ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Airbus Korea, Boeing Korea Execs Under Criminal Investigation for Violations of Penal Code; Could Face 7 Years Imprisonment

1a9418f03 in one1cpolice short20b2817098a847a8e23114a 1 copy 2 1

SEOUL, South Korea / New York, NY – South Korean authorities recently commenced criminal investigations for executives at Airbus Korea Limited and Boeing Korea LLC, under Penal Articles 225(1) and 230 of the Patent Act for infringement. Under Chapter XII Penal Provisions, the CEOs could face up to seven years in prison.

The prosecution, which includes Loic Porcheron, managing director of Airbus Korea, and Eric John, president of Boeing Korea, follows a lawsuit Xene filed in May 2022 against Dutch composite global giant Nouryon BV. The lawsuit, filed in U.S. District Court for the Eastern District of New York, case number CV-22-2850, alleges Nouryon used Xenecore, Xene’s patented foam-based carbon composite material and manufacturing process, to make parts for 1,000 other companies. 

Xene is seeking $6.3 billion in damages from Nouryon and the other companies. Two of those entities, Diadem Sports and Lantor Composites AB, were identified by name in the lawsuit. The rest were referred to in court documents as “John Does #1 to #1003.”

On July 5, 2023, Xene filed a brief stating Nouryon encourages companies like Boeing, General Electric, and Evonik to carry out the Xenecore process. 

In 2014, Nouryon agreed to distribute and sell the Xenecore material and process to customers for both companies for mutual monetary benefit. However, Xene alleges Nouryon did so without sharing the profits with Xene and continues to sell the Xenecore material and process to a host of its customers.

Noryoun has filed a motion to dismiss the lawsuit due to an alleged lack of jurisdiction and another motion to dismiss based on Xene’s supposed failure to show evidence of Noryoun’s direct patent infringement.

Xene began producing carbon fiber tennis rackets in 2010.  It then expanded the use of its microsphere products into other applications, including drag-based wind turbine blades called the Fanturbine. Xene claims the Fanturbine captures exponentially more wind energy than traditionally shaped aero blades. A story on the Fanturbine was featured in the July 2023 edition of Composites World Magazine.

Xene claims the technology proves Newton’s Law on Conservation of Energy overrules a century of Betz’s theories that drag causes a “loss of energy.” According to Newton’s Law, drag energy cannot be lost. Fan-type blades convert it into energy and provides exponential power over “lifting” with the conventional aero-type blades.

A recent study proves that 100-meter fan blades can extract more than 1 gigawatt of energy from the wind, and a 30-blade drag array can capture 3 gigawatts of energy. The paper reports that wind energy available for extraction is more than 20 million times that of solar per square meter of real estate, making it the best solution for climate change. The report can be downloaded here.  

The study follows a white paper by Paulo Abdala, an aeronautics professor, showing that by using drag over lift, 14-megawatt turbines could output 1.4 gigawatts of energy, 100 times more than current conventional technology.

The court documents Xene filed reference a video showing how the microspheres are used in the manufacturing of Airbus parts.

The company is seeking counsel in 25 countries in Europe, Asia, and Central America to commence criminal cases against CEOs of Airbus, Boeing and other makers, distributors, and end users of airlines, wind turbines, automobiles, boats, construction companies, transportation composites and composite sporting goods who are infringing on their patents. Those include ­­companies and CEOs in Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Monaco, Norway, Portugal, Spain, Sweden, Switzerland, The Netherlands, United Kingdom, Turkey, Iceland, Poland, Japan, China and Mexico.

Amongst the additional named Joe Doe defendants are General Electric, Siemens, Vestas and automobile makers in Europe.

CASE INFORMATION
Xene corp v Nouryon et al
US District Court for the Eastern District of New York
No. 22-CV-2850



Journalism and content for distribution- news and stories in politics, law, finance, current events.

Bae Y Joon
99745266
baeyjoon1998@naver.com
Press Contact : Bae Y Joon
https://vimeo.com/863097241

Distributed by Law Firm Newswire
Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.