Korea Fair Trade Commission (KFTC) investigation – Appeal procedure update
Another favourable decision for GTT
Saint-Rémy-lès-Chevreuse, May 18, 2021 – The favourable decision of the Seoul High Court suspending the KFTC decision dated November 25, 2020 was confirmed on May 14, 2021 by the Supreme Court of Korea, which rejected the appeal from the KFTC.
As a result, GTT may maintain its current business practices without any change until a decision on the merits is made by the Seoul High Court. Accordingly, the Company does not anticipate any significant financial or industrial impact resulting from the KFTC’s decision. Depending on the conclusions of the court appeal procedure, the Company will reassess the consequences on its activities.
November 25, 2020: KFTC 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
December 31, 2020: GTT’s appeal before the Seoul High Court
January 6, 2021: Seoul High Court decision to suspend the effect of the KFTC decision
January 14, 2021: KFTC’s appeal before the Supreme Court of Korea
May 14, 2021: decision of the Supreme Court of Korea to reject the appeal from the KFTC
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GTT is the technological expert in membrane containment systems dedicated to the transport and storage of liquefied gases. For over 50 years, GTT has been designing and marketing advanced technologies for improved energy performance. GTT technologies combine operational efficiency and safety to equip LNG carriers, floating terminals, onshore storage tanks and multi-gas carriers. The Group also offers systems for the use of LNG as fuel, as well as a wide range of services, including digital solutions in the field of Smart Shipping. GTT also operates in the hydrogen sector through its subsidiary Elogen, which designs and assembles electrolysers for the production of green hydrogen.
GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835, Euronext Paris: GTT) and is notably included in the SBF 120 and MSCI Small Cap indexes.