LG Display revealed that Sharp issued a public statement saying that it had decided to accept the ruling of the Singapore International Arbitration Center (SIAC), that is, to pay 11.75 billion yen (about 618 million yuan) in compensation to LG Display. LG Display and Sharp filed a petition for arbitration with SIAC on December 6, 2019, citing violation of the patent use contract.
According to BusinessKorea, in December 2013,The two companies entered into a cross-licensing contract for the mutual use of intellectual property in the display fieldbut LG Display believes that Sharp violated the contract in a specific area and applied for arbitration. Since the details of the arbitration must be kept confidential, LG Display did not specifically disclose which part of the contract Sharp violated.
It is reported that LG Display initially sought compensation of 840 million US dollars (about 5.62 billion yuan). However, SIAC ruled that Sharp should pay LG Display a compensation amount of US$95.19 million (about 637 million yuan). That’s roughly triple LG Display’s 38.3 billion won operating profit in the first quarter of 2022. The date of payment of the compensation has not yet been determined.
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