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1. Revocation of a judgment of the first instance;
2. The plaintiff's claim is dismissed.
3. All costs of the lawsuit shall be borne by the Plaintiff.
Reasons
1. Details of the disposition;
A. The International Peatum Inc. (hereinafter referred to as the “IPIC”) was established by the Abubiyn Republic of America (hereinafter referred to as the “UAE”), and is a corporation established by the Abubu Republic of America (hereinafter referred to as the “UAE”) for the purpose of investing in the global petroleum-related business by holding 100% shares of the Abubi Government and investing in the world’s petroleum-related business.
Pursuant to Finland law, IPIC holds 100% of each of its outstanding shares issued by the FlagmbH, a corporation established in 1998 (hereinafter referred to as "Flagum") and by the Austria law, a corporation established in 1997.
Pursuant to the Netherlands Act, the Flagum holds 100% of the outstanding shares of Hanacal Herings B.V (hereinafter “Hancal”), a corporation established on September 27, 1999, in accordance with the Netherlands Act. Intellectual Property Holdings holds 100% of the outstanding shares of the Plaintiff, a corporation incorporated on January 23, 2006, in accordance with the Netherlands Act.
B. On December 199, Hancal acquired approximately KRW 612,70,00,000 per share of 122,541,211 (50% of the total issued shares) issued by Hyundai Lao Bank Co., Ltd. (the trade name at that time was “Nanc Bank Co., Ltd.”; hereinafter “Nanc Bank”).
On February 9, 2006, Hancal transferred to the Plaintiff KRW 220,574,182,50 per share (hereinafter “instant share transfer”) 49,016,485 shares (hereinafter “instant shares”) out of the said shares of Hyundai Lao Bank’s 49,016,485 shares (hereinafter “instant shares”). On February 23, 2006, Hancal purchased 49,016,484 shares issued by Hyundai Heavy Industries Co., Ltd. (hereinafter “20% shares issued”).
C. On March 10, 2006, Hancal made the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income accrued from the transfer of shares through the Plaintiff between the Government of the Republic of Korea and the Government of the Kingdom of the Netherlands.