All appeals are dismissed.

The grounds of appeal are examined.

1. Although examining the reasoning of the lower judgment on Defendant A’s grounds of appeal based on evidence, the lower court did not err by misapprehending the legal doctrine on the intent of embezzlement, unlawful acquisition intent, and custodian’s status, contrary to what is alleged in the grounds of appeal, by misapprehending the logical and empirical rules, in so determining, the lower court convicted all of the facts charged of embezzlement of KRW 8 billion returned during the process of acquiring AF and embezzlement of the funds of AH Co., Ltd. used in repayment of the National Federation loans.

2. Although examining the reasoning of the lower judgment as to Defendant B’s grounds of appeal on the grounds of appeal, the lower court did not exhaust all necessary deliberations, as otherwise alleged in the grounds of appeal, but did not err by misapprehending the relevant legal principles, such as the intention to commit embezzlement and the intention to obtain unlawful acquisition, the criminal intent to commit a crime of violating the Capital Markets Act, and the legal doctrine on accomplices, by failing to

3. Although examining the reasoning of the lower judgment on Defendant D’s grounds of appeal based on evidence, the lower court did not exhaust all necessary deliberations, as otherwise alleged in the grounds of appeal, or did not err by misapprehending the legal doctrine on the modification of the indictment, or by misapprehending the legal doctrine on the modification of the indictment, in violation of the rules of evidence or logical and empirical rules, as otherwise alleged in the grounds of appeal, on the grounds that the lower court convicted Defendant D of all the remaining charges except the embezzlement of funds during the process of acquiring AF among the instant facts charged, and the acquisition of a promissory note and proprietary profit equivalent to the par value complementary to the face value per share sheet against CN.

4. Therefore, all appeals are dismissed. It is so decided as per Disposition by the assent of all participating Justices on the bench.