GTT: Korea Fair Trade Commission (KFTC) – GTT appeals the Seoul High Court's decision dated December 1, 2022
December 22 2022 - 1:07PM
GTT: Korea Fair Trade Commission (KFTC) – GTT appeals the Seoul
High Court's decision dated December 1, 2022
Korea Fair Trade Commission (KFTC) – GTT
appeals the Seoul High Court's decision
dated December 1, 2022
Paris –
December
22,
2022. GTT
announced that it has appealed the Seoul High Court's decision of
December 1, 2022 before the Supreme Court of Korea.
As a reminder, this decision 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,
but confirmed the Company's obligation to separate the technology
license agreement from the technical assistance if requested by the
Korean shipyards.
GTT's appeal is related to the obligation to
separate the technology license and the technical assistance. It
will be accompanied by a request for suspension of the decision. On
the other hand, the KFTC has appealed against the revocation of the
administrative fine.
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.
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.
- December 22,
2022: appeal of the Seoul High Court's decision before the Supreme
Court of Korea.
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
- IR PR - GTT KFTC 22 12 2022 EN
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