Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Former STX Marine Service employee indicted for leaking power plant technologies to Iraqi subcontractor
A diesel power plant managed by STX Marine Service in Iraq / Courtesy of STX Marine Service
By Park Jae-hyuk
A former employee of STX Marine Service was indicted last Thursday for allegedly leaking key technologies and information about the company’s Iraqi power plant management project to a subcontractor in the Middle Eastern country, the ship and power plant management service provider said Monday.
The former employee is alleged to have leaked core technologies about STX Marine Service’s power plant management project between 2020 and 2021, after establishing a company in collusion with the Iraqi subcontractor when he worked for the Korean firm.
In 2021, STX Marine Service received several awards for its diesel power plant management project in Iraq, which created jobs for about 100 Koreans and around 700 Iraqis. The company emphasized that the project has enabled the inflow of $80 million into Korea every year.
“In collusion with the Iraqi subcontractor to take the $500 million project from our company, the former employee nullified our private contract with the Iraqi government and participated in a public tender for the project by utilizing trade secrets he stole from us,” an STX Marine Service official said.
STX Marine Service called for public attention to this matter, claiming that the stolen secrets are related to national security. The company added that a separate police investigation is underway for the former employee’s provision of unfair profits to the Iraqi subcontractor and supply of low-quality lubricant, which damaged the power plant’s engines.