KOREA FAIR TRADE COMMISSION (KFTC) – APPEAL PROCEEDINGS UPDATE
December 02 2022 - 11:51AM
KOREA FAIR TRADE COMMISSION (KFTC) – APPEAL PROCEEDINGS UPDATE
KOREA FAIR TRADE COMMISSION (KFTC) –
APPEAL PROCEEDINGS
UPDATE
Paris –
December 2,
2022. By a
decision dated December 1, 2022, the Seoul High Court partially
granted GTT's appeal against the Korea Fair Trade Commission's
corrective order by revoking the €9.5 million administrative fine
paid by GTT early 2021. In the same decision, the Seoul High Court
confirmed the Company's obligation to separate the technology
license agreement from the technical assistance if requested by the
Korean shipyards.
The Company is currently reviewing the details
of this decision in order to define the most appropriate available
actions to best preserve its rights.
GTT strongly believes that its unique expertise
is key to the safe development of LNG maritime transport by
providing ever more innovative, safe and efficient technologies,
for the benefit of the entire industry.
The Company will keep the market informed of any
significant development on the matter.
Key dates
- December 2,
2020: KFTC’s decision ordering GTT to allow the Korean shipyards
upon their request, to perform all or part of the technical
assistance services currently included in the technology license
and to pay an administrative fine of €9.5 million
- December 31,
2020: GTT’s appeal before the Seoul High Court and application to
suspend the effect of the KFTC decision
- January 6, 2021:
Seoul High Court decision to suspend the effect of the KFTC
decision
- January 14,
2021: KFTC’s appeal of the suspension of effect decision before the
Supreme Court of Korea
- May 14, 2021:
decision of the Supreme Court of Korea to reject the appeal from
the KFTC
- December 1,
2022: decision on the merits of the Seoul High Court.
About GTTGTT is a technological
expert in containment systems with cryogenic membranes used to
transport and store liquefied gases. For over 50 years, GTT has
been designing and providing cutting-edge technologies for a better
energy performance, which combine operational efficiency and
safety, to equip LNG carriers, floating terminals, land storage,
and multi-gas carriers. GTT also develops systems dedicated to the
use of LNG as fuel, as well as a full range of services, including
digital services in the field of Smart Shipping. The Group is also
active in hydrogen through its subsidiary Elogen, which designs and
assembles electrolysers notably for the production of green
hydrogen.
GTT is listed on Euronext Paris, Compartment A
(ISIN FR0011726835 Euronext Paris: GTT) and is notably included in
SBF 120, Stoxx Europe 600 and MSCI Small Cap indices.
For more information, visit www.gtt.fr.
Media
contact: press@gtt.fr / +33 (0)1 30 23 48 45
Investor Relations
contact: information-financiere@gtt.fr / + 33 (0)1 30
23 20 87
- Korea Fair Trade Commission (kftc) – Appeal Proceedings
Update
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