The defendant is not guilty, and the summary of the judgment of innocence is publicly notified.

1. The summary of the facts charged is that the Defendant: (a) was a person operating E (hereinafter “E”) established for the purpose of Internet education projects in Gangnam-gu Seoul, Seoul; (b) was in the office of “H” in the operation of the Victim G located in Songpa-gu Seoul, Songpa-gu, Seoul on October 22, 2009, the Defendant collected shares of “I, a listed company, I (hereinafter “I”) for the purpose of bypassing the E; (c) KRW 300 million is required. When the Defendant borrowed KRW 300 million, the Defendant would pay 3% interest by April 21, 2010; and (d) would purchase E shares at a discounted price of 30% after the bypass listing; and (e) would receive a joint and several surety agreement.”

However, on June 2009, the Defendant already borrowed KRW 1.5 billion from J as the down payment for the acquisition of I’s shares, and KRW 1.8 billion from K around August 2009, respectively, and the Defendant was liable for the total amount of KRW 1.8 billion.0 billion, while E operated by the Defendant was liable for the debt amounting to KRW 8 billion at the time of bypassing the bonds, the financial standing has deteriorated by unduly borrowing the bonds for the purpose of bypass listing.

On the other hand, around June 2009, the Defendant purchased I’s shares held by KT and sold them to the largest shareholder on or around August 2009, but around September 2009, the Defendant sold a considerable portion of I’s shares to the outside. On or around September 2009, it was not clear whether I’s director and auditor was successful in the bypass listing, and thus, it was not a situation in which I would be able to pay back the money to the victim after the bypass listing.

In addition, the case where the joint and several sureties promised to guarantee was 1.7 billion won of the financial institution's debt at the time, and there was a large-scale operating loss and net loss as of the fiscal year 2009, and it was a company which has no real ability of security, such as dishonor around March 2010.

Therefore, the defendant is the victim.