1. The plaintiff's appeal is dismissed.

2. The costs of appeal shall be borne by the Plaintiff.

Purport of claim and appeal

1..

1. Basic facts

A. The Defendant: (a) received operating funds from the Plaintiff in order to operate a construction business of a main multi-purpose apartment on the ground of 13,860 square meters wide-gu, Seocheon-si; and (b) decided to establish D Co., Ltd. (hereinafter “D”) on the ground of 13,860 square meters wide-gu, Seocheon-si.

B. Accordingly, on December 5, 2006, the Defendant received KRW 300 million from the Plaintiff as operating funds, and prepared a letter as follows (hereinafter “each letter of this case”) to the Plaintiff.

1. The defendant shall invest KRW 150,000,000,000, which is 50% of the total operating expenses, as joint representatives of apartment project implementation projects located in the Nowon-gu Seoul Special Metropolitan City, Seocheon-gu C.

2. 80% of the proceeds derived from the above project shall be received by the Defendant, and value-added taxes, taxes and public charges, etc. accrued from the proceeds received by the Defendant shall be removed and received.

3. In the case of a sale of apartment units in Bupyeong-si, Seoul, implemented by each of the co-owners (Defendants), 20% out of the profits of each co-owner shall be paid to the Plaintiff, the creditor, not later than November 30, 2008.

4. The principal shall be repaid not later than November 30, 2007 with the loan borrowed by the Plaintiff, who is a joint representative of KRW 300 million, to each other (the Defendant).

C. On December 21, 2006, the Defendant established D on December 21, 2006, and established E Co., Ltd. (hereinafter “E”) holding 95% of the shares of the said company, as the executor of the instant business, and selected a gold industry corporation (hereinafter “gold industry”) as the contractor, and carried out the instant business.

At the time of establishment of D, the Plaintiff received 12,000 shares equivalent to 20% of the total issued shares of 60,000 shares.

The Plaintiff filed a lawsuit against D and the Defendant and the Defendant’s mother F (hereinafter collectively referred to as “Defendant, etc.”) to confirm the shareholder’s rights and transfer claim against the shares transferred from G, other than the shares distributed above, and the court dismissed the Plaintiff’s claim by deeming that G cannot be deemed a legitimate shareholder.