1. All of the plaintiffs' claims are dismissed.

2. The costs of lawsuit are assessed against the plaintiffs.

1. Progress of this case

A. E, the Defendant’s representative director, established the Defendant as a special purpose company in around 2012 in order to carry out the G Pro rata for the purpose of leasing apartment buildings, commercial buildings, etc. from F of Papua New Airport, and the actual project of this case is under way centered on H, a corporation Papua New Airport, the Defendant invested at 10%.

B. Plaintiff B’s ASEAN participated in the instant project as a shareholder who owns the Defendant’s 10% shares, but Papua New Zealand acquired the right to land related to the instant project in 2014, and obtained construction-related permission in 2015.

C. On April 1, 2014, the Defendant entered into a contract with Plaintiff A Co., Ltd. (hereinafter “Plaintiff”) and KRW 500 million; KRW 500 million from Plaintiff C on April 16, 2014; and KRW 150 million from Plaintiff B on May 20, 2014; and entered into a contract with Plaintiff B on May 20, 2014 (hereinafter “instant investment contract”).

The project of this case is the maturity for the commencement of construction-related permission from the government of Papua New Zealand until August 2020, and it is difficult to prepare construction funds, etc., so the project of this case does not begin at present.

[Reasons for Recognition] There is no dispute. 2. The allegations and judgment of the parties

A. The plaintiffs asserted in the investment contract of this case that the plaintiff company, C, and B were entitled to 4% shares of each defendant, and 1.2% shares of the defendant. However, the defendant agreed in kind that the defendant's delivery of apartment constructed by the project of this case can substitute the duty to grant shares by transferring apartment units. This asserts that the defendant should implement the transfer procedure for shares corresponding to the above shares, since it is an investment contract that can determine the delivery of apartment units or the shares of the company of this case selectively.

As to this, the defendant shall hold the consultation process of the investment contract of this case.