All appeals filed by the prosecutor against the Defendants are dismissed.

1. The summary of the grounds for appeal is that the Defendants, as the chief director and the managing director of the Victim E (hereinafter “victim E”) take charge of overall affairs, such as the receipt of credit by the Victim’s Treasury and the decision on the operation of surplus funds, and actively take charge of risk pursuant to relevant statutes, such as the Saemaul Treasury Act, and even if they actively take charge of risk pursuant to the Saemaul Bank Act, manage surplus funds by stable investment methods to secure and maintain asset soundness rather than promoting asset increase. Therefore, there was a duty to review the probability of loss of investment products, the possibility of profit acquisition, etc., and determine investment in accordance with relevant statutes, etc.

Nevertheless, while recognizing the fact that the instant invested goods are in violation of relevant laws, the Defendants neglected to review the risks of goods, etc. and invested in the instant beneficiary certificates, etc., which led to the failure to recover the principal amounting to KRW 11.1 billion at maturity of the instant beneficiary certificates.

In other words, since the Defendants did not perform any act that should be expected as a matter of course in their roles or positions under the laws and regulations, good faith, and thus did not cause a third party to gain a profit and inflict a loss on the victim’s safe, the Defendants’ intention of breach of trust is recognized.

Nevertheless, the judgment of the court below which acquitted the Defendant of the facts charged of this case is erroneous by misapprehending the legal principles, thereby affecting the conclusion of judgment.

2. Determination:

A. The summary of the facts charged in the instant case is the head of the division and the head of the division from January 25, 2004 to April 24, 2015, when Defendant A served as the president of the credit cooperative for the victims located in the Chang-si, Chang-si, Busan. In general, Defendant B took charge of the overall business of receiving credit and determining the operation of surplus funds of the credit cooperative for the victims. Defendant B is the head of the division and the head of the division from November 1, 1999 to December 31, 2007, and from January 1, 2008 to April 24, 2015.