Ssangyong offices raided in SAIC technology leak?

Seeing as SAIC is a major stakeholder in Ssangyong (51%) why would anyone get upset about ‘leaking’ hybrid information to them?


CNN reports:

South Korea’s Ssangyong Motor Co. said Sunday it has never leaked hybrid car-related technologies to China’s SAIC Motor Corp.

“As core technologies of hybrid cars are being developed not by Ssangyong but by its partner companies, Ssangyong is not in the position to leak any hybrid technologies to SAIC (Motor),” Ssangyong spokesman Lee Kyo-Hyun told Dow Jones.

He was speaking in response to reports that prosecutors on Friday had raided the head office of its Pyeongtaek plant in an investigation into whether Ssangyong has illegally leaked hybrid technologies to SAIC Motor since 2005.

The spokesman confirmed prosecutors raided the Pyeongtaek office and had taken some documents.

In 2005, SAIC - a longtime partner of General Motors Corp. (GM) and Volkswagen AG (VLKAY) in Shanghai - paid about $500 million for a 51.33% stake in the sport utility vehicle-focused carmaker.

“As SAIC Motor already has technologies to mass produce hybrid cars, it is even considering transferring the technologies to Ssangyong,” said Lee.

[Source : China Car Times]