21 October 2017
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SARINE CONTINUES TO BATTLE ATTEMPTS TO STEAL ITS INTELLECTUAL PROPERTY
25 July 2017
Two Indian Suspects Arrested in Tel Aviv on Suspicion of Attempted Theft of Sarine's Intellectual Property

Diamond and gemstone technology company Sarine Technologies Ltd. (Sarine) reports that two suspects of Indian nationality have been arrested in Tel Aviv, Israel, on suspicion of attempting to illegally obtain Sarine's confidential intellectual property.

According to the company's press release, a couple of months ago, Sarine employees reported to company management that they had been approached by a third party offering to buy key intellectual property pertaining to Sarine's diamond manufacturing products. A private investigator hired by Sarine to investigate the matter reportedly posed as a Sarine employee and continued to correspond with the third party. This resulted in an initial meeting which took place in Tel-Aviv in June between the undercover private investigator and two Indian nationals, who arrived in Israel specifically for meeting.

At the meeting, says Sarine, the terms of the proposed deal were agreed and a second meeting was set up in Tel Aviv. At the second meeting the suspect, and a relative (who Sarine describes as the owner of a company dealing in rough diamonds and a member of the Israel Diamond Bourse), reportedly paid the undercover investigator US$100,000 in cash, as an advance payment against an agreed US$1,000,000, to be paid in exchange for Sarine's GalaxyTM system schematics, list of parts, vendors, and software source code.

Immediately after the exchange, Israeli police detectives arrested the suspects and took them into custody. They were subsequently were brought before the Tel Aviv Magistrate's Court, where the primary suspect was remanded into custody for 6 days pending further investigation. Sarine notes that the suspect's relative was released, as, though he admitted the money was his, the court accepted at face value his claim that he was not aware of the terms of the proposed deal, remarking that his presence at the meeting "smelled foul" but was not sufficient to establish complicity. A third suspect, who had attended the initial meeting in June, and is known to be in Israel, remains at large and is being sought by the Tel-Aviv police for questioning.

In response to these events, David Block, CEO of Sarine, stated that, "Sarine is fully committed to, and invests millions of dollars in the advancement of the diamond industry. We wish to reiterate that Sarine will aggressively defend its intellectual property in all places and at all times, with all the means that are necessary and appropriate. Unfortunately, this is another example of how far and how low unethical players will go to attain our technology illegally."
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