US prosecutors charged China’s Sinovel Wind Group (601588.SHA) with stealing trade secrets from its former supplier American Superconductor (AMSC.NASDAQ), Bloomberg reported. A court in Madison, Wisconsin indicted two executives in addition to the firm itself for conspiracy, theft of trade secrets and fraud. Prosecutors allege the two executives received a source code developed by the US firm from former American Superconductor employee, Dejan Karabasevic. The US firm claims the theft cost them $800 million, but its four lawsuits against Sinovel have been bogged down in Chinese courts by procedural disputes for two years.
China Economic Review