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Defendant
A shall be punished by imprisonment with prison labor for two years, and imprisonment with prison labor for one year.
However, as to Defendant B, this shall not apply.
Reasons
Punishment of the crime
Defendant
A was engaged in credit business as the representative of G in Gangnam-gu Seoul, Seoul, and Defendant B, from February 2010, operated business such as loan brokerage with Defendant A.
On June 2010, the Defendants: (a) acquired major shareholders’ stocks, convertible bonds, management rights, etc. of H Co., Ltd. (hereinafter “instant company”) which is a securities listed company by raising funds from a bond company company in early 2010; and (b) sold stocks, convertible bonds, management rights, etc. to a third party at a price higher than the acquisition price.
Accordingly, around June 15, 2010, Defendant A prepared an agreement with K to jointly take over the management rights of the company of this case with 25 billion won when Defendant A and the accounting corporation designated by K in 25 billion won in total by issuing an on-site inspection report around June 21, 2010, after confirming the contents of the agreement, Defendant A and the two parties agreed to enter into a contract for acquisition of the company’s stocks, convertible bonds and management rights of this case without delay in order to make payment for temporary acquisition of the company’s stocks, convertible bonds and management rights of this case without delay.
However, even though the Defendants had no particular property, and there was a plan to procure the instant shares, convertible bonds, and management rights in the corporate bonds market mainly up to 25 billion won, it was very inappropriate to properly implement the said arrangement with the intention to pay the purchase price in lump sum due to the lack of such funds. Ultimately, on June 23, 2010, the acquisition of the instant shares, convertible bonds, and management rights of the instant company as of June 23, 2010 by failing to perform the contractual terms without justifiable grounds.