The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. misunderstanding of facts and misunderstanding of legal principles 1) The E-Housing Reconstruction Project Association (hereinafter “instant association”) related to the facts constituting the crime of the lower judgment

At a general meeting to select a contractor on May 30, 2009, the proposal for the project containing specific conditions for the participation in construction, including the cost of construction, for each contractor, is presented, and members are examined such conditions and shall be called the Hyundai Industrial Development Co., Ltd. (hereinafter referred to as “Mo-type Industrial Development”).

In light of the fact that the Defendant selected as a contractor, the construction cost in the proposal for the project of modern industrial development, and the construction cost in the contract of the construction project (a) contract of September 30, 2009, are substantially the same value, etc., solely on the sole basis that the Defendant did not undergo a resolution by the general meeting prior to the conclusion of the above contract of construction (a) contract, the conclusion of the above contract of construction work (a) is done arbitrarily without a resolution by the general meeting, and thus the Act on the Maintenance and Improvement

(2) It does not constitute a violation of Article 24(3)5 of the lower judgment’s criminal facts. (2) The project proposal of the Corporation selected by the Assembly on May 30, 2009, which includes the following: “The items and methods of borrowing funds, and the method of borrowing funds, interest rates, repayment method, and delegation of the execution of funds,” and the “case of delegation of the execution of funds,” as stated in the “loan to the level of loan interest rates under a contract (including the PF level from a bank) with the selected contractor.”

In addition, approval has been obtained for the expenses and loans disbursed before the establishment of the association at the inaugural general meeting of October 13, 2007, and thereafter, funds have been executed within the scope of the budget after obtaining a report on the settlement of accounts and the approval of the budget bill from the ordinary meeting of the next year. In light of these circumstances, in order to cover the expenses incurred after the implementation of the reconstruction improvement project in this case, the amount of KRW 4,694,401,866 has been borrowed from the contractor.