The appeal is dismissed.

The grounds of appeal are examined.

1. As to the grounds of appeal Nos. 1 and 2

A. As to the Defendant’s assertion that there was no substantial damage to F Co., Ltd. (hereinafter “victim”) on the grounds that the offer of a cover note amounting to 10 billion won does not differ from the maximum payment by temporary loans, the lower court determined that the Defendant’s act of offering a cover note amounting to 11 billion won owned by the victimized Company as security to N constitutes breach of trust on the ground that the Defendant’s offering of a cover note amounting to 10 billion won, which was paid by H (hereinafter “H”) from N, a corporate bondholder, was attributed to the victimized Company, and the capital of the victimized Company was substantially increased, based on the circumstances stated in its reasoning.

Examining the record in light of the relevant legal principles, the above determination by the court below is just and acceptable, and there is no error by misapprehending the legal principles on the crime of breach of trust and the disguised payment.

B. The court below also held that the defendant's use of the cover note 1 billion won in the issuance of the cover note was an inevitable business judgment to prevent the last default of the victimized company through the third party's offering of new shares by issuing the cover note, based on the circumstances stated in its reasoning, the principal purpose of the act of offering the cover note 11 billion won was to maintain the status as the largest shareholder after the offering of new shares, and to obtain profits from the market price by using the share price supported as a part of the participation in the genetic development project at the same time after the offering of new shares, thereby preventing the default of the victimized company is nothing more than an incidental purpose. Thus, the act of offering the cover note 1 billion won is an act of obtaining profits from H and causing losses to the victimized company. The part of the cover note 1.1 billion won out of the cover note 1.1 billion won is limited to the part of the crime of breach of trust.