Police Arrest Five Securities Workers for Corporate Spying

The police applied for arrest warrants for five individuals suspected of passing secret data and technology from their company to the company's competitor.
The police announced that the five suspects, who had worked for Samsung Securities, resigned from the company in July and August and joined Samsung's competitor, identified only as D Securities, but not before supplying secret data and technology of Samsung's cyber trading to D Securities.
Samsung said that the five, including the former head of its Internet Business Team, Mr. Yang, were the core employees of its online team.
The police are now investigating the origins of 26 reports found at D Securities' office.
Samsung Securities insisted, 'We have invested 10 billion won annually into cyber trading since 1996. About 70 billion won in losses is expected from their surreptitiouse use of data and technology.'
However, the five suspects denied any wrongdoing, saying, 'We moved to D Securities based on personal motivation. The reports were just included during the move from Samsung.'
A D Securities' spokesman stated, 'We have no knowledge or relation with the allegations.'
The stakes involved in the cutthroat business of online trading are enormous as cyber trading on the Internet soared to 260 trillion won at the top five securities companies as of the end of October this year, a 30-fold jump over the same period last year.
Kang Joo-an : jooan@joongang.co.kr