㥶㠪ῃ㩲ⶊ㡃⻫㥚㤦䣢 㭧㨂′䂯㠦 ➆⯎ 㭧㨂㠦 㧞㠊㍲ 㠮Ⰲ㠝 㠊㘮㔲㠊䁶 㠮.䞒. (ELLIOTT ASSOCIATES, L.P.) ⯒ 㼃ῂ㧎㦒⪲ ╖䞲⹒ῃ 㦚 䞒㼃ῂῃ㦒⪲ 䞮⓪, 㭧㨂䐋⽊ ⹥ 㼃ῂ㍲Ⳋ 2018⎚ 7㤪 12㧒 G 1 ⳿㹾 I. ㍲⪶ ......................................................................................................................... 3 II. ╏㌂㧦 ..................................................................................................................... 6 III. IV. V. VI. VII. A. 㼃ῂ㧎 .......................................................................................................6 B. 䞒㼃ῂῃ ...................................................................................................7 㠮Ⰲ㠝㦮 㼃ῂ ἓ㥚 ........................................................................................... 12 A. ㌒㎇ⶒ㌆㠦 ╖䞲 㠮Ⰲ㠝㦮 䒂㧦 .......................................................12 B. ⽎Ị 䞿⼧㞞 ...........................................................................................13 C. ῃ⹒㡆⁞㦚 䐋䞲 䞲ῃ㦮 ⽎Ị 䞿⼧㰖㤦 ......................................... 17 D. ゚Ⰲ䟟㥚 .................................................................................................36 E. 㹾⼚䟟㥚 .................................................................................................40 ὖ䞶 ⹥ 㼃ῂ㩗ỿ ............................................................................................... 43 A. 㠮Ⰲ㠝㦖 㩗㣿╖㌗䒂㧦⯒ 䞲 ⹎ῃ㦮 䒂㧦㧦㧚 ............................. 43 B. 㠮Ⰲ㠝㦮 㼃ῂ⓪ 㼃ῂ㩗ỿ㦚 Ṭ㿪ἶ 㧞㦢 ..................................... 44 C. ☯㦮 ⹥ 䙂₆㍲ ..................................................................................... 44 䞲ῃ㦮 䞲⹎ FTA ㌗ 㦮ⶊ 㥚⹮ ...................................................................... 46 A. 㩲 11.5 㫆 㥚⹮....................................................................................... 46 B. 㩲 11.3 㫆 㥚⹮....................................................................................... 51 C. 㠮Ⰲ㠝㦮 ㏦䟊........................................................................................ 54 㩞㹾 ὖ⩾ ㌂䟃 ................................................................................................... 55 A. 㩗㣿Ṗ⓻䞲 㭧㨂 ′䂯 .......................................................................... 55 B. 㭧㨂㧎㦮 㑮 ⹥ ㍶㩫 ............................................................................ 55 C. 㭧㨂 㠎㠊................................................................................................ 56 D. ⻫㩗 㭧㨂㰖............................................................................................ 56 E. 㭧㨂㦮 ὖⰂ............................................................................................ 56 㔶㼃 䀾㰖 ............................................................................................................. 56 2 I. ㍲⪶ 1. 㠮Ⰲ㠝 㠊㘮㔲㠊䁶 㠮.䞒.(㧊䞮 “㠮Ⰲ㠝” ⡦⓪ “㼃ῂ㧎”)⓪ ╖䞲⹒ῃὒ ⹎䞿㭧ῃ Ṛ㦮 㧦㥶ⶊ㡃䡧㩫(㧊䞮 “䡧㩫” ⡦⓪ “䞲⹎ FTA”) 1 㠦 ➆⧒ 2013⎚ 㥶㠪ῃ㩲ⶊ㡃⻫㥚㤦䣢(㧊䞮 “UNCITRAL”) 㭧㨂′䂯(㧊䞮 “UNCITRAL ′䂯”)㠦 㦮Ệ䞮㡂 ⽎ ⶎ㍲⪲㖾 ╖䞲⹒ῃ(㧊䞮 “䞲ῃ” ⡦⓪ “䞒㼃ῂῃ”)㦚 ㌗╖⪲ 䞲 㭧㨂䐋⽊ ⹥ 㼃ῂ㍲Ⳋ㦚 㩲㿲䞿┞┺. 㠮Ⰲ㠝㦖 䡧㩫 㩲11.16㫆 㩲2䟃㠦 ➆⧒ 2018. 4. 13.㧦 ㍲Ⳋ䐋⽊⪲ 㠮Ⰲ㠝㦮 㼃ῂ✺㦚 㭧㨂㠦 㩲₆䞮Ỷ┺⓪ 㦮㌂䐋⽊⯒ 䞲ῃ㠦 㩚╂䞲 ⹪ 㧞㔋┞┺. 2 ⁎ 㧊䤚 㠮Ⰲ㠝㦖 ⿚㨗㦚 䟊ἆ䞶 㑮 㠜㠞▮ ⹪, 㧊㠦 㼃ῂ✺㦚 㭧㨂㠦 㩲₆䞿┞┺. 2. ㍲Ⳋ䐋⽊㠦 ₆㑶♮㠊 㧞⓪ ⹪㢖 ṯ㧊, ⽎ 㭧㨂⓪ ㌒㎇ⶒ㌆ 㭒㔳䣢㌂ (㧊䞮 “㌒㎇ⶒ㌆”)㢖 㩲㧒⳾㰗 㭒㔳䣢㌂(㧊䞮 “㩲㧒⳾㰗”)⧒⓪ 2Ṳ 䞲ῃ ㌗㧻䣢㌂✺㦮 2015. 9. 1.㧦 䞿⼧(㧊䞮 “⽎Ị 䞿⼧”)㠦 㧊⯊₆₢㰖㦮 ㌂Ị✺ὒ 㩞㹾✺㠦 㧞㠊㍲ 䞲ῃ㦮 Ṳ㧛ὒ 㡃䞶㠦㍲ ゚⫅♲ ộ㧛┞┺. 䞲ῃ㦖 ⽎Ị 䞿⼧ὒ ὖ⩾䞮㡂 ⿖㩗㩞䞲 㑮┾ὒ ☯₆㠦 㦮䞮㡂 䡧㩫㠦 㥚⹮♮⓪ 䟟㥚✺㦚 䞮㡖㔋┞┺. 3. ⽎Ị 䞿⼧㦖, ㌒㎇㧊⧒⓪ ㌗䢎⯒ ㌂㣿䞮⓪ 㑮 Ⱔ㦖 Ἒ㡊䣢㌂✺ (㧊䞮 “㌒㎇⁎⭏”)㦚 ῗ⁏㩗㦒⪲ 㰖⺆䞮⓪ 㥶⩻䞲 㽳㑮㧒ṖṖ Ṗⶎ㦮 㑮㧻㧎 㧊Ị䧂⪲⿖䎆 ⁎ 㞚✺ 㧊㨂㣿㠦Ợ 㾲㏢㦮 ゚㣿㦒⪲ ㌒㎇⁎⭏㦮 ἓ㡗ῢ㦚 㧊Ị䧂⪲ 㧊㨂㣿㠦 㧊㩚䞮⓪ 㑮┾㦒⪲ 㧎㔳♮㠞㔋┞┺. 䔏䧞 ⽎Ị 䞿⼧㦖 ㌒㎇ⶒ㌆㦮 㭒㔳㧊 ⌄Ợ 䘟Ṗ♮ἶ 㩲㧒⳾㰗 㭒㔳㧊 ⏨Ợ 䘟Ṗ♮☚⪳ 䞾㦒⪲㖾 㩲㧒⳾㰗㦮 㭒㣪㭒㭒㧎 㧊㨂㣿㧊 ㌒㎇ⶒ㌆㦚 㡒Ṗ㠦 㧎㑮䞶 㑮 㧞☚⪳ 㨂㣿 䞮ἶ, ⁎⪲ 㧎䞮㡂 ㌒㎇ⶒ㌆㧊 Ṗ㰚 ㌒㎇ ⁎⭏㦮 ‘㾲㤆⨟㧦㌆’㧎 ㌒㎇㩚㧦㦮 㰖⿚㦚 㰖⺆䞶 㑮 㧞☚⪳ ㍺Ἒ♮㠞㔋┞┺. 1 2012⎚ 3㤪 15㧒 ⹲䣾♲ ╖䞲⹒ῃὒ ⹎䞿㭧ῃ Ṛ㦮 㧦㥶ⶊ㡃䡧㩫, 㩲1㧻 ⹥ 㩲11㧻 㻾⿖♾. Exh C-1. 2 2018. 4. 13.㧦 㝆Ⰲ 䋂⧒㤊㯞Ṗ ╖䞲⹒ῃ 㩫⿖㠦 ⹲㏷䞲 ㍲䞲 (㦮㌂䐋⽊㍲), Exh C-2. 3 4. 㠮Ⰲ㠝㦖 ㌒㎇ⶒ㌆㠦 ╖䞲 䒂㧦Ṗ 㧻₆ 䒂㧦⪲㍲ Ṗ䂮Ṗ 㧞┺ἶ ⹕ἶ 㑮⎚Ṛ ㌒㎇ⶒ㌆㦮 䒂㧦㧦㡖㦒Ⳇ, ⽎Ị 䞿⼧ ╏㔲 ㌒㎇ⶒ㌆㦮 ⽊䐋㭒㔳 11,125,927㭒 㯟 ⽊䐋㭒㔳 㽳㑮㦮 㟓 7.12%⯒ ⽊㥶䞮ἶ 㧞㠞㔋┞┺. ⽎Ị 䞿⼧㞞㧊 ἶ㦮㩗㦒⪲ ⿖╏䞮Ợ ㌒㎇ⶒ㌆㦚 ⌄Ợ 䘟Ṗ䞮ἶ 㩲㧒⳾㰗㦚 ⏨Ợ 䘟Ṗ䞾㦒⪲㖾 㠮Ⰲ㠝㠦 Ⱏ╖䞲 ㏦㔺ὒ ㏦䟊⯒ 㧛䧦 ộ㦒⪲ 㡞㌗♾㠦 ➆⧒, 㠮Ⰲ㠝㦖 䞿⼧Ἒ䣣㧊 ⹲䚲♲ 䤚 ṫ⩻䞲 ἓ㩲㩗 ⏒Ệ⯒ ⹪䌫㦒⪲ ⽎Ị 䞿⼧㠦 ṫἓ䞲 ⹮╖㦮㌂⯒ 䚲ⳛ䞮㡖㔋┞┺. 5. ⽎Ị 䞿⼧㠦 ╖䞲 㠮Ⰲ㠝㦮 ⹮╖⓪ ῗ⁏㩗㦒⪲ ㌒㎇ ㈦Ⱒ 㞚┞⧒ 䞲ῃ㦮 ⿚⏎₢㰖 㧦㞚⌞㔋┞┺. ⽎Ị 䞿⼧㧊 ╏㡆䞮Ợ☚ ἓ㩲㩗㧎 䁷Ⳋ㠦㍲ ┺㑮㦮 ☛Ⱃ♲ 㔲㧻⿚㍳Ṗ✺㦚 䙂䞾䞲 㡂⪶㦮 ゚䕦㦚 ⹱㧦, ㌒㎇㦮 ἶ㥚ἓ㡗㰚㦖 ⽎Ị 䞿⼧㦮 ⿞Ὃ㩫䞲 ἓ㩲㩗 㫆Ị㠦☚ ⿞ῂ䞮ἶ ⿖㩗㩞䞲 㑮┾㦒⪲ 䞲ῃ㩫⿖㢖㦮 ⹖㹿ὖἚ⯒ 㧊㣿䞮㡂 ⽎Ị 䞿⼧㧊 㔏㧎♮☚⪳ 䞮₆ 㥚䞲 Ⱏ䤚 㧧㠛㠦 ⋮㎆㔋┞┺. ❇㠦㍲ ⹳䡖㪢❅㧊, 㧊㨂㣿ὒ 䔏䧞 䡚㨂 䞲ῃ ⌊ 䡫㌂ ㏢㿪ὒ㩫 ㌒㎇㦖 ╏㔲 ╖䐋⪏㧊㠞▮ ⹫⁒䡲㦮 䁷⁒✺㠦Ợ ㌗╏㞷㦮 ␢ⶒ㦚 Ὃ㡂䞾㦒⪲㖾 㩫⿖㦮 ㌒㎇ 㰖㤦㠦 ╖䟊 Ệ㞷㦚 ⽊㌗䞮㡖㔋┞┺. ⡦䞲 ⹫⁒䡲 㩚 ╖䐋⪏ὒ 䞲ῃ 㩫⿖ ἶ㥚䂋 㧎㌂✺㧊 䔏䡲⯒ ⹱㦖 㨂⻢ὒ ὖ⩾䞮㡂 䀾䞲 㫆䂮✺㦖 㣎ῃ㧎䒂㧦㧦㧎 㠮Ⰲ㠝㠦 ╖䞲 ῃ㑮㭒㦮㩗 䘎ἂ㠦㍲ ゚⫅♮㠞㔋┞┺. 6. ⽎Ị 䞿⼧㠦 㧞㠊㍲ ἆ㩫㩗㧎 㦮ἆῢ㦖 ῃ⹒㡆⁞Ὃ┾(㧊䞮 “ῃ ῃ⹒㡆⁞”)㠦 㧞㠞㔋┞┺. ῃ⹒㡆⁞㦖 ῃ⹒㡆⁞⻫㠦 ➆⧒ ㍺Ⱃ♲ ῃṖ₆ὖ㦒⪲㍲ ⽊Ị⽋㰖⿖⪲⿖䎆 ῃṖ㡆⁞㩲☚⯒ 㤊㡗䞶 㩫⿖ῢ䞲㦚 㥚㧚⹱㞚 㧊⯒ 䟟㌂䞿┞┺. ⽎Ị 䞿⼧ ╏㔲 ῃ⹒㡆⁞㦖 ㌒㎇ⶒ㌆㦮 㦮ἆῢ 㧞⓪ ⽊䐋㭒㔳㦮 㟓 11.21%⯒ ⽊㥶䞲 㾲╖㭒㭒⪲㍲ ⽎Ị 䞿⼧㠦 ╖䞲 䃦㓺䕛 ⽊䔎⯒ Ṗ㰖ἶ 㧞㠞㔋┞┺. 7. Ὃ㩗Ṧ㔲㠦㍲ ⻭㠊⋮ 㧞▮ 㼃㢖╖(䞲ῃ ╖䐋⪏㦮 㰧ⶊ㔺 Ἆ Ὃὖ)㢖 ⽊Ị⽋㰖⿖ ⹥ ῃ⹒㡆⁞ ἶ㥚 Ὃⶊ㤦✺㦖 ῃ⹒㡆⁞㧊 ⽎Ị 䞿⼧㦚 㺂㎇䞮☚⪳ 䞮₆ 㥚䞮㡂 ῃ⹒㡆⁞㦮 ⌊⿖㩞㹾⯒ 䂾䟊䞮㡖㔋┞┺. 㧊⩂䞲 Ṳ㧛㦒⪲ 㧎䞮㡂 ῃ⹒㡆⁞㦖 㽳㑮㧒Ṗ㦮 㧊㧋㦚 㥚䟊 ⽎Ị 䞿⼧㦚 㰖㰖䞮₆⪲ 䞮⓪ ἓ㩲㩗 ὖ㩦㠦㍲ 4 ゚㧊㎇㩗㧎 ἆ㩫㦚 ⌊Ⰲ⓪ ❇ 㧦㦮㩗㧊ἶ 㹾⼚㩗㧎 䟟㥚⓪ ⶒ⪶, 䞲ῃ㦮 㑮⺇Ⱒⳛ㦮 㡆⁞Ṗ㧛㧦✺㠦 ╖䞲 Ὃ㩗㦮ⶊ⯒ 㥚⹮䞮ἶ 㩗⻫, 㩗㩫㩞㹾⯒ 㻶㩖䧞 ⶊ㔲䞮⓪ 䟟䌲⯒ ⽊㡖㔋┞┺. 㧊⩂䞲 Ὃ㩗 㦮ⶊ㦮 㥚⹮㦖 䞲ῃ ⌊㠦㍲ ⛺ 㧊㦖 㡂⩂ ⻫㩗 㩞㹾 ⹥ 㩚㎎Ἒ 㠎⪶⽊☚⯒ 䐋䟊 㧮 ₆⪳♮㠊 㢪㦒Ⳇ, 㧊㩲⓪ ῃ⹒㡆⁞㦮 㧦㼊㩗㧎 ⌊⿖ Ṧ㌂㠦㍲☚ 㧎㩫♮㠞㔋┞┺. 8. 䞲ῃ㦮 㫆䂮✺㦮 ἆὒ⪲ ⽎Ị 䞿⼧㧊 ㎇㌂♮㠞ἶ, ⁎ ἆὒ⪲ 㠮Ⰲ㠝㦖 䡚㨂 㔲㩦㠦㍲ 㾲㏢ ⹎䢪 㟓 770,000,000 ╂⩂ 㧊㌗㦒⪲ 㿪㌆♮⓪ ㏦㔺ὒ ㏦䟊⯒ 㧛Ợ ♮㠞㔋┞┺. 㧊⪲㖾 䞲ῃ㦖 䞲⹎ FTA㌗ 㧦㔶㦮 㦮ⶊ⯒ 㥚⹮䞮㡖₆㠦 㧊⪲ 㧎䞮㡂 㠮Ⰲ㠝㠦 ⹲㌳䞲 ㏦䟊⯒ ⺆㌗䞶 㺛㧚㦚 ⿖╊䞿┞┺. 9. 㠮Ⰲ㠝㦮 䡧㩫㌗ 㼃ῂ㦮 㤦㧎㧊 ♲ 㧊⩂䞲 ㌂Ị✺㦖 㧊⹎ 䞲ῃ㠦㍲ 㕂ṗ䞲 㩫䂮㩗 䕢ⶎ㦚 ⿞⩂㧒㦒䆆ἶ, ⁎ ἆὒ 䞲ῃ㦮 ῃ⌊⻫㤦㠦㍲ ⽎Ị 䞿⼧㦚 㟒₆䞲 㑮Ⱔ㦖 㥚⻫䟟㥚✺㠦 ╖䞲 ṲṲ㧎㦮 䡫㌂㺛㧚㦚 䢫㩫䞮₆ 㥚䞲 ┺㑮㦮 㨂䕦✺㧊 㰚䟟♮ἶ 㧞㔋┞┺. 䞲ῃ ⻫㤦✺ὒ ┺⯎ ₆ὖ✺ 㞴㠦㍲㦮 㯳㠎ὒ 㧊✺㠦 㦮䞮㡂 䢫㩫♲ ㌂㔺ὖἚ⓪ 㧊㩲⓪ 㑮Ṧ㧦Ṗ ♲ 衔 ╖䐋⪏⿖䎆 ⁎ 㑮䞮✺㠦 㧊⯊₆₢㰖 ┺㟧䞲 䞲ῃ 㩫⿖₆ὖ ⹥ ὖⰂ✺㦮 㕂ṗ䞲 㥚⻫䟟㥚㠦 ╖䞲 㥶⩻䞲 㯳Ệ⯒ 㩲㔲䞮⓪ ⹮Ⳋ, ⽎ 㭧㨂⓪ 㣎ῃ㧎 䒂㧦㧦㧎 㠮Ⰲ㠝㠦Ợ ㏦䟊⯒ Ṗ䞲 㩫⿖₆ὖ ⹥ ὖⰂ✺㦮 ゚䟟㠦 ╖䞲 䞲ῃ㦮 ῃ㩲⻫㌗ ⻫㩗 㺛㧚㧊⧒⓪ ⼚Ṳ㦮 ⶎ㩲㠦 㽞㩦㦚 ⚦ἶ 㧞㔋┞┺. 5 II. ╏㌂㧦 A. 㼃ῂ㧎 10. 㠮Ⰲ㠝㦖 ⹎䞿㭧ῃ ◎⧒㤾㠊褳 ⻫㠦 ➆⧒ ㍺Ⱃ♲ limited partnership (❇⪳⻞䢎 2099701)㧛┞┺. 㠮Ⰲ㠝㦖 㩚㼊 㭒㭒✺㦚 㥚䞲 㭒㭒Ṗ䂮 㩲ἶ㢖 Ị㩚䞲 ₆㠛㰖⺆ῂ㫆 㽟㰚㦚 㥚䞮㡂 㩗⁏㩗㦒⪲ 㤊㣿䞮ἶ 㧞⓪ 䒂㧦㧦㌆✺⪲ ῂ㎇♲ 䙂䔎䙊Ⰲ㡺⯒ ⽊㥶䞮ἶ 㧞⓪ 䒂㧦㧦㧛┞┺. 㠮Ⰲ㠝㦖 ⁎ 䒂㧦 ㌂㠛㦮 㧒䢮㦒⪲ ⽎Ị 䞿⼧ ╏㔲 ㌒㎇ⶒ㌆ 㭒㔳㦚 ㏢㥶䞮ἶ 㧞㠞㔋┞┺. 11. 