Prosecutors in South Korea have indicted the chief executive and eight other employees of Toptec Co for allegedly selling information about Samsung’s flexible OLED displays to a Chinese company. The charges detail that the company received more than $13.8 million for the information, Bloomberg reports.
Toptec, a Samsung supplier that manufactures display-related equipment, has denied the charges in a statement. “Our company has never provided Samsung Display’s industrial technology or business secrets to a Chinese client. Our company will fully cooperate with legal proceedings to find the truth in court.” The company’s share price is down 20 percent at the time of writing.
Samsung’s flexible display tech probably makes you think of their weird and yet-to-be-released foldable phone that they just showed off earlier this month. Samsung’s been deep in the flexible display business for a while though even if their bends have been less acute like the designs of much older handsets like the Galaxy S6 Edge.
The Chinese company was not named in the suit though there are a number of companies working to produce flexible displays for smartphones.
South Korea’s national interests are deeply intertwined with the business dealings of Samsung, and the threat of intellectual property theft to China is one which they seem to be taking very seriously. We have reached out to Samsung for comment.