1. The Defendant in collaboration with C and D, as well as KRW 46,00,000,000, and the Plaintiff on May 3, 2016.

1. Determination on the cause of the claim

A. The facts stated in the reasons for the claim in the attached Form of the facts of recognition do not conflict between the parties, or may be acknowledged in each entry in Gap evidence Nos. 1 through 6 by considering the whole purport of the pleadings.

B. According to the above facts of determination, the Defendant is obligated to pay to the Plaintiff the sum of KRW 46,00,000 and the interest and delay damages calculated at the rate of 6% per annum prescribed by the Bills of Exchange and Promissory Notes Act from May 3, 2016 to May 12, 2016, the service date of the original copy of the instant payment order, as sought by the Plaintiff, and the interest and delay damages calculated at the rate of 15% per annum prescribed by the Act on Special Cases concerning Expedition, etc. of Legal Proceedings from the following day to the day of full payment.

2. The defendant's assertion argues that the defendant is not liable for paying the amount of the bill because E does not have a substantial authority to do so with the conclusion that E is in the status of representative director, and the plaintiff knew of such fact.

However, in this case where there is no dispute between the parties as to the fact that E recorded as representative director in the Defendant’s copy of the register endorsed the bill of this case, the Defendant is liable to pay the amount of the bill to the Plaintiff, unless there is any evidence that the Plaintiff was aware of the fact that E was actually not entitled to endorsement on the bill of this case on behalf of the Defendant.

Therefore, the defendant's above assertion is without merit.

3. Conclusion, the plaintiff's claim of this case is justified.