Defendants are not guilty. The summary of the judgment against the Defendants is publicly announced.

1. The summary of the facts charged is the representative director of KK, and the defendant B is the person who works as the chief of L Strategic Project Headquarters.

From September 2006 to January 2007, the Defendants: (a) borrowed total of KRW 2.8 billion from the victim M to exchange the shares of N Co., Ltd. (hereinafter “N”) offered as security with the investment certificate that has no value as security; and (b) acquired the said shares by fraud.

Defendant

B around December 17, 2007, at the victim M’s office located in the Gangnam-gu Seoul Seoul OO building, the said victim made a false statement to the effect that “The N shares already offered as security are shown in the test to provide the said victim with a certificate of investment on shares held by P to Q (hereinafter “the instant certificate of investment”). The certificate of investment shows any significant portion of the certificate of investment, and the certificate of investment was kept in the depository.”

However, the above investment certificate is merely a mere written confirmation, and there was no value as security, and the share in the investment certificate has already been provided as security to R and seven others.

The Defendants, by deceiving the victim as above, received 130,00 shares of N on the same day (one share price at that time: 11,000 won, total 1,430,000 won) from the victim as collateral exchange for the same day.

2. The summary M of the Defendants and defense counsel’s assertion had already returned the secured shares to Defendant A before being provided with the instant investment certificate.

Therefore, the Defendants did not induce M to the effect that the Defendants would substitute the existing collateral shares with the instant investment certificate.

M not only did it perform an act of disposal of exchanging investment certificates and collateral stocks, but also there is no causal relationship between the Defendants’ act of issuing investment certificates and the act of issuing collateral stocks.

3. Determination

A. M’s statement is made as evidence corresponding to the facts charged in the instant case.

However, this case.