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UPDATE 1-Ex-Chemours employee accused by U.S. of trade secrets theft scheme

UPDATE 1-Ex-Chemours employee accused by U.S. of trade secrets theft scheme
From Reuters - October 12, 2017

(Reuters) - A former Chemours Co employee has been indicted on U.S. charges that he conspired to steal trade secrets related to its lucrative sodium cyanide business and sell them to Chinese investors, U.S. prosecutors said on Thursday.

Jerry Jindong Xu, who moved from China in 2011 and was employed by DuPont before the U.S. conglomerate spinned off Chemours in 2015, was charged in an indictment filed in federal court in Wilmington, Delaware.

Xu, 48, was arrested in New York state in August in connection with the case, though the indictment was only unsealed this week. He is being held without bail, according to court documents.

Xu has pleaded not guilty to the charges. His lawyer and Wilmington-based Chemours did not respond to requests for comment.

U.S. concern about intellectual property theft by China has been heightened, with President Donald Trump in August authorizing an inquiry into the matter.

We are committed to prosecuting anyone - be they rogue actors or foreign nations - who tries to line their pockets by jeopardizing the hard work our businesses perform every day, Acting U.S. Attorney David Weiss in Delaware said in a statement.

According to the indictment, Chemours is the worlds largest producer of sodium cyanide, a chemical used to mine gold, silver and other precious metals. Chemours earlier this year broke ground on a $150 million sodium cyanide plant in Mexico.

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