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<SEC-DOCUMENT>0001193125-06-246634.txt : 20070123
<SEC-HEADER>0001193125-06-246634.hdr.sgml : 20070123
<ACCEPTANCE-DATETIME>20061205085914
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-06-246634
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20061205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KT CORP
		CENTRAL INDEX KEY:			0000892450
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		206 JUNG TA DONG BUNN DONG GU
		CITY:			SUNGNAM CITY KOREA
		STATE:			M5
		ZIP:			463711
		BUSINESS PHONE:		82317270932

	MAIL ADDRESS:	
		STREET 1:		206 JUNG JA DONG BUNN DONG GU
		CITY:			SUNGNAM CITY KOREA
		STATE:			M5
		ZIP:			463711

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOREA TELECOM CORP
		DATE OF NAME CHANGE:	19971006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOREA TELECOM
		DATE OF NAME CHANGE:	19950130
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Response Letter</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g88961img001.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:52%"><FONT FACE="Times New Roman" SIZE="2">December&nbsp;5, 2006 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Mr.&nbsp;Larry Spirgel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Assistant Director </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mail Stop
3720 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Securities and Exchange
Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Washington, D.C. 20549
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">KT Corporation (the &#147;Company&#148;) </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">Form 20-F for
Fiscal Year Ended December&nbsp;31, 2005 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">File No.&nbsp;1-14926 </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Dear Mr.&nbsp;Spirgel: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The
Company is writing in response to the letter from the staff (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;) dated November&nbsp;20, 2006 setting out comments with respect to its above-referenced
annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2005. The Staff&#146;s comments are set forth below in italics for ease of reference. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>Comments </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><I><U>General</U></I> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">1. <I>We note the description of your software co-development activities with Samcholli General Corporation and the statement that you received a BIS license for your Gaesong activities. Please expand your qualitative
materiality analysis to address whether you sought and received a BIS license for the software co-development activities with Samcholli. Similarly, expand your qualitative materiality analysis to address to the best of your knowledge and belief
(1)&nbsp;whether the software activities involve technologies that could be used for military purposes, and (2)&nbsp;the extent to which the government of North Korea, or entities controlled by it, receive funds associated with these operations,
including the Won 670&nbsp;million you identify, and may use such funds in furtherance of weapons programs. Please also provide us with an analysis of the applicability and potential impact on your North Korea-related operations of the sanctions set
forth in United Nations Security Council Resolution 1718, adopted by the Security Council on October&nbsp;14, 2006.</I> </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Larry Spirgel </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Securities and Exchange Commission, P. 2 </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>Responses to Comments </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Whether the Company sought and received a BIS license for the software co-development
activities with Samcholli General Corporation (&#147;Samcholli&#148;)</I></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Under the software outsourcing contract between the Company
and Samcholli, the Company does not engage in co-development of computer programs by providing Samcholli with access to the Company&#146;s products, hardware or technology. Instead, the arrangement consists of the Company delivering to Samcholli a
description of software programs that it wants Samcholli to develop. Once Samcholli receives the scope of work, it independently designs, produces and delivers software programs utilizing its own facilities, equipment and technologies. Accordingly,
not only do no items of U.S. origin or with U.S. connection flow into the Democratic People&#146;s Republic of Korea (&#147;North Korea&#148;), no items at all flow into North Korea in connection with these arrangements. The Company has therefore
concluded that it is not required to obtain a license from the Bureau of Industry and Security of U.S. Department of Commerce in this connection. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2"><B><I>Whether the software activities involve technologies that could be used for military purposes</I></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">As indicated above,
the Company does not provide Samcholli with any technology. Instead, Samcholli relies solely on its existing technologies to independently produce computer programs for the Company. The programs produced under the software outsourcing contract are
intended to be used to enhance the audio quality of computers, to provide advanced mobile connection features, and to allow enhanced transmission of voice, data and video using high-speed broadband network. To the best of the Company&#146;s
knowledge and belief, the Company is not aware of circumstances in which the technologies possessed by Samcholli are being used for military purposes in North Korea. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>The extent to which the government of North Korea, or entities controlled by it, receive funds associated with these operations, including the Won 670&nbsp;million you identify, and may use such funds in
furtherance of weapons programs</I></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">During the contract price negotiation, Samcholli informed the Company that approximately 90% of the
fees that it expects to receive from the Company for its services would be allocated to cover its labor costs and the remainder would be used to pay travel and communication expenses. Based on this representation from Samcholli, the Company does not
believe that the Euro 583,000 it expects to pay to Samcholli upon completion of the software outsourcing projects would be available to the Government of North Korea for any purpose other than to cover such costs. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Larry Spirgel </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Securities and Exchange Commission, P. 3 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>The applicability and potential impact on your North Korea-related operations of the sanctions set forth in United Nations Security Council Resolution 1718, adopted by the Security Council on October&nbsp;14,
2006</I></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The Company considered the applicability and potential impact of the sanctions set forth in the United Nations Security
Council Resolution 1718 on its software outsourcing contract with Samcholli as well as its activities in the Gaesong Industrial Complex and concluded that none of the Company&#146;s current activities in North Korea violate such sanctions. The
Company, however, is closely monitoring the discussions at the United Nations and diplomatic exchanges at the six-party talks to prepare for a situation where it may need to restrict or terminate its activities in North Korea if new sanctions are
implemented. In addition, the Company acknowledges that it would immediately terminate its activities in North Korea if the South Korean Government were to change its policy and withdraw its support of economic cooperation with North Korea.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Conclusion</I></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">On
the basis of the qualitative factors summarized above, the Company does not believe that outsourcing of the Company&#146;s software development projects to Samcholli is material to the Company&#146;s overall business. The Company does not have any
reason to believe that its existing shareholders or potential new investors, taken as a whole, consider or would consider its engagement of Samcholli for purely commercial purposes, as a factor that materially adversely affects its reputation or
share value, or has the potential to materially adversely affect its results of operations or financial condition. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding that
North Korea has been identified as a state sponsor of terrorism by the U.S. Department of State and is subject to sanctions administered by the U.S. Treasury Department&#146;s Office of Foreign Assets Control, the Company does not believe that its
business activities and interests in and dealings with North Korea are material to its overall business, nor does it believe they constitute a material investment risk for its security holders, taking qualitative factors into account. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">The Company acknowledges that it is responsible for the adequacy and accuracy of the disclosure in its filings with the Commission, that Staff comments
or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filings, and that it may not assert Staff comments as a defense in any proceeding initiated by the Commission or any
person under the federal securities laws of the United States. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Larry Spirgel </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Securities and Exchange Commission, P. 4 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">The Company sincerely hopes that its responses adequately address the Staff&#146;s comments. If the Staff has any questions concerning this letter or requires further assistance, please do not hesitate to contact
Jinduk Han at Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP at 011-852-2532-3723 or by fax at 011-852-2160-1023. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">KT CORPORATION</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Haing Min Kwon</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Haing Min Kwon</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="43%" BORDER="0">

<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">cc:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">James Lopez</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Special Counsel</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Office of Global Security Risk</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Jinduk Han</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Partner</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Cleary Gottlieb Steen &amp; Hamilton LLP</FONT></TD></TR>
</TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