㠮Ⰲ㠝㦮 ❇⪳♲ 㭒㏢⓪ ┺㦢ὒ ṯ㔋┞┺: Elliott Associates, L.P. c/o The Corporation Trust Company Corporation Trust Center 1209 Orange Street Wilmington, DE 10901 United States of America 12. ⽎ 㭧㨂㩞㹾㠦㍲ 㠮Ⰲ㠝㦮 ╖Ⰲ㧎㦖 㝆Ⰲ 䋂⧒㤊㯞 㠮㠮䞒(Three Crowns LLP), ⻫ⶊ⻫㧎 䅖㧊㠮䕢䔎⍞㓺(KL Partners)㢖 䆪ぢ⩞㞺ₖ 㠮㠮䞒(Kobre & Kim LLP)㧊Ⳇ, ⁎ 㭒㏢⓪ 㞚⧮㢖 ṯ㔋┞┺: Three Crowns LLP Constantine Partasides QC Elizabeth Snodgrass Amelia Keene Nicola Peart New Fetter Place 8-10 New Fetter Lane London EC4A 1AZ United Kingdom Tel: +44 20 3530 7999 Email: Constantine.Partasides@threecrownsllp.com Liz.Snodgrass@threescrownsllp.com Amelia.Keene@threecrownsllp.com Nicola.Peart@threecrownsllp.com KL Partners 6 Beomsu Kim Byungsup Francis Shin 7th Floor, Tower 8 7 Jongro 5 gil, Jongro-gu Seoul 03157 Republic of Korea Tel: +82 2 6226 7701 Email: bkim@klpartners.com bfshin@klpartners.com Kobre & Kim LLP Michael S. Kim Andrew Stafford QC Tower 42 25 Old Broad Street London EC2N 1HQ United Kingdom Tel: +44 20 3301 5700 Email: michael.kim@kobrekim.com andrew.stafford@kobrekim.co.uk 13. ⽎ 㭧㨂㢖 ὖ⩾♲ 㧒㼊㦮 㡆⧓㦖 ㌗₆ ╖Ⰲ㧎✺㠦Ợ 㧊⬾㠊㪎㟒 䞿┞┺. B. 䞒㼃ῂῃ 14. ⽎ 㭧㨂㠦㍲ 䞒㼃ῂῃ㦖 䡧㩫㦮 ╏㌂ῃ㧎 ╖䞲⹒ῃ㧛┞┺. 15. 㠮Ⰲ㠝㦮 㼃ῂ⓪ 䞲ῃ㦮 䟟㥚⪲ Ṛ㭒♮⓪ ┺㦢ὒ ṯ㦖 䞲ῃ 㩫⿖₆ὖ, 㩫⿖╏ῃ ⹥ Ὃ㰗㧦✺㦮 䟟㥚㠦㍲ ゚⫅♮㠞㔋┞┺: a. ╖䐋⪏ ⹫⁒䡲: 䌚䟋, 䕢Ⳋ♮㠊 3 ␢ⶒ㑮㑮, 㰗ῢ⋾㣿 ⹥ ṫ㣪㠦 ╖䞲 㥶㬚䕦ἆ⪲ 24⎚䡫㦚 ㍶ἶ⹱㦖 4 ⹫ ╖䐋⪏㦖 ὖ⩾₆Ṛ ⌊⌊ 3 㧒Ṛ㓺䙂䁶 2017. 3. 10.㧦 “[㩚ⶎ] 䠢⻫㨂䕦㏢ ⹫⁒䡲 ╖䐋⪏ 䌚䟋 ἆ㩫 䕦ἆⶎ”, Exh C64; Ṗ❪㠎(The Guardian) 2017. 3. 10.㧦 ⽊☚, “Park Geun-hye: South Korean court removes president over scandal (⹫⁒䡲: 䠢⻫㨂䕦㏢Ṗ 㓺䃪✺⪲ ╖䐋⪏㦚 䕢Ⳋ䞮┺)”, Exh C-63. 4 䟊╏ 䕦ἆⶎ 㧦㼊⓪ ὋṲ♮㰖 㞠㞮㦒⋮ 㠎⪶㠦 ╖╖㩗㦒⪲ ⽊☚♮㠞㦢. 䆪Ⰲ㞚䠺⩊✲ (The Korea Herald) 2018. 4. 6.㧦 ⽊☚, “Park Geun-hye sentenced to 24 years in prison (⹫⁒䡲 㰫㡃 24⎚ ㍶ἶ)”, Exh C-82; 㤪㓺䔎Ⰲ䔎㩖⍦(The Wall Street Journal) 2017. 3. 30.㧦 ⽊☚, “Former South Korean President Park Geun-hye Is Arrested In Corruption Probe (⹫⁒䡲 衔╖䐋⪏, ⿖䕾䡦㦮⪲ 㼊䙂”, Exh C-65 ❇ 㺎㫆. 7 䡧㩫 㩲11.1㫆 㩲3䟃 Ṗ䢎㠦 ➆⯎ 㭧㞯㩫⿖㦮 㑮㧻㧊㧦 ῃ㩲㥚⻫ 䟟㥚㠦 ╖䞲 ῃṖ㺛㧚㠦 ὖ䞲 ῃ㩲⻫㥚㤦䣢′㩫(㧊䞮 “ILC ′㩫”)5 㩲4㫆㠦 ′㩫♲ ῃṖ₆ὖ㧊₆☚ 䞿┞┺. b. ⽊Ị⽋㰖⿖: 䞲ῃ㩫⿖ 䟟㩫⿖㦮 㧒⿖⪲㍲ 䡧㩫 㩲11.1㫆 㩲3䟃 Ṗ䢎㠦 ′㩫♲ 㭧㞯㩫⿖ ╏ῃ㧊㧦 ILC ′㩫 㩲4㫆㠦 ′㩫♲ ῃṖ₆ὖ㠦☚ 䟊╏䞿┞┺. c. ⽊Ị⽋㰖⿖㧻ὖ ⶎ䡫䚲 ⹥ ⁎ ⹬㦮 ⽊Ị⽋㰖⿖ Ὃ㰗㧦✺: 㧊✺ Ṳ㧎✺㦖 䡧㩫 㩲11.1㫆 㩲3䟃 Ṗ䢎㠦 ′㩫♲ 㭧㞯㩫⿖ ╏ῃ㧊㧦 ILC ′㩫 㩲4㫆㠦 ′㩫♲ ῃṖ₆ὖ㧊₆☚ 䞿┞┺. ⶎ 㧻ὖ㦖 ⽎ 㭧㨂㠦㍲ ⶎ㩲♮ἶ 㧞⓪ 䟟㥚✺ 㭧 㧒⿖ 䟟㥚✺㠦 ╖䞮㡂 䞲ῃ 䡫㌂⻫㤦㦒⪲⿖䎆 㥶㬚䕦ἆ㦚 ㍶ἶ⹱㞚 ⽋㡃㭧㧛┞┺. 6 䞲ῃ ῃ⹒ 㡆⁞⻫㠦 ➆⯊Ⳋ ⶎ 㧻ὖ㦖 ῃ⹒㡆⁞㠦 ╖䞲 ῗ⁏㩗㧎 䐋㩲 ⹥ 5 ῃ㩲⻫㥚㤦䣢, ῃ㩲㩗 㥚⻫䟟㥚㠦 ╖䞲 ῃṖ㺛㧚㠦 ὖ䞲 ′㩫(ILC ′㩫), ILC 㡆Ṧ 2001/II(2), 26, Exh CLA-17. ILC ′㩫㦖 2001⎚ 8㤪 㺚䌳, (2002⎚ 1㤪 28㧒 㽳䣢㠦㍲ 㺚䌳♲) 㽳䣢ἆ㦮 56/83, 2001⎚ 12㤪 12㧒 A/56/49(Vol.1)/Corr.4㠦 㻾⿖♮㠞㦢. 㭧㞯, 㰖㡃 ⡦⓪ 㰖⹿㩫⿖ ⹥ ╏ῃ㦮 䟟㥚 ⡦⓪ ⁎⪲⿖䎆 ῢ䞲㦚 㥚㧚⹱㦖 ゚㩫⿖₆ῂ✺㧊 ⁎ ῢ䞲䟟㌂㠦 㧞㠊㍲ 䞲 䟟㥚Ṗ 䒂㧦㥶䂮ῃ㠦 ‖㏣♮㠊 ῃ㩲⻫㌗ ῃṖ㦮 㺛㧚㦚 ⹲㌳㔲䌂 㑮 㧞⓪㰖 㡂⿖⯒ ἆ㩫䞶 ➢ ILC ′㩫㧊 㩲☚㩗㦒⪲ 㩗㣿♮㠊 㢪㦢. ILC ′㩫㦖 䟟㥚‖㏣ ⶎ㩲㠦 ὖ䞲 ῃ㩲ὖ㔋⻫㦚 ⳛⶎ䢪䞲 ộ㦒⪲ Ṛ㭒♮Ⳇ, 䒂㧦䡧㩫 ⶎ㩲⯒ ┺⬾⓪ 䕦㩫⿖✺㦖 䒂㧦䡧㩫ὒ ὖ⩾䞮㡂 ⹲㌳䞮⓪ 㼃ῂ㠦㍲ 䐋㌗㩗㦒⪲ ῃṖ㺛㧚㤦䂯㠦 㧛ṗ䞮㡂 䟟㥚‖㏣ ⶎ㩲⯒ 䕦┾䞾. ┺㦢 ㌂⪖ 㺎㫆: Flemingo DutyFree Shop Private Limited v. Republic of Poland ㌂Ị (UNCITRAL), 2016. 8. 12.㧦 䕦㩫ⶎ, Exh CLA-5 㩲420ⶎ┾; Clayton and Bilcon of Delaware Inc. v. Government of Canada ㌂Ị (PCA Case No. 2009-04), 2015. 3. 17.㧦 ὖ䞶 ⹥ 㺛㧚㠦 ὖ䞲 䕦㩫ⶎ, Exh CLA-3 㩲307ⶎ┾; Gustav F W Hamester v. Republic of Ghana ㌂Ị (ICSID Case No. ARB/07/24), 2010. 6. 18.㧦 䕦㩫ⶎ, Exh CLA-6 㩲171ⶎ┾; Jan de Nul N.V. and Dredging International N.V. v. Arab Republic of Egypt ㌂Ị (ICSID Case No. ARB/04/13), 2008. 11. 6.㧦 䕦㩫ⶎ, Exh CLA-7 㩲155-157ⶎ┾. 6 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69 㩲2Ⳋ; ⶎ䡫䚲/䢣㢚㍶㠦 ⶎ䡫䚲/ 䡫 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲2Ⳋ. ⪲㧊䎆 (Reuters) 2017. 6. 8.㧦 ⽊☚, “Former South Korean minister jailed over role in Samsung merger: Yonhap (㌒㎇ 䞿⼧㠦 ὖ㡂䞲 㩚 㧻ὖ 㰫㡃: 㡆䞿Ⓤ㓺)”, Exh C-68; 䆪Ⰲ㞚䠺⩊✲ (The Korea Herald) 2017. 11. 14.㧦 ⽊☚, “Appeals court upholds jail term for ex-health minister involved in Park scandal (⹫⁒䡲 㓺䃪✺㠦 ὖ㡂䞲 㩚 ⽊Ị⽋㰖⿖ 㧻ὖ 䟃㏢㕂☚ 㰫㡃䡫 䢫㧎)”, Exh C-78; Ⓤ㣫䌖㧚㓺 (The New York Times) 2016. 12. 31.㧦 ⽊☚, “Korean Officials Charged With Illegally Swaying Samsung Merger Vote (䞲ῃ Ὃ㰗㧦Ṗ ⿞⻫㩗㦒⪲ ㌒㎇ 䞿⼧ 䒂䚲⯒ 㫆㫛䞲 䡦㦮⯒ ⹱┺)”, Exh C-59. 8 Ṧ☛ ῢ䞲㦚 Ṗ㰖ἶ 㧞㠞㔋┞┺.7 ⁎ 㣎㠦☚ 㧎ῂ㩫㺛㔺㧻 㧊䌲䞲, 㡆⁞㩫㺛ῃ㧻 㫆⋾ῢ, 㡆⁞㨂㩫ὒ㧻 㾲䢣㍳ ⹥ 㡆⁞㨂㩫ὒ ㌂ⶊὖ ⺇㰚㭒 ❇ ⽊Ị⽋㰖⿖ ἶ㥚 ὖⰂ✺ 㡃㔲 ⽎Ị 䞿⼧㦚 㟒₆䞲 ῃ⹒㡆⁞㦮 㦮㌂ἆ㩫ὒ㩫㠦 ὖ㡂䞮㡖㔋┞┺. d. ῃ⹒㡆⁞Ὃ┾: ῃ⹒㡆⁞㦖 ⽊Ị⽋㰖⿖㦮 Ṧ☛㦚 ⹱⓪ ῃṖ₆ὖ㦒⪲㍲ ⽊Ị⽋㰖⿖⪲⿖䎆 㥚㧚⹱㦖 ῢ䞲㠦 ➆⧒ 䞲ῃ ῃ⹒㡆⁞㩲☚⯒ 㤊㡗䞮ἶ ⽊Ị⽋㰖⿖㧻ὖ㦒⪲⿖䎆 㠛ⶊ⯒ 㑮䟟䞮₆ 㥚䞮㡂 ⻫⮶㠦 ➆⧒ ㍺Ⱃ♮㠞㔋┞┺. 㥚䌗⹱㦖 ῃ⹒㡆⁞㦖 18㎎㠦㍲ 60㎎ ㌂㧊㦮 䞲ῃ㧎 㟓 2,100Ⱒⳛ㦮 ₆㭖㏢✳㤪㞷㠦 ╖䞲 Ὃ㩗㰫㑮⪲ ⁎ 㨂㤦㦚 Ⱎ⩾䞿┞┺. ῃ⹒㡆⁞㦖 ῃ⹒㡆⁞₆⁞ 㤊㣿㰖䂾㌗ 䟋㕂㩗㧎 ῃṖ ⳿䚲⯒ ╂㎇䞶 㑮 㧞☚⪳ 㤊㣿䞮㡂㟒 䞮Ⳇ, “₆⁞ 㩗Ⱃ′⳾Ṗ ῃṖἓ㩲㠦㍲ 㹾㰖䞮⓪ ゚㭧㧊 䋂⸖⪲ ῃṖἓ㩲 ⹥ 㤊㣿䞮㡂㟒” 8 ῃ⌊⁞㦋㔲㧻㠦 䞿┞┺. ⹎䂮⓪ 䕢 䣾ὒ⯒ Ṧ㞞䞮㡂 ➆⧒㍲, ῃ⹒㡆⁞㦖 䡧㩫 㩲11.1㫆 㩲3䟃 Ṗ䢎㠦 ′㩫♲ 㭧㞯㩫⿖ ╏ῃ㧊㧦 ILC ′㩫 㩲4㫆㠦 ′㩫♲ ῃṖ₆ὖ㧊₆☚ 䞿┞┺. Ⱒ㟓 ⁎⩝㰖 㞠▪⧒☚ ῃ⹒㡆⁞㦖 䡧㩫 㩲11.1㫆 㩲3䟃 ⋮䢎㠦 ′㩫♲ 㭧㞯㩫⿖⪲⿖䎆 㥚㧚⹱㦖 ῢ䞲㦚 䟟㌂䞮⓪ ゚㩫⿖₆ὖ㧊㧦 ILC ′㩫 㩲5㫆㠦 ′㩫♲ Ὃῢ⩻㩗 㣪㏢⯒ 䟟㌂䞮⓪ 㔺㼊㧎⹪ ⁎ 䟟㥚⓪ 䞲ῃ㠦 ‖㏣♿┞┺.9 e. ῃ⹒㡆⁞ 㧚㰗㤦✺, 䔏䧞 ₆⁞㤊㣿⽎⿖㧻 䢣㢚㍶: 䢣㢚㍶: 㢚 ῃ⹒㡆⁞ 㧚㰗㤦✺㧊 㧦㔶㦮 Ὃⶊ㌗ 㰖㥚㠦㍲ 䟟䞲 䟟㥚⓪ ῃ⹒㡆⁞㦮 䟟㥚Ṗ 䞲ῃ㧊 Ⱎ㺂Ṗ㰖㦮 䟊╏䞿┞┺. 㺚䌳䞮Ệ⋮ 㧊㥶⪲ 䞲ῃ㧊 㥶㰖䞮⓪ 㫆䂮㠦 “㺚䌳䞮Ệ⋮ 䟊╏䞮⓪ 㥶㰖䞮⓪ ộὒ 㫆䂮”㠦 ῃ⹒㡆⁞ ₆⁞㤊㣿⽎⿖㧻 䢣㢚㍶㦖 ⽎ 㭧㨂㠦㍲ ⶎ㩲Ṗ ♮ἶ 㧞⓪ 䟟㥚✺ 㧒⿖㠦 ╖䞮㡂 䞲ῃ ⻫㤦㦒⪲⿖䎆 7 ῃ⹒㡆⁞⻫ (2018. 6. 20.), Exh C-77, 㩲2㫆, 㩲24㫆 ⹥ 㩲102㫆. 8 ῃ⹒㡆⁞₆⁞ 㤊㣿㰖䂾 (2015. 6. 9.), Exh C-22 㩲4㫆 㩲3䢎. 9 Flemingo DutyFree Shop Private Limited v. Republic of Poland ㌂Ị (UNCITRAL), 2016. 8. 12.㧦 䕦㩫ⶎ, Exh CLA-5 㩲439ⶎ┾. ⡦䞲 㠮Ⰲ㠝㦖 㡞゚㩗㦒⪲ ILC ′㩫 㩲8㫆⯒ 㧎㣿䞾. ILC ′㩫, Exh CLA-17 㩲8㫆 㺎㫆. 9 㥶㬚䕦ἆ㦚 ㍶ἶ⹱ἶ ⽋㡃㭧㧛┞┺. 10 ⁎ 㣎㠦☚ ῃ⹒㡆⁞ ₆⁞㤊㣿⽎⿖ Ⰲ㍲䂮䕖㧻 㺚㭖′ ❇ ῃ⹒㡆⁞ ἶ㥚㧚㤦✺ 㡃㔲 ⽎Ị 䞿⼧㠦 ὖ䞲 ῃ⹒㡆⁞㦮 㦮㌂ἆ㩫 䂾䟊㠦 㩗⁏㩗㧎 㡃䞶㦚 䞮㡖㔋┞┺. 11 㺚 䕖㧻㦖 ⁎㦮 㥚⻫䟟㥚⪲ 㧎䟊 ῃ⹒㡆⁞㠦㍲ 䟊㧚♮㠞㔋┞┺. 16. 㧊✺ ṗ ₆ὖ ⹥/⡦⓪ Ṳ㧎㦮 䟟㥚✺㦖 䡧㩫 㩲11.1㫆 㩲3䟃㠦 ′㩫♲ “╏㌂ῃ㧊 㺚䌳䞮Ệ⋮ 㥶㰖䞮⓪ 㫆䂮”㠦 䟊╏䞿┞┺. 17. 䡧㩫 㩲11.27㫆 ⹥ ⿖㏣㍲ 11-┺㠦 ➆⯎ 䞲ῃ㦮 ㏷╂㦚 㥚䞲 㭒㏢⓪ 㞚⧮㢖 ṯ㔋┞┺: ╖䞲⹒ῃ ὒ㻲㔲 㩫⿖㫛䞿㼃㌂ ⻫ⶊ⿖ ῃ㩲⻫ⶊὒ 18. 㼃ῂ㧎㦖 ⽎ ⿚㨗ὒ ὖ⩾䞮㡂 㞚⧮ ╖Ⰲ㧎㧊 䞲ῃ㦚 ╖Ⰲ䞮⓪ ộ㦒⪲ 㧊䟊䞮ἶ 㧞㔋┞┺: Lee & Ko Sungwoo Lim Hanjin Building 63 Namdaemun-ro, Jung-gu Seoul 04532 Republic of Korea Tel: +82-2-772-4000 Email: sean.lim@leeko.com Freshfields Bruckhaus Deringer Nicholas Lingard 10 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, ⶎ䡫䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 Exh C-69 㩲2Ⳋ; ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-79 㩲2Ⳋ. ⽎ 㭧㨂䐋⽊ ⹥ 㼃ῂ㍲Ⳋ㠦 㧎㣿♲ 䕦ἆ·ἆ㩫ⶎ✺㦖 ὖ⩾ ㏢㏷㠦 ὖἚ♲ Ṳ㧎 ⹥ ┾㼊✺㦮 㧋ⳛ 㻮Ⰲ⯒ 㥚䟊 ὖ⩾ ⿖⿚✺㧊 䘎㰧♲ 䡫䌲⪲ ⹲䚲♮㠞㦢. ⁎⩂⋮ 䟊╏ Ṳ㧎 ⹥ ┾㼊✺㦮 㧊⯚㦖 㠎⪶㠦㍲ 䢫㧎♮㠞ἶ Ὃ䕦₆㧒㠦 㺎㍳䞲 ╖㭧✺㠦Ợ☚ 㞢⩺㪢㦢. ⡦䞲, 䆪Ⰲ㞚䠺⩊✲ (The Korea Herald) 2017. 11. 14.㧦 ⹫⁒ ⁒䡲 ⽊☚, “Appeals court upholds jail term for ex-health minister involved in Park scandal (⹫ (⹫⁒䡲 㓺䃪✺㠦 ὖ㡂䞲 㩚 ⽊Ị⽋㰖⿖ 㧻ὖ 䟃㏢㕂☚ 㰫㡃䡫 䢫㧎)”, Exh C-78 㺎㫆. 11 ㌒㎇ⶒ㌆-㩲㧒⳾㰗 䞿⼧ ὖ⩾ 2018. 6. 21.㧦 ῃ⹒㡆⁞ ⌊⿖Ṧ㌂ἆὒ, Exh C-84. ῃ⹒㡆⁞ ⌊⿖Ṧ㌂ ἆὒ Ὃ䚲 ㌂㔺㦚 ⽊㡂㭒⓪ 2018. 7. 5.㧦 ῃ⹒㡆⁞ 㥏㌂㧊䔎㦮 䢪Ⳋὒ 䞾℮ 㩲㿲䞾. 10 10 Collyer Quay 42-01 Ocean Financial Centre Singapore 049315 Tel: +65 6908 0796 Email: nicholas.lingard@freshfields.com 11 III. 