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Hi Air Korea fined $1.9 million for technology misappropriation by the KFTC

( November 10, 2024, 03:02 GMT | Official Statement) -- MLex Summary: Hi Air Korea, a South Korean supplier of marine air systems, has been fined 2.6 billion won ($1.9 million) by the country’s competition regulator for stealing key technology from one of its subcontractors and retaliating after the subcontractor filed a complaint to the regulator. The fine is the largest amount ever imposed for technology misappropriation by the regulator. The Korea Fair Trade Commission also decided to refer the company and its CEO to prosecutors. Hi Air Korea is one of the largest suppliers of the air flow and air conditioning systems for major shipyards, holding 98 percent of domestic market share and 40 percent of global market share, according to the KFTC.The statement, in Korean, is attached. ...

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