GTT (Gaztransport & Technigaz), an engineering firm specialising in containment systems with cryogenic membranes used to transport and store liquefied natural gas (LNG), on Thursday (14 January) said the Seoul High Court has granted GTT’s motion to suspend Korea Fair Trade Commission (KFTC) investigation decision.
The decision 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 favorable decision for GTT is currently being reviewed by the Supreme Court of Korea as the KFTC has appealed against it on January 14, 2020.
Previously, KFTC said it considers some of the GTT’s commercial practices have not complied with Korean competition regulations since 2016, and notably requests GTT allow Korean shipyards to perform all or part of the technical assistance services currently included in the technology license.
The outcome of KFTC’s investigation includes an administrative fine of approximately €9.5 million (USD 11.4 million), noted GTT.
Related: Korea Fair Trade Commission fines GTT EUR 9.5 million over competition law violation
Related: GTT: LNG as fuel segment orderbook at 17 units; royalty income up 12.1% on year in 9M 2020
Related: Bureau Veritas awards AiP to GTT Ultra Large Container Vessel LNG fuel tank
Photo credit: GTT
Published: 18 January, 2021
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