A. On July 25, 2011, the Defendant entered into a sales contract with F, the owner of the instant land, setting the sales price of the instant land at KRW 7 billion (hereinafter “instant sales contract”) to purchase the instant land from F, the owner of the instant land, within three months after completion, in order to conduct the business of constructing and selling officetels (D and E) on the instant land site B and C (hereinafter “instant land”). In that process, the Defendant agreed to pay F, the land owner, the remaining trade price of KRW 2.8 billion within three months after completion.

B. On August 12, 2011, the Defendant: (a) concluded a business agreement and a proxy contract with the two companies (hereinafter “instant agency contract”); (b) the two companies (hereinafter “dub construction”); (c) the Korea Asset Trust Co., Ltd. (hereinafter “Korea Asset Trust”); (d) the loan financial institution; and (e) the Busan Agricultural Cooperative Co., Ltd. (hereinafter “instant agency contract”); and (e) the provisions pertaining to the execution of funds under the agency contract are as follows.

Article 6 (Registration of Trust and Issuance of Certificates of Rights to Benefit) (1) The defendant concludes a trust contract for sale management with the Korea Asset Trust as a trustee, and makes a trust registration at the same time as the registration of ownership transfer from the seller (F) of the land in this case.

(2) The Korea Asset Trust shall, at the same time as the registration of trust, issue a certificate of preferential benefit to the seller of the land of this case as the first beneficiary and the first beneficiary to the first beneficiary to the Japanese Agricultural Cooperative.

Article 11 (Payment of Construction Costs) (3) Construction costs shall be paid within the order of fund execution and the fund management account.

(7) Until completion, a comprehensive construction project shall be reserved to the extent of 20% of the total amount of the completed construction works.

The judgment on this issue shall be determined by the defendant, the Korea Asset Trust, and the Korea Agricultural Cooperative.