According to court documents released on Tuesday, a South Korean court has decided to release on bond a former executive of Samsung Electronics (005930. KS) who is accused of stealing confidential information generated by the technology giant.
Prosecutors suspect that the former CEO, Choi Jinseog, a South Korean chip specialist, took knowledge developed by the world’s top memory chipmaker to assist his client in setting up a chip plant in China. This case highlights the nation’s efforts to crack down on industrial espionage. Choi Jinseog is accused of stealing the information.
Choi has refuted the allegations against him. On November 10, according to the district court records in Suwon, located south of Seoul, a bail request for Choi was allowed, but the court did not provide any other information.
Although Choi’s attorneys were not immediately available for comment, a source close to Choi stated unequivocally that he had been freed after posting bond. There was no instant response from Samsung Electronics in the form of a remark.
The high-profile criminal case brought against Choi, an award-winning engineer once viewed as a star in South Korea’s chip business, underscores an effort by Seoul to foil industrial espionage and limit China’s advance in chip production. Choi was previously seen as a star in South Korea’s chip industry.