1. The plaintiff's claim is dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

1. Basic facts

A. The Plaintiff is a local government-invested public corporation established for the purpose of acquiring, developing, reserving, supplying, leasing and managing land for housing site development, etc. in accordance with the Local Public Enterprises Act and the “Ordinance on the Establishment and Operation of Agencies”.

The defendant served as the president from January 8, 2010 to March 16, 2011.

B. On June 11, 2010, the Plaintiff entered into a business agreement on the K Collective Housing Development Project (hereinafter “instant business agreement”) with the content that “H consortium” comprised of C Co., Ltd, D Co., Ltd, E Co., Ltd, F Co., Ltd, and G Co., Ltd. (hereinafter “instant consortium”) and I Co., Ltd., a special purpose corporation (hereinafter “I”) to build and sell apartment units with 39,921 square meters of J site (hereinafter “instant site”).

C. Article 3-1(2) of the instant Business Convention provides that “The amount of KRW 16 billion out of the total purchase price to be paid by I to the Plaintiff according to the sales contract for the instant business site shall be paid at the time of completion of the first PF loan, and the balance shall be paid until the settlement of the business, and the balance shall be paid at a lower level than the project cost, such as the PF loan claim and construction cost.”

Articles 4-8(2), 5-4, and 6-2(3) of the Act provide that the Plaintiff shall purchase the remaining PF loan claims from the PF counterpart when the business is terminated due to the cancellation of the business agreement if I fails to repay the PF loan claims by profit, such as sales price, until the settlement date for the business is settled, in cases where the PF loan claims are not repaid by the due date of the financial institution’s redemption of the PF loan claims or where the benefit of time is lost.

On July 12, 2010, the Plaintiff sold the instant project site to I established pursuant to the instant agreement for KRW 41.99 billion, and decided to exempt I from interest accrued until the settlement of accounts for the remainder of KRW 25.917 billion.50 million. The Plaintiff sold the instant project site to I on July 14, 2010.