1. All appeals by the Defendants are dismissed.

2. The costs of appeal are assessed against the Defendants.

Purport of claim and appeal

1.

1. Basic facts

A. On January 8, 2004, the Plaintiff established D Co., Ltd. (hereinafter “D”) with capital of KRW 50,000,000 (total number of outstanding shares 10,000). D increased shares on February 25, 2006, and the total number of issued shares became 60,000 shares.

B. The Defendants are the Plaintiff’s affinity, Defendant B is the Plaintiff’s auditor from January 8, 2007 to March 31, 2010, Defendant C is the Plaintiff’s auditor, and Defendant C from March 9, 2004 to the same year.

8. For the period of May, 200, D’s representative director, from January 8, 2007 to January 8, 201, as D’s director, and from June 7, 201 to June 7, 201, respectively, is registered as D’s auditor.

C. At the time of its incorporation and capital increase, the Plaintiff held title trust with the Defendants of the shares listed in the separate sheet (hereinafter “instant shares”) between the Defendants.

On October 13, 2016, the Plaintiff sent to the Defendants a certificate of content containing a declaration of intent to terminate the title trust agreement with respect to the instant shares, and the said certificate reached the Defendants around that time.

[Ground of recognition] Facts without dispute, each entry of Gap evidence 1 to 4 (including provisional number), and the purport of the whole pleadings

2. The assertion and judgment

A. 1) The parties asserted that the title trust of the Plaintiff’s alleged shares was terminated, and thus the Plaintiff has the right to the said shares, and thus, they seek confirmation of the shareholders’ rights to the shares of this case against the Defendants. 2) The Defendants asserted that the Defendants were aware of the Plaintiff’s promise to compensate corresponding to the occurrence of profit by operating the company, and were engaged in as D’s representative director and auditor, and thereafter, the Plaintiff promised to sell part of the shares of this case as part of the compensation promised to the Defendants.

B. If a person who has entrusted a shareholder’s name with respect to the shares before the issuance of the share certificate terminates the title trust agreement with the trustee, the shareholder’s right to the shares is returned to the title truster solely by the declaration of termination. In such a case, the register of shareholders is recorded