㠮Ⰲ㠝㦮 㼃ῂ ἓ㥚 A. ㌒㎇ⶒ㌆㠦 ╖䞲 㠮Ⰲ㠝㦮 䒂㧦 19. 㠮Ⰲ㠝㦖 2003⎚⿖䎆 15⎚Ṛ ㌒㎇ⶒ㌆㠦 䒂㧦䞮㡂 㢪㔋┞┺. ⽎Ị 䞿⼧ 㞞Ị 䚲ἆ㧒 ╏㔲 㠮Ⰲ㠝㦖 ㌒㎇ⶒ㌆ ⹲䟟 ⽊䐋㭒㔳㦮 㟓 7.12%㠦 䟊╏䞮⓪ 㦮ἆῢ 㧞⓪ ⽊䐋㭒㔳 11,125,927㭒⯒ 䒂㧦㧦㌆㦒⪲ ⽊㥶䞮ἶ 㧞㠞㔋┞┺. 20. 㠮Ⰲ㠝㦖 䣢㌂㦮 ⽎㰞Ṗ䂮 ⹲䡚㦚 㥚䞮㡂 䣾ὒ㩗㧎 ₆㠛ἓ㡗㌗ ἆ㩫㦚 㧻⩺䞮ἶ 㰖㤦䞮⓪ ⹿㔳㦒⪲ 䒂㧦㠦 㧚䟊㢪㔋┞┺. 䣢㌂㦮 Ṗ䂮⯒ 㩖䞮㔲䋺Ệ⋮ 䣢㌂ 㭒㔳㦮 㩖䘟Ṗ⯒ ἶ㹿䢪㔲䌂 Ṗ⓻㎇㧊 㧞⓪ ἓ㡗㌗ ἆ㦮㞞㠦 ┾䢎䞲 ⹮╖㧛㧻㦚 䀾䞮⓪ ộ 㡃㔲 㧊⩂䞲 䒂㧦 ⹿㔳㠦 䙂䞾♿┞┺. 㩖䘟Ṗ♲ 䣢㌂✺㦚 ⹲ἂ䟊⌊ἶ ⁎⩂䞲 䣢㌂✺㦮 Ṗ䂮⯒ ㌊Ⰲ⓪ 㩚⨋㠦 ➆⧒, 㠮Ⰲ㠝㦖 㧦㼊㩗㧎 ⌊⿖⿚㍳ὒ 㧊⯒ ✍⹱䂾䞮⓪ 䞲ῃỆ⧮㏢ ㌗㧻㠦 ὖ䞲 ☛Ⱃ㩗㧊ἶ ㌒㎇ⶒ㌆㦮 㭒ṖṖ ㌒㎇ⶒ㌆㧊 ṳὖ㩗㧎 ⽊㥶䞲 ┺㟧䞲 ⽊ἶ ⯒ ⁒Ệ⪲ 㥶Ṗ㯳ῢ㦚 䙂䞾䞲 12 ㌒㎇ⶒ㌆㦮 ⽎㰞Ṗ䂮⯒ ⹮㡗䞮㰖 ⴑ䞮ἶ 㧞┺ἶ 䕦┾䞮㡂, ㌒㎇ⶒ㌆㠦 䒂㧦䞮㡖㔋┞┺. 㠮Ⰲ㠝㦖 ㌒㎇ⶒ㌆㦮 㭒Ṗ 㠋㩲㣪㧎㦒⪲ 㞢⩺㰚 ἓ㡗 ⹥ ₆䌖 ₆㠛㰖⺆ὖ䟟㦚 䟊㏢䞾㦒⪲㖾, ⁎ ⽎㰞Ṗ䂮⯒ ⹲䡚㔲䌂 ₆䣢Ṗ 㧞┺ἶ ⽊㞮㔋┞┺. 21. ㌒㎇ⶒ㌆㧊 Ṗ㰚 㧶㨂⩻㧊 㿿⿚䧞 㔺䡚♶ 㑮 㧞ἶ 㧊⯒ 䐋䟊 䣢㌂㢖 ⁎ 㭒Ṗ㦮 㨂䘟Ṗ⯒ 䐋䟊 㔲㧻㠦㍲ ㌒㎇ⶒ㌆㦮 Ṗ䂮Ṗ 㿿⿚䧞 㧎㩫⹱㦚 㑮 㧞┺⓪ ₆╖㠦㍲ 㩖䘟Ṗ♲ ㌒㎇ⶒ㌆㦚 ⽊㥶䞮⓪ ộ㧊 㠮Ⰲ㠝㦮 䒂㧦㩚⨋㧊㠞㔋┞┺.13 12 ☛Ⱃ㩗 ⿚㍳㦮 㡞⪲, 㥶゚㠦㓺 (UBS) ⽊ἶ㍲ 2015. 7. 3.㧦 “㌒㎇ⶒ㌆: ISS, 㩲㧒⳾㰗ὒ㦮 䞿⼧ ⹮╖ ῢἶ. ㌒㎇ⶒ㌆ 㭒Ṗ ㌗㔏”, Exh C-31, 㩲3Ⳋ; ㌒㎇㯳ῢ (䞲ῃ) 2015. 4. 24.㧦 “㌒㎇ⶒ㌆, 1⿚₆ ₆䣢 ㌗㔺”, Exh C-13 㩲1-2Ⳋ 㺎㫆. 13 㠮Ⰲ㠝 㠊✲⹪㧊㩖㓺 (䢣䆿) 㠮䕆❪ (Elliott Advisors (HK) Ltd.)Ṗ ㌒㎇ⶒ㌆ ἓ㡗㰚㠦 ⹲㏷䞲 2015. 2. 4.㧦 ㍲䞲, Exh C-11. 12 B. ⽎Ị 䞿⼧㞞 22. 2015⎚ 5㤪 26㧒, ㌒㎇⁎⭏㦮 㭒㣪 Ἒ㡊㌂ ⚦ Ὁ, 㯟 ㌒㎇ⶒ㌆ὒ 㩲㧒⳾㰗 ㌂㧊㦮 ♮㠞㔋┞┺. 14 ⽎Ị 䞿⼧㞞㧊 ㌒㎇㠦 㦮䟊 Ὃ㔳㩗㦒⪲ 㩲㞞 ⁎ 䚲Ⳋ㌗ ⳿㩗㦖 “㟧㌂[㦮] ἓ㨗⩻㦚 ⏨㧊ἶ 㔲⍞㰖⯒ 㺓㿲”䞮Ⳇ, “䕾㎮, 㔳㦢, Ị㍺, ⩞㩖, ⹪㧊㡺䎢䋂 ㌆㠛 ❇ 㧎⮮㦮 ㌌ 㩚⹮㠦 Ỏ䂲 䝚Ⰲ⹎㠚 ㍲゚㓺⯒ 㩲Ὃ䞮⓪ ⁖⪲⻢ Ⰲ▪⪲ ㎇㧻䞶 㑮 㧞⓪ ₆⹮㦚 Ⱎ⩾” 15 䞮₆ 㥚䞾㧊㠞㔋┞┺. ⁎⩂⋮ ㌂㔺 ⽎Ị 䞿⼧㦮 㰚㩫䞲 ⳿㩗㦖 ㌒㎇⁎⭏㠦 ╖䞲 㽳㑮㧒Ṗ㦮 㰖⺆⩻㦚 䢫⽊䞮⓪ 䞲䘎 ⁎ ὒ㩫㠦㍲ 㧊㨂㣿㧊 ⿖╊䞶 ゚㣿㦚 Ṗ⓻䞲 䞲 㾲㏢䢪䞮⓪ ◆ 㧞㠞㔋┞┺. 23. ⁎⪲⿖䎆 㧒⎚ 㩚㧎 2014⎚ 5㤪, ╏㔲 㽳㑮㧒Ṗ㦮 㑮㧻㧊㧦 ㌒㎇㩚㧦㦮 䣢㧻㧊㠞▮ 㧊Ị䧂Ṗ 㕂㧻Ⱎ゚⯒ 㧒㦒䆆┺⓪ ㏢㔳㧊 ╖╖㩗㦒⪲ ⽊☚♲ ⹪ 㧞㔋┞┺. 16 㧊㠦 ➆⧒ ㌒㎇⁎⭏㦮 ἓ㡗ῢ ⹥ 㰖⺆ῢ 㔏Ἒⶎ㩲Ṗ ╖⚦♮㠞㔋┞┺. 㧊Ị䧂㦮 㞚✺㧊㧦 㡞㩫♲ 䤚Ἒ㧦㧎 㧊㨂㣿㦖 㧦㔶㧊 ⁎⭏ ㏢㥶ῢὒ 㰖⺆ῢ㦚 ㌗㏣䞶 ἓ㤆 㑮 㫆㤦 ㌗╏㦮 ㎎⁞㦚 ⋿⿖䞶 㻮㰖㠦 㧞㠞㔋┞┺. ⁎⩂㧦 ㌒㎇⁎⭏㦖 䔏㩫 ㌒㎇⁎⭏ Ἒ㡊㌂✺㦮 㩚⨋㩗 䞿⼧㦚 䐋䞮㡂 㧊㨂㣿㠦 㧊㨂㣿㠦Ợ 㰖⺆ῢ㦚 㧊㩚䞮ἶ 㧊⯒ ṫ䢪䞮₆ 㥚䞲 ⹿㞞㦚 Ⱎ⩾䞮㡖㔋┞┺. 17 㧊⪲㖾 ㌗㏣㎎㞷㦚 㾲㏢䢪䞮ἶ 㽳㑮㧒Ṗ⯒ 㥚䟊 Ṗ㧻 ἓ㩲㩗㧎 ⹿㔳㦒⪲ 㰖⺆ῢ 㧊㩚㧧㠛㦚 㢚㑮䞮⩺ 䞮㡖▮ ộ㧛┞┺. 14 ㌒㎇ⶒ㌆ 㭒㔳䣢㌂㦮 2015. 5. 26.㧦 ⽊☚㧦⬢ “㩲㧒⳾㰗ὒ ㌒㎇ⶒ㌆㦮 䞿⼧”, Exh C-17. 15 ㌒㎇ⶒ㌆ 㭒㔳䣢㌂㦮 2015. 5. 26.㧦 ⽊☚㧦⬢ “㩲㧒⳾㰗ὒ ㌒㎇ⶒ㌆㦮 䞿⼧”, Exh C-17 㩲2Ⳋ. 16 㤪㓺䔎Ⰲ䔎㩖⍦ (The Wall Street Journal) 2014. 5. 11.㧦 ⽊☚, “Samsung Electronics Chairman Lee Kun-hee Has Heart Attack (㌒㎇㩚㧦 䣢㧻 㧊Ị䧂, 㕂㧻Ⱎ゚)”, Exh C-3 ❇ 㺎㫆. 17 ISS 2015. 7. 3.㧦 䔏⼚⿚㍳⽊ἶ㍲ (Special Situations Research), “SC&T: proposed merger with Cheil Industries (㌒㎇ⶒ㌆: 㩲㧒⳾㰗ὒ㦮 䞿⼧ 㩲㞞)”, Exh C-30 㩲 10 Ⳋ; MK Ⓤ㓺 2014. 5. 19.㧦 ⽊☚, “䙂㓺䔎 㧊Ị䧂 㼊㩲 ⁎Ⰲ⓪ ㌒㎇⁎⭏ . . . ㌒㎇㩚㧦䢖❿㓺(Ṗ䃃) 㞚⧮ 䠺㼦 ⳾㡂”, Exh C-5; 㡆䞿Ⓤ㓺 2014. 5. 15.㧦 ⽊☚, “㌒㎇ ἓ㡗ῢ 㔏Ἒ 㧧㠛 㠊❪₢㰖”, Exh C-4; 㤪㓺䔎Ⰲ䔎㩖⍦ (The Wall Street Journal) 2014. 5. 11.㧦 ⽊☚, “Samsung Electronics -hee Has Heart Attack (㌒㎇㩚㧦 䣢㧻 㧊Ị䧂 㧊 䧂, 㕂㧻Ⱎ゚)”, Exh C-3. Chairman Lee Kun-hee 㧊Ị䧂, 13 24. 2014⎚ 9㤪, 㧊⩂䞲 㔏Ἒ㩚⨋㦮 㧒䢮㦒⪲ ㌒㎇⁎⭏㦖 ㌒㎇㠪㰖┞㠊Ⱇὒ ㌒㎇㭧Ὃ㠛㦚 䞿⼧䞮ἶ㧦 䞮㡖㔋┞┺. 18 䟊╏ 䞿⼧㞞㦖 Ὃ㩗㡆₆⁞ 㤊㣿㦮 㧒䢮㦒⪲ 㟧㌂㦮 ㌗╏䞲 㰖⿚㦚 ⽊㥶䞮ἶ 㧞▮ ῃ⹒㡆⁞㧊 䞿⼧㦮 ἓ㩲㎇㦚 㧊㥶⪲ ⹮╖䞾㠦 ➆⧒ 2014⎚ 11㤪 ⶊ㌆♮㠞㔋┞┺. 19 ㌒㎇㠪㰖┞㠊Ⱇ 㰖⿚ 6.59%㢖 ㌒㎇㭧Ὃ㠛 㰖⿚ 5.91%⯒ ⽊㥶䞮ἶ 㧞▮ ῃ⹒㡆⁞㦖, 䟊╏ 䞿⼧㧊 䞿⼧♲ 䣢㌂㦮 㨂ⶊ㌗䌲㠦 ⿖㩫㩗㧎 㡗䟻㦚 ⹎䂶 ộ㦒⪲ 㡞㌗♮㠞₆ ➢ⶎ㠦 㧊㠦 ⹮╖䞮㡖㔋┞┺. 20 㧊㢖 ṯ㧊 ⶊ㌆♲ ㌒㎇㠪㰖┞㠊Ⱇ 䞿⼧㦖, ῃ⹒㡆⁞㧊 㩗⻫䞮ἶ 㩗㩫䞲 㩞㹾⯒ 㭖㑮䞮Ⳋ㍲ ἓ㩲㩗 ὖ㩦㠦 ₆㽞䞮㡂 㦮㌂ ἆ㩫㦚 䞮㡖㠊㟒 䞲┺⓪ 㩦㠦 㧞㠊 㥶㌂䞲 ㍶⪖Ṗ ♾㠦☚ ⿞ῂ䞮ἶ, ῃ⹒㡆⁞㦖 ⽎ 㭧㨂㠦㍲ ⶎ㩲Ṗ ♮ἶ 㧞⓪ ⽎Ị 䞿⼧㠦 ὖ䟊㍲⓪ ⁎㢖 ṯ㧊 䟟☯䞮㰖 㞚┞䞮㡖㔋┞┺. 25. ⽎ 㭧㨂㠦㍲ ⶎ㩲Ṗ ♮⓪ ㌒㎇ⶒ㌆ὒ 㩲㧒⳾㰗㦮 䞿⼧㞞㦖 㥚㢖 ṯ㦖 䞿⼧㠦 㦮䞲 㔏Ἒ⧒⓪ 㔲☚㡖㔋┞┺. 21 㩚⨋㦚 㿪㰚䞮₆ 㥚䞲 㽳㑮㧒Ṗ㦮 䤚㏣ 2015⎚ 㽞 ╏㔲 ㌒㎇㌳ⳛ㦖 ㌒㎇㩚㧦㦮 㰖⿚ 7.2%⯒ ⽊㥶䞮ἶ 㧞㠞⓪◆, 㩲㧒⳾㰗㦖 㧊⩂䞲 ㌒㎇㌳ⳛ㦮 㰖⿚㦚 19% ⍮Ợ ⽊㥶䞲 ⁎⭏㦮 㔺㰞㩗㧎 㰖㭒䣢㌂㡖㔋┞┺. ㌒㎇ⶒ㌆㦮 ἓ㤆, ㌒㎇㩚㧦㦮 㰖⿚ 4.06%㦚 ⽊㥶䞮⓪ ❇ ㌒㎇⁎⭏ ⌊㠦㍲ Ṗ㧻 Ṗ䂮 㧞⓪ 㧦㌆㠦 ╖䞲 㰖⺆⯒ Ṗ⓻䅖䞶 䟋㕂 Ἒ㡊㌂㡖㔋┞┺. 㫆Ị╖⪲ 㔏㧎♶ ἓ㤆 (㔺㩲⪲☚ ἆῃ ⽎Ị 䞿⼧㞞㧊 ⁎ 㔏㧎♮㠞㔋┞┺), 㧊㨂㣿㦖 䞿⼧㦒⪲ 㔶㍺♮⓪ 䣢㌂㦮 㰖⿚ 16.5%⯒ Ṗ㰚 㾲╖㭒㭒⪲ ❇⁏䞾㦒⪲㖾, 18 ⪲㧊䎆 (Reuters) 2014. 9. 1.㧦 ⽊☚,“Samsung Heavy to absorb Samsung Engineering for $2.5 billion (㌒㎇㭧Ὃ㠛, 25㠋 ╂⩂㠦 ㌒㎇㠪㰖┞㠊Ⱇ㦚 䦷㑮䞮┺)”, Exh C-6. 19 䆪Ⰲ㞚䌖㧚㓺 (The Korea Times) 2014. 11. 19.㧦 ⽊☚,“Samsung Heavy, Engineering merger aborted (㌒㎇ 㭧Ὃ㠛, ㌒㎇ 㠪㰖┞㠊Ⱇ 䞿⼧ ⶊ㌆♮┺)”, Exh C-8. 20 䆪Ⰲ㞚䌖㧚㓺 (The Korea Times) 2014. 11. 19.㧦 ⽊☚,“Samsung Heavy, Engineering merger aborted (㌒㎇ 㭧Ὃ㠛, ㌒㎇ 㠪㰖┞㠊Ⱇ 䞿⼧ ⶊ㌆♮┺)”, Exh C-8 㩲2Ⳋ. 21 㤪㓺䔎Ⰲ䔎㩖⍦ (The Wall Street Journal) 2015. 5. 26.㧦 ⽊☚, “Samsung Heir Apparent Jay Y Consolidates Power With Merger (㌒㎇㦮 ⻫㩫 㿪㩫 ㌗㏣㧦 㧊㨂㣿, 䞿⼧㦒⪲ ῢ⩻㦚 䐋䞿䞮┺)”, Exh C-14; 㧊䆪⏎⹎㓺䔎 (The Economist) 2015. 7. 9.㧦 ⽊☚, “Reconstructing Samsung(㌒㎇㦮 㨂ῂ㎇)”, Exh C-36; 㡺Ⱎ㧊Ⓤ㓺 2015. 5. 26.㧦 ⽊☚, “㌒㎇ⶒ㌆-㩲㧒⳾㰗 䞿⼧... 㧊㨂㣿 䧮 ▪ ㎎㪢┺”, Exh C-15; ゚㯞┞㓺䙂㓺䔎 2015. 1. 6.㧦 ⽊☚, “㧊㨂㣿 㔏Ἒ 㔲⋮Ⰲ㡺, 㩲㧒⳾㰗ὒ ㌒㎇ⶒ㌆ 䞿⼧”, Exh-C-9; 㯳ῢ㧒⽊ 2015. 1. 6.㧦 ⽊☚, “㩲㧒⳾㰗-㌒㎇ⶒ㌆ 䞿⼧䞮⋮?”, Exh C-10; ゚㯞┞㓺㤢䂮 2014. 9. 5.㧦 ⽊☚, “㌒㎇ⶒ㌆ 㠊❪⪲: 㧊㨂㣿㦮 ‘Ị㍺’”, Exh C-7; 㧊㨂㣿㦮 㨂 14 㔺㰞㩗㦒⪲ ㌒㎇㩚㧦㠦 ╖䞮㡂 11.3%㠦 ╂䞮⓪ 㰖⺆ῢ㦚 䟟㌂䞶 㑮 㧞Ợ ♮⓪ ộ㧊㠞㔋┞┺. 䚲 1: ⽎Ị 䞿⼧ 㩚·䤚 㽳㑮㧒Ṗ ῂ㎇㤦✺ ⽊㥶 䔏㩫 ㌒㎇Ἒ㡊㌂ 㰖⿚22 26. ㌒㎇ⶒ㌆ 㩲㧒⳾㰗 㔶㍺ ㌒㎇ⶒ㌆ (⽎Ị 䞿⼧ 㩚) (⽎Ị 䞿⼧ 㩚) (⽎Ị 䞿⼧ 䤚) 㧊Ị䧂 1.37% 3.44% 2.86% 㧊㨂㣿 - 23.23% 16.54% 㧊⿖㰚 - 7.74% 5.51% 㧊㍲䡚 - 7.74% 5.51% ⽎Ị 䞿⼧㞞㦮 䟋㕂㣪㏢㧊㧦 ⽎Ị 䞿⼧㧊 㽳㑮㧒Ṗ㦮 㰖⺆ῢ㦚 䢫╖䞮ἶ Ὃἶ䧞 䞾㠦 㧞㠊㍲ 㭒㣪䞲 㑮┾㧊 ♲ ộ㦖 ㌒㎇ⶒ㌆ὒ 㩲㧒⳾㰗㦮 ₆㫊 㭒㭒✺㧊 䞿⼧⻫㧎㦮 䞿⼧゚㥾”)㧊㠞㔋┞┺. 㭒㔳㦚 䀾✳䞮Ợ ♮⓪ ゚㥾(㧊䞮 “⽎Ị ⽎Ị 䞿⼧㞞㠦 ➆⯊Ⳋ 㩲㧒⳾㰗㦖 ⁎ 㭒㔳 0.3500885㭒⪲ ㌒㎇ⶒ㌆ 㭒㔳 1㭒⯒ 䀾✳䞮Ợ ♿┞┺; 㯟, 㩲㧒⳾㰗㦖 ㌒㎇ⶒ㌆ 1㭒╏ 㔶㍺ 䞿⼧⻫㧎(㧊䞮 “㔶㍺” ㌒㎇ⶒ㌆) 㭒㔳 㟓 0.35㭒⯒ ᾦ⿖䞮⓪ ⹿㞞㦚 㩲㞞䞲 ộ㧛┞┺. 23 㧊㨂㣿㧊 㩲㧒⳾㰗㦮 ╖㭒㭒㡖㦒⸖⪲, ㌒㎇ⶒ㌆ 㭒㔳 1㭒㠦 ╖䞲 㩲㧒⳾㰗 㭒㔳㦮 ゚㥾㧊 ⌄㦚㑮⪳ 㧊㨂㣿㧊 㰖⺆䞮⓪ 䞿⼧䣢㌂㦮 㰖⿚㥾㧊 ⏨㞚㰖Ợ ♿┞┺. ἆῃ, 㧊⩂䞲 ⹿㞞㦖 ㌒㎇㩚㧦㠦 ╖䞲 㽳㑮㧒Ṗ㦮 㰖⺆⯒ ṫ䢪䞮⓪ ộ㧊㠞㔋┞┺.24 22 2015. 6. 30.㧦 㩲㧒⳾㰗, 䒂㧦㍺ⳛ㍲(㩲466Ⳋ ⹲䀢), Exh C-27; DART(㩚㧦Ὃ㔲㔲㓺䎲) 2015. 10. 26.㧦 㔶㍺ ㌒㎇ⶒ㌆ Ὃ㔲㧦⬢, “㾲╖㭒㭒 ⹥ 㰖⿚㥾 䡚䢿”. Exh C-52 㩲1-2Ⳋ. 䞲ῃ 㩚㧦Ὃ㔲㔲㓺䎲 (DART; Data Analysis, Retrieval and Transfer System)㦖 䞲ῃ ₆㠛Ὃ㔲⯒ 㥚䞲 㡾⧒㧎 㔲㓺䎲㧚. 23 DART(㩚㧦Ὃ㔲㔲㓺䎲) 2015. 5. 26.㧦 ㌒㎇ⶒ㌆ Ὃ㔲㧦⬢, “䣢㌂ 䞿⼧ ἆ㩫”, Exh C-16 㩲1Ⳋ; ㌒㎇ⶒ㌆ 㭒㔳䣢㌂㦮 2015. 5. 26.㧦 ⽊☚㧦⬢ “㩲㧒⳾㰗ὒ ㌒㎇ⶒ㌆㦮 䞿⼧”, Exh C-17. 24 ㍲㤎ἶ❇⻫㤦 2016. 5. 30.㧦 2016⧒20189, 20190(⼧䞿), 20192(⼧䞿) ἆ㩫, Exh C-53 㩲1314Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 㩲8Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-69 㩲3Ⳋ. 15 27. 䚲Ⳋ㌗ ⽎Ị 䞿⼧゚㥾㦖 ⽎Ị 䞿⼧Ἒ㟓 㼊ἆ ╏㔲 䞿⼧ ╏㌂㧦㧎 㟧㌂ 㭒㔳㦮 䘟‶ 㫛Ṗ⯒ ₆㽞⪲ ☚㿲♮㠞㔋┞┺. ⁎⩂⋮ ⽎Ị 䞿⼧㦮 ⳿㩗㦖 ㌒㎇⁎⭏, 䔏䧞 ㌒㎇㩚㧦㠦 ╖䞲 㧊㨂㣿㦮 㰖⺆⩻㦚 䢫╖䞮⓪◆ 㧞㠞₆ 㧊㨂㣿㦮 㨂 ➢ⶎ㠦, ⽎Ị 㩖䘟Ṗ䞮₆ 䞿⼧゚㥾㦖 㥚䟊 㩲㧒⳾㰗㦚 ὒ╖䘟Ṗ䞮ἶ 㢲ἷ♮㠞㔋┞┺. ⽎Ị ㌒㎇ⶒ㌆㦚 䞿⼧゚㥾㧊 ὖ㻶♶ ἓ㤆(㔺㩲⪲☚ ὖ㻶♮㠞㔋┞┺) 㠮Ⰲ㠝 ❇ ㌒㎇ⶒ㌆ 㭒㭒✺㦮 㧊㧋㦖 ⁏㕂䞮Ợ 䂾䟊♮⓪ ⹮Ⳋ 䔏䧞 㽳㑮㧒Ṗ⯒ 䙂䞾䞲 㩲㧒⳾㰗 㭒㭒✺㦖 ὒ☚䞮Ợ 㥶Ⰲ䟊㰧┞┺.25 ἆῃ ⽎Ị 䞿⼧㦖 ㌒㎇ⶒ㌆㦮 ⿞Ὃ㩫䞲 㩖䘟Ṗ ㌗䌲⯒ ἶ㹿䢪䞮ἶ 㠮Ⰲ㠝ὒ ṯ㦖 䒂㧦㧦✺㧊 ㌒㎇ⶒ㌆㦮 㰚㩫䞲 Ṗ䂮⯒ ⹲䡚㔲䌊㦒⪲㖾 㧊㧋㦚 㔺䡚䞶 ₆䣢⯒ 㡗ῂ㩗㦒⪲ ⹫䌞䞮⓪ ộ㧊㠞㔋┞┺. 28. ⽎Ị 䞿⼧ ╏㔲, ṳὖ㩗㧎 㩫䢿㌗ ⽎Ị 䞿⼧゚㥾㦖 ㌒㎇ⶒ㌆ 㭒㭒✺㠦Ợ ⿞Ὃ㩫䞮Ợ ⿞Ⰲ䞮㡖㦢㧊 ⹳䡖㪢㔋┞┺. ㌒㎇⁎⭏㦖 ⽎Ị 䞿⼧㧊 ⹲䚲♶ ➢₢㰖㦮 ₆Ṛ ☯㞞 㡂⩂Ṗ㰖 ⹿⻫㦚 ☯㤦䟊 㧎㥚㩗㦒⪲ ㌒㎇ⶒ㌆㦮 㭒Ṗ⯒ 㠋③⩖⓪ ⹪, 㧊⓪ 䟊╏ ₆Ṛ ☯㞞 ㌒㎇ⶒ㌆ 㭒㔳㦮 ⌄㦖 䘟‶ 㫛Ṗ⯒ ⁒Ệ⪲ 㧞㠞㔋┞┺. 䞮㡂 ⽎Ị 䞿⼧゚㥾㦚 㩫╏䢪䞮⓪◆ ⁎ ⳿㩗㧊 㡞⯒ ✺Ⳋ, 2015⎚ 5㤪 13㧒 ㌒㎇ⶒ㌆㦖 ⹎䢪 20㠋 ╂⩂㠦 㥷⹫䞮⓪ ′⳾㦮 䃊䌖⯊ ⹲㩚㏢ Ị㍺ 㣿㡃㦚 㑮㭒䞮㡖㦢㠦☚ 㧊⩂䞲 ㌂㔺㦚 㩚䡖 Ὃ㔲䞮㰖 㞠㞮⓪◆, 㧊⯒ Ὃ㔲䞮㡖┺Ⳋ ㌒㎇ⶒ㌆㦮 㭒Ṗ㠦 ⰺ㤆 ⁣㩫㩗㧎 㡗䟻㦚 㭚 㑮 㧞⓪ ㌂㞞㧊㠞㔋┞┺. 