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STX execs busted for technology theft

STX execs busted for technology theft

Seoul: Korean prosecutors have indicted six executives at a unit of STX Shipbuilding, the world's fifth-largest shipyard, for allegedly stealing technology from Doosan Heavy Industries and Construction.The unidentified executives, formerly employed by Doosan Heavy, took files with them when they left to work at unlisted STX Heavy Industries, the official in charge of the case at the prosecutors' office in Seoul said yesterday by phone. Two of the people were detained, the prosecutor added, declining to be identified.The information was used in June to bid for a desalination project in Saudi Arabia, the prosecutor said. The stolen technology may incur a 1.7 trillion won ($1.8 billion) loss in development costs and potential sales for Doosan Heavy, the company, Korea's biggest maker of power generators, said on Nov. 9. Technology transfer court cases have been rocking Seoul courts this year both in the shipbuilding and automotive sectors. [22/11/07]

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