POSCO said it is still negotiating a legal settlement with Nippon Steel & Sumitomo Metal Corp regarding corporate espionage. The issue received widespread publicity after newspapers reported that a South Korean steel company was in talks to pay the Japanese company about 30 billion yen ($ 250 million) in compensation for alleged corporate espionage.
POSCO and Nippon Steel officials said the claims filed in April 2012 remain unresolved. South Korea's Hungere newspaper was the first to report the proposed amount on Monday, and Japan's Yomiuri said the same day that the companies could reach an agreement later this month.
Nippon Steel wants to recover about 100 billion yen from POSCO in damages to its Japanese block after a former Nippon Steel engineer allegedly acquired steel technology. Nippon Steel has filed lawsuits in Japan and the United States. POSCO denies these allegations.
Nippon Steel opened an investigation in 2008 after former POSCO employee Lee Seok Joo, who was convicted of selling POSCO technology to a Chinese steel company, told the court that the technology was originally owned by Nippon Steel.
POSCO shares were down 2.1 percent on Tuesday morning, while the broader KOSPI remained unchanged. Nippon Steel shares were unchanged, while the Tokyo market climbed 1.2 percent.
($ 1 = 120.3500 yen)
POSCO in talks with Nippon Steel to resolve espionage issues
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Azovpromstal® 15 September 2015 г. 09:23 |