26 2015⎚㽞 ㌂㧊㠦 ㌒㎇ⶒ㌆㦮 Ị㍺ 䝚⪲㩳䔎✺ ⡦䞲 2014⎚Ⱖὒ 㭧 㧒⿖Ṗ ㌒㎇㠪㰖┞㠊Ⱇ㦒⪲ 㧊㩚♾㠦 ➆⧒ ㌒㎇ⶒ㌆㦮 ⰺ㿲㧊 Ṧ㏢♮㠞㔋┞┺. 27 25 ISS 2015. 7. 3.㧦 䔏⼚⿚㍳⽊ἶ㍲ (Special Situations Research), “SC&T: proposed merger with Cheil Industries (㌒㎇ⶒ㌆: 㩲㧒⳾㰗ὒ㦮 䞿⼧ 㩲㞞)”, Exh C-30 㩲2, 19Ⳋ; 䕿䔎㢂 2015. 6. 12.㧦 ⽊☚, “㠮Ⰲ㠝ὒ Ṳ⹎✺㦖 㢲? → ‘㌒㎇ⶒ㌆+㩲㧒⳾㰗 䞿⼧’㦚 ⹮╖䞮ἶ ⋮㎆⋮”, Exh C-24. 26 䞿⼧ ㎇㌂ 䤚㧎 2015⎚ 7㤪 Ⱖἓ Ὃ㔲Ṗ ♮㠞㦢. Ὃ㔲㧦⬢, Exh C-48, 㩲1Ⳋ 㺎㫆. 27 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69 㩲3-4Ⳋ. 16 2015. 7. 28.㧦 䞲ῃỆ⧮㏢ ㌒㎇ⶒ㌆ ▪㤇㧊, ⽎Ị 䞿⼧Ἒ㟓㦖 䘎Ⰲ䞮Ợ☚ 㩲㧒⳾㰗 㭒Ṗ ╖゚ ㌒㎇ⶒ㌆ 㭒ṖṖ ㌂㌗ 㾲㩖䂮⯒ ₆⪳䞲 㔲㩦㠦 ⰴ㿪㠊㍲ 㼊ἆ♮㠞㔋┞┺.28 29. ⁎ ἆὒ ⽎Ị 䞿⼧゚㥾㦮 ⿞Ὃ㩫㎇㦚 ⚮⩂㕒 ⏒⧖ὒ ⽎Ị 䞿⼧㦮 㰚㦮㠦 ὖ䞲 ╖㭧㦮 㦮䢏㧊 䄺㪎Ṫ㔋┞┺. ┺㑮㦮 㔲㧻ὖ䁷㧦✺㦖 ⽎Ị 䞿⼧゚㥾㧊 ㌒㎇ⶒ㌆㦚 䡚㩖䞮Ợ 㩖䘟Ṗ䞮ἶ 㧞㦒Ⳇ ☛Ⱃ㩗㦒⪲ ㌆㿲♲ ┺⯎ 㠊⟶䞲 䞿⼧゚㥾⽊┺☚ 䡚㩖䧞 ⌄┺⓪ 㦮ἂ㦚 㩲㔲䞮Ⳇ 29 ⽎Ị 䞿⼧㠦 ⹮╖䞶 ộ㦚 ṫ䞮Ợ ῢἶ䞮㡖㔋┞┺. 㧊⩂䞲 㔲㧻㠦㍲㦮 㦮ἂ㠦 ➆⧒, 䞿⼧㠦 㠮Ⰲ㠝㦖 2015⎚ 6㤪 4㧒 ⽎Ị ╖䞲 ⹮╖㦮㌂⯒ Ὃ䚲䞮㡖㔋┞┺.30 30. 㠮Ⰲ㠝㦮 䡧㩫㌗ 㼃ῂ✺㦖 㥚㢖 ⿞ῂ䞮ἶ ╖䐋⪏, ⽊Ị⽋㰖⿖㧻ὖ, ṯ㧊 㢲ἷ♲ ⽊Ị⽋㰖⿖, ⽎Ị ῃ⹒㡆⁞ 䞿⼧゚㥾㠦☚ ⹥ ┺㟧䞲 ὖἚ㧦✺㦚 䐋䞮㡂 ⽎Ị 䞿⼧㦚 㿪㰚䅖 䞲 䞲ῃ㦮 䟟㥚㠦 ➆⯎ ộ㧛┞┺. C. ῃ⹒㡆⁞㦚 䐋䞲 䞲ῃ㦮 ⽎Ị 䞿⼧㰖㤦 31. 䞲ῃ㧊 ⽎Ị 䞿⼧㦚 㰖㤦䞮⓪◆ ㌂㣿䞲 䟋㕂㑮┾㦖 ῃ⹒㡆⁞㧊㠞㔋┞┺. 㞴㍲ 㠎 䞲 ⹪㢖 ṯ㧊 ῃ⹒㡆⁞㦖 ῃṖ₆ὖ㦒⪲㍲ ⽊Ị⽋㰖⿖⪲⿖䎆 㥚㧚⹱㦖 ῢ䞲㠦 ➆⧒ ῃ⹒㡆⁞㩲☚⯒ 㤊㡗䞮ἶ ⽊Ị⽋㰖⿖㧻ὖ㦒⪲⿖䎆 㥚䌗⹱㦖 㠛ⶊ⯒ 㑮䟟䞮₆ 㥚䞮㡂 ㍺Ⱃ♮㠞㔋┞┺. 31 ῃ⹒㡆⁞㦖 㡆⁞ 28 な⭎⻚⁎(Bloomberg) 2015. 7. 2.㧦 ⽊☚, “Samsung Group is Doing a Cozy Merger (㌒㎇⁎⭏㧊 㞞㧒䞲 䞿⼧㦚 䞮ἶ 㧞┺.)”, Exh C-28; 㧎⻶㓺䔎㫆㍶ 2015. 6. 9.㧦 ⽊☚, “5Ṳ㤪Ⱒ㠦 ⛺㰧䧢 ㌒㎇ⶒ㌆·㩲㧒⳾㰗 ₆㠛Ṗ䂮…⿞䘎䞲 䞿⼧゚㥾”, Exh C-21; ゚㯞┞㓺䙂㓺䔎 2015. 5. 27.㧦 ⽊☚, “㩲㧒⳾㰗ὒ 䞿⼧㠦㍲ ㌒㎇ⶒ㌆ 㩖䘟Ṗ ⏒⧖ 㧒㠊”, Exh C-18. 29 㡞⯒ ✺Ⳋ, 2015⎚ 7㤪 3㧒 (䞲ῃ₆㠛㰖⺆ῂ㫆㤦ὒ 䞾℮) ῃ⹒㡆⁞㦮 㣎⿖ 㧦ⶎ㌂㡖▮ ㎎Ἒ 㾲╖㦮 㦮ἆῢ㧦ⶎ㌂㧎 Institutional Shareholder Services⓪ ⽎Ị 䞿⼧㠦 ╖䞮㡂 ⹮╖㦮ἂ㦚 ⌊Ⳇ 䞿⼧゚㥾⪲ 1:0.95⯒ 㩲㔲䞮㡖㦢. ISS 2015. 7. 3.㧦 䔏⼚⿚㍳⽊ἶ㍲ (Special Situations Research), “SC&T: proposed merger with Cheil Industries (㌒㎇ⶒ㌆: 㩲㧒⳾㰗ὒ㦮 䞿⼧ 㩲㞞)”, Exh C-30 㺎㫆. 胃 㦮ἆῢ㧦ⶎ㌂㧎 Glass Lewis 㡃㔲 ⿞Ὃ㩫䞲 䞿⼧゚㥾㦚 㧊㥶⪲ ⽎Ị 䞿⼧㠦 ⹮╖䞶 ộ㦚 ῢἶ䞮㡖㦢. 2015. 7. 17.㧦 Glass Lewis ⽊ἶ㍲, “㌒㎇ⶒ㌆”, Exh C-43 㺎㫆. 2015. 7. 8.㧦 䞲䢪䒂㧦㯳ῢ ⽊ἶ㍲, “㩲㧒⳾㰗ὒ ㌒㎇ⶒ㌆㦮 䞿⼧”, Exh C-34☚ 㺎㫆. 30 㠮Ⰲ㠝㦮 2015. 6. 4.㧦 ⽊☚㧦⬢, Exh C-20. 31 ῃ⹒㡆⁞㦖 䞲ῃ⻫㌗ ὋὋ₆ὖ㦒⪲ ⿚⮮♾. ὋὋ₆ὖ㦮 㤊㡗㠦 ὖ䞲 ⻫⮶ (2017. 6. 28.), Exh C-56 㩲5㫆 㺎㫆. ῃ⹒㡆⁞㦖 ῃ⹒㡆⁞⻫ (2018. 6. 20.), Exh C-77 㩲24㫆 ⹥ 㩲102㫆㠦 ➆⧒ ⽊Ị⽋㰖⿖㧻ὖ㦒⪲⿖䎆 㥚䌗♲ 㠛ⶊ⯒ 㑮䟟䞾. 17 㰖 㦚 㥚䞲 㭖゚⁞㦚 㤊㣿䞮ἶ ὖⰂ䞮Ⳇ, 㧊⯒ 㨂㤦㦒⪲ ⏎⪏, 㧻㞶 ⡦⓪ ㌂ⰳ㠦 ➆⯎ 㰖 㧊 㧊⬾㠊㰧┞┺. ➆⧒㍲ ῃ⹒㡆⁞㦮 䟋㕂 Ὃ㩗₆⓻ Ṗ㤊◆ 䞮⋮⓪ 䞲ῃ ῃ⹒✺⪲⿖䎆 㰫㑮䞲 ⁞㩚㦚 䒂㧦䞮㡂 䟻䤚 㰖 ♶ 㡆⁞㦮 㨂㤦㦚 Ⱎ⩾䞮⓪ ộ㧛┞┺. 㧊㢖 ṯ㧊 ῃ⹒㡆⁞㦖 䟋㕂㩗㧎 㩫⿖ ₆⓻㦚 㑮䟟䞮₆ ➢ⶎ㠦 ὖ⩾ 䞲ῃ ⻫⮶ ⹥ ′㩫㠦 ➆⧒ ☛Ⱃ㎇㦚 㥶㰖䞶 ⻫㩗㦮ⶊ⯒ ⿖╊䞿┞┺.32 㧊⩂䞲 ☛Ⱃ㎇㠦 ὖ䞲 㦮ⶊ⓪ ῃṖ ⳿䚲✺㦚 ⽊┺ 㧮 㑮䟟䞮₆ 㥚䟊 ῃṖ 㧦㔶㧊 ⿖㡂䞲 ㏣㎇㧛┞┺. 33 ⽎Ị 䞿⼧ 㧊䤚 ⶎ䡫䚲 㧻ὖὒ ῃ⹒㡆⁞ ₆⁞㤊㣿⽎⿖㧻 䢣㢚㍶㠦 ╖䞲 䡫㌂㨂䕦㠦㍲ ㍲㤎㭧㞯㰖⹿ ⻫㤦㦖 ┺㦢ὒ ṯ㧊 䕦㔲䞮㡖ἶ, ㍲㤎ἶ❇⻫㤦☚ 㧊⯒ 䢫㧎䞲 ⹪ 㧞㔋┞┺: ῃ⹒㡆⁞Ὃ┾㦖 ‘╖䞲⹒ῃ ῃ⹒㦮 ⏎䤚㧦㌆ ὖⰂ㧎’㦒⪲㍲㦮 㡃䞶㦚 㑮䟟䞮ἶ 㧞㦒⸖⪲ ῃ⹒㡆⁞₆⁞㦖 㥚㢖 ṯ㦖 4╖ 㤦䂯[㑮㧋㎇, 㞞㩫㎇, ὋὋ㎇ ⹥ 㥶☯㎇] 㣎㠦⓪ 㠊⟶䞲 ┺⯎ ⳿㩗㦚 㥚䟊 㤊㣿♮㠊㍲⓪ 㞞 ♲┺⓪ ‘₆⁞ 㤊㣿㦮 ☛Ⱃ㎇’ 㤦䂯㦚 㭖㑮䞮㡂㟒 䞶 㺛ⶊṖ 㧞┺.34 32. 㠮Ⰲ㠝㦮 ㌒㎇ⶒ㌆㦮 㼃ῂ⯒ 㰖⿚ 㟒₆䞲 ㌂Ị✺㧊 11.21%⯒ ⽊㥶䞲 ⹲㌳䞮㡖㦚 ╏㔲 㾲╖㭒㭒㡖㔋┞┺. ῃ⹒㡆⁞㦖 ⁎ ἆὒ, ㍲㤎ἶ❇⻫㤦㦖 ⶒ⪶ ῃ⹒㡆⁞ 㧦㼊 䘟Ṗ㠦㍲☚ 㧎㩫䞲 ⹪㢖 ṯ㧊, ῃ⹒㡆⁞㦖 “䃦㓺䕛 ⽊䔎”⯒ 㮦ἶ ⽎Ị 䞿⼧㦮 㰚䟟㡂⿖⯒ ἆ㩫䞶 㑮 32 ῃ⹒㡆⁞₆⁞㤊㣿㰖䂾 (2015. 6. 9.), Exh C-22 㩲4㫆 㩲5䢎; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69 㩲2Ⳋ; 2015⎚☚ ῃ㩫Ṧ㌂ 㩫ⶊ㥚㤦䣢 2015. 9. 14.㧦 䣢㦮⪳, Exh C-50 㩲55Ⳋ, 㩲62Ⳋ☚ 㺎㫆. 33 㧊⩂䞲 㦮ⶊ㠦☚ ⿞ῂ䞮ἶ 㠜㦢. Clayton and Bilcon of 2009-94) 2015. 3. 17.㧦 ὖ䞶 Ὃ䘟䞲 䕦┾㦚 䞮⓪ ₆ῂ⓪ ῃ⹒㡆⁞㦮 䟟㥚Ṗ 䞲ῃ㠦 ‖㏣♲┺⓪ ㌂㔺㠦⓪ ⼖䞾㧊 Delaware Inc. v. Government of Canada ㌂Ị (PCA Case No. ⹥ 㺛㧚㠦 ὖ䞲 䕦㩫ⶎ, Exh CLA-3 㩲 308 ⶎ┾ (“⁎⩂⋮ ῃṖ㦮 㫆㰗㧊⧒ 䞮₆㠦 㿿⿚䞮┺”) ❇ 㺎㫆. 34 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲75Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69 㩲2Ⳋ; ῃ⹒㡆⁞₆⁞ 㤊㣿㰖䂾 (2015. 6. 9.), Exh C-22 㩲4㫆 㩲5䢎☚ 㺎㫆. 18 㧞⓪ 㰖㥚㠦 㧞㠞㔋┞┺. 35 ⋮㭧㠦 ῃ⹒㡆⁞ ₆⁞㤊㣿⽎⿖㧻 䢣㢚㍶㧊 㧦㧎䞲 ⹪㢖 ṯ㧊 “[⽎Ị 䞿⼧㦖] ῃ⹒㡆⁞㧊 㺂㎇䞮Ⳋ 䐋ὒ♮⓪ Ệἶ ⹮╖䞮Ⳋ 䐋ὒṖ 㞞 ♮⓪ ㌗䢿㧊㠞㔋┞┺.” 33. 36 ῃ⹒㡆⁞㦖 ⽎Ị 䞿⼧゚㥾㧊 ㌒㎇ⶒ㌆ 㭒㭒✺㠦Ợ ⿞Ὃ㩫䞮┺⓪ 㩦㦚 㿿⿚䧞 㞢ἶ 㧞㠞ἶ, 37 ┺㑮㦮 ☛Ⱃ♲ 㧦ⶎ₆ὖ✺ 㡃㔲 ῃ⹒㡆⁞㧊 ⁎ 㩚⎚☚㠦 ㌒㎇㠪㰖┞㠊Ⱇ/㌒㎇㭧Ὃ㠛 䞿⼧㦚 ⹮╖䞮㡖▮ ộὒ ☯㧒䞮Ợ 38 ṳὖ㩗㧎 ἓ㩲㩗 ⁒Ệ⯒ ✺㠊 ⽎Ị 䞿⼧㠦 ⹮╖䚲⯒ 䟟㌂䞶 ộ㦚 ῢἶ䞮㡖┺㔲䞒 ⽎Ị 䞿⼧゚㥾㦮 ⿞Ὃ㩫㎇㦚 㞢ἶ 㧞㠞㔋┞┺. 39 ⁎⩂⋮ 㧊㩲 㞢⩺㰚 ⹪㢖 ṯ㧊, ῃ⹒㡆⁞㦚 ⽎Ị 䞿⼧㠦 㺂㎇䅖 䞶 ⳿㩗㦒⪲ 㧊⬾㠊㰚 ῃ⹒㡆⁞ ⌊⿖㩞㹾㠦 ╖䞲 䂾䟊㠦 ➆⧒ 㥚㢖 ṯ㦖 㧦ⳛ䞲 ῢἶ⓪ 䠞㌂Ṗ ♮㠞㔋┞┺. 㧊⪲㖾 䞲ῃ㦖 ῃ⹒㡆⁞㦮 ₆㫊 㩞㹾⯒ ⶊ㔲䞮㡖ἶ, 䞲ῃ ⻫⮶㦚 㥚⹮䞮㡖㦒Ⳇ, ㌒㎇ⶒ㌆㠦 ╖䞲 ῃ⹒㡆⁞㦮 䒂㧦㠦 ἓ㩲㩗 䞒䟊⯒ 㟒₆䞮㡖⓪ ⹪, 㧊⓪ 䞲⹎ FTA 㩲11㧻㠦☚ 㥚⹮䞲 ộ㧛┞┺. 34. ⽎Ị 䞿⼧㠦 ╖䞲 䞲ῃ㦮 ⿖㩗㩞䞲 Ṳ㧛㦖 10Ṳ ┾Ἒ⪲ ㍲㑶䞶 㑮 㧞㔋┞┺. 35 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 㩲9Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-69 㩲50Ⳋ. 36 ⡦䞲 䢣 ⽎⿖㧻㦖 “ῃ⹒㡆⁞㧊 㠊⟺ ἆ㩫㦚 䞮ⓦ⌦Ṗ ㌒㎇ 䞿⼧㦮 ὖỊ㩗 㣪㏢”㡖┺⓪ 㩦㠦 ☯㦮䞮㡖㦢. 2015⎚☚ ῃ㩫Ṧ㌂ 㩫ⶊ㥚㤦䣢 2015. 9. 14.㧦 䣢㦮⪳, Exh C-50 㩲54Ⳋ, 㩲79Ⳋ 㺎㫆. 37 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲9, 20 ⹥ 62Ⳋ; SBSⓊ㓺 2016. 12. 6.㧦 ⽊☚, “䞿⼧ 㩚 䢣㢚㍶, 㧊㨂㣿 Ⱒ⋲ 㧊㥶”, Exh C-58 㩲1Ⳋ. 38 䆪Ⰲ㞚 ゚㯞㢖㧊㠊(The Korea Bizwire) 2015. 7. 9.㧦 ⽊☚, “KCGS Advises NPS to Oppose Samsung C&T Merger (䞲ῃ₆㠛㰖⺆ῂ㫆㤦, ῃ⹒㡆⁞Ὃ┾㠦 ㌒㎇ⶒ㌆䞿⼧ ⹮╖ ῢἶ)”, Exh C-37; 㤪㓺䔎Ⰲ䔎㩖⍦(The Wall Street Journal) 2015. 7. 8.㧦 ⽊☚, “Samsung Merger Plan Gets ‘No’ Vote From Canada Pension Board (䃦⋮┺ 㡆₆⁞, ㌒㎇ 䞿⼧㞞㠦 ‘⹮╖䚲’)”, Exh C-33; ⪲㧊䎆(Reuters) 2015. 7. 7.㧦 ⽊☚, “South Korea advisory firm recommends NPS vote against Samsung deal (ῃ⹒㡆⁞Ὃ┾ 㧦ⶎ₆ὖ ‘㌒㎇ⶒ㌆ 䞿⼧ ⹮╖’)”, Exh C-32. 39 ⽎ⶎ 㩲24ⶎ┾㦮 ㌒㎇㠪㰖┞㠊Ⱇ/㌒㎇㭧Ὃ㠛 ὖ⩾ ⏒㦮 㺎㫆. 19 1. 㩲1┾Ἒ: ⹫ ╖䐋⪏㧊 㧦㔶㦮 㺎⳾㰚㠦Ợ ⽎Ị 䞿⼧㦚 “㭒㔲”䞶 ộ㦚 㰖㔲䞮┺ 35. ⽎Ị 䞿⼧㦮 㰚䟟㡂⿖⯒ ἆ㩫䞮⓪◆ ῃ⹒㡆⁞㧊 㭧㿪㩗㧎 㡃䞶㦚 䞮Ợ ♶ ộ㧚㦚 㧎㔳䞲 ⹫ ╖䐋⪏㦖 2015⎚ 6㤪 26㧒 ⡦⓪ ⁎ 㧊㩚㠦 㧦㔶㦮 “ῃ⹒㡆⁞㦮 㺎⳾㠦Ợ 㰖㔲䞮㡖㔋┞┺. 40 ὋṲ䞲 㼃㢖╖ ╏㔲 㦮ἆῢ䟟㌂ ⶎ㩲⯒ 㧮 㺯Ỿ⽊⧒”ἶ ⹫⁒䡲 㩫⿖㠦 ⛺㧊㠊 ✺㠊㍶ 䞲ῃ㩫⿖Ṗ 㧒⹮㠦 ⌊⿖ⶎỊ 㭧㠦⓪ “㌒㎇ⶒ㌆ 䞿⼧㞞㠦 ╖䞲 ῃ⹒㡆⁞㦮 㦮ἆῢ 䟟㌂ ⹿䟻”, “䟊㣎 䠺㰖䗖✲㦮 ῃ⌊ ₆㠛 ἓ㡗ῢ ⹿㠊 ╖㺛 Ỗ䏶”⧒⓪ 㩲⳿㦮 ⶎ㍲✺☚ 䙂䞾♮㠊 㧞㠞㔋┞┺.41 ⡦ ┺⯎ ╖䐋⪏ ₆⪳ⶒ㠦⓪ “䟊㣎 䠺㰖䗖✲㦮 Ὃỿ㩗 ἓ㡗ῢ Ṛ㎃㠦 ╖䟊㍲⓪ ῃ⹒㡆⁞ ❇㦚 㩗⁏ 䢲㣿䞮♮ 㩫⿖Ṗ ╖₆㠛㦚 㰖㤦䞮⓪ ộ㻮⩒ ⽊㡂㰖㰖 㞠☚⪳ 㥚㤦[䣢] ῂ㎇㦚 㔶㭧䞮Ợ [䟊㟒 䞲┺]”⓪ ⌊㣿☚ ₆⪳♮㠊 㧞㠞㔋┞┺.42 36. ⹫ ╖䐋⪏㦮 㔶䢎⯒ ⹱㞚, 㼃㢖╖㦮 ╖䐋⪏゚㍲㔺 㰗㤦✺ ❇ ⽊㫢ὖ✺㦖 ⽊Ị⽋㰖⿖ ὖἚ㧦✺㠦Ợ ῃ⹒㡆⁞㦮 㦮㌂ἆ㩫 㩞㹾㦮 㰚䟟㌗䢿ὒ 40 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲37Ⳋ. 41 䟊╏ ⶎỊ✺㦖 ⹫ 衔╖䐋⪏ ὖ⩾ 䡫㌂㩞㹾Ṗ 㰚䟟♾㠦 ➆⧒ 㔶㧚 㩫⿖㠦 㦮䞮㡂 ὋṲ♮㠞㦢. 䟊╏ ⶎỊ✺㦮 㩲⳿ὒ Ṳ㣪 ❇ 㧒⿖ 㣪㏢✺㦖 2017. 7. 14. 㼃㢖╖ 㠎⪶ぢⰂ䞧㠦㍲ ⹲䚲♲ ộ✺㧚: 㭧㞯◆㧒Ⰲ (JoongAng Daily) 2017. 7. 21.㧦 ⽊☚, “Park’ “Park’s paper trail grows longer, more detailed (⹫ 㩚 ╖䐋⪏ ὖ⩾ 㯳Ệ ⶎỊ ⋮㡊 ▪ ₎ἶ 㧦㎎䟊㪎)”, Exh C-74 㩲 1-2 Ⳋ (“[䟊╏ ⶎỊ✺㦖] 㩫⿖Ṗ ῃ⹒㡆⁞㦮 㦮ἆῢ 䟟㌂㠦 Ṳ㧛䞶 ộ㧎㰖, … 㩫⿖Ṗ Ṳ㧛䞲┺Ⳋ 㦮ἆῢ ⹿䟻㦖 㠊⠑Ợ ㍺㩫䞶 ộ㧎㰖㠦 ὖ䞲 ộ㦚 ┺⬾ἶ 㧞┺”⓪ 㼃㢖╖ ὖἚ㧦㦮 Ⱖ㦚 㧎㣿); YTN 2017. 7. 20.㧦 ⽊☚, “誃, ⹫⁒䡲 㩫⿖ ⶎỊ 㿪Ṗ ぢⰂ䞧 (㩚ⶎ)”, Exh C-72 㺎㫆. 㫆㍶゚㯞 2017. 7. 20.㧦 ⽊☚, “[㏣⽊] 誃 ⹫⁒䡲 㩫⿖ ⶎỊ 3 㹾 ⹲䚲… '⽊㑮┾㼊 㥷㎇' 'ῃ⹒㡆⁞ 㦮ἆῢ Ṳ㧛' 䙂䞾”, Exh C73; 䞲Ỿ⩞ 2017. 7. 15.㧦 ⽊☚, “⹫⁒䡲 㩚 ╖䐋⪏㧊 ῃ⹒㡆⁞Ὃ┾ 䐋䟊 ㌒㎇ ἓ㡗ῢ 㔏Ἒ 㰖㤦䟞┺⓪ ⶎỊ ὋṲ”, Exh C-71 㩲 1 Ⳋ (“㌒㎇ ἓ㡗ῢ 㔏Ἒ ῃⳊ Æ ₆䣢⪲ 䢲㣿, ἓ㡗ῢ 㔏Ἒ ῃⳊ㠦㍲ ㌒㎇㧊 ⶮ 䞚㣪⪲ 䞮⓪㰖 䕢㞛, ☚㢖㭚 ộ㦖 ☚㢖㭒Ⳋ㍲ ㌒㎇㧊 ῃṖ ἓ㩲㠦 ▪ ₆㡂䞮☚⪳ 㥶☚䞮⓪ ⹿㞞㦚 ⳾㌟, ㌒㎇㦮 ╏Ⳋὒ㩲 䟊ἆ㠦⓪ 㩫⿖☚ ㌗╏䞲 㡗䟻⩻ 䟟㌂ Ṗ⓻”㧊⧒ἶ ₆㨂♲ 㧦䞚Ⲫ⳾Ṗ 䙂䞾♲ “ῃ⹒㡆⁞ 㦮ἆῢ ὖ⩾ 㫆㌂”⧒⓪ 㩲⳿㦮 ⶎỊ 㠎 )☚ 㺎㫆. 42 YTN 2017. 