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
Investor Relations Contact: firstname.lastname@example.org / +33 1 30 23 20 87
Press Contact: email@example.com / + 33 1 30 23 80 80