SKI sues LG Chem in Seoul, South Korea, seeking 1 billion won in damages

South Korean power battery company SK Innovation (hereinafter referred to as "SKI") announced that it will sue another power battery company LG Chem in the Seoul Central District Court of South Korea, demanding an apology and compensation for the groundless accusations against SKI, and demanding LG Chem to pay 1 billion won in compensation. Previously, LG Chem had sued SKI for unfair competition and stealing its trade secrets in the U.S. International Trade Commission (ITC) and the Delaware Court.

The head of SKI said in an interview with Caixin and other media on June 11 that LG Chem's groundless accusations against SKI have reached an unbearable point, so SKI has to respond strongly. It also stated that if an internal investigation finds that the damage caused by LG Chem's groundless accusations is greater than 1 billion won, the amount of compensation requested will be increased.

In May this year, LG Chem filed a lawsuit in the United States against SKI, another South Korean electric vehicle battery technology company, accusing the latter of stealing its trade secrets. It is reported that since 2017, SKI has poached a total of 76 core personnel from almost all areas of its battery business, including R&D, production and quality control, thereby stealing technology and infringing on its trade secrets.

SKI stated that LG Chem's accusations against SKI would not only affect the interests of the company, but would also reduce the country's overall industrial competitiveness and have a negative impact and reputation on Korean products.

Currently, SKI only produces electric vehicle batteries in South Korea, but plans to start mass production at its factories in Hungary and the United States in 2020 and 2022, respectively.