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1. The defendant shall be the plaintiff.
(a) KRW 1,00,000,000 per annum from September 8, 2017 to September 19, 2018; and
Reasons
1. Basic facts
A. On April 8, 2011, the Defendant purchased from the Ulsan Metropolitan City Urban Corporation a parking lot of 5753.7 square meters in Ulsan-gun, Ulsan-gun (hereinafter “instant land”) at KRW 6.77 billion.
B. On June 28, 2016, the Plaintiff: (a) purchased the instant land from the Defendant in KRW 9.5 billion (hereinafter “instant sales contract”); (b) drafted a sales contract stating the purchase price of KRW 6.77 billion in order to reduce capital gains tax.
After that, on June 30, 2016, the Plaintiff paid to the Defendant KRW 1 billion as the down payment of the instant sales contract, and KRW 1 billion as the intermediate payment of the instant sales contract on July 4, 2016.
C. The Plaintiff intended to undertake a development project to build a commercial building on the instant land (hereinafter “instant project”), and the Defendant also sought to participate in the said project.
Accordingly, the Plaintiff and the Defendant revoked the instant sales contract, and agreed to establish a new corporation for the instant business and divide their shares.
Accordingly, on January 18, 2017, the Plaintiff and the Defendant established D Co., Ltd. (hereinafter “D”) for the purpose of real estate development business. The shares issued by the said company were owned by E, the representative of the Plaintiff, by 50.1%, by 30%, by the Defendant, and by 19.9% by other investors.
E. In the process of establishing D on January 12, 2017, the Plaintiff and the Defendant drafted a written confirmation with the following contents:
The language and text of the written confirmation (hereinafter referred to as the “written confirmation”) and “A” establish a special purpose corporation at the ratio of 7:3 percent to the extent that it does not damage its meaning, and set up a written business agreement and to jointly develop the instant land. The agreement between A and B on or before January 11, 2017 should be null and void.
1. The purchase price of the instant land is KRW 6.77 billion, and is KRW 6.7 billion.