Chinese Company Convicted of Trade Secret Theft
The Department of Justice reports that a manufacturer and exporter of wind turbines based in China has been convicted of conspiracy to commit trade secret theft, theft of trade secrets, and wire fraud. Sentencing is scheduled for June 4.
According to a DOJ press release, the Chinese company conspired with others to obtain the U.S. company’s proprietary wind turbine technology to produce its own turbines (and retrofit existing turbines) powered by the stolen technology. Once that was accomplished, the Chinese company refused to honor the contracts it had with the U.S. company for more than $800 million in products and services. DOJ notes that after the theft the U.S. company lost more than $1 billion in shareholder equity and almost 700 jobs, over half its global workforce.