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

1. Comprehensively taking account of the evidence presented by the Prosecutor to the gist of the grounds for appeal, Defendant A was practically in control.

I Savings Bank and P have each company take over financial investment instruments of G Co., Ltd., K, M Co., Ltd, and R (hereinafter each “G”), K, M, “M”, and “R” as a price therefor. It can be sufficiently recognized that the above company received fees from the above company. The above activities of Defendant A constitute “financial investment brokerage business” subject to authorization from the financial authorities under the Financial Investment Services and Capital Markets Act (hereinafter “Capital Market Act”).

Nevertheless, the first instance court rendered not guilty all of the facts charged of this case, and the first instance court erred by misunderstanding facts, which affected the conclusion of the judgment.

2. Determination:

A. The first instance judgment of the first instance court is sufficiently proven beyond reasonable doubt that Defendant A engaged in an investment brokerage business, which is a financial investment business for the following reasons:

It is difficult to see that the facts charged against Defendant A were not recognized, so it was determined that the facts charged against Defendant B limited liability company (hereinafter referred to as “B”) was not recognized.

① In de facto controlling the I Savings Bank and P, Defendant A received reports on the current status of various business through e-mail from its employees and presented their opinions. It is difficult to deem that the Defendant’s act constitutes “investment brokerage business” under the Capital Market Act.

In addition, on February 4, 2009, one P has obtained a financial investment business authorization from the Financial Committee member's conference, and the defendant A could run an investment brokerage business lawfully through P.

2. The I Savings Bank shall make a final decision on whether to grant a loan at the credit deliberation committee, and the defendant A did not participate in the affairs of the Committee.

P also the determination of final investment is made by the Risk Management Committee.