GTT: Decision of the Korea Fair Trade Commission
November 25 2020 - 2:18AM
GTT: Decision of the Korea Fair Trade Commission
Decision of the Korea Fair Trade
Commission
Paris – November 25, 2020. The
Korea Fair Trade Commission (KFTC) announced today, in a press
release, that it had reached a decision in its investigation
regarding GTT’s commercial practices with the Korean shipyards in
relation to the construction of LNG carriers. In its decision, the
KFTC considers that some of the company’s commercial practices have
not complied with Korean competition regulations since 2016, and
notably requests that GTT allow those Korean shipyards which would
so request to perform all or part of the technical assistance
services currently included in the technology license. This
decision includes an administrative fine of approximately €9.5
million1.
GTT wishes to emphasize that the licence of the
technology and the technical assistance constitute an inseparable
offering, which guarantees the integrity of its technologies, and
that any separation could be detrimental to the entire LNG carrier
industry. The company challenges the rationale of this decision
and, upon receipt of the KFTC’s written decision, intends to appeal
against it, with a request for suspension of the decision, before
the Seoul High Court. The company does not anticipate any
significant financial or industrial impact in the short or
mid-term. Depending on the conclusions of the appeal procedure, it
will reassess the consequences on its activities.
Philippe Berterottière, Chairman and CEO of GTT,
declared: “We are convinced that our commercial practices comply
with the Korean competition rules and that the structuring of our
offer, which has contributed for decades to the safe development of
LNG maritime transport, makes it possible to provide our shipyard
partners with ever more innovative, safe and efficient
technologies, for the benefit of the entire industry.”
About GTT
GTT (Gaztransport & Technigaz) is a
technological and engineering company expert in containment systems
with cryogenic membranes used to transport and store liquefied gas,
in particular LNG (Liquefied Natural Gas). For over 50 years, GTT
has been maintaining reliable relationships with all stakeholders
of the gas industry (shipyards, ship-owners, gas companies,
terminal operators, classification societies). The company designs
and provides technologies which combine operational efficiency and
safety, to equip LNG carriers, floating terminals, and multi-gas
carriers. GTT also develops solutions dedicated to land storage and
to the use of LNG as fuel for the vessel propulsion, as well as a
full range of services.
GTT is listed on Euronext Paris, Compartment A
(ISIN FR0011726835 Euronext Paris: GTT) and is notably included in
SBF 120 and MSCI Small Cap indices.
For more information, visit www.gtt.fr.
Investor Relations
contact: information-financiere@gtt.fr / + 33 (0)1 30
23 20 87Media contact: press@gtt.fr / +33
(0)1 30 23 42 26 - +33 (0)1 30 23 80 80
1 at current KRW / Euro exchange rate
- PR - GTT Decision KFTC 25112020 EN
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