Toss-Next Securities ‘confidential leak’ battle… 1 person sent to police investigation (comprehensive)

Regarding the suspicion of trade secret leakage raised by Toss Securities against Next Securities, the police ruled that there were 'no charges'. However, the police decided to forward one former developer at Toss Securities after finding that the charges were acknowledged.

According to the police and the financial investment industry on the 3rd, the Seoul Metropolitan Police Agency's Industrial Technology Protection Investigation Unit despatched Next Securities and its officials, who are suspected of violating the Unfair Competition Prevention and Trade Secret Protection Act, on the 31st of last month for reasons such as no charges.

The police judged that there was insufficient evidence for their charges or that they did not constitute a crime under the law.

However, on the same day, the police sent Mr. A, a former developer at Toss Securities, to the Public Prosecution Office on charges of violating the Unfair Competition Prevention Act.

Last January, Toss Securities submitted a complaint to the Seoul Metropolitan Police Agency, claiming that Mr. A, who had resigned from the company, exported the source code and delivered it to Next Securities, resulting in unauthorized export and use of core technology related to the overseas stock trading system.

Next Securities is said to have explained to the investigative agency that it has never hired this developer as an employee and has never received or used confidential trade information from Toss Securities.

It is reported that Toss Securities will confirm the reasons for non-delivery to Next Securities officials and review follow-up procedures, such as filing an objection.