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GTT to appeal against $11m fine by Korean authority

Photo: manu zoli - Pixabay seoul-2968290.jpg
Membrane-type containment systems designer GTT has been slapped with an administrative fine of about EUR9.5m ($11.3m) by the Korea Fair Trade Commission (KFTC) over non-compliant practices in South Korea.

The KFTC considers that some of GTT’s commercial practices have not complied with Korean competition regulations since 2016, in relation to the construction of LNG carriers at Korean shipyards.

The KFTC notably requests that GTT allow those Korean yards which would so request to perform all or part of the technical assistance services currently included in the technology license.

GTT, however, intends to appeal against the decision with a request for suspension of the decision before the Seoul High Court.

GTT said it wishes to emphasised that the licence of the technology and the technical assistance constitute and inseparable offering, which guarantees the integrity of its technologies, and that any separation could be detrimental to the entire LNG carrier industry.

“We are convinced that our commercial practices comply with the Korean competition rules and that the structuring of our offer, which has contributed for decades to the safe development of LNG maritime transport, makes it possible to provide our shipyard partners with ever more innovative, safe and efficient technologies, for the benefit of the entire industry,” said Philippe Berterottiere, chairman and ceo of GTT.

GTT said it does not anticipate any significant financial or industrial impact in the short or mid-term due to KFTC’s decision.

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