[Edaily Reporter An Yu-ri ] KTCorporation(030200)has been served with a counterclaim worth approximately 512.4 billion won during international arbitration proceedings with the Rwandan government. After KTCorporation demanded payment for a put option in accordance with a shareholders’ agreement, the Rwandan government claimed that KTCorporation had breached the contract and sought damages.

According to KTCorporation’s electronic disclosure on the 23rd, the Rwandan government, the Rwanda Development Board, the Rwanda Social Security Board, and AGDF Corporate Trust filed a counterclaim against KTCorporation with the Permanent Court of Arbitration (PCA) on the 20th.

The amount claimed is approximately $386 million. KTCorporation disclosed this figure as 512.415 billion won, calculated using Hana Bank’s reference exchange rate as of the 21st.

This claim amount represents 2.63% of KTCorporation’s equity as of the end of 2025, based on its consolidated financial statements.

This counterclaim is a response to the arbitration filed by KTCorporation against the Rwandan government regarding payment for a put option. KTCorporation claimed approximately $152 million in put option payments, citing a breach of obligations under the shareholders’ agreement by the Rwandan government. Conversely, the Rwandan government claimed that KTCorporation had breached its contractual obligations and demanded compensation for damages.

The dispute between the two parties stems from the 4th-generation mobile communications (4G LTE) project that KTCorporation pursued in partnership with the Rwandan government.

In 2013, KTCorporation established a joint venture with the Rwandan government called KTCorporation Rwanda Networks (KTRN) to build a local LTE network and operate a wholesale business. At the time, KTCorporation invested in the joint venture to build a 4G LTE broadband network in Rwanda, while the Rwandan government provided the fiber-optic network, spectrum, and a wholesale-only business license.

Subsequently, as business conditions changed, KTCorporation exercised a put option to sell its stake, but the Rwandan government refused to accept it, leading to international arbitration.

KTCorporation maintains that the amount claimed in the counterclaim was calculated based on unilateral assumptions made by the Rwandan government. In a public disclosure, KTCorporation stated, “We plan to actively contest the validity of the calculation basis during the arbitration proceedings and demonstrate the legitimacy of our position.”