The appeal is dismissed.

The costs of appeal are assessed against the defendant.

The grounds of appeal are examined.

The lower court determined that the Defendant was liable for indemnity within the limit of 45 billion won on the grounds of the instant construction investor agreement in 2012, the construction investor agreement in 2012, the construction investor agreement in 2012, and the amendment agreement, etc. concluded after the enactment of the said Annex.

The judgment below

Examining the reasoning in light of the record, the lower court did not err in its judgment by misapprehending the bounds of the principle of free evaluation of evidence against logical and empirical rules, or by misapprehending the legal doctrine on the good faith principle, interpretation of disposal documents, and relationship between shareholders and investors, or by misapprehending the legal doctrine on the relationship.

Therefore, the appeal is dismissed, and the costs of appeal are assessed against the losing party. It is so decided as per Disposition by the assent of all participating Justices on the bench.