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<SEC-DOCUMENT>0001193125-08-218767.txt : 20081222
<SEC-HEADER>0001193125-08-218767.hdr.sgml : 20081222
<ACCEPTANCE-DATETIME>20081029121251
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-08-218767
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20081029

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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<HTML><HEAD>
<TITLE>Correspondence</TITLE>
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<IMG SRC="g33129img_tx.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">October&nbsp;29, 2008 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>VIA EDGAR </U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <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:1px"><FONT FACE="Times New Roman" SIZE="2">Washington, D.C. 20549</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Attention:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <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">Assistant Director</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Division of Corporation Finance</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Re: <U>KT Corporation Annual Report on Form 20-F</U> </FONT></P> <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:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">Reference is made to your letter,
dated September&nbsp;30, 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 and the supplemental response letter. </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>
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<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 response in your letter dated September&nbsp;25, 2008 regarding the disclosure of discontinued operations on page F-77 and F-104. We note that you state that upon
commencement of the liquidation process, you no longer had control over KTPI&#146;s assets and no responsibility for its liabilities as of December&nbsp;31, 2007. Please help us understand the timing for your loss of control over KTPI and the
derecognition of liabilities, including whether KTPI was in bankruptcy or what other governmentally imposed uncertainties were in effect as of December&nbsp;31, 2007. </B></FONT></TD></TR></TABLE>

<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. 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:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">On December&nbsp;28, 2007, the Company, as the sole shareholder of Korea Telephone Philippines, Inc.
(&#147;KTPI&#148;), approved the dissolution of KTPI to become effective on December&nbsp;31, 2007. As of December&nbsp;31, 2007, KTPI was substantially liquidated, as further explained below, and the Company abandoned KTPI, resulting in the
deconsolidation of KTPI. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Korean GAAP Analysis </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company deconsolidated KTPI as of December&nbsp;31, 2007 under Korean GAAP in reliance on Article 6 of <I>Regulation on External Audit and Accounting of Korea </I>that states, in part, that a subsidiary should be
excluded from consolidation if &#147;(i) the dissolution of the subsidiary is resolved prior to the expiration of three months after fiscal year-end and the subsidiary is expected to be liquidated by the end of the following fiscal year or
(ii)&nbsp;the subsidiary is planned to be disposed by the end of the following fiscal year.&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Resolutions to dissolve KTPI were made on
December&nbsp;28, 2007, which was prior to the expiration of three months after the end of the fiscal year 2007 (or March&nbsp;31, 2008). At the time of such resolution, KTPI was expected to be liquidated by the end of the following fiscal year.
Accordingly, in reliance on Article 6 of <I>Regulation on External Audit and Accounting of Korea</I>, the Company excluded KTPI from consolidation under Korean GAAP as of December&nbsp;31, 2007. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Public Notices Made </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">On
January&nbsp;2, 2008, the Company furnished to the U.S. Securities and Exchange Commission (&#147;the Commission&#148;) a current report on Form 6-K, &#147;Exclusion of an Affiliated Company,&#148; which stated that KTPI had been excluded through
dissolution on December&nbsp;28, 2007. The Company also made a public disclosure of the deconsolidation to the Korea Financial Supervisory Services on December&nbsp;28, 2007, and KTPI was subsequently removed from the listing of the Company&#146;s
subsidiaries by the Korea Financial Supervisory Services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Substantially Liquidated KTPI </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">For the purposes of U.S. GAAP, as advised in the Company&#146;s previous response letter dated September&nbsp;25, 2008, the Company looked to ARB
No.&nbsp;51 <I>Consolidated Financial Statements</I>, paragraph 2, which requires that a subsidiary that is no longer under the control of the parent should be deconsolidated and provides as an example a subsidiary that is in legal reorganization or
bankruptcy. As the procedures in the Philippines for liquidation and bankruptcy are not same as those procedures in the United States, the Company looked to FASB Statement No.&nbsp;52 <I>Foreign Currency Translation, </I>(&#147;FAS 52&#148;)
paragraph 14. The Company analogized the timing of the recording of foreign currency translation adjustments for foreign subsidiaries to the timing of recording the gains from derecognized liabilities of KTPI, a foreign subsidiary. Paragraph 14
states that foreign currency </FONT>
</P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr. 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:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">translation adjustments should be recognized and shall be reported &#147;as part of the gain or loss on sale or liquidation of the investment for the period
during which the sale or liquidation occurs.&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Liquidation, in paragraph 14 of FAS 52, is noted as being a &#147;complete or
substantially complete liquidation.&#148; The Company believes that KTPI was substantially liquidated as of December&nbsp;31, 2007 as its total assets had been reduced to Won 208&nbsp;million (approximately US$222 thousand applying an exchange rate
of Won 935.8&nbsp;per U.S.&nbsp;Dollar, the noon buying rate on the last business day of 2007 as announced by the Federal Reserve Bank of New York), which consisted of cash in bank (Won 18 million), other current assets (Won 19 million) and
non-current assets held for sale such as a condominium unit and office equipment (Won 171 million). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Total liabilities of KTPI as of
December&nbsp;31, 2007 were Won 112,751&nbsp;million, which consisted of payables and accrued expenses (generally accrued interest on the payables) due to telecom facility suppliers (Won 98 billion) and bank borrowings (Won 15 billion), which the
Company had no obligation to repay to creditors under the laws in Korea and the Philippines. In relation to whether or not the Company did have such an obligation, the Company notes that two creditors filed a lawsuit against the Company in 2001
alleging that the Company as the sole shareholder of KTPI should repay KTPI&#146;s liabilities due to them on behalf of KTPI. The Korean Supreme Court rejected such creditors&#146; claim in 2006 and confirmed that the Company is not liable for any
debts of KTPI because KTPI was the primary obligor and the Company did not provided any guarantees or collateral. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Company
deconsolidated KTPI as of December&nbsp;31, 2007 under U.S. GAAP as the Company had abandoned KTPI, KTPI&#146;s assets were substantially liquidated, creditors had no recourse to the Company for KTPI&#146;s liabilities, appropriate public notice was
made, and the Company no longer had control over KTPI&#146;s assets. Consequently, the amount of KTPI&#146;s derecognized liabilities in excess of KTPI&#146;s derecognized assets were reflected in income from discontinued operations in the
Company&#146;s consolidated financial statements. Although not all procedures to legally complete the liquidation had been performed, the Company believes that, in light of the circumstances under which KTPI was substantially liquidated,
deconsolidation as of December&nbsp;31, 2007 was appropriate. </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 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 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>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr. Larry Spirgel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Securities and Exchange Commission, p. 4 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;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">
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Soo-Ho Maeng</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <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>
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<TD WIDTH="96%"></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">cc:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Terry French</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Accountant Branch Chief</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Division of Corporation Finance</FONT></P></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;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Claire DeLabar</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Staff Accountant</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="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">JiSin Lee</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Partner</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Deloitte
Anjin LLC</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Jinduk Han</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Partner</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP</FONT></P></TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
