South Korea indicts nine people over Samsung trade secrets

South Korea charges 9 people with selling Samsung secrets to China

Samsung tech secrets sold to Chinese competitor

South Korean prosecutors on Thursday said they have indicted nine people on suspicion of leaking Samsung Electronics Co flexible display technology to a Chinese company.

Samsung is the market leader for smartphone- and tablet-sized OLED displays. They then sold the documents in China, earning 15.5 billion won ($13.8 million).

According to prosecutors with South Korea's Suwon District Prosecutor's Office, Samsung spent six years and around $130 million developing a bendable display for folding phones. Three out of the 11, including the company's CEO, have been arrested and are awaiting trial. The names of the companies and individuals weren't disclosed.

The Korean giant relies heavily on Chinese manufacturers to produce and supply the company with OLED panels and is sold to other brands as well. The company said that they want to find out the truth as they have never provided Samsung's business information or industrial technology to any of its Chinese clients. Ltd. for selling information earlier this year about Samsung's OLED panels. The firm promptly moved to dual curved edges which it continues to use as one of the main unique selling points of its Android flagships. The increased demand from China boosted the company's profits over the last several years and combined with a rise in chip sales allowed Samsung to reach unprecedented highs, posting one record-breaking quarter after another.

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These days, Chinese companies are trying to steal South Korea's technology in various ways.

A race has started in the tech world ever since Samsung announced that it plans to introduce the world's first foldable smartphone at the Mobile World Congress stage in 2019.

Toptec's offices were raided by prosecutors in the Far Eastern country in mid-September as part of an incestigation that led to today's indictments.

In a separate statement sent to Reuters, Toptec denied any wrongdoing.

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