Korea Fair Trade Commission (KFTC) – Suspension of the Seoul High Court Decision

As announced, GTT appealed, on December 22, 2022, the Seoul High Court's decision dated December 1, 2022. This appeal was accompanied by a request for suspension of the decision.

GTT's appeal to the Supreme Court of Korea concerns the Company’s obligation to separate the technology license and the technical assistance if requested by the shipyards.

On January 17, 2023, the Supreme Court of Korea decided to suspend the execution of the Seoul High Court's decision.

Therefore, shipyards cannot request GTT to separate the technology license and the technical assistance until a decision is made by the Supreme Court of Korea.

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.
January 17, 2023: decision of the Supreme Court of Korea to suspend the execution of the decision of the Seoul High Court.