1. Shares 2,600 shares in Defendant B among the registered common shares of KRW 5,000 issued by D Co., Ltd., and Defendant C.

1. Facts of recognition;

A. When establishing D Co., Ltd. (hereinafter “D”), the Plaintiff agreed to issue 5,000 won of registered ordinary shares of KRW 10,000 at par value. Of them, 4,900 shares were subscribed under its own name, and the remaining 5,100 shares were subscribed under another person’s name.

B. On October 18, 2012, the Plaintiff entered into a title trust agreement with the Defendants (hereinafter “instant title trust agreement”) and paid KRW 13 million to 2,600 out of the said 5,100 shares (=2,600 shares x 5,00 won) in the name of the Defendant B, with KRW 12.5 million (=2,500 shares x 5,000 shares x 2,500 shares) in the name of the Defendant C.

C. On October 18, 2012, D listed Defendant B as the above 2,600 shareholders in the shareholders’ list, and Defendant C as the above 2,50 shareholders.

(hereinafter referred to as the “instant shares”) 5,100 shares listed in the name of the Defendants in the register of shareholders are listed as the Defendants.

The Plaintiff notified the Defendants of its intent to terminate the instant title trust agreement.

[Ground of recognition] Unsatisfy, entry of Gap evidence 1 to 3 (including branch numbers for those with a satisfy number), the purport of the whole pleadings

2. Determination as to the cause of action

A. The nominal shareholders listed in the relevant legal doctrine in the register of shareholders are recognized as the effect of granting a shareholder’s right, even if they did not prove their substantive rights in relation to the company, not by entering in the register of shareholders.

Where a person has invested shares in another person's name with the consent of the person, and has paid the price of shares by acquiring shares, only the person who has actually paid the price shall become a shareholder as a de facto shareholder, and the person who has merely borrowed shares shall not become a shareholder.

This is the same in the case of acquisition of shares by borrowing another person's name while establishing a company.

(see, e.g., Supreme Court Decision 2010Da22552, May 26, 2011).