7. 20.㧦 ⽊☚, “誃, ⹫⁒䡲 㩫⿖ ⶎỊ 㿪Ṗ ぢⰂ䞧 (㩚ⶎ)”, Exh C-72; “Park’ paper trail grows longer, more 㭧㞯◆㧒Ⰲ (JoongAng Daily) 2017. 7. 21.㧦 ⽊☚, “Park’s detailed (⹫ 㩚 ╖䐋⪏ ὖ⩾ 㯳Ệ ⶎỊ ⋮㡊 ▪ ₎ἶ 㧦㎎䟊㪎)”, Exh C-74☚ 㺎㫆. 20 ὖ⩾♲ 㩫⽊⯒ 㼃㢖╖⪲ ⽊⌊㭚 ộ㦚 㣪㼃䞮㡖㔋┞┺. 43 ⡦䞲 ⁎ ⹬㦮 㼃㢖╖ ⹥ ⽊Ị⽋㰖⿖ ὖἚ㧦✺ ㌂㧊㠦 Ἒ㏣㩗㦒⪲ 㡆⧓㧊 㡺ἶ Ṛ ㌂㔺㧊 䡫㌂㨂䕦ὒ㩫㠦㍲ ⹳䡖㪢㔋┞┺. 㧒⪖⪲, 㼃㢖╖ ⽊Ị⽋㰖 ⺇㰚㭒㠦Ợ ゚㍲ὖ㔺 ₖ₆⋾ 䟟㩫ὖ㦖 2015⎚ 6㤪 26㧒 ⽊Ị⽋㰖⿖ ⺇㰚㭒㠦 ㌒㎇ⶒ㌆ Ị㧊 䒂㧦㥚㤦䣢㠦 ⿖㦮 ♮㠞⓪㰖 㡂⿖⯒ ⶑἶ 䔏㩫 ⶎ㍲✺㦮 ㌂⽎㦚 㣪㼃䞮⓪ ⌊㣿㦮 ⶎ㧦Ⲫ㔲㰖⯒ ⽊⌎ ㌂㔺㧊 㧞㔋┞┺.44 2. 㩲2┾Ἒ: ⽊Ị⽋㰖⿖Ṗ ῃ⹒㡆⁞㠦 ⽎Ị 䞿⼧㠦 㺂㎇䞶 ộ㦚 㰖㔲䞮┺ 37. 㧊⩂䞲 㼃㢖╖㦮 ὖἚ㧦✺㦖 ⽎Ị 㔲㧧䞮㡖㔋┞┺. 2015⎚ 6㤪Ⱖ 45 㰖㔲㢖 㦮㌂㡆⧓㦚 ⺆ἓ㦒⪲ 䞿⼧㦚 㔏㧎䞮☚⪳ ῃ⹒㡆⁞㠦 䞮㡂, ⽊Ị⽋㰖⿖ 㞫⩻㦚 Ṗ䞮₆ 㧊䤚 䡫㌂㨂䕦㠦㍲ ✲⩂⋲ ⹪㢖 ṯ㧊, ⶎ 㧻ὖ㦖 ⽊Ị⽋㰖⿖ 㡆⁞㩫㺛ῃ㧻 㫆⋾ῢ㠦Ợ 㫆⋾ῢ㠦 㰚䟟♮₆⯒ 㤦䞲┺⓪ 㦮㌂⯒ 㩚╂䞮㡖㔋┞┺. 46 ⽎Ị 䞿⼧㧊 㧊⩂䞲 㰖㔲⯒ ⹱㦖 ⛺, 㫆 ῃ㧻ὒ ⽊Ị⽋㰖⿖ ῃ⹒㡆⁞㨂㩫ὒ㧻 㾲䢣㍳㦖 2015⎚ 6㤪 30㧒 ⽎Ị 䞿⼧㠦 ῃ⹒㡆⁞㧊 㺂㎇䞮☚⪳ ⁎ 㦮ἆῢ 䟟㌂ ⹿䟻㦚 㫆㫛䞮₆ 㥚䟊 ῃ⹒㡆⁞ ₆⁞㤊㣿⽎⿖㧻㧎 䢣㢚㍶ὒ Ⱒ⌂㔋┞┺.47 3. 㩲3┾Ἒ: ⽊Ị⽋㰖⿖Ṗ ῃ⹒㡆⁞㠦 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢⯒ Ệ䂮㰖 Ⱖ ộ㦚 㰖㔲䞮┺ 38. 㞴㍲ 㠎 䞲╖⪲ ῃ⹒㡆⁞㦖 ⁎ ῃṖ㩗 䟋㕂 ⳿䚲⯒ ╂㎇䞮₆ 㥚䞮㡂 ⻫⮶㠦 ➆⧒ ☛Ⱃ㩗㦒⪲ 䟟☯䞶 ộ㧊 㣪ῂ♮Ⳇ, Ὃⶊ㤦✺㦖 㧊⩂䞲 43 ⶎ ⶎ䡫䚲/䢣㢚㍶㠦 䡫䚲/ 䡫 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲3839Ⳋ. 44 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017 ⏎ 1886 䕦ἆ, Exh C-79 㩲 38-39 Ⳋ. 45 ⶎ䡫䚲/䢣㢚㍶㠦 ⶎ䡫䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲7Ⳋ. 46 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 䡫䚲/ 䡫 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 㩲29Ⳋ; ⶎ ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-69, 㩲44Ⳋ. 47 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲7Ⳋ. 21 ☛Ⱃ㎇㦚 䂾䟊䞮㰖 㞠㦚 ⻫㩗 㦮ⶊ⯒ ⿖╊䞿┞┺. ῃ⹒㡆⁞㦮 48 䒂㧦ἆ㩫㦖 ⁎ ㌆䞮₆ὖ㧎 ₆⁞㤊㣿⽎⿖㠦 㥚㧚♮㠊 ₆⁞㤊㣿⽎⿖㦮 ☛Ⱃ㩗㧎 䕦┾㠦 ➆⧒ 㧊⬾㠊㰧┞┺. 㾲ἶ㤊㣿㺛㧚㧦㧎 ╏㔲 ₆⁞㤊㣿⽎⿖㧻㦖 ῃ⹒㡆⁞㦮 䢣㢚㍶㧊㠞㔋┞┺. 䢣㢚㍶㧊 ₆⁞㤊㣿⽎⿖ 䒂㧦㥚㤦䣢(㧊䞮 “䒂 䒂㧦㥚㤦䣢”)⓪ ῃ⹒㡆⁞㧊 ⽊㥶䞲 䔏㩫 㭒㔳㦮 㦮ἆῢ 䟟㌂⯒ Ỗ䏶䞮ἶ ῢἶ䞿┞┺. ⽋㧷䞮ἶ ⹒Ṧ䞲 ㌂㞞㦒⪲ 䕦┾䞮₆ Ἲ⧖䞲 ἓ㤆㠦 㧞㠊㍲⓪ 㦮ἆῢ䟟㌂㠦 ὖ䞲 㩚ⶎ㥚㤦䣢(㧊䞮 “㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢”)Ṗ ㏢㰧♮㠊 䟊╏ ㌂㞞㦚 Ỗ䏶䞮ἶ ἆ㩫䞿┞┺. 㧊㻮⩒ ῃ⹒㡆⁞㦮 ☛Ⱃ㩗㧊ἶ 㔶㭧䞲 㡆⁞ 䒂㧦 㤊㣿㦚 ⽊㧻䞮₆ 㥚䞲 ┺㟧䞲 㩲☚㩗 㧻䂮Ṗ Ⱎ⩾♮㠊 㧞㔋┞┺. 39. 䞲ῃ㦮 䡫㌂㨂䕦㠦㍲ ⹳䡖㪢❅㧊, 2015⎚ 6㤪 30㧒 㫆⋾ῢ ῃ㧻ὒ 㾲䢣㍳ ὒ㧻 ⹥ 䢣㢚㍶ ⽎⿖㧻㧊 Ⱒ⋲ 㧦Ⰲ㠦㍲ ⽊Ị⽋㰖⿖ 䁷㦖 ῃ⹒㡆⁞㦮 䢣 ⽎⿖㧻㠦Ợ ⽎Ị 䞿⼧㠦 ╖䞲 㦮ἆῢ 䟟㌂㠦 ╖䟊 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢Ṗ 㞚┢ 䒂㧦㥚㤦䣢Ṗ ἆ㩫䞮☚⪳ 㰖㔲䞮㡖㔋┞┺. 49 ⁎ 㧊㥶⓪ 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢Ṗ ṳὖ㩗㧎 ἓ㩲㩗 ⁒Ệ㠦 ₆䟊 ⽎Ị 䞿⼧㠦 ⹮╖䞶 ộ㦚 㤆⩺䞮㡖₆ ➢ⶎ㧊㠞㔋┞┺. ⽊Ị⽋㰖⿖ 㾲 ὒ㧻㦖 䢣 ⽎⿖㧻㠦Ợ 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢 Ṛ㌂㦮 㰖㥚⯒ 㧊㣿䞮㡂 ⽎Ị 䞿⼧㦚 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢㦮 㞞Ị㦒⪲ 㢂Ⰲ⩺⓪ 㠊⟶䞲 㔲☚☚ 㹾┾䞶 㕂㌆㧚㦚 ⹳䧞₆㫆㹾 䞮㡖㔋┞┺.50 40. ⽎Ị 䞿⼧ὒ ṯ㧊 㨂⻢⁎⭏㦮 㰖⺆ῂ㫆㠦 㭧╖䞲 㡗䟻㦚 ⹎䂮⓪ ㌂㞞㦚 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢㠦 ⿖㦮䞮㡂 ⁎⪲ 䞮㡂⁞ ὖ㡂䞮☚⪳ 䞮㰖 㞠ἶ 48 ῃ⹒㡆⁞₆⁞ 㤊㣿㰖䂾 (2015. 6. 9.), Exh C-22 㩲4㫆 㩲5䢎 (“㤊㣿 ☛Ⱃ㎇㦮 㤦䂯”); 䡫⻫ (2018. 1. 7.), Exh C-57 㩲123㫆 (“㰗ῢ⋾㣿” ὖ⩾: “Ὃⶊ㤦㧊 㰗ῢ㦚 ⋾㣿䞮㡂 ㌂⧢㦒⪲ 䞮㡂⁞ 㦮ⶊ㠜⓪ 㧒㦚 䞮Ợ 䞮Ệ⋮ ㌂⧢㦮 ῢⰂ䟟㌂⯒ ⹿䟊䞲 ➢㠦⓪ …㦮 㰫㡃… ⡦⓪ …㦮 ⻢⁞㠦 㻮䞲┺”); 2015⎚☚ ῃ㩫Ṧ㌂ 㩫ⶊ㥚㤦䣢 2015. 9. 14.㧦 䣢㦮⪳, Exh C-50 㩲55Ⳋ, 㩲62Ⳋ (䢣㢚㍶㧊 “㠊⟺ 㩫䂮㩗 ⳿㩗㠦 㞛㣿♮Ệ⋮ 㠊⟺ ⪲゚㠦 䥮⚮ⰂỆ⋮ 䞮⓪ ộ㦒⪲ 㦮ἆῢ㧊 䟟㌂♒㍲⓪ 㞞 ♮Ỷ㰖㣪”⧒⓪ 㩦㠦 ☯㦮䞲┺ἶ 䞮⓪ ⿖⿚ 㧎㣿). 49 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲7Ⳋ. 50 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲14Ⳋ. 22 䒂㧦㥚㤦䣢Ṗ ┾☛㦒⪲ ἆ㩫䞲 ộ㦖 ῃ⹒㡆⁞ 㧦㔶㧊 ῂ㼊㩗㦒⪲ ⽎Ị 䞿⼧㦚 㡒⚦㠦 ⚦ἶ 㩫Ⱃ䞲 ㍶⪖㠦 ⺆䂮♮⓪ ộ㧊㠞㔋┞┺. ῃ⹒㡆⁞㦖 ῃ⌊ 3㥚 㨂⻢㧎 SK⁎⭏ ㏢㏣Ἒ㡊㌂ “SK䞿 䞿⼧”)㠦 ὖ䟊㍲☚ Ỗ䏶䞲 ⹪ 㧞㔋┞┺. ⌅㧋㦖 ộ㧊㠞㔋┞┺. SK䞿⼧㦒⪲ 㧎䟊 2015⎚ 㽞⹮ 2Ὁ㦮 䞿⼧(㧊䞮 SK䞿⼧㦚 ⚮⩂㕒 ㌗䢿㦖 㺓Ⱃ㧦 㧒Ṗ㦮 㰖⺆ῢ㧊 ṫ䢪♮㠞㦚 ộ㧊ἶ, 㧒ṗ㠦㍲⓪ 㺓Ⱃ㧦 㧒ṖṖ 㧦㔶✺㦮 ῢ䞲ὒ 㡗䟻⩻㦚 㧊㣿䞮㡂 ┺⯎ 㭒㭒✺㠦Ợ 䞒䟊⯒ 㧛䧦 㑮 㧞┺ἶ 㤆⩺䞮㡖㔋┞┺. 51 䒂㧦㥚㤦䣢⓪ SK䞿⼧ ╖㌗ 2Ṳ㌂㦮 㭒㭒⪲㍲ ῃ⹒㡆⁞㦮 㧛㧻㦚 Ỗ䏶䞲 ⛺ 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢㠦 䟊╏ ㌂㞞㦚 䣢⿖䞮㡖㔋┞┺. 52 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢⓪ 㩲㧒⳾㰗ὒ ㌒㎇ⶒ㌆㦮 ⽎Ị 䞿⼧㧊 㧞₆ ⿞ὒ ⳝ 㭒 㩚㧎 2015⎚ 6㤪 24㧒 SK䞿⼧㠦 ╖䞮㡂 ⹮╖䞶 ộ㦚 ἆ㩫䞮㡖ἶ, ⁎⩂䞲 ἆ㩫㠦 ➆⧒ ῃ⹒㡆⁞㦖 䞿⼧ ⹮╖䚲⯒ ▮㪢㔋┞┺.53 41. 㭒⳿䞶 Ⱒ䞲 ㌂㔺㦖 ㍲㤎ἶ❇⻫㤦㧊 SK䞿⼧㦖 ⽎ 㭧㨂㠦㍲ ⶎ㩲Ṗ ♮⓪ ㌒㎇ⶒ㌆-㩲㧒⳾㰗 Ṛ 䞿⼧ὒ ῂ㫆㩗㦒⪲ ☯㧒䞮┺ἶ 䕦㔲䞮Ⳋ㍲, 䤚㧦㧎 ⽎Ị 䞿⼧ 㡃㔲 ☯㧒䞮Ợ 䀾 ♮㠞㠊㟒 䞮Ⳇ SK䞿⼧㠦㍲㢖 Ⱎ㺂Ṗ㰖⪲ 㦮ἆῢ䟟㌂ ộ㧛┞┺. 54 㩚ⶎ㥚㤦䣢㠦 䣢⿖♮㠞㠊㟒 䞲┺⓪ 㩦㦚 䢫㧎䞮㡖┺⓪ ㌂㔺 䒂㧦㥚㤦䣢⓪ ╏㔲 㧊⹎ Ὃ䚲♮㠞ἶ Ἵ 㰚䟟♶ ㌒㎇ⶒ㌆-㩲㧒⳾㰗 䞿⼧㦚 㥚䞲 ㍶⪖⯒ Ⱒ✶┺⓪ ὋὋ㡆䞲 ⳿䚲⯒ ⌊㎎㤆Ⳇ SK䞿⼧㠦 ╖䞲 㦮ἆῢ䟟㌂ ⶎ㩲⯒ 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢㠦 51 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲1213Ⳋ. Ⲏ┞䒂◆㧊 2015. 9. 14.㧦 ⽊☚, “㩫ⶊ㥚 蓄 㦮㤦✺ ‘㌒㎇ⶒ㌆·SK 䞿⼧ 㽳㑮㧒Ṗ 㧒⹿㩗 㥶Ⰲ’”, Exh C-51 㩲1Ⳋ (ῃ䣢 㩫ⶊ㥚㤦䣢Ṗ ㌒㎇ⶒ㌆-㩲㧒⳾㰗ὒ SKൽ-SK C&C㦮 䞿⼧ ⳾⚦ ⁎ 㔲㩦㦚 “㽳㑮 㧒Ṗ㠦Ợ 㥶Ⰲ[䞮Ợ 䞮㡂] ㏢㞷㭒㭒✺㠦Ợ 䞒䟊⯒ ⋒㼺┺”ἶ ㌳ṗ䞮㡖㦢㠦 㭒⳿); ISS 2015. 6. 12.㧦 㦮ἆῢ 㧦ⶎ ㍲゚㓺 ⽊ἶ㍲, “SKൽ”, Exh C-23 㩲13Ⳋ; 䞮㧊䒂㧦㯳ῢ Ⰲ㍲䂮㎒䎆 2015. 4. 22.㧦 ⽊ἶ㍲, “SK⁎⭏ 㰖⺆ῂ㫆”, Exh C-12 㩲1Ⳋ☚ 㺎㫆. 52 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲44Ⳋ. 53 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲13Ⳋ; 䞲Ỿ⩞ 2015. 6. 24.㧦 ⽊☚, “[┾☛] ῃ⹒㡆⁞, SK䞿⼧ ⹮╖䞮₆⪲ ἆ㩫”, Exh C26. 54 ⶎ ⶎ䡫䚲/䢣㢚㍶㠦 䡫䚲/ 䡫 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲3233Ⳋ. 23 “SK㢖 SK C&C㦮 䞿⼧ 㩚ⶎ㥚㤦䣢 ⿖㦮Ỗ䏶” ⧒⓪ 䣢⿖䞮㡖㔋┞┺. 㩲⳿㦮 䒂㧦㥚㤦䣢 ⽊ἶ㍲㠦⓪ ┺㦢ὒ ṯ㦖 ⌊㣿㧊 ₆⪳♮㠊 㧞㔋┞┺: SK䞿⼧ ㌂㞞㦖 ㌒㎇ⶒ㌆ ㌂⪖㢖 㩫☚㦮 㹾㧊Ṗ 㧞㰖Ⱒ ⽎㰞㠦 㧞㠊 ☯㧒, 䟻䤚 㨂⻢₆㠛㦮 㰖⺆ῂ㫆 ⼖䢪㔲 ἀ㠊㟒 䞶 䞿⼧ ὖ⩾ 㦮ἆῢ 䟟㌂㦮 ⳛ䢫䞲 ₆㭖㦚 ㍺㩫䞶 䞚㣪㎇㦚 ἶ⩺䞶 ➢ 㩚ⶎ㥚㤦䣢㠦 ⿖㦮 䞚㣪55 㧊⩂䞲 ㍶⪖㠦㍲ 㣪ῂ♲ ₆㭖㠦 ⿖䞿䞮⓪ 㧦⬢⪲㍲ ῃ⹒㡆⁞ ₆⁞㤊㣿 ⽎⿖ 㰗㤦㦮 2015⎚ 6㤪 10㧒㧦 㠛ⶊ㧒㰖㠦☚ Ⱎ㺂Ṗ㰖⪲ ₆⁞㤊㣿 ⽎⿖Ṗ ⽎Ị 䞿⼧㠦 ╖䞲 㦮ἆῢ䟟㌂ ⶎ㩲⯒ 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢㠦 䣢⿖䞶 Ἒ䣣㧊㠞┺⓪ ㌂㔺㧊 ⋮䌖⋮ 㧞㔋┞┺.56 42. ⁎⩒㠦☚ ⽊Ị⽋㰖⿖⓪ ῃ⹒㡆⁞㦒⪲ 䞮㡂⁞ 㧊⩂䞲 ㍶⪖㠦 ➆⯊㰖 㞠ἶ ⽎Ị 䞿⼧㠦 䞮㡖㔋┞┺. ╖䞲 㦮㌂ἆ㩫㦚 “[㌒㎇ⶒ㌆-㩲㧒⳾㰗 䒂㧦㥚㤦䣢㠦Ⱒ 䞿⼧㦖] 䣢⿖䞶 䕦┾㧊 ộ㦚 ṫ㣪 Ἲ⧖䞮⸖⪲ 㩚ⶎ 㥚㤦䣢㠦㍲ ▪ 䏶㦮䟊㟒 ♶ ㌂㞞㧎 ộ ṯ┺”⓪ ╏㔲 ῃ⹒㡆⁞ ⌊⿖㦮 䕦┾㧊 ⽊Ị⽋㰖⿖㠦 㩚╂♮㠞㦢㠦☚ ⿞ῂ䞮ἶ 㥚㢖 ṯ㞮㔋┞┺. 57 ⽊Ị⽋㰖⿖㦮 㧛㧻㦖 ㍲㤎ἶ❇⻫㤦㧊 㰖㩗䞲 ⹪㢖 ṯ㧊, 㧊⓪ SK䞿⼧㠦 㦮䞮㡂 䢫Ⱃ♲ ㍶⪖㠦㍲ ⻭㠊⋲ 䟟㥚⪲㍲ ⽊Ị⽋㰖⿖㦮 㥚⻫䞲 Ṳ㧛㠦 㦮䟊㍲Ⱒ ㍺ⳛ Ṗ⓻䞲 㧒㧊㠞㔋┞┺. 58 ▪㤇㧊 ⽊Ị⽋㰖⿖㢖 ῃ⹒㡆⁞㦮 ὖἚ㧦✺㦖 ⁎ộ㧊 ⿖╏䞲 䂾䟊㧚㦚 ⿚ⳛ䧞 㞢ἶ 㧞㠞㔋┞┺. 䢣㢚㍶ ⽎⿖㧻㧊 ⽊Ị⽋㰖⿖ 㫆⋾ῢ ῃ㧻㠦Ợ ῃ⹒㡆⁞㧊 ⽊Ị⽋㰖⿖㦮 㰖㔲㠦 ῃ㧻㠦 ➆⧒ ⽎Ị 䞿⼧㠦 ╖䞲 㦮ἆῢ䟟㌂ ⶎ㩲⯒ 䒂㧦㥚㤦䣢㠦 䣢⿖䞲┺⓪ ㌂㔺㦚 ὋṲ䞮㡂☚ ♮⓪㰖 ⶑ㧦, 㫆 ῃ㧻㦖 “㌒㻯☯㧦☚ ┺ ⁎⩝Ợ 55 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲44Ⳋ (ṫ㫆♲ ⿖⿚㦖 ⼚☚⪲ 䚲㔲䞲 ộ); ⶎ䡫䚲/䢣㢚㍶㠦 ⶎ䡫䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79, 㩲13Ⳋ☚ 㺎㫆. 56 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲4344Ⳋ. 57 ⶎ ⶎ䡫䚲/䢣㢚㍶㠦 䡫䚲 䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲17Ⳋ. 58 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲3233Ⳋ. 24 㞢Ỷ㰖Ⱒ ⽋㰖⿖Ṗ [ῃ⹒㡆⁞㦮 㦮ἆῢ 䟟㌂㠦] ὖ㡂䞲 ộ㦒⪲ Ⱖ䞮Ⳋ 㞞♲┺”ἶ ╖╋䞮㡖㔋┞┺.59 43. ₆⁞㤊㣿⽎⿖☚ 㻮㦢㠦⓪ ῃ⹒㡆⁞㦮 ⽊Ị⽋㰖⿖㦮 㞫⩻㠦 ⰴ㎆㔋┞┺. 䐋㌗㩗㧎 㩞㹾⯒ 䂾䟊䞮⩺⓪ 2015⎚ 7㤪 6㧒㠦 㧞㠞▮ 䞲 䣢㦮㠦㍲ ῃ⹒㡆⁞ 㺛㧚䒂㧦䕖㧻 ❇ ῃ⹒㡆⁞ ὖἚ㧦✺㦖 ⽊Ị⽋㰖⿖ 㡆⁞㩫㺛ῃ ὖἚ㧦✺㠦Ợ ⽎Ị 䞿⼧㠦 ╖䞲 㦮ἆῢ䟟㌂ ⶎ㩲⯒ 䒂㧦㥚㤦䣢㠦㍲ ἆ㩫䞮Ợ 䞶 ἓ㤆 ῃ⹒㡆⁞㧊 ゚䕦㦚 ⹱㦚 㑮 㧞┺⓪ 㩦㦚 㠎 䞮Ⳇ SK䞿⼧ Ịὒ Ⱎ㺂Ṗ㰖⪲ 䟊╏ ㌂㞞㦖 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢㠦 䣢⿖♮㠊㟒 䞲┺⓪ ἂ䟊⯒ ⹳䡪㔋┞┺.60 44. ⶎ䡫䚲 㧻ὖ㦖 㥚 䣢㦮⯒ 㩚䟊 ✹ἶ⓪ ⽊Ị⽋㰖⿖ ὖἚ㧦✺㠦Ợ ⽎Ị 䞿⼧㧊 “100% ṫ㫆䞮㡖㔋┞┺. 