The France-based GTT, a technological expert in containment systems with cryogenic membranes used to transport and store liquefied gases, appealed on 22th of December 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.
As it is stated by GTT, “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, as it is furthermore mentioned.
It is worth mentioning that on 1st of December 1, 2022 it was the decision on the merits of the Seoul High Court. On 22nd of December 2022, GTT appealed the Seoul High Court’s decision before the Supreme Court of Korea. Last week, on 17 January, the Supreme Court of Korea decided to suspend the execution of the Seoul High Court’s decision.
To remind, in December 2020, the KFTC’s decision was to order 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. On 31st of December 2020, it was GTT’s appeal before the Seoul High Court and application to suspend the effect of the KFTC decision. On January 6 2021 the court decided to suspend the effect of the KFTC decision, resulting in KFTC’s appeal of the suspension of effect decision before the Supreme Court of Korea, which was rejected on 14th of May 2021.
Source: GTT
