The Defendant as the representative director of the Real Estate Chain Co., Ltd. (hereinafter “C”), completed the registration of ownership transfer on March 13, 2007 under C with respect to D Building 105 Dong 716 (hereinafter “instant officetel”) of Dongjak-gu Seoul Metropolitan Government, Seoul, and completed the registration of ownership transfer on the ground of trust in the future of the Daol Real Estate Trust (hereinafter “Daol Real Estate Trust”).

However, according to the real estate security trust agreement between C and D, in case C where the lease contract is renewed or a new lease contract is concluded due to the termination of the lease contract period or the termination of the lease contract during the trust period, the contract is concluded in the name of C with prior consent of the multi-real estate trust (Article 10(3) of the Real Estate Security Trust Contract).

(Article 10(5) of the same Agreement. On February 24, 2010, the Defendant entered into a lease agreement with the victim E to lease the instant officetels with the victim E for one year in the instant officetel.

At the time, the Defendant was unable to refund the leased deposit to the lessee unless prior consent is obtained from the lessee with respect to the instant officetel lease agreement. Furthermore, as at the time, the instant officetel is virtually impossible to trade due to the decline in the real estate competition, as well as the liability for the instant officetel loan with at least KRW 600,000,000 per month, and thus, there was no ability to refund the rental deposit after the expiration of the lease term.

Nevertheless, although the instant officetel is a multi-unit real estate trust, the Defendant has received a move-in report and a fixed date, in accordance with relevant Acts.