The appeal is dismissed.

The costs of appeal are assessed against the defendant.

The grounds of appeal are examined (to the extent of supplement in case of supplemental appellate briefs not timely filed).

1. Case summary

A. B (formerly, “C”) and one shipbuilding company (hereinafter “domestic shipbuilding company”) entered into a contract for shipbuilding a total of four vessels from E and two foreign corporations (hereinafter “foreign vessel owners”) between June 9, 2006 to October 27, 2006 (hereinafter “foreign vessel owners”).

B. Under each shipbuilding contract of this case, foreign vessel owners shall first pay part of the vessel price to domestic shipbuilding officers prior to the completion of shipbuilding, and where each shipbuilding contract of this case is terminated due to reasons such as termination or termination, the domestic shipbuilding officers shall refund to foreign vessel owners the vessel price already received (hereinafter “Advance payment”) and the interest calculated at the rate of 7% per annum from the date of receipt to the date of refund, but the refund of advance payment and interest shall be exempted from all obligations, duties and legal liability to both parties, and shall be governed by English law as the governing law of the contract.

C. Meanwhile, between August 24, 2006 and March 31, 2008, the Plaintiff entered into a contract with a foreign vessel owner to guarantee an advance payment and an obligation to refund interest on the foreign vessel owners under each shipbuilding contract (hereinafter “each of the instant guarantee contracts”).

However, foreign vessel owners rescinded each shipbuilding contract of this case with domestic shipbuilding owners for reasons such as delayed delivery of a ship, and on the basis of each of the instant guarantee contracts, they claimed the Plaintiff to pay advance payment and interest accrued therefrom.

E. Accordingly, the Plaintiff from August 17, 2010 to September 16, 2010.