Korea Fair Trade Commission – Appeal procedure update
Paris – January 15, 2021. As announced, GTT has appealed on December 31, 2020, against the decision of the Korea Fair Trade Commission (KFTC), with a request for suspension of the decision, before the Seoul High Court.
On January 6, 2021, the Seoul High Court granted GTT’s motion to suspend the effect of KFTC decision, which requires 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 favourable decision for GTT is currently being reviewed by the Supreme Court of Korea as the KFTC has appealed against it on January 14, 2020.
The Company will keep the market informed of any significant development on the matter.