The vice chairman of LG Chem, the parent company of LG Energy Solution, said on Thursday that SK Innovation must pay a reasonable compensation for stealing trade secrets.
LG Chem vice chairman Shin Hak-cheol said it was a “shame” that SK Innovation wasn’t accepting the ruling made by International Trade Commission (ITC). He was speaking to reporters at the company’s shareholders’ meeting.
LG won’t let the issue go ambiguously and was working to make sure a Presidential veto isn’t enforced against the ITC’s ruling, Shin added.
In February, ITC ruled that SK Innovation stole trade secret of LG Energy Solution over battery technology. The commission had ordered a 10-year important ban against SK Innovation.
SK Innovation has hired former attorney general Sally Yates as an advisor in the case, and requesting that President Joe Biden veto the ITC’s ruling against it.
The state of Georgia is also asking the two Korean firms to settle the dispute.
On the recent fires on Hyundai Kona EV, which LG supplies the batteries for, the vice chairman said the company was still investigating the precise cause.
On Volkswagen planning to manufacture its own batteries, Shin said the battery industry was at its early stages and companies in automobile, components and batteries were all collaborating together. LG will continue to spare nothing in investing in development of next-generation batteries to secure a global supply chain, he added.