name Choi and gave only limited details, although some media subsequently identified Choi and his links with Foxconn.”
“The unreleased 18-page indictment, reviewed by Reuters, provides details in the case against Choi, including how he is alleged to have stolen Samsung’s trade secrets and details about the planned Foxconn plant. Choi, who has been detained in jail since late May, denied all the charges through his lawyer, Kim Pilsung. Within months, Choi had poached “a large number” of employees from Samsung and its affiliates and illegally obtained secret information related to building a chip factory from two contractors, prosecutors allege.”
Companies go to great lengths to protect their patents, secrets, and assets. Incidents like these end up costing companies not only in assets, but time and money to prosecute.
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