All appeals by the Defendants are dismissed.

1. Summary of grounds for appeal;

A. In fact, the Defendants were negligent in failing to conduct accurate appraisal based on defective materials, such as survey documents and satellite photographs prepared by the owner A, because the construction is already commenced at the time of appraisal and it is impossible to conduct an on-site investigation, and there was no intention to conduct false appraisal.

B. Each sentence of the lower court’s unfair sentencing (each fine of KRW 15 million) is too unreasonable.

2. Judgment on the assertion of mistake of facts

A. Articles 37(1) and 43 subparag. 4 of the Public Notice of Values and Appraisal of Real Estate Act provide that an appraisal business entity shall conduct an appraisal with good faith and sincerity, and shall not conduct an appraisal intentionally or by gross negligence, and that an appraisal business entity shall be punished in cases where an appraisal business entity intentionally or negligently violates this provision.

(b)the appraisal business entity shall conduct an appraisal in accordance with reasonable appraisal methods necessary to conduct a fair and objective appraisal as a professional professional person, which shall include collecting data to the extent necessary and undergoing due verification procedures for collected data;

Therefore, if an appraisal business entity arbitrarily made an appraisal without any justifiable reason without undergoing a minimum investigation or verification of the collected data, it is reasonable to deem that such error constitutes an intentional appraisal without following reasonable appraisal methods.

(c)

On the other hand, the facts charged of this case against Defendant B and C in collusion with Defendant B and C to appraise the remaining value of the facilities held by A and make a false appraisal of the size, quantity, and unit price of dual, and intentionally make an erroneous appraisal. In light of the aforementioned legal principles, the following circumstances acknowledged by the evidence duly investigated and adopted by the court below are examined.