Korean Supreme Court rules in favour of GTT
French LNG carrier engineering firm GTT has won its case against the Korean fair trade commission (KFTC) in the Korean Supreme Court, it said on May 18.
“The favourable decision of the Seoul High Court, suspending the decision of the Korea Fair Trade Commission of November 25, 2020, was upheld on May 14, 2021 by the Supreme Court of Korea, which dismissed the KFTC's appeal,” GTT said.
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On January 6, 2021, the Seoul High Court granted GTT's motion to suspend the effect of KFTC decision, which requires that GTT allow Korean shipyards to perform all or part of the technical assistance services currently included in the technology licence.
GTT said it can now maintain its current business practices without any change until a decision on the merits is taken by the Seoul High Court.
“The company, therefore, does not foresee any significant financial or industrial impact resulting from the KFTC decision. Depending on the conclusions of the appeal procedure, the company will reassess the consequences on its activities,” it said.