[안갯속 자사주]④ CJ대한통운, 네이버와 맞교환 후 12% 그대로

CJ Logistics holds 12.6% treasury stock without a clear disposal plan since a 2020 Naver share swap, revealing how companies exploit bylaw amendments to circumvent new commercial law mandates requiring treasury stock cancellation. Despite the National Pension Service's 12.5% stake and regulatory opposition, the controlling shareholder successfully protected its strategic flexibility, raising concerns about treasury stock being weaponized for control consolidation rather than genuine shareholder returns. This case exposes the enforcement gap in Korean corporate governance regulations.