The U.S. International Trade Commission (ITC) believes Ford Motor (NYSE:F) was deliberate in pursuing battery deals with SK Innovation. The body said that there was sufficient evidence showing that SK Innovation double-crossed LG Chem when it misappropriated its trade secrets.
SK is guilty
Reports also indicate that the South Korean electric vehicle (EV) battery maker has been doing everything within its means to destroy important documents that could be used as evidence against it. The ITC ruling finds SK guilty and wants to hold it accountable for the misappropriation of LG trade secrets. Reports show the secrets as being worth billions of dollars. ITC clears all doubts surrounding SK’s involvement. It is now more evident than ever that SK is guilty, and it committed the crime repeatedly.
The ITC dismisses SK’s Innovation, terming it as being about a decade behind LG’s. SK is said to have stolen massive trade secrets documentations, and that Ford turned a blind eye despite knowing the truth.
ITC stands with the truth
The ITC supports LG Chem, asserting that it was telling the truth about the theft case. It discloses that SK Innovation (SK) might have a considerable price to pay. It was considering the plan to ban it from importing lithium-ion batteries into the United States over a 10years timeframe.
ITC communicated its take on the matter through a redacted version of its full 96-page opinion, and it is clear it has many doubts with Ford. It questions how the second-largest U.S. automaker fell victim to SK Innovation even after the truth about SK’s misconduct came to light.
Ford is at cross-roads considering the allegations being leveled against it, in which case it needs to explain why it tolerated SK’s egregious misconduct. The truth is that SK is guilty as charged, but the accomplices also need to be brought to book.
Freddy comes out as the sort of company that wanted to continue gaining from a bad deal, and now it must face its fate. Critics point an accusing finger at Ford, saying that it seemed happy in its continued cultivation of prospective business ties with SK. Trade secret misappropriation continues haunting many sectors worldwide, but the guilty parties will face the consequences, according to the U.S. International Trade Commission (ITC).