㓞㠊(Sure)”䞮Ợ 61 䐋ὒ♮☚⪳ 䞮㡂㟒 䞶 ộ㧊⧒ἶ 㧊⯒ 㥚䟊 ⶎ 㧻ὖ㦖 ⽊Ị⽋㰖⿖㠦 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢 ṗ 㥚㤦✺㦮 㺂⹮ ㎇䟻㦚 ⿚㍳䞮㡂 㥚㤦䣢Ṗ ⽎Ị 䞿⼧㦚 㺂㎇䞶 ộ㦒⪲ 㡞㌗♮⓪㰖 㡂⿖⯒ 㫆㌂䞮☚⪳ 㰖㔲䞮㡖㔋┞┺. 䡫㌂㨂䕦 㩞㹾㠦㍲ 㩲㿲♲ 㯳Ệ 㭧㠦⓪ ⶎ 㧻ὖ㦮 㰖㔲㠦 ➆⧒ ⽊Ị⽋㰖⿖ ὖἚ㧦✺㧊 㧧㎇䞲 “㦮ἆῢ 䟟㌂㩚ⶎ㥚㤦䣢 ⏒㦮㔲 ╖㦧㔲⋮Ⰲ㡺”, “㦮ἆῢ䟟㌂ ὖ⩾ 㨗㩦⼚ ╖㦧⹿㞞” ⹥ “㥚㤦⼚ ╖㦧㩚⨋”㧊⧒⓪ 㩲⳿㦮 ⶎỊ✺☚ 䙂䞾♮㠊 㧞㠞㔋┞┺. 62 2015⎚ 7㤪 8㧒 㯞㦢, ⽊Ị⽋㰖⿖⓪ 59 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲14Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲7Ⳋ. 60 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲15Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲7Ⳋ. 61 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 㩲29Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-69, 㩲7Ⳋ. 62 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 㩲16Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-69, 㩲46Ⳋ. 25 ⽎Ị 䞿⼧㠦 ╖䞲 㦮ἆῢ䟟㌂ ⶎ㩲Ṗ 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢㠦 䣢⿖♶ ἓ㤆 㩚ⶎ㥚㤦䣢⓪ ⽎Ị 䞿⼧㠦 㺂㎇䞮㰖 㞠㦚 ộ㧊⧒ ἆ⪶⌊⪎㔋┞┺.63 45. 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢Ṗ ⽎Ị 䞿⼧㠦 ╖䞮㡂 㺂㎇䞮㰖 㞠⓪ 㧛㧻㦚 䀾䞶 ộ㦒⪲ 㡞㌗♮㧦, ⽊Ị⽋㰖⿖ 㫆⋾ῢ ῃ㧻㦖 2015⎚ 7㤪 8㧒 ῃ⹒㡆⁞ 䢣㢚㍶ ⽎⿖㧻㠦Ợ ⽎Ị 䞿⼧㠦 ╖䞲 㦮ἆῢ䟟㌂ ⶎ㩲⯒ 䒂㧦㥚㤦䣢㠦 䣢⿖䞶 ộ㦚 㰖㔲䞮㡖㔋┞┺. 64 㩚ⶎ㥚㤦䣢 㥚㤦✺㦚 ⽎Ị 䞿⼧㠦 䢣㢚㍶㧊 㧒┾ 㦮ἆῢ䟟㌂ 㺂㎇䞮☚⪳ “㍺✳”䟊⽊Ỷ┺ἶ Ⱖ䞮㡖㦢㠦☚, 㫆⋾ῢ㦖 “[㧊 ⶎ㩲⓪] 䒂㧦㥚㤦䣢㠦㍲ 㻮Ⰲ䞮⓪ ộ㧊 㧻ὖ┮㦮 㦮㭧㧊┺” ⧒ἶ ╋䞮㡖㔋┞┺.65 46. 㧊 ₆Ṛ ☯㞞 ⽊Ị⽋㰖⿖⓪ 䒂㧦㥚㤦䣢㠦㍲ ⽎Ị 䞿⼧㠦 ╖䞲 㺂⹮㦚 ἆ㩫䞮☚⪳ ῃ⹒㡆⁞㦚 ⽊ἶ䞮㡖㔋┞┺. ⽊Ị⽋㰖⿖㦮 㞫⹫䞮⓪ 䞲䘎, 㼃㢖╖㠦☚ ㌗䢿㦚 㼃㢖╖ ἶ㥚ὖἚ㧦㧎 ₖ₆⋾㦖 2015⎚ 7㤪 8㧒 㡺㩚 ⺇㰚㭒⪲⿖䎆 ⺇㰚㭒⪲ ῃ⹒㡆⁞ ₆⁞㤊㣿⽎⿖Ṗ ⽎Ị 䞿⼧㠦 ὖ䞮㡂 ⌊⿖㩗㦒⪲ ἆ㩫䞶 ộ㧊⧒⓪ ⌊㣿㧊 ╊₊ “ῃ⹒㡆⁞ 㦮ἆῢ䟟㌂ 㻮Ⰲ⹿㞞 ὖ⩾⽊ἶ”⧒⓪ 㩲⳿㦮 ⽊ἶ㍲⯒ 㩚╂⹱㞮㔋┞┺. 66 ⁎⩆◆ ⽊Ị⽋㰖⿖⓪ ῃ⹒㡆⁞ὒ 㡆⧓㦚 䀾䞮₆☚ 㩚㧎 ╏㧒 㡺䤚㠦 ⽎Ị 䞿⼧ Ị㦖 䒂㧦㥚㤦䣢㠦㍲ ἆ㩫♶ ộ㧊⧒⓪ ⌊㣿㧊 ╊₊ “䒂㧦㥚㤦䣢 ⏒㦮 㿪㰚⹿㞞 Ỗ䏶”⧒⓪ 㩲⳿㦮 ㌞⪲㤊 ⽊ἶ㍲⯒ 㼃㢖╖㠦 ⹲㏷䞮㡖㔋┞┺. 67 㯟 ⽊Ị⽋㰖⿖⓪ ₆⁞㤊㣿⽎⿖Ṗ (⽎Ị 䞿⼧㠦 ⹮╖䞶 ộ㦒⪲ 㡞㌗♮⓪ 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢Ṗ 㞚┢) 䒂㧦㥚㤦䣢㠦㍲ ⽎Ị 䞿⼧㠦 ╖䞲 63 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲17Ⳋ. 64 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲47Ⳋ. 65 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲46-47Ⳋ. 66 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 㩲18Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-69, 㩲47Ⳋ. 67 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲18, 39Ⳋ. 26 㦮ἆῢ䟟㌂ ⶎ㩲⯒ 㻮Ⰲ䞮☚⪳ 䞶 ộ㧊⧒Ⳇ ╖䐋⪏ 㰧ⶊ㔺㠦 ὖ⩾ ㌗䢿㦚 㧻㞛䞮ἶ 㧞┺ἶ ⽊ἶ䞮㡖▮ ộ㧛┞┺. 47. 䢣㢚㍶ ₆⁞㤊㣿⽎⿖㧻㦖 2015⎚ 7㤪 9㧒 ⽊Ị⽋㰖⿖㧻ὖ㦮 㰖㔲㠦 㦧䞮㡂 ⽊Ị⽋㰖⿖㠦 ⽎Ị 䞿⼧㞞㠦 ╖䟊㍲⓪ 䒂㧦㥚㤦䣢㠦㍲ ἆ㩫䞶 ộ㧊⧒ἶ ⽊ἶ䞮㡖㔋┞┺.68 4. 㩲4┾Ἒ: ⽎Ị 䞿⼧㦮 ἓ㩲㩗 㔺㼊⯒ 㦖䘦䞮ἶ㧦 ῃ⹒㡆⁞㧊 ⽎Ị 䞿⼧゚㥾 Ἒ㌆㦚 㫆㧧䞮┺ 48. ㌒㎇ⶒ㌆ 䞿⼧㠦 ╖䞲 㺂⹮ἆ㩫㧊 䒂㧦㥚㤦䣢㠦㍲ 㧊⬾㠊㰖☚⪳ 䞲 ộ㠦 㿪Ṗ䞮㡂, ῃ⹒㡆⁞㦖 ⽎Ị 䞿⼧㞞㠦 㩲㔲♲ 1(㌒㎇ⶒ㌆): 0.35(㩲㧒⳾㰗)㧊⧒⓪ 䞿⼧゚㥾㧊 ㌒㎇ⶒ㌆㦚 䡚㩖䧞 㩖䘟Ṗ䞲 ộ㧊㠊㍲ 㩲㧒⳾㰗 㰖⿚⽊㥶㠦☚ ⿞ῂ䞮ἶ ῃ⹒㡆⁞㦮 䙂䔎䙊Ⰲ㡺㠦 ㏦㔺㦚 ⹲㌳㔲䋾┺⓪ 䡚㔺㦚 㑾Ỿ㟒 䟞㔋┞┺. 㭧╖䞲 䡫㌂㨂䕦 ὒ㩫㠦㍲ 㩲㿲♲ 㯳Ệ 㭧㠦⓪ “㩲㧒⳾㰗 ㌒㎇ⶒ㌆ 㩗㩫Ṗ䂮 ㌆㿲 ⽊ἶ㍲” ⧒⓪ 㩲⳿㦮 2015⎚ 6㤪 30㧒㧦 ⽊ἶ㍲ 㽞㞞㧊 䙂䞾♮㠊 㧞㔋┞┺. 䟊╏ ⽊ἶ㍲㠦㍲ Ⰲ㍲䂮䕖㦖 㩗㩫 䞿⼧゚㥾㦚 1:0.64⪲ 䕦┾䞮㡖⓪◆, 69 㧊⓪ 㔺㩲⪲ 㩲㞞♲ ⽎Ị 䞿⼧゚㥾⽊┺ ㌒㎇ⶒ㌆ 㭒㭒✺㠦Ợ 䤾㞂 㥶Ⰲ䞲 㑮䂮㡖㔋┞┺. 㧊⩂䞲 㽞₆㦮 ῃ⹒㡆⁞ 㧦㼊 Ṗ䂮䘟Ṗ⓪ ╏㔲 ῃ⹒㡆⁞㧊 㧛㑮䞲 ┺㟧䞲 ☛Ⱃ㩗㧎 ἓ㩲㩗 ⿚㍳✺㦚 ἶ⩺䞲 ộ㧊㠞㔋┞┺. 㡞⯒ ✺Ⳋ, ₆⁞㤊㣿⽎⿖⓪ 2015⎚ 7㤪 3㧒 ῃ⹒㡆⁞㦮 㣎⿖ 㧦ⶎ㌂⪲㍲ ῃ⹒㡆⁞㠦 㦮ἆῢ 䟟㌂ ὖ⩾ 㧦ⶎ㦚 㩲Ὃ䞮ἶ 㧞▮ Institutional Shareholder Services (㧊䞮 “ISS”)㢖 䞲ῃ₆㠛㰖⺆ῂ㫆㤦 70 㦒⪲⿖䎆 ⽎Ị 䞿⼧㠦 㧞㠊㍲ 㩲㧒⳾㰗㦮 Ṗ䂮Ṗ 㰖⋮䂮Ợ ⏨Ợ 䘟Ṗ♮㠞┺⓪ 㩦㦚 68 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲48Ⳋ. 69 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲21, 34 ⹥ 55Ⳋ. 70 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲63Ⳋ. 27 㧊㥶⪲ 䞲 ⹮╖ῢἶ 㦮ἂ㦚 㩚╂⹱㞮㔋┞┺., 71 ⁎ ⹬㠦 ┺⯎ ☛Ⱃ♲ ⿚㍳Ṗ✺ὒ ⹲䚲䞲 㦮ἆῢ 㧦ⶎ㌂✺㧊 ṯ㦖 㔲₆㠦 ┺㑮㦮 ⿚㍳ ἆὒⶒ✺☚ 㩲㞞♲ ⽎Ị 䞿⼧゚㥾㠦 ╖䞮㡂 ⴏ㔲 ゚䕦㩗㧊㠞㔋┞┺.72 49. ⁎⩒㠦☚ ⿞ῂ䞮ἶ, 䒂㧦㥚㤦䣢⯒ 䐋䞮㡂 ⽎Ị 䞿⼧㦚 ṫ䟟䞮₆ 㥚䟊㍲ ῃ⹒㡆⁞㦖 ⽎Ị 䀾䞮㡂㟒 䟞㔋┞┺. 䞿⼧㦮 ἓ㩲㩗 㣎ὖ㦚 䟻㌗㔲䋺₆ 㥚䞲 㫆䂮⯒ 㧊⯒ 㥚䞮㡂 ῃ⹒㡆⁞ Ⰲ㍲䂮䕖㧻 㺚㭖′⓪ 㥶▫㌗ ❇ 㧦㔶㦮 䕖㠦Ợ ῢ㧻 䞿⼧゚㥾㦚 䞿⼧㞞㠦 㩲㔲♲ ⽎Ị 䞿⼧゚㥾 1:0.35㠦 ⁒㩧䟊㰖☚⪳ 㨂Ἒ㌆䞶 ộ㦚 㰖㔲䞮㡖㔋┞┺. 73 1㭒㧒☚ 㞞♮⓪ ₆Ṛ ⌊㠦, ῃ⹒㡆⁞ Ⰲ㍲䂮䕖㦖 㩲㞞♲ ⽎Ị 䞿⼧ ゚㥾㠦 ⁒㩧䞲 ゚㥾㦚 ㌆㿲䟊⌊₆ 㥚䟊 ㌒㎇ⶒ㌆ὒ 㩲㧒⳾㰗 㟧㌂㦮 䘟Ṗ㠦 㰖╖䞲 㡗䟻㦚 Ṗ㪎㢂 ⼖ἓ✺㦚 Ṗ䞮㡖㔋┞┺. 㧊㠦 ➆⧒, ⁎✺㦖 ㌒㎇ⶒ㌆㦮 Ṗ䂮⯒ 㭧╖䞮Ợ Ṧ㏢㔲䋺₆ 㥚䟊 ㌒㎇ⶒ㌆㠦 㩗㣿䞮⓪ 䞶㧎㥾㦚 Ệ㦮 ⚦ ⺆⪲ 䞮⓪ 䞲䘎, 㩲㧒⳾㰗㦮 Ṗ䂮⯒ 㯳Ṗ㔲䋺₆ 㥚䟊 㩲㧒⳾㰗㧊 ⽊㥶䞲 㭒㣪 㰖⿚✺ 㭧 䞮⋮㧎 ㌒㎇⹪㧊㡺⪲㰗㓺 㭒㔳䣢㌂㦮 Ṗ䂮⯒ ⚦ ⺆ 㧊㌗㦒⪲ 䘟Ṗ䞮⓪ ộ㦚 䙂䞾䞮㡂 㩲㧒⳾㰗㦮 㧦㌆ Ṗ䂮⯒ ὒ╖䘟Ṗ䞾㦒⪲㖾, ῢ㧻 䞿⼧゚㥾 1:0.39㠦 ☚╂䞮ἶ㧦 䞮㡖㔋┞┺.74 50. ἆῃ, ῃ⹒㡆⁞ Ⰲ㍲䂮䕖㦮 㧊⩂䞲 ⏎⩻㦮 ἆὒ⪲ Ⰲ㍲䂮䕖㦖 䞿⼧゚㥾㦚 1:0.46㦒⪲ ῢἶ䞮㡖⓪◆, 㧊⓪ 㥚㢖 ṯ㧊 㩚㩗㦒⪲ ⿖㩗㩞䞲 ㌆㿲⹿⻫㠦 71 ISS 2015. 7. 3.㧦 䔏⼚⿚㍳⽊ἶ㍲ (Special Situations Research), “SC&T: proposed merger with Cheil Industries (㌒㎇ⶒ㌆: 㩲㧒⳾㰗ὒ㦮 䞿⼧ 㩲㞞)”, Exh C-30 㩲1Ⳋ. 䞲ῃ₆㠛㰖⺆ ῂ㫆㤦 ⽊ἶ㍲⓪ ὋṲ♮㰖 㞠㞮㦒⋮ 㠎⪶㠦 ⍦Ⰲ ⽊☚♾: 㤪㓺䔎Ⰲ䔎㩖⍦ (The Wall Street Journal) 2015. 7. 8.㧦 ⽊☚, “Samsung Merger Plan Gets ‘No’ Vote From Canada Pension /䢣㢚㍶㠦 ╖䞲 Board (䃦⋮┺ 㡆₆⁞, ㌒㎇ 䞿⼧㞞㠦 ‘⹮╖䚲’)”, Exh C-33; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲14, 20Ⳋ ❇ 㺎㫆. 72 2015. 7. 15.㧦 Glass Lewis ⽊ἶ㍲, “㌒㎇ⶒ㌆”, Exh C-43; ISS 2015. 7. 3.㧦 䔏⼚⿚㍳⽊ἶ㍲ (Special Situations Research), “SC&T: proposed merger with Cheil Industries (㌒㎇ⶒ㌆: 㩲㧒⳾㰗ὒ㦮 䞿⼧ 㩲㞞)”, Exh C-30 ❇ 㺎㫆. 73 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲2122Ⳋ. 74 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲2122Ⳋ. 28 ₆㽞䞲 ộ㧛┞┺. 75 ῃ⹒㡆⁞㦮 ῢ㧻 ゚㥾ὒ 䞿⼧㞞㠦㍲ 㩲㞞♲ ⽎Ị 䞿⼧゚㥾 1:0.35 ㌂㧊㠦⓪ 㡂㩚䧞 Ṛ⁏㧊 㫊㨂䞮㡖ἶ, 㧊⓪ ῃ⹒㡆⁞㦮 㧎㥚㩗㧎 Ἒ㌆㠦 ⁒Ệ䞮▪⧒☚ ⽎Ị 䞿⼧㦖 ῃ⹒㡆⁞㠦 㟓 1,388㠋㤦㠦 ╂䞮⓪ 㰗㩧㩗㧎 㨂㩫㩗 ㏦㔺㦚 ⹲㌳㔲䋾┺⓪ ㌂㔺㦚 㦮⹎䞮㡖㔋┞┺. 76 㧊㠦 䢣㢚㍶ ⽎⿖㧻㦖 㧊⩂䞲 Ṗ䂮㌗ Ṛ⁏㦚 Ⲫ㤎 㑮 㧞⓪ ⹿⻫㦚 ▪ 㺔㞚⽊₆⪲ ἆ㕂䞮㡖㔋┞┺. 5. 㩲5┾Ἒ: ⽎Ị 䞿⼧㦮 ἓ㩲㩗 㔺㼊⯒ ▪㤇 㦖䘦䞮ἶ㧦 ῃ⹒㡆⁞㦖 䠞ῂ㦮 ‘㔲⍞㰖䣾ὒ’⯒ Ⱒ✺㠊 ⌊₆ 㥚䞲 㡃㌆㦚 㑮䟟䞮┺ 51. 䢣 ⽎⿖㧻㦖 ⽎Ị 䞿⼧゚㥾㠦 ➆⯒ ➢ 㡂㩚䧞 ⹲㌳䞮⓪ ㏦㔺㦚 䟊ⳛ䞶 ⳿㩗㦒⪲ ῃ⹒㡆⁞ Ⰲ㍲䂮䕖㠦 ⽎Ị 䞿⼧㦒⪲ 㧎䟊 㺓㿲♶ ộ㧊 㡞㌗♮⓪ ㏢㥚 “㔲⍞㰖” Ṩ㦚 㿪Ṗ⪲ 㫆㧧䟊⌒ ộ㦚 㰖㔲䞮㡖㔋┞┺. 䢣 ⽎⿖㧻㦖 ῃ⌊ 䡫㌂㨂䕦㠦㍲ 㧦㔶㧊 㺚㭖′㠦 㺚㭖′㠦Ợ “㩫䢫☚Ṗ ⟾㠊㰞 㑮☚ 㧞㰖Ⱒ [㔲⍞㰖⯒] 㑮䂮⪲ ⽊㡂㭮㟒 䞮㰖 㞠ⓦ⌦”ἶ 㰖㔲䞲 ㌂㔺㦚 㔲㧎䞮㡖㔋┞┺. 77 ⁎⩂㧦 㺚㭖′⓪ 㧦㔶㦮 ⿖䞮㰗㤦✺㠦Ợ “㧒┾ 2㫆 㤦㠦 ⰴ䀆 ⩂䝚䞮Ợ ㌆㿲䟊⽦⧒”⧒ἶ 㰖㔲䞮㡖⓪◆, 㧊⓪ ⑚Ṗ ⽊▪⧒☚ 㩫䢫䧞 ῃ⹒㡆⁞㦮 㡞㌗㏦㔺㦚 ㌗㐚䞮⓪◆ 䞚㣪䞲 㑮䂮㡖㔋┞┺. 78 ῃ⹒㡆⁞ Ⰲ㍲䂮䕖㦖 䞮⬾Ⱒ㠦 Ṗ㌗㦮 ⰺ㿲′⳾㢖 㧊㧋㦚 ⹪䌫㦒⪲, 㔶㍺ 䞿⼧⻫㧎㧊 㔺㩲⪲ 㠊⟺ ⹿㔳㦒⪲ 㤊㡗♶ ộ㧎㰖㠦 ὖ䞲 ⿚㍳☚ 㠜㧊 㥚 㡞㌗㏦㔺 ⁞㞷㠦 ㌗╏䞲, 䘎㦮㠦 ➆⯎ 㿪㩫 “㔲⍞㰖䣾ὒ”⯒ 75 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲2122 ⹥ 62Ⳋ (ῃ⹒㡆⁞₆⁞㤊㣿⽎⿖㦮 Ṗ䂮䘟Ṗ⽊ἶ㍲ 㽞㞞⼚ 䞿⼧゚㥾 Ἒ㌆ἆὒṖ ⋮䌖⋲ 㹾䔎). 76 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲33Ⳋ. 77 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 㩲24Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-69, 㩲54Ⳋ. 78 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 㩲24Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-69, 㩲9, 15Ⳋ. 29 Ⱒ✺㠊⌞㔋┞┺. 79 㣪䄾╖, ῃ⹒㡆⁞ Ⰲ㍲䂮䕖㦖 㔲⍞㰖 䣾ὒ㠦 ὖ䞲 㔺㯳㩗㧎 ㌗䟻㔳 Ἒ㌆㦚 㑮䟟䞮⓪ ╖㔶 ⳝ 㔲ṚⰢ㠦 㡃㌆㦚 䐋䞮㡂 㡞㌗㏦㔺㦚 ㌗㐚䞮⓪◆ 䞚㣪䞲 ㏢㥚 “㔲⍞㰖”㠦 䟊╏䞮⓪ ⁞㞷㦒⪲ 㟓 2㫆㤦㧊⧒⓪ 㑮䂮⯒ 䘎㦮㠦 ➆⧒ ☚㿲䟊 ⌚㦒⪲㖾 ㌒㎇ⶒ㌆㦮 Ṗ䂮 䘟Ṗ㌗ ⿖㫇䟞▮ ⿖⿚㦚 ⰴ㿺䡫㦒⪲ 㩫䢫䧞 㺚㤢 ⍹㠞㔋┞┺. 