The chief executives of South Korea’s two major battery makers LG Chem Ltd. and SK Innovation Co. – met for the first time on Monday since the two have been locked in lawsuits over technology theft issues, but fell short of reaching an out-of-court settlement.

According to the two companies, Shin Hak-cheol, vice chairman and chief executive of LG Chem, and Kim Jun, chief executive of SK Innovation, met on Monday to exchange views on pending legal issues between the two. Although arranged by the Ministry of Trade, Industry and Energy, no government officials joined the meeting.

Shin and Kim shared their opinions on matters related to the lawsuits but the two companies declined to elaborate.

LG Chem and SK Innovation have been embroiled in legal battles at home and abroad over alleged infringement of business information and patent.

In April, LG Chem filed a lawsuit against SK Innovation with the U.S. International Trade Commission (ITC) and federal court in Delaware, accusing the rival of stealing core technology by deliberately and systematically hiring former LG employees. In June, SK Innovation countersued LG Chem in Korea, claiming damages for defamation, and earlier this month, filed a lawsuit with the U.S. ITC over alleged patent infringement.

The two companies have been at odds throughout, although they have been open to CEO meeting for conversation with hopes to resolve legal issues. The government and political circle attempted mediation.

LG Chem demands an apology from SK Innovation, for further dialogue that could include out-of-court financial settlement. LG Group Chairman Koo Kwang-mo and SK Group Chairman Chey Tae-won may have to step in if dispute cannot be settled between the CEOs.

By Han Ye-kyung and Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]