South Korean firm agrees to pay US$2M in DuPont trade secrets case
Company looked to develop product similar to one manufactured by DuPont, according to court papers
RICHMOND, Va.—A South Korean chemical company has agreed to pay US$2 million to settle a criminal complaint alleging attempted theft of a competitor’s trade secrets.
The complaint against Toray Chemical Korea Inc. was filed this week in United States District Court in Richmond, Va.
In an accompanying deferred prosecution agreement, Toray admitted the allegations are true and agreed to pay the penalty and take corrective actions.
The government agreed to drop the case after two years if Toray complies with the agreement.
According to court papers, Toray sought to develop a fibre used in protective fabrics, electrical insulation and other products that is similar to a fibre manufactured by DuPont.
Toray hired or tried to hire as consultants former DuPont employees to obtain information about the DuPont product.
In March, two men were found guilty of economic espionage for stealing and selling DuPont technology to a competitor controlled by the Chinese government.