52. ⳛ䢫䞮Ợ 䞮㧦Ⳋ, 㧊⩂䞲 ㌂㔺✺㦖 ┾㑲䞲 䡦㦮㠦 ⁎䂮㰖 㞠㔋┞┺: 㧊⓪ 㧊⹎ ὋṲ⻫㩫㠦㍲ 䟋㕂 㭒㡃✺㦮 㥷㎇ 㯳㠎㦚 䐋䟊 㧛㯳♮㠞㔋┞┺. 80 㧊⩂䞲 ㌂㔺✺㦖 㾲⁒ ῃ⹒㡆⁞㧊 㧦㼊㩗㦒⪲ 㔺㔲䞲 ⌊⿖ Ṧ㌂⯒ 䐋䟊㍲☚ 䢫㧎♮㠞㦒Ⳇ, ⁎ Ṳ㣪⓪ Ⳇ䂶 㩚 ῃ⹒㡆⁞㦮 㥏㌂㧊䔎㠦 ῃ⹒㡆⁞㦖 ⁎ ⌊⿖Ṧ㌂⯒ 䐋䟊 ⽎Ị 䞿⼧ὒ Ợ㔲♲ ⹪ 㧞㔋┞┺. 81 ὖ⩾䞲 㦮ἆῢ ἆ⪶㰖㠞㔋┞┺. 䟟㌂㠦 ὧ⻪㥚䞮Ợ ⿖㩗㩞䞲 䟟㥚✺㧊 㧞㠞┺ἶ 䔏䧞, ῃ⹒㡆⁞㦖 ㌒㎇ⶒ㌆ὒ 㩲㧒⳾㰗㦮 Ṗ䂮䘟ṖṖ ⳛ⺇䞮Ợ ⿖╏䞲 ⽎Ị 䞿⼧ ゚㥾㦚 㩫╏䢪䞮₆ 㥚䟊 㫆㧧♮㠞┺⓪ 㩦㦚 㧎㩫䞮ἶ 㧞㔋┞┺. ▪㤇㧊 ῃ⹒㡆⁞㦖 ⽎Ị 䞿⼧゚㥾㠦 㦮䞶 ἓ㤆 㧦㔶㧊 Ⱏ╖䞲 ㏦㔺㦚 㧛㦢㠦☚ ⿞ῂ䞮ἶ ⽎Ị 䞿⼧゚㥾㦚 㩫╏䢪䞮₆ 㥚䞮㡂 㡞㌗♮⓪ “㔲⍞㰖 䣾ὒ”⯒ ῃ⹒㡆⁞ ⌊⿖㠦㍲ ⿞ὒ ⳝ 㔲Ṛ Ⱒ㠦 ㌆㩫䟊 ⌞┺⓪ 㩦☚ 㓺㓺⪲ 䢫㧎䞮㡖㔋┞┺.82 53. ⏖⧣Ợ☚, 2015⎚ ῃ䣢 㩫ⶊ㥚㤦䣢㦮 ῃ㩫Ṧ㌂㠦㍲ ⹳䡖㰚 ⹪㢖 ṯ㧊, ῃ⹒㡆⁞ Ⰲ㍲䂮䕖 㰗㤦✺㧊 㭒㭒✺㠦Ợ ㏦䟊⯒ ⋒䂮⓪ ⽎Ị 䞿⼧゚㥾㦮 ἓ㩲㩗 㔺㰞㦚 㩫╏䢪䞮₆ 㥚䞮㡂 ㍲⚮⩂ Ἒ㌆㦚 ∎Ⳇ⌊ἶ 㧞▮ ㌂㧊㠦, 79 ⶎ ⶎ䡫䚲/䢣㢚㍶㠦 䡫䚲/ 䡫 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲24, 34 ⹥ 36Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲15Ⳋ. 80 ⶎ䡫䚲/䢣㢚㍶㠦 ⶎ䡫䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲24, /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 34-35Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-69, 㩲9, 15Ⳋ. 81 ㌒㎇ⶒ㌆-㩲㧒⳾㰗 䞿⼧ ὖ⩾ 2018. 6. 21.㧦 ῃ⹒㡆⁞ ⌊⿖Ṧ㌂ἆὒ, Exh C-84. ῃ⹒㡆⁞ ⌊⿖Ṧ㌂ ἆὒ Ὃ䚲 ㌂㔺㦚 ⽊㡂㭒⓪ 2018. 7. 5.㧦 ῃ⹒㡆⁞ 㥏㌂㧊䔎㦮 䢪Ⳋὒ 䞾℮ 㩲㿲䞾. 82 ㌒㎇ⶒ㌆-㩲㧒⳾㰗 䞿⼧ ὖ⩾ 2018. 6. 21.㧦 ῃ⹒㡆⁞ ⌊⿖Ṧ㌂ἆὒ, Exh C-84 㩲4Ⳋ. ⌊⿖Ṧ㌂ ἆὒ Ὃ䚲 ㌂㔺㦚 ⽊㡂㭒⓪ 2018. 7. 5.㧦 ῃ⹒㡆⁞ 㥏㌂㧊䔎㦮 䢪Ⳋὒ 䞾℮ 㩲㿲䞾. 30 䢣㢚㍶ ⽎⿖㧻㦖 㺚㭖′㢖 ₆䌖 ῃ⹒㡆⁞ ὖἚ㧦✺㦚 ╖☯䞲㺚 ⽎Ị 䞿⼧㦚 ⏒㦮䞮ἶ㧦 㧊㨂㣿㦖 ⶒ⪶ ㌒㎇⁎⭏ ⹎⧮㩚⨋㔺 㧚㤦✺ὒ Ⱒ⋾㦚 Ṗ㪢┺⓪ 㩦㧛┞┺. 83 㧊⩂䞲 䣢☯㦖 2015⎚ 7㤪 10㧒 䒂㧦㥚㤦䣢 䣢㦮⪲⿖䎆 ⿞ὒ Ⳇ䂶 㩚㧎 2015⎚ 7㤪 7㧒㠦 㧊⬾㠊㪢㔋┞┺. 54. 2015⎚ 7㤪 10㧒 䒂㧦㥚㤦䣢 䣢㦮㠦㍲ 㺚㭖′⓪ 㥚㢖 ṯ㧊 㡃㌆䞲 㑮䂮Ṗ “⁒Ệ 㠜㧊 ㌆㩫♲”ộ㧚㦚 㞢Ⳋ㍲☚ 㧊⯒ ⽎Ị 䞿⼧㦮 ㏢㥚 “㔲⍞㰖䣾ὒ”⪲ 㩲㔲䞮㡖㔋┞┺. 84 ⶎ䡫䚲 㧻ὖὒ 䢣㢚㍶ ⽎⿖㧻㠦 ╖䞲 䡫㌂㨂䕦 㭧 㧊⬾㠊㰚 㯳㧎 㰚㑶㠦㍲ 䒂㧦㥚㤦䣢 㥚㤦✺ ⳝⳝ㦖 㔲⍞㰖 㑮䂮Ṗ ⁒Ệ㠜㧊 ☚㿲♲ ㌂㔺㦚 㞢㞮▪⧒Ⳋ ⽎Ị 䞿⼧㠦 ⹮╖䞮㡖㦚 ộ㧊⧒ἶ 㯳㠎䞮㡖㔋┞┺.85 6. 㩲6┾Ἒ: ῃ⹒㡆⁞ ₆⁞㤊㣿⽎⿖㧻㦖 ⽎Ị 䞿⼧㠦 㥶Ⰲ䞮☚⪳ 䒂㧦㥚㤦䣢 ῂ㎇㦚 㫆㧧䞮┺ 55. 㩚㩗㦒⪲ ⿖╏䞲 ⽎Ị 䞿⼧㦮 ἓ㩲㩗 㔺㼊⯒ 㫆㧧䞮⓪ ộ㦒⪲☚ ⳾㧦⧒ 䢣㢚㍶ ⽎⿖㧻㦖 䒂㧦㥚㤦䣢⯒ ⽎Ị ῂ㎇䞮₆ 䞿⼧㦚 㥚䞲 㰖㰖䞶 㫆䂮₢㰖 ộ㦒⪲ ₆╖♮⓪ 䀾䞮㡖㔋┞┺. ㌂⧢✺⪲ 䐋㌗㩗㦒⪲ 䒂㧦㥚㤦䣢 ῂ㎇㦖 ῃ⹒㡆⁞ 㤊㣿㩚⨋㔺㧊 㥚㤦✺㦚 㰖ⳛ䞮⓪ ộ㦒⪲ 㔲㧧♮ἶ, ₆⁞㤊㣿⽎⿖㧻㧊 ⁎ 㰖ⳛ㦚 㔏㧎䞮Ợ ♿┞┺. ⁎⩆◆ ⽎Ị 䞿⼧㠦 ╖䞲 㺂⹮㡂⿖⯒ ἆ㩫䞲 䒂㧦㥚㤦䣢㦮 ἓ㤆, 䢣 ⽎⿖㧻㧊 㰗㩧 㧒⿖ 䒂㧦㥚㤦䣢 㥚㤦✺㦚 㰖ⳛ䞮ἶ 㧚ⳛ䞮㡖ἶ, 㧊㭧㠦⓪ ⽎Ị 䞿⼧㠦 ὖ䞲 䒂㧦㥚㤦䣢 䣢㦮 ╏㧒 㧚ⳛ♲ 䢣 ⽎⿖㧻㦮 㰖㧎☚ 䙂䞾♮㠊 83 2015⎚☚ ῃ㩫Ṧ㌂ 㩫ⶊ㥚㤦䣢 2015. 9. 14.㧦 䣢㦮⪳, Exh C-50 㩲80Ⳋ. 84 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲55Ⳋ. 85 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲54-55Ⳋ. 31 㧞㠞㔋┞┺. 86 䢣 ⽎⿖㧻㦖 㧊㢖 ṯ㦖 ⹿㔳㦒⪲ 㧦㔶㧊 㰖ⳛ䞮ἶ 㧚ⳛ䞲 㥚㤦✺㦖 ⽎Ị 䞿⼧㠦 㺂㎇䞶 Ṗ⓻㎇㧊 䋂┺ἶ ⽊㞮㔋┞┺.87 7. 㩲7┾Ἒ: ῃ⹒㡆⁞ ₆⁞㤊㣿⽎⿖㧻㦖 䒂㧦㥚㤦䣢 㥚㤦✺㧊 ⽎Ị 䞿⼧㦚 㰖㰖䞮☚⪳ 㞫⹫䞮┺ 56. 㧦₆ ㏦㦒⪲ 䒂㧦㥚㤦䣢㦮 㧒⿖ Ṳ⼚ 㥚㤦✺㦚 ㍶㩫䞲 ộ 㣎㠦☚, 䢣 ⽎⿖㧻㦖 䒂㧦㥚㤦䣢 䣢㦮Ṗ 㧞₆ 㩚₢㰖 Ⳇ䂶Ṛ ⳝⳝ 㥚㤦✺㠦Ợ Ṳ⼚㩗㦒⪲ 㩚䢪⯒ 䞮Ệ⋮ 㰗㩧 Ⱒ⋮ ⽎Ị 䞿⼧㠦 㺂㎇䞮☚⪳ 㞫⹫䞮㡖㔋┞┺.88 57. 䒂㧦㥚㤦䣢⓪ 2015⎚ 7㤪 10㧒 䣢㦮⯒ 㡊㠊 ⽎Ị 䞿⼧ Ị㦚 㕂㦮 䞮㡖㔋┞┺. 䢎㏢䞮⓪ ❇ 㥚㤦✺㠦Ợ 䣢㦮 ☚㭧㦮 䦊㔳㔲Ṛ㠦☚ 䢣 ⽎⿖㧻㦖 ῃ㑮㭒㦮㩗 䘎ἂ㠦 㥚㤦✺㠦 Ṳ⼚㩗㦒⪲ ╖䞲 㞫⹫㦚 㩧⁒䞮㡂 Ἒ㏣䞮㡖㔋┞┺. Ⱒ㟓 ῃ⹒㡆⁞㧊 ⁎⓪ ⽎Ị ⳝⳝ 䞿⼧㧊 ⶊ㌆♮☚⪳ 䞲┺Ⳋ ῃ⹒㡆⁞㦖 㣎ῃ 䠺㰖䗖✲㠦Ợ ῃ⿖⯒ “䕪㞚ⲏ㦖” “㧊㢚㣿” 䀾 㦚 ⹱Ợ ♶ ộ㧊⧒ἶ Ⱖ䞮₆☚ 䞮㡖㔋┞┺.89 58. 2015⎚ 7㤪 10㧒 㡺䤚 3㔲ἓ, 䒂㧦㥚㤦䣢⓪ ῃ⹒㡆⁞㦒⪲ 䞮㡂⁞ 㩲㧒⳾㰗ὒ ㌒㎇ⶒ㌆㦮 䞿⼧㠦 㺂㎇䞮☚⪳ 㦮ἆ䞮㡖㔋┞┺.90 86 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲20Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲16Ⳋ. 87 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲8384Ⳋ. 88 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲16Ⳋ. 89 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲17Ⳋ. 90 ⶎ ⶎ䡫䚲/䢣㢚㍶㠦 䡫䚲/ 䡫 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 㩲84Ⳋ; ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-69, 㩲9Ⳋ. 32 8. 㩲8┾Ἒ: ῃ⹒㡆⁞ὒ ⽊Ị⽋㰖⿖Ṗ 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢⯒ 䂾ⶋ㔲䋺┺ 59. 㧊㢖 ṯ㧊 ⰺ㤆 ゚㩫㌗㩗㧎 㩞㹾⓪ 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢㦮 ỿ⪂䞲 ⹮╖⯒ ⿞⩂㧒㦒䆆㔋┞┺. 䒂㧦㥚㤦䣢 䣢㦮 ╏㧒㧎 2015⎚ 7㤪 10㧒 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢 ₖ㎇⹒ 㥚㤦㧻㦖 䢣㢚㍶ ⽎⿖㧻㠦Ợ SK䞿⼧ Ịὒ ṯ㧊 ⽎Ị 䞿⼧㠦 ╖䞲 㺂⹮ ἆ㩫 ⶎ㩲⯒ 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢㠦 䣢⿖䞶 ộ㦚 㽟ῂ䞮㡖㔋┞┺. 91 䢣 ⽎⿖㧻㦖 ₖ 㥚㤦㧻㦮 㣪ῂ⯒ ⶊ㔲䞲 㺚 䒂㧦㥚㤦䣢 䣢㦮⯒ 㰚䟟㔲䆆ἶ 㧊 䣢㦮㠦㍲ ⽎Ị 䞿⼧㠦 㺂㎇䞮₆⪲ ⁎⩒㠦☚ ⿞ῂ䞮ἶ ₖ㎇⹒ 㥚㤦㧻㦖 㠊㹢 ♮㠞✶ ἆ㩫♮㠞㔋┞┺. 92 㥚㤦㧻㦒⪲㍲ ῢ䞲㦚 䟟㌂䞮㡂 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢 䣢㦮⯒ ㏢㰧䞮₆⪲ ἆ㕂䞮㡖㔋┞┺.93 60. 㦮ἆῢ䟟㌂ ⿖䞮 㩚ⶎ㥚㤦䣢㦮 㰗㤦✺㠦Ợ 㺎㍳䞮⓪ ộ㦚 ṗ ⹮⹲㦚 㩚ⶎ㥚㤦㠦Ợ Ⱏ㦒⧒ἶ ⚦⩺㤢䞲 㡆⧓㦚 㰖㔲䞮㡖㔋┞┺. 94 ⶎ䡫䚲 䀾䞮㡂 㧻ὖ㦖 ⁎✺㧊 ⁎⩂⋮, 䣢㦮㠦 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢⓪ 㧊㠦 Ὴ䞮㰖 㞠ἶ 2015⎚ 7㤪 14㧒 䣢㦮⯒ 㡊㠞㔋┞┺. 䣢㦮 㩚⋶ ⶎ 㧻ὖ㦖 ⿖䞮㰗㤦✺㠦Ợ “[⁎ộ(㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢 䣢㦮)㧊] 㠎⪶㠦 㔲⊚⩓㰖 㞠☚⪳” 䞮⧒ἶ 㰖㔲䞮㡖㔋┞┺. 95 ⽊Ị⽋㰖⿖ ὖἚ㧦㧎 㩚ⶎ㥚㤦䣢㠦 Ṛ㌂⪲ 㺎㡂䞮㡂 䒂㧦㥚㤦䣢㦮 ἆ㩫㦚 ⛺㠤㰖 Ⱖ⧒ἶ 䡧⹫䞮㡖㔋┞┺. 96 㧊⩂䞲 㥚䡧㠦 䢣㢚㍶ 㰗Ⳋ䞮㡂, 㾲䢣㍳㧊 㦮ἆῢ䟟㌂ 㦮ἆῢ䟟㌂ 㧊㠦 ➆⧒ 㩚ⶎ㥚㤦䣢⓪ 䒂㧦㥚㤦䣢㢖 ⽎⿖㧻㧊 ῃ⹒㡆⁞㦮 ㍶⪖⯒ ⶊ㔲䞲 ộ㠦 ╖䟊 㦮䢏㦚 䚲ⳛ䞮⓪◆ 91 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲9Ⳋ. 92 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲16-17Ⳋ. 93 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲9-10Ⳋ. 94 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲10Ⳋ. 95 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲10Ⳋ. 96 ⶎ ⶎ䡫䚲/䢣㢚㍶㠦 䡫䚲 䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲10Ⳋ. 33 ⁎㼺㔋┞┺. ⽊Ị⽋㰖⿖ ὖἚ㧦 㾲䢣㍳㦖 䒂㧦㥚㤦䣢 䟟㥚㦮 ⿖㩗㩞㎇㠦 ὖ䞲 ⏒㦮⌊㣿㦚 ⑚⧓㔲䋾 ⿞㢚㩚䞲 䣢㦮⪳㦚 㧧㎇䞮₆☚ 䞮㡖㔋┞┺. 97 㧊 䣢㦮⪳✺㦖 ⽎Ị 䞿⼧㠦 ╖䞲 䚲ἆ㧊 㧊⬾㠊㰚 ㌒㎇ⶒ㌆ 㭒㭒㽳䣢㧒㧎 2015⎚ 7㤪 17㧒₢㰖 㠎⪶㠦 ὋṲ♮㰖 㞠㞮㦒Ⳇ, ὋṲ♲ 䣢㦮⪳㠦㍲☚ 㡂㩚䧞 䒂㧦㥚㤦䣢 䟟㥚㦮 ⿖㩗㩞㎇㠦 ὖ䞲 ⏒㦮 ⌊㣿㦖 ザ㪎 㧞㠞㔋┞┺.98 61. ⁎⩒㠦☚ ⿞ῂ䞮ἶ, 㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢 ὖἚ㧦✺㦖 ⽎Ị 䞿⼧㦚 㕂㦮䞮Ệ⋮ 㧊㠦 ╖䞲 㦮ἆῢ㠦 ὖ䞮㡂 Ὃ㔳㩗㧎 ῢἶ⯒ 䟊╂⧒⓪ 㣪㼃㦚 ⹱㰖 ⴑ䞮㡖┺Ⳇ 㤆⩺⯒ ⋮䌖⌊₆ 㔲㧧䞮㡖㔋┞┺. 99 㠮Ⰲ㠝㦖 ῃ⹒㡆⁞㠦 ⹲㏷䞲 2015⎚ 7㤪 14㧒㧦 ㍲䞲㠦㍲ 㥚㢖 ṯ㦖 㧊㌗㌗䢿㠦 ╖䞮㡂 㤆⩺⯒ 䚲ⳛ䞮㡖㔋┞┺: 㾲⁒㦮 ⳝⳝ 㠎⪶ ⽊☚㢖 ⁞㧒 㡺㩚 㦮ἆ㥚㤦䣢㧻┮℮㍲ ⹲䚲䞲 ⹪㠦 㦮䞮Ⳋ, ῃ⹒ 㡆⁞㦮 ἶ㥚ὖἚ㧦 ⹥ 䒂㧦㥚㤦䣢(㧊䞮 ‘ῃ ῃ⹒㡆⁞ ἶ㥚ὖἚ㧦’)Ṗ 㦮ἆ㥚㤦䣢 [㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢⯒ 㰖䃃]㠦㍲ ⽎ ㌂㞞㠦 ╖䞲 ἆ㩫㦚 䞮㰖 ⴑ䞮☚⪳ Ὃ⳾䞮㡖┺⓪ ㌂㔺㧊 ⳛ⺇䧞 ✲⩂⌂㔋┞┺.… 㩖䧂⓪ ῃ⹒㡆⁞ὒ ṯ㦖 ὋὋ₆ὖ㧊 㧊 ṯ㦖 㧒㠦 㡆⬾♲ ộ㧊…ⰺ㤆 㿿ỿ㩗㧊ἶ 㧮ⴑ♲ 㧒㧊⧒ἶ ㌳ṗ䞿┞┺.100 97 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲10Ⳋ. 98 ⶎ ⶎ䡫䚲/䢣㢚㍶㠦 䡫䚲/ 䡫 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲10Ⳋ; ῃ⹒㡆⁞₆⁞ 㭒㔳㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢 2015. 7. 17.㧦 ⽊☚㺎ἶ㧦⬢, Exh C-44. 99 YTN 2015. 7. 14.㧦 ⽊☚, “ῃ⹒㡆⁞, ㌒㎇ⶒ㌆ 䞿⼧ ⏩ἶ '⌊䢣'”, Exh C-41 (㦮ἆῢ䟟㌂ 㩚ⶎ㥚㤦䣢 ₖ㎇⹒ 㥚㤦㧻㧊 “ῃ⹒㡆⁞㧊 ὖ⪖⯒ ₾ἶ 㭧╖䞲 ㌂㞞㦚 ⏩ἶ ⌊⿖ 䣢㦮Ⱒ㦒⪲ ἆ㩫㦚 ⌊Ⰶ ◆ ╖䞲 [㦮ἆῢ䟟㌂㩚ⶎ㥚㤦䣢㦮) ⿞Ⱒ”㦚 䚲㔲䞮㡖┺⓪ ㌂㔺㦚 㧎㣿); 䞲Ỿ⩞ 2015. 7. 13.㧦 ⽊☚, “[┾☛] ‘㌒㎇ 䞿⼧ 㺂㎇’ ⶎ㩲㩲₆…ῃ⹒㡆⁞ 㦮ἆῢ㩚ⶎ㥚 ㏢㰧”, Exh C-38. 100 㠮Ⰲ㠝 㠊✲⹪㧊㩖㓺 (䢣䆿) 㠮䕆❪ (Elliott Advisors (HK) Ltd.)Ṗ ῃ⹒㡆⁞㠦 ⹲㏷䞲 2015. 7. 14.㧦 ㍲䞲, Exh C-42; 㠮Ⰲ㠝㦮 2015. 7. 3.㧦 ⽊☚㧦⬢, Exh C-29. 34 9. 㩲9┾Ἒ: ῃ⹒㡆⁞㦮 㦮ἆῢ䟟㌂⪲ ⽎Ị 䞿⼧㧊 ㎇㌂♮┺ 62. 㥚㢖 ṯ㦖 㤆⩺Ṗ ⶋ㌊♲ 㺚 2015⎚ 7㤪 17㧒, ㌒㎇ⶒ㌆ 㭒㭒㽳䣢㠦㍲ ῃ⹒㡆⁞㧊 ╏㽞 ㌒㎇㦮 䞿⼧㞞㠦 㩲㔲♲ 㫆Ị㠦 ➆⯎ ⽎Ị 䞿⼧㠦 㺂㎇䞮⓪ 㴓㦒⪲ 㔏㧎♮㠞㔋┞┺.101 䃦㓺䕛 ⽊䔎⯒ 䟟㌂䞮Ⳋ㍲ ⽎Ị 䞿⼧㧊 Ⱒ㟓 ╏㔲 11.2%㦮 㰖⿚㦚 ⽊㥶䟞▮ ῃ⹒㡆⁞㧊 ⽎Ị 䞿⼧㠦 ⹮╖䞮㡖┺Ⳋ 䞿⼧㞞㦖 䔏⼚ἆ㦮㣪Ị㧎 㿲㍳㭒㭒 㦮ἆῢ㦮 2/3⯒ 䢫⽊䞮㰖 ⴑ䞮㡖㦚 ộ㧛┞┺. 