South Korea: Court Bans Executives from Switching to Rival Company for Certain Period

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(Apr 02, 2008) The Seoul Central District Court banned 13 former executives of Doosan Heavy Industries and Construction Company from working for the rival company, STX Heavy Industries Company, for from one to three years. Six of the executives were criminally charged with industrial espionage for divulging classified information they acquired from Doosan in November 2007. The court found they took secret data from Doosan that they then utilized to participate in a competitive bid on behalf of STX for a seawater desalination project in Saudi Arabia worth US$2 billion. The court stated that the use of such information to offer a lower bid on overseas projects also results in harm to Korea as a nation. (Raibaru sha dôshi no sukauto gassen, saibansho ga burçki [The court stopped scouting war between rivals], CHOSUNILBO, Mar. 20, 2008; Park Si-soo, 6 STX Executives Indicted for Stealing Technology, KOREA TIMES, Nov. 20, 2007, available at http://www.koreatimes.co.kr/www/news/nation/2007/11/117_14082.html.)

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Last updated: 04/02/2008