1. Revocation of the first instance judgment.

2. The plaintiffs' claims are dismissed.

3. The costs of the lawsuit are assessed against the Plaintiffs.

Basic Facts

The defendant is the owner of Osan-si E, F land and each building on its ground (hereinafter collectively referred to as "the real estate of this case"), who is a stock company engaged in the real estate development and implementation business, and the plaintiffs are the shareholders of the defendant.

On September 7, 2012 and the 18th day of the same month, the Kuwon District Court G and the same court H had applied for voluntary auction on the instant real estate.

(hereinafter “The instant voluntary auction procedure”). The Plaintiff A, C, and I concluded an agreement with the following contents for the purpose of winning the instant real estate at the auction around October 2013:

(hereinafter “instant agreement”). In order to establish virtual P Co., Ltd. (hereinafter “Defendant”) and purchase the instant real estate at auction, and to conduct a business in which Plaintiff A, C and I invest as a shareholder and create profits, the following agreements shall be made prior to the incorporation of the corporation:

1. The conditions for the incorporation of a juristic person shall be as follows:

1. Capital: 600 million won (2) capital ratio I and persons designated by I, 50% in total, 325% in total, 1 representative director composed of plaintiffs A25% in total, 3 representative director, 1, 3, 1, 3, 1, and 1, who are designated by plaintiff A and I;

6.The distribution of earnings shall be divided according to the ratio of surplus funds in the event of a successful bid loan, and the amount of 200 million won shall be distributed in proportion to each time when the deposit of the security deposit is made, and the I shall be in charge of the operation until the total amount of the investment funds and the amount of the profit from the contract reaches one billion won

7.The investors shall, upon receipt of all of the above dividends, transfer all shares they own to the other shareholders (in accordance with the shares ownership ratio of the shareholders of Ghana), and also resign from the position of the officer.

According to the ratio of capital and capital stipulated in the instant agreement, Plaintiff A and C respectively are 150 million won.