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. Details of the decision not to disclose;

A. Eight legal entities established by K funds in Belgium and Luxembourg for the purpose of investing in the Republic of Korea (hereinafter “K legal entities”) are currently underway by filing an application for arbitration with Korea with the International Investment Dispute Resolution Center (ICSID), which is an international arbitration institution, on the ground of the violation of the Agreement on the Mutual Promotion and Protection of Investment between the Government of the Republic of Korea and Belgium-Luxembourg-ILuxembourg (hereinafter “Investment Agreement”).

B. On May 2015, the Plaintiff filed a claim with the Minister of Justice for disclosure to the Minister of Justice for the International Arbitration case (Case Number ICDR CA. B, hereinafter “instant International Arbitration case”) filed against the Republic of Korea (ICSID) (hereinafter “instant International Arbitration case”). The Minister of Justice, on June 2015, disclosed only “the actual total amount of the claim claimed by the applicant,” and on August 2015, 2015, “K corporations (the applicant for Arbitration) disclosed only the “the actual total amount of the claim claimed by the applicant,” and “if the sale transaction of issued stocks of the corporation becomes final due to the low period, the amount is USD 4.677,95 million,00,000,000,0000,0000,0000 won, plus the amount calculated by adding the amount calculated by deducting the interest accrued to the corporation, such as the final sales price, and the amount imposed on the corporation and the interest accrued to K.”

C. On December 3, 2015, the Plaintiff: (a) filed with the Defendant on December 3, 2015, the sum of the total amount of tax withheld by the Republic of Korea from the amount of damages claimed by the Claimant in the instant international arbitration and the list of the Claimant requesting the same.