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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Sinovel charged in stealing US trade secrets

trade secrets
trade secrets

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Turbine manufacturer charged in intellectual property theft case

A judge ruled that Chinese turbine manufacturer Sinovel Wind Group must pay $59 million in fines due to its attempts to steal trade secrets from wind tech firm AMSC.

Because of the ruling, China was also placed under a microscope, as judges wonder if the country is regulating laws on intellectual property. According to AMSC, the theft of their technology cost them roughly $800 million. However, AMSC reached just a $57.5 million settlement with Sinovel – the remaining $1.5 million will go to the United States.

The relationship between Sinovel and AMSC extends back to 2005 when Sinovel manufactured the turbines and AMSC provided the technology for them. Prosecutors determined that in 2011, Sinovel partnered with AMSC to steal parts of their software. The turbine manufacturer also refused to pay AMSC for services it had agreed to buy.

AMSC demanded $1.2 billion from Sinovel for stealing its Low Voltage Ride Through software. They claim that the Chinese-based company has used the tech in over a thousand turbines. Consequently, this $57.5 million case is an overwhelmingly minor victory for the company.

Federal prosecutors also determined that the company had fled the United States in 2013 to avoid this potential lawsuit. While Chinese intellectual property espionage was initially brought up under the Obama administration, President Trump recently reintroduced the topic.

Clearly, it is a problem, as seen in just this one case. If AMSC is right that Sinovel essentially cost their company over $800 million, the exploration of other cases may be worth the Justice Department’s time.

 

Featured image via Public Domain Pictures


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