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<SEC-DOCUMENT>0001193125-08-193388.txt : 20081222
<SEC-HEADER>0001193125-08-193388.hdr.sgml : 20081222
<ACCEPTANCE-DATETIME>20080910062450
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-08-193388
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080910

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
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<TEXT>
<HTML><HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

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

<IMG SRC="g39794img001.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">September&nbsp;10, 2008 </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>VIA EDGAR </U></FONT></P> <P STYLE="margin-top:6px;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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Attention:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Larry Spirgel </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Assistant Director </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Division of Corporation Finance </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="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" 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"><U>KT Corporation Annual Report on Form 20-F</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dear Mr.&nbsp;Spirgel:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Reference is made to your letter, dated August&nbsp;26, 2008, regarding the filing of the annual report of KT Corporation (the
&#147;Company&#148;) on Form 20-F for the fiscal year ended December&nbsp;31, 2007 (the &#147;Annual Report&#148;) pursuant to the requirements of the Securities Exchange Act of 1934, as amended. We would like to thank you for your review of the
Annual Report. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">We set forth in this letter our response to the comment in your letter. For your convenience, we have included the text of
the staff&#146;s comment in bold followed by our response. Page references are to the Annual Report, and capitalized terms used herein without definition have the meanings ascribed to them in the Annual Report. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Financial Statements &#150; KT Corporation </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Note 36
&#150; Reconciliation to United States Generally Accepted Accounting Principles, page F-87 </U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Refer to your disclosure of discontinued operations on page F-77 and F-104. We note that you reversed the cumulative loss from the KTPI operations into income under both Korean
GAAP and US GAAP. Please help us understand the basis for your accounting treatment, using the guidance in paragraph 41&#150;44 of FAS 144. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">Korea Telecom Philippines Inc. (&#147;KTPI&#148;) was a wholly owned subsidiary of the Company providing telecommunications services in the Philippines as well as developing </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"><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">Securities and Exchange Commission, p. 2 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">other business opportunities for the Company in the Philippines telecommunication
market. On October&nbsp;25, 2007, the Company&#146;s Board of Directors approved a plan to liquidate KTPI, pursuant to which the liquidation process was scheduled to start in December 2007 and be concluded in 2008. On December&nbsp;28, 2007, the
Company, as the only shareholder of KTPI, approved the dissolution of KTPI effective December&nbsp;31, 2007. KTPI ceased operations on December&nbsp;31, 2007. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">In order to determine whether KTPI was a component of the Company, we looked to Paragraph 41 of FAS 144 &#147;<I>Accounting for the Impairment or Disposal of Long Lived Assets</I>&#148; (&#147;FAS 144&#148;). FAS 144
notes that a component of an entity comprises operations and cash flows that can be clearly distinguished operationally and for financial reporting purposes. KTPI was clearly distinguishable for financial reporting purposes and had prepared
stand-alone financials on a quarterly basis under GAAP in the Philippines and were reported to the Company. KTPI was the Company&#146;s only unit operating in the Philippines and as such was geographically discrete as well as separately managed.
Accordingly, we determined KTPI to be a component as described in FAS 144. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">In order to determine whether KTPI had been disposed of, we
looked to Paragraph 27 of FAS 144 which notes that &#147;a long lived asset to be disposed of by other than sale (for example, by abandonment &#133;) shall continue to be classified as held and used until it is disposed of .&#148; The term
&#147;disposed of&#148; is further defined in paragraph 28 of FAS 144 as &#147;when it ceases to be used.&#148; On December&nbsp;28, 2007, the shareholder of KTPI approved the dissolution of KTPI effective December&nbsp;31, 2007, and KTPI was
abandoned and ceased operations on December&nbsp;31, 2007. Accordingly, KTPI ceased to be used and therefore we determined that it had been disposed of on December&nbsp;31, 2007. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Paragraph 43 of FAS144 states that &#147;in a period in which a component of an entity has &#133; been disposed of &#133; the income statement of a
business enterprise for current and prior periods shall report the results of operations of the component including any gain or loss recognized in accordance with paragraph 37, in discontinued operations.&#148; It goes on to say that &#147;the
results of discontinued operations, less any applicable income taxes (benefit), shall be reported as a separate component of income before extraordinary items and the cumulative effect of any accounting changes,&#148; meaning that the results of
operations of the discontinued operations should be reflected net of income tax and below income after income taxes from continuing operations and just above net income. As KTPI was determined to be a component of the Company and was disposed of in
the fourth quarter of 2007, KTPI was reported as a discontinued operation on December&nbsp;31, 2007 and for all previous periods presented. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2">As of December&nbsp;31, 2007, the Company concluded that it did not have any receivables due from, or liabilities due to, KTPI. In addition, neither the Company nor any of its affiliates had provided any collateral or guarantee for
KTPI&#146;s liabilities (other than KTPI itself). The Company concluded that its liability from KTPI is limited to its equity investment in KTPI and no cumulative loss in excess of its investment is required to be </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"><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">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">absorbed by the Company. In addition, neither continuing cash flows to or from KTPI, nor
continuing involvement or investment by the Company is expected. Accordingly, the Company reversed the negative equity (cumulative loss exceeding equity) from the KTPI operations into income under both Korean GAAP and US GAAP. </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;* </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">We acknowledge that we are responsible for the adequacy and accuracy of the disclosure in our filings with the U.S. Securities and Exchange Commission
(the &#147;Commission&#148;), 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 we 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="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">We sincerely hope that
the Company&#146;s response above adequately addresses the Staff&#146;s comment. If the Staff has any questions concerning this letter or requires any further information, please do not hesitate to contact the undersigned by telephone at
+8231-727-0850, by fax at +8231-727-0949 or by e-mail at msh777@kt.com. </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"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Soo-Ho Maeng</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Soo-Ho Maeng</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Chief Financial
Officer</FONT></P></TD></TR>
</TABLE></DIV> <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="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Terry French </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Accountant Branch Chief </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Claire
DeLabar </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Staff Accountant </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Jinduk Han </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">Partner </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP </FONT></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
