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CJ Logistics headquarters. (Photo courtesy of CJ Logistics) |
[Alpha Biz= Kim Jisun] SEOUL, South Korea — Feb 5, 2026 — The Korea Exchange (KRX) has officially designated CJ Logistics as an "unfaithful disclosure corporation" and imposed a fine after the company delayed announcing a multi-billion dollar counterclaim filed in an international arbitration case regarding the Great Man-Made River (GMR) project in Libya.
■ Disclosure Violation and Penalties The KRX KOSPI Market Headquarters announced on February 5 that CJ Logistics failed to promptly disclose a counterclaim filed through the International Chamber of Commerce (ICC). The company confirmed the filing on January 7 but waited until January 20 to make a public disclosure. Consequently, the KRX imposed a penalty fine of 8 million KRW, though no penalty points were assessed.
■ Background of the Dispute The legal battle traces back to October of last year when CJ Logistics initiated ICC arbitration against the Management and Implementation Authority of the Great Man-Made River Project (MMRA) of Libya. CJ Logistics demanded the return of security deposits (approx. $33.5 million), interest payments, and the issuance of Final Acceptance Certificates (FAC) for the project.
In response, the MMRA filed a massive counterclaim seeking $2.697 billion (approx. 3.98 trillion KRW) in damages, citing construction defects and operational losses.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
