1. All appeals filed by the plaintiffs are dismissed.

2. The costs of appeal are assessed against the Plaintiffs.

The purport of the claim and appeal is the purport of the appeal.

1. The following facts do not conflict between the parties, or may be acknowledged in full view of the purport of the arguments in each of the following items: Gap evidence Nos. 1 through 5, evidence No. 6-1, 2, Gap evidence No. 7, evidence No. 11, Eul evidence No. 3, evidence No. 4-1, and evidence No. 4-2:

On April 12, 2005, the Plaintiffs established D Co., Ltd. (hereinafter referred to as “Nonindicted Company”) with capital of KRW 50 million, total number of outstanding and outstanding shares 10,000 (amounting to KRW 50,000), and around June 2007, the Plaintiffs submitted a business plan for Jeju E Development Project (hereinafter referred to as “instant Development Project”) with the content of creating amusement parks, such as hotels, condominiums, casinos, and ocean sports centers, with approximately KRW 420 billion total project cost on the 125 parcel of Jeju Special Self-Governing Province at the Jeju Special Self-Governing Province. On July 29, 2008, the Plaintiffs was approved to implement the instant Project.

B. On September 3, 2009, the plaintiffs and the non-party company (hereinafter referred to as "the plaintiffs' side") entered into the first joint venture agreement with the defendant, who is the Chinese People's Republic of China (hereinafter referred to as "China"), with the content that the defendant invests in the non-party company in the form of loan 2 billion Chinese currency, and that the defendant will take over 70% of the shares issued by the non-party company at par value (hereinafter referred to as "the second joint venture agreement of this case"). On January 28, 2010, the second joint venture agreement of this case (hereinafter referred to as "the second joint venture agreement of this case").

Article 5.1 of the 2nd Investment Contract of this case (Business Expense Investment Schedule) deals with the procedures necessary for joint ventures, such as permission, approval, consent, etc. of the Korean government and related sectors, organizations, etc. necessary for joint ventures, and the defendant deal with all permission, approval, or consent necessary for external investments in the Chinese related sectors.

Within 15 business days from the date on which the defendant and the plaintiffs obtained the above permission, the defendant inputs US$ 10 million to the non-party company.

The defendant and both of the plaintiffs are maximum.