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LG Chem will not let SK Innovation get away from its responsibility as the company vowed to make its rival pay compensation that is rightfully due to them. This is in connection to the patent dispute where the U.S. International Trade Commission affirmed that SKI indeed stole LG’s battery technologies.
LG Chem’s official demand from SKI
On March 25, LG Chem’s chief executive officer and vice-chairman, Shin Hak Cheol, vowed to get proper compensation from SK Innovation for the violation it committed against them. He is apparently demanding for its rival company to do what it was supposed to do after losing in their battery patent dispute.
The USITC already repeatedly confirmed that SK Innovation misappropriated 22 of LG Chem’s trade secrets while developing its own batteries for electric vehicles. The agency slapped SK with a 10-year import ban to the U.S. and other countries.
Then again, the commission gave a special permit for the company to supply car parts to Volkswagen and Ford for four years. The given time is to allow the affected automakers to look for another supplier as SK will not be able to for the duration of the ban.
SK’s response to the ruling
Now, since the USITC handed down its verdict, SK Innovation did not approach LG to arrange for the compensation that was included in the order. Rather, the company did everything it can do to reverse the ruling and to the extent of making an appeal to US President Joe Biden since he has the power to overrule the decision.
LG’s chief Shin Hak Cheol expressed disappointment over SK Innovation’s actions. He said he regrets SK’s refusal to accept the ruling and instead urging officials to dismiss USITC’s decision.
“The extent of details the U.S. International Trade Commission (ITC) went through to describe SK Innovation’s misdeeds underscores how gravely it had found their transgression in business secrecy,” Pulse News quoted Shin as saying on Thursday.
He added, “Respecting a rival’s intellectual property rights such as trade secrets is a basic principle we must uphold at a time when the environmental, social and governance (ESG) strategy has become high priority.”
Finally, Shin said that LG Chem can’t easily let go of this case against SK Innovation because the company believes in fair competition which everyone in the industry should respect and abide by. He added that this case is very serious as it involves violations to trade secrets so offenders must properly atone for their wrongdoings.
