1. Shares in Defendant B’s name among common shares in the face value of KRW 5,000,000 per face value, shares in Defendant C’s name.

The Plaintiff entered into a title trust agreement with Defendant C on the shares 2,000 shares of D Co., Ltd. (hereinafter “Nonindicted Company”) and entered into a title trust agreement with Defendant B on the shares 3,000 shares. Accordingly, Defendant C was listed as the shareholders of the above 2,00 shares and the above 3,00 shares of the non-party company on the statement on changes in the name of the non-party company’s shares. The fact that the Plaintiff expressed to the Defendants prior to the filing of the lawsuit in this case that the Plaintiff expressed to the Defendants the intent to terminate each of the above title trust agreement is no dispute between the parties.

Therefore, the Plaintiff is the shareholder of each of the Plaintiff as to 3,00 shares in Defendant B’s name and 2,000 shares in Defendant C’s name among the common shares of KRW 5,000 per face value of the non-party company’s issuance. As long as the Defendants dispute this, there is a benefit of confirmation.

The Defendants asserts that, according to the basic legal principles of title trust, the Defendants owned shareholders’ rights in relation to the non-party company externally.

If a person who has entrusted a shareholder’s name with respect to the shares before issuance of share certificates terminates a title trust agreement with the trustee, the shareholder’s right to the shares is returned to the title truster solely by the declaration of termination. In such a case, where a shareholder’s name listed in the register of shareholders substantially contests shareholder’s rights, the substantial shareholder has a benefit to seek confirmation of shareholder’s rights

(see, e.g., Supreme Court Decision 2011Da109708, Feb. 14, 2013). The Plaintiff seeks confirmation against the Defendants disputing the ownership of shareholders’ rights, not in relation to the non-party company, and thus, it is difficult to accept the Defendants’ aforementioned assertion.

The claim of this case is accepted.