The judgment of the court below is reversed.

Defendants are not guilty.

1. There was an agreement between the minority shareholders and HF, including the Defendants, to make investments in the Company to implement the management improvement plan, and the minority shareholders’ consent to the management composition centered on H.

In order to secure this, minority shareholders and H will exchange each letter of resignation.

Based on the above agreement, the Defendants prepared a letter of resignation using blanks drawn from HF, so the Defendants do not constitute the crime of forging or uttering of private documents.

In addition, since the defendants confirmed F's intention to resign from F and completed the registration of resignation by using the above resignation letter, the defendants are not guilty of false entry of public electronic records and their exercise.

Nevertheless, the lower court erred by misapprehending the facts charged and adversely affecting the conclusion of the judgment.

2. Determination

A. The summary of the facts charged in the instant case is the representative director E of the company located in the building D in Nam-gu Incheon Metropolitan City, and Defendant B is the vice president of the said company.

1. On June 2016, the Defendants, along with G, a vice-chairperson of the said company, established a management improvement plan to avoid delisting of the said company, and decided to take office of H and F around September 30, 2016, by mutual agreement that H and F, as an internal director, were to take office as an internal director of the said company, with the intent to avoid delisting of the said company.

Defendant

B around October 5, 2016, H stated that “A blank with a seal imprint affixed to the preliminary use for the registration of the appointment of a director is required” from H’s office, and H’s seal imprint was affixed to H and F’s name on the blank.

Defendant

A shall make a letter of resignation to Defendant B from around that time to December 26, 2016 and make it possible to register the resignation of F.