1. The plaintiff's appeal is dismissed.

2. The costs of appeal shall be borne by the Plaintiff.

Purport of claim and appeal

The first instance court.

1. The reasoning of the judgment of the court of first instance is dismissed in part of the judgment of the court of first instance as follows. The fact-finding and decision of the court of first instance are justifiable in view of the Plaintiff’s addition of evidence submitted to the court of first instance, and there are no errors as pointed out by the Plaintiff, except for the cases where the court of first instance added the judgment that

Therefore, it shall be quoted in accordance with Article 8 (2) of the Administrative Litigation Act and the main sentence of Article 420 of the Civil Procedure Act.

The parts from 12.9 to 13.0 are as follows.

In addition, the plaintiff asserts that "the plaintiff and B reached a partial settlement agreement to confirm 25 billion won related to the share acquisition price of this case among the plaintiff's 87 billion won investment in 2010 as irrecoverable losses and to waive the right to claim the return of the investment amount.

However, in light of the following circumstances revealed in the facts acknowledged earlier, it is insufficient to recognize the Plaintiff’s assertion only by the descriptions of evidence Nos. 16, 20, 21, and 26-4 of evidence Nos. 16, 20, and 26 of evidence Nos. 26, and by some testimony of the witness X of the trial.

Therefore, the plaintiff's above assertion is without merit.

① Under the instant investment association agreement between B, the Plaintiff’s business run by P is not limited only to the golf course operation business, but also to the domestic investment business, such as construction and lease of real estate, development projects, development of resources, energy-related projects and SOC development projects, investment in domestic securities and derivatives, operation of cooking facilities, etc., and overseas investment projects, such as housing complex development projects, alternative energy-related technology development, manufacture, sale and new and renewable energy projects, construction and operation of power plants, etc.

② Of the Plaintiff’s equity investment amounting to KRW 87 billion, KRW 25 billion invested in the instant golf course business is merely a part of the said amount, and there is no evidence to deem that the said amount was settled separately by specifying it in the instant golf course business.

(3) Even if any.