LG display revealed that sharp issued a public statement that it had decided to accept the award of Singapore International Arbitration Center (SIAC), that is, to pay 17.75 billion yen to LG display. LG display and sharp submitted an arbitration application to SIAC on December 6, 2019 on the grounds of violating the patent use contract.
According to businesskorea, in December 2013, the two companies signed a cross licensing contract for the mutual use of intellectual property rights in the display field. However, LG display believed that sharp had violated the contract in specific areas and applied for arbitration. Since the details of the arbitration must be kept confidential, LG display did not disclose which part of the contract sharp had violated.
It is reported that LG initially asked for compensation of US $840 million. However, SIAC ruled that sharp should pay LG a compensation of US $95.19 million. This is about three times LG's operating profit of 38.3 billion won in the first quarter of 2022. The date of payment of compensation has not been determined. (checked by / indrich)