1. The part against the defendant among the judgment of the court of first instance is revoked, and the plaintiff's claim corresponding to the revoked part is revoked.

1. The Defendant’s issuance of new shares as of November 14, 2009, which was the cause of the instant claim, ceased to be effective by the final judgment invalidating the issuance of new shares, and thereby, the said investment in kind made by D Co., Ltd. (D) against the Defendant in relation to the said issuance of new shares became null and void. As such, the Defendant was liable to return money equivalent to the investment in kind and value-added tax amount.

Therefore, the defendant should pay the money stated in the claim to the plaintiff who is the collection right holder of the D's share price and value-added tax amount equivalent to the money refund claim.

2. Determination

A. Basic facts 1) Defendant (Co., Ltd.) (Co., Ltd.) is a corporation with the purpose of the operation of pleasure lines, inland water transport business, food entertainment business, cooking and selling business, etc. 2) D on October 20, 2009 and the Defendant entered into a contract with the Defendant for investment in kind (hereinafter referred to as the “investment in kind”) with the Defendant’s ordinary share (5,000,000,000,000,000,000 won) as the following: (a) around February 2007, D had a reclamation license (the reclamation place: E public waters: 9,440,476,00 won; hereinafter referred to as the “public waters of this case”) under the condition of suspending construction around June 2009; and (b) in return, D should receive the Defendant’s ordinary share (the investment in kind of 5,000,000 won) from the Defendant’s ordinary share (hereinafter referred to as the “investment in kind”).

C - In the meantime, under the premise that reclamation work for the public waters reclaimed in this case was normally undertaken at D’s request, the market price was appraised on October 20, 2009 on the part for which reclamation work was completed at the price time, and the market price was appraised on the part for which reclamation work was completed at D’s request, the market price of the public waters reclaimed in this case at KRW 9,440,476,00 is 25,714,236,000 for the total value of the reclaimed land in this case among the reclaimed land in this case (=).