102 䢣㢚㍶ ⽎⿖㧻㧊 䤚㧒 ὋṲ 㯳㠎㠦㍲ ⹳䡪❅㧊 “[⽎ỊⰢ䋒] 㧊⩝Ợ₢㰖 ῃ⹒㡆⁞㦮 㦮㌂ἆ㩫㠦 㦮䟊㍲ 㺂㎇ 䢏㦖 ⹮╖⪲ 䞿⼧㧊 ἆ㩫㧊 ♮㠊㰖⓪… 㭧╖䞲 ⁎⩆ 㦮ἆῢ㧊 㠜㠞[㔋┞┺].”103 63. ⽎Ị 䞿⼧㦖 2015⎚ 9㤪 1㧒⿖⪲ ⹲䣾♮㠞㔋┞┺. 10. 㩲10┾Ἒ: 䞲ῃ㦮 㥚⻫䟟㥚 㩚⳾Ṗ ✲⩂⋮┺ 64. 䞲ῃ㩫⿖⓪ 㥚㠦 ㍲㑶♲ ┾Ἒ㩗 䟟㥚✺㦚 䐋䞮㡂 2015⎚ 7㤪 17㧒 ⽎Ị 䞿⼧㧊 㔏㧎♮☚⪳ 䞮㡖㔋┞┺. ῃ⹒㡆⁞㧊 ⁎ 㧦㔶㦮 ṳὖ㩗㧎 ἓ㩲㩗 㧊㧋ὒ 㧦㔶㧊 ㍺㩫䞲 ㍶⪖㠦 ➆⧒ 䟟☯䞮㡖┺Ⳋ - ⿞ὒ 㑮㭒 㩚㠦 SK䞿⼧㠦 ⹮╖䞮㡖㦚 ➢㢖 ⡧ṯ㧊 - ⽎Ị 䞿⼧㠦 ⹮╖䞮㡖㦚 ộ㧛┞┺. 65. 㧊⩂䞲 䟟㥚Ⱒ㦒⪲☚ 䞲ῃ㦖 㠮Ⰲ㠝㠦 ╖䞮㡂 ⁎Ṗ 䡧㩫㌗ ⿖㡂⹱㦚 ῢⰂṖ 㧞⓪ ╖㤆⯒ ⿖㡂䞮㰖 㞠㦖 ộ㧊⋮ Ⱎ㺂Ṗ㰖㧛┞┺. 㭒㰖䞮┺㔲䞒 䞲ῃ㦮 㥚⻫䞲 䟟㥚⓪ 㧊㠦 ⁎䂮㰖 㞠㞮㔋┞┺. ⁎⩆◆ 㧊㩚₢㰖 㦖䘦♮㠞▮ ⹫⁒䡲 ╖䐋⪏ὒ 㼃㢖╖, ⽊Ị⽋㰖⿖ ⹥ ῃ⹒㡆⁞㦮 䟟㥚✺㧊 ゚Ⰲ㢖 (㧎₆ 㠜⓪ 㣎ῃ㧎䒂㧦㧦 ⽊┺ ῃ⌊䒂㧦㧦㠦Ợ 㥶Ⰲ䞮☚⪳ 䞮⓪) 101 DART(㩚㧦Ὃ㔲㔲㓺䎲) 2015. 7. 17.㧦 ῂ ㌒㎇ⶒ㌆ Ὃ㔲㧦⬢, “㧚㔲㭒㭒㽳䣢 ἆὒ”, Exh C-47 㩲1Ⳋ. BBC 2015. 7. 17.㧦 ⽊☚, “Shareholders approve controversial Samsung C&T merger (㌒㎇ⶒ㌆ 㭒㽳, ⏒⧖ Ⱔ㞮▮ 䞿⼧㞞 䐋ὒ)”, Exh C-46☚ 㺎㫆. 102 ῃ⹒㡆⁞㧊 ⽎Ị 䞿⼧㠦㍲ “䃦㓺䕛 ⽊䔎”⯒ 㮦ἶ 㧞㠞┺⓪ ㍲㤎ἶ❇⻫㤦 䕦㔲⌊㣿 㺎㫆: ⶎ䡫䚲/䢣㢚㍶㠦 ⶎ䡫䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C79 㩲60-61Ⳋ. 103 2015⎚ ῃ㩫Ṧ㌂ 㩫ⶊ㥚㤦䣢 2015. 9. 14.㧦 䣢㦮⪳, Exh C-50 㩲54Ⳋ. 35 䘎ἂ㦮 ἆὒⶒ㧊㠞㦢㧊 2016⎚ὒ 2017⎚㠦 Ỏ㼦 ⳛ⺇䟊㰦㠦 ➆⧒ 䞲ῃ㦮 㥚⻫䞲 䟟㥚㦮 㩚Ⱖ㧊 ⹳䡖㪢㔋┞┺. D. 66. ゚Ⰲ䟟㥚 䞲ῃ 䡫㌂㨂䕦㩞㹾㠦㍲ ὋṲ♲ ῂ⚦㯳㠎ὒ ⶎ㍲✺㦚 䐋䞮㡂 㧊㨂㣿ὒ ⹫ ╖䐋⪏ ㌂㧊㦮 㑾Ỿ㰚 ゚Ⰲ㦮 㡃㌂Ṗ ✲⩂⌂㔋┞┺. 䔏䧞 ㍲㤎ἶ❇⻫㤦 䟃㏢㕂㠦㍲⓪ 2014⎚ 9㤪 15㧒 ⹫ ╖䐋⪏ὒ 㧊㨂㣿㦮 ゚⹖䣢☯㠦㍲ ⹫ ╖䐋⪏㧊 㰗ῢ㦚 ⋾㣿䞮㡂 ㌒㎇㠦 “㧊⪖㩗㧎 ′⳾”㦮 ␢ⶒὋ㡂⯒ ṫ㣪䞲 ㌂㔺㦚 䢫㩫䞮㡖㔋┞┺. 104 ㌒㎇㦖 㠎㩶Ṗ 㩫⿖㦮 㰖㤦㧊 䞚㣪䞶 ➢ 㧊⯒ 㠑㦚 㑮 㧞㦒Ⰲ⧒⓪ ₆╖Ṗ 㠜㠞┺Ⳋ ⁎⩂䞲 Ὃ㡂䟟㥚㠦 㦧䞮㰖 㞠㞮㦚 ộ㧛┞┺.105 67. ⽎Ị 䞿⼧㧊 㢚ἆ♲ ⛺ ⹫ ╖䐋⪏㦖 㧊㨂㣿ὒ 㑮㹾⪖ ▪ ゚⹖䣢☯㦚 Ṗ㰖Ⳋ㍲ ┺㟧䞲 䔏䡲㎇ ㌂㠛㠦 䡧⩻䞮⧒ἶ ⁎⯒ 㞫⹫䞮㡖㔋┞┺. 㡞⯒ ✺㠊, ⹫ ╖䐋⪏㦖 2015⎚ 7㤪 25㧒 㧊㨂㣿ὒ 㧊㨂㣿ὒ㦮 ゚⹖䣢☯㠦㍲ 㧦㔶㦮 ὖ㕂㌂㠛㠦 ╖䞲 㨂㩫㩗 㰖㤦㧊 ₆╖㠦 ⴑ ⹎䂲┺⓪ 㧊㥶⪲ ⁎⯒ ∎㰬㦖 ⹪ 㧞㔋┞┺. 106 ⡦䞲 䔏⼚Ỗ㌂㦮 Ὃ㏢㧻㠦 ₆㨂♲ ⹪㢖 ṯ㧊 ㌒㎇㦮 ␢ⶒ 㑮䡲㧦㧊㧦 ⹫ ╖䐋⪏㦮 㾲䁷⁒㧎 㾲㑲㔺☚ 2015⎚ 11㤪 㥚㢖 ゚㔍䞲 㔺ⰳṦ㦚 ⋮䌖⌊Ⳇ “㌒㎇☚ ⌊Ṗ 䞿䂮☚⪳ ☚㢖㭒㠞⓪◆ 㦖䡲☚ ⳾⯊⓪ ⏞✺㧊┺”⧒ἶ 㠎 䞲 ㌂㔺☚ 㧞㔋┞┺. 107 ⡦ ┺⯎ ⻫㩫㯳㠎㠦 ➆⯊Ⳋ, ␢ⶒ⪲ 㧊㧋㦚 㠑㦖 ㌂㠛㼊✺ 㭧 䞲 Ὁ㦮 ὖἚ㧦Ṗ ㌒㎇㧊 104 㧊㨂㣿㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2018. 2. 5. ㍶ἶ 2017⏎2556 䕦ἆ, Exh C-80 㩲120-121Ⳋ. 䞲Ỿ⩞ 2018. 4. 6.㧦 ⽊☚, “㧊㨂㣿ὒ ┺⯎ ⹫⁒䡲 㨂䕦… 㩫㥶⧒ Ⱖ·㞞㫛⻪ 㑮㻿 㧎㩫”, ·㞞 㞞㫛⻪ 㫛 Exh C-83 ☚ 㺎㫆. 105 㧊㨂㣿㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2018. 2. 5. ㍶ἶ 2017⏎2556 䕦ἆ, Exh C-80 㩲49Ⳋ; 㡺Ⱎ㧊Ⓤ㓺 2016. 11. 2.㧦 ⽊☚, “㌒㎇, 㾲㑲㔺 䐋䟊 '㧊㨂㣿 㔏Ἒ' ⽊㧻 ⹱㞮⋮”, Exh C55; ⹎❪㠊㓺 2016. 10. 12.㧦 ⽊☚, “㨂⻢, ⹎⯊ K㓺䙂䁶㠦 'ⰾ㧛㦒⪲' ☞ ⌞㦚₢”, Exh C54. 106 㧊㨂㣿㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2018. 2. 5. ㍶ἶ 2017⏎2556 䕦ἆ, Exh C-80 㩲29Ⳋ, 㩲107Ⳋ. 107 Ⓤ㓺 1 2017. 3. 7.㧦 ⽊☚, “㌒㎇䞿⼧ ☚㢪⓪◆ 㦖䡲 ⳾⯊⓪ ⏞… 諀 ␢ⶒ㠦☚ 'ṧ' Ⳋ⳾”, Exh C-61 (“㧊㨂⬷(㣿)㧊 “㧊㨂⬷(㣿)㧊 VIP(╖䐋⪏)⯒ Ⱒ⌂㦚 ➢ Ⱖ(㦚) ㌂㭖┺ἶ 䟞㰖 㠎㩲 ア⩺㭖┺ἶ 䟞⌦. 㢲 Ⱖ 㡂ῢ㠦 ㌒㎇㧊⧒ἶ 㩗㠞⌦… ㌒㎇☚ ⌊Ṗ 䞿䂮☚⪳ 㑲㔺㦮 ⹲㠎 㧎㣿). 㑲 ☚㢖㮂⓪◆ 㦖䡲☚ ⳾⯊⓪ ⏞✺㧊┺”⧒⓪ 㾲 㾲㑲㔺㦮 36 ⁎⩝Ợ Ⱔ㦖 ☞㦚 㰖 䞮⓪ 㧊㥶Ṗ ⶊ㠝㧎㰖 ⶑ㧦 “㾲㑲㔺㝾Ṗ “㾲㑲㔺㝾 ㌒㎇ⶒ㌆ὒ 㩲㧒⳾㰗 䞿⼧㠦 ☚㤖㦚 [㭒㠞₆ ➢ⶎ]”㧊⧒⓪ ╋㦚 ✺㦖 㩗㧊 㧞㔋┞┺.108 68. ἆῃ ㌒㎇㧊 ⹫ ╖䐋⪏ὒ ⿖䕾䞲 䁷⁒✺㦚 㥚䞮㡂 㰖 䞲 㽳㞷㦖 – ⽎Ị 䞿⼧㧊 ㌒㎇ⶒ㌆㦮 Ὃ㩫䞲 Ṗ䂮⯒ ⹮㡗䞮㡂 㧊⬾㠊㪢┺Ⳋ 㽳㑮㧒ṖṖ 㰖㿲䞮㡖㠊㟒 䞮⓪ ゚㣿㠦 ゚䞮Ⳋ ㏢㞷㠦 ⿞ὒ䞮┺ἶ⓪ 䞮⋮ – ⶊ⩺ ⹎䢪 2,500Ⱒ ╂⩂Ṗ ⍮㠞㔋┞┺. 69. 㧊㩲㟒 ⹳䡖㰚 㧊⩂䞲 ゚Ⰲ㌂Ị㦮 㡂䕢⪲ ┺㑮㦮 㩚㰗 䞲ῃ ὖⰂ✺ὒ ㌒㎇ ὖἚ㧦✺㧊 䞲ῃ⻫㠦 ➆⧒ ῂ㏣♮ἶ ₆㏢♮㠞Ệ⋮ 㞚㰗☚ ₆㏢Ṗ 㰚䟟 㭧㧛┞┺. 㧊㠦 㡆⬾♲ Ṳ㧎✺⪲⓪ ⹫⁒䡲 ╖䐋⪏ 㧦㔶, ⁎ 㾲䁷⁒ 㑮㍳゚㍲ὖ✺㧎 㤆 㤆⼧㤆, 㾲㑲㔺ὒ ⁎ 䁷⁒ 3ⳛ, 衔 㼃㢖╖ 㑮㍳゚㍲ὖ✺ ⼧㤆 㤆, 㞞㫛⻪ ❇㧊 㧞㔋┞┺. ⡦䞲 ⶎ䡫䚲 㧻ὖ, 䢣㢚㍶ ⽎⿖㧻, 㧊㨂㣿 ⹥ ㌒㎇ ἶ㥚㧚㤦 4ⳛ㦖 ⶒ⪶ 衔 㼃㢖╖ ゚㍲㔺㧻 ₖ₆㿮, 衔 ╖䐋⪏ ⽊㫢ὖ 㩫䢎㎇ ⹥ 衔 ⶎ䢪㼊㥷⿖㧻ὖ 㫆㥺㍶ 㡃㔲 㥶㬚䕦ἆ㦚 ㍶ἶ⹱㞮㔋┞┺. 㑮㌂ ⹥ 㫆㌂ ἆὒ ┺⯎ Ὃ㰗㧦 ✺㦖, 㺚㭖′Ṗ 䞿⼧゚㥾 ⹥ 㔲⍞㰖 䣾ὒ 㫆㧧ὒ ὖ⩾䞲 㥚⻫䟟㥚⪲ 㧎䟊 㾲⁒ ῃ⹒㡆⁞㠦㍲ 䟊㧚♲ ộὒ ṯ㧊 - ⁎ 㰖㥚㠦㍲ 䟊㧚♮㠞Ệ⋮ 㰫Ἒ⯒ ⹱㞮㔋┞┺. 70. ⽎Ịὒ Ṗ㧻 ὖ⩾㎇㧊 䋆 䡫㌂ ⹥ ₆䌖 ㏢㏷㩞㹾⓪ ┺㦢ὒ ṯ㔋┞┺: a. ⽊Ị⽋㰖⿖ ⹥ ῃ⹒㡆⁞ 䟋㕂ὖἚ㧦✺㠦 ╖䞲 䡫㌂㨂䕦. 2017⎚ 6㤪 8㧒, ㍲㤎㭧㞯㰖⹿⻫㤦㦖 ⶎ 㧻ὖὒ 䢣 ⽎ ⽎⿖㧻㠦Ợ 㰗ῢ⋾㣿 ❇㦮 ⻪㬚䟟㥚⯒ 㥶㬚⪲ 㧎㩫䞮㡖㔋┞┺.109 ⽊Ị⽋㰖⿖ 㧻ὖ㦒⪲㍲ 㧞㠞㦢㠦☚ ⿖╏䞲 ῃ⹒㡆⁞㠦 ἆὒ⯒ ⌉₆ ╖䞲 㥚䞮㡂 㧊㠦 ➆⯊Ⳋ ⶎ䡫䚲⓪ Ṧ☛ 㡃䞶㦚 ῃ⹒㡆⁞㠦 ⰷἶ 㞫⩻㦚 108 䟊╏ 㯳㠎㦖 ὋṲ♮㰖⓪ 㞠㞮㦒⋮ 㠎⪶㠦 ⽊☚♾: MBN 2017. 5. 29.㧦 ⽊☚, “ₖ㫛㺂 㩚 ╖䞲㔏Ⱎ䡧䣢 㩚ⶊ ‘㾲㑲㔺, ㌒㎇ 䞿⼧ ☚㢖㍲ 㩫㥶⧒ 㰖㤦⹱㦖 ộ’”, Exh C-66, 㩲2Ⳋ ❇ 㺎㫆. 109 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, ⶎ䡫䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. Exh C-69, 㩲58-59, 62-63 ⹥ 65-67Ⳋ. ⶎ䡫䚲/䢣㢚㍶㠦 ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲70-73Ⳋ☚ 㺎㫆. 37 䟟㌂䞾㦒⪲㖾 ⁎ ☛Ⱃ㎇㦚 䂾䟊䞮㡂 㰗ῢ㦚 ⋾㣿䞮㡖㦒Ⳇ, 110 ⡦䞲 ⽎Ị 䞿⼧㦮 㔲⍞㰖䣾ὒ⯒ 䢣㢚㍶ὒ ṖὋ䟊⌊☚⪳ 㺚㭖′⯒ 㞫⹫䞾㦒⪲㖾 䌖㧎㦒⪲ 䞮㡂⁞ ⁎ Ὃ㩗 㦮ⶊ⯒ ┺䞮㰖 ⴑ䞮Ợ ṫ㣪䞮㡖㔋┞┺. 111 ⋮㞚Ṗ ⶎ䡫䚲⓪ 2016⎚ 11㤪 30㧒 ῃ䣢 ῃ㩫㫆㌂ 㼃ⶎ䣢㠦㍲ ⽊Ị⽋㰖⿖⓪ ⽎Ị 䞿⼧㠦 Ṳ㧛䞮Ệ⋮ ⁎ 㔏㧎㦚 㥶☚䞲 ㌂㔺㧊 㠜┺ἶ 䠞㥚㦮 㰚㑶㦚 䞾㦒⪲㖾 㥚㯳䞮㡖㔋┞┺.112 2017⎚ 11㤪 14㧒 ㍲㤎ἶ❇⻫㤦㦖 ⶎ䡫䚲㢖 䢣㢚㍶㠦 ╖䞮㡂 ṗṗ 㰗ῢ⋾㣿, 㠛ⶊ㌗⺆㧚㦮 㥶㬚⯒ 㧎㩫䞮㡂 ㍲㤎㭧㞯㰖⹿⻫㤦 䕦ἆ㦚 䢫㧎䞮㡖㔋┞┺. “䃦㓺䕛 113 ⽊䔎”⯒ ㍲㤎ἶ❇⻫㤦㦖 ῃ⹒㡆⁞㧊 ⽎Ị 䞿⼧㠦㍲ 㮦ἶ 㧞㠞┺⓪ ㌂㔺㦚 ⑚㹾 㧎㩫䞮Ⳋ㍲ “䒂㧦㥚㤦䣢㠦㍲ 䞿⼧㔲⍞㰖 㑮䂮Ṗ ⁒Ệ 㠜㧊 ㌆㩫♲ ㌂㔺㧊 ⹳䡖㪢▪⧒Ⳋ 㺂㎇ 䚲ἆ㦚 䞲 䒂㧦㥚㤦䣢 㥚㤦✺ 㭧 ㌗╏㑮[Ṗ]… 㺂㎇䞮㰖 㞚┞[䞮㡖㦚 ộ]”㧊⧒ἶ 䕦㔲䞮㡖㔋┞┺. 114 㥚㢖 ṯ㦖 ⻪㬚䟟㥚㠦 ὖ䞲 䕦㔲㌂䟃✺㦖 ⽎Ị 䞿⼧ὒ ὖ⩾䞮㡂 䞲ῃ㧊 䀾䞲 㩞㹾 ⹥ 㫆䂮㦮 ⳛ⺇䞲 ⿞⻫㎇㦚 㧛㯳䞮⓪ 㯳Ệ㠦 䟊╏䞿┞┺. b. 㧊㨂㣿 ⹥ ₆䌖 䡫㌂㨂䕦㩞㹾㠦㍲ ㌒㎇ 㧚㤦✺㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦㦖 䡫㌂㨂䕦. 㧊㨂㣿㠦 ⼚Ṳ㦮 ╖䞲 5Ṳ Ὃ㏢㌂㔺(␢ⶒὋ㡂, 䣷⪏, 㨂㌆ῃ㣎☚䞒, ⻪㬚㑮㧋㦖┟ ⹥ 㥚㯳)㦚 110 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲6-7, 10-11Ⳋ. ⶎ䡫䚲/䢣㢚㍶㠦 ⶎ䡫䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲71Ⳋ☚ 㺎㫆. 111 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, ⶎ䡫 䡫䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 Exh C-69, 㩲8-9Ⳋ. ⶎ䡫䚲/䢣㢚㍶㠦 䕦ἆ, Exh C-79 㩲68Ⳋ☚ 㺎㫆. 112 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, ⶎ䡫䚲//䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ Exh C-69, 㩲10-11Ⳋ. ⶎ䡫䚲/䢣㢚㍶㠦 ⶎ䡫䚲 䚲 2017⏎1886 䕦ἆ, Exh C-79 㩲42-43Ⳋ; JTBC Ⓤ㓺 2017. 6. 8.㧦 ⽊☚, “㨂䕦⿖, ⶎ䡫䚲 㼃ⶎ䣢 ⹲㠎 Ệ㰩Ⱖ 䕦┾ ‘㥚㯳 㧎㩫’”, Exh C-67☚ 㺎㫆. 113 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲7073Ⳋ. 114 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2017. 11. 14. ㍶ἶ 2017⏎1886 䕦ἆ, Exh C-79 㩲6061Ⳋ. 38 㥶㬚⪲ 㧎㩫䞲 ⛺ ⁎㠦Ợ 㰫㡃 5⎚㦚 ㍶ἶ䞮㡖㔋┞┺. 115 ⻫㤦㦖 ㌒㎇ ἶ㥚㧚㤦 (㾲㰖㎇, 2ⳛ(㾲㰖㎇, 㧻㿿₆) 㧻㿿₆)㠦Ợ ⡦䞲 㥚 㰫㡃 4⎚㦚 ㍶ἶ䞮㡖ἶ, ┺⯎ 2ⳛ㦮 ㌒㎇ 㧚㤦✺㠦Ợ⓪ 㰫㡃䡫㦮 㰧䟟㥶㡞⯒ ㍶ἶ䞮㡖㔋┞┺. 116 Ṗ㧻 㭒⳿䞶 Ⱒ䞲 㩦㦖 㥚 ⻫㤦㧊 ㌒㎇㦖 ⹫ 衔╖䐋⪏ὒ ⁎ 䁷⁒ 㾲㑲㔺㧊 㾲 㔺㧊 㧊㨂㣿㦮 㔏Ἒ㧧㠛㧊 㣿㧊䞮Ợ 㾲㑲㔺 㰚䟟♮☚⪳ ☚㢖㭚 ộ㧊⧒⓪ ₆╖⯒ Ṗ㰖ἶ ⁎✺㠦Ợ ␢ⶒ㦚 Ὃ㡂䞮㡖┺ἶ 䕦㔲䞮㡖┺⓪ ㌂㔺㧛┞┺.117 ἶ❇⻫㤦㦖 ㌒㎇㧊 ⹫⁒䡲㦮 㰖㔲㠦 ➆⧒ 㾲㑲㔺㠦Ợ 㾲㑲㔺㠦 ⁎ Ṳ㧎㣿☚⪲ ⹎䢪 3⺇Ⱒ ╂⩂⯒ ㏷⁞䞲 ㌂㔺ὒ ㌒㎇㧊 ⹫⁒䡲㢖 㾲㑲㔺 ㌂㧊㦮 ␢ⶒ㬚 Ὃ⳾ὖἚ⯒ “䢫㩫㩗㦒⪲ 㧎㔳䞮㡖┺ἶ” 㾲㑲㔺 㑲 䢫㧎䞮Ⳇ ␢ⶒὋ㡂㢖 ὖ⩾♲ 䕦ἆ㦚 㧒⿖ 㥶㰖䞮㡖㔋┞┺.118 c. ⹫ ╖䐋⪏㦮 䌚䟋 ⹥ 㥶㬚䕦ἆ. ⹫⁒䡲 衔╖䐋⪏㦮 㧎㣿䞮㡖㔋┞┺. ゚Ⰲ㠦 2017⎚ 3㤪 10㧒 䠢⻫㨂䕦㏢⓪ ➆⯎ ῃ䣢㦮 ╖䐋⪏ 䌚䟋㏢㿪⯒ 㧊㩫⹎ 䠢⻫㨂䕦㏢㧻 ῢ䞲╖䟟㦖 ἆ㩫ⶎ㠦㍲ ┺㦢ὒ ṯ㧊 ㍺㔲䞮㡖㔋┞┺: ἆῃ 䞒㼃ῂ㧎㦮 㥚䠢, 㥚⻫ 䟟㥚⓪ ῃ⹒㦮 㔶㧚㦚 ⺆⹮䞲 ộ㦒⪲ 䠢⻫㑮䢎㦮 ὖ㩦㠦㍲ 㣿⋿♶ 㑮 㠜⓪ 㭧╖䞲 ⻫ 㥚⺆䟟㥚⧒ἶ ⽊㞚㟒 䞿┞┺. 䞒㼃ῂ㧎㦮 ⻫ 㥚⺆䟟㥚Ṗ 䠢⻫ 㰞㍲㠦 ⹎䂮⓪ ⿖㩫㩗 㡗䟻ὒ 䕢 䣾ὒṖ 㭧╖䞮⸖⪲, 䞒㼃ῂ㧎㦚 䕢Ⳋ䞾㦒⪲㖾 㠑⓪ 䠢⻫ 㑮䢎㦮 㧊㧋㧊 㞫☚㩗㦒⪲ 䋂┺ἶ 䞶 ộ㧛┞┺.119 115 䆪Ⰲ㞚䠺⩊✲ (The Korea Herald) 2017. 8. 25.㧦 ⽊☚, “Samsung heir jailed 5 years for bribery (㌒㎇ 䤚Ἒ㧦 ␢ⶒ㬚⪲ 5⎚ 㰫㡃)”, Exh C-76. 116 䆪Ⰲ㞚䠺⩊✲ (The Korea Herald) 2017. 8. 25.㧦 ⽊☚, “Samsung heir jailed 5 years for bribery (㌒㎇ 䤚Ἒ㧦 ␢ⶒ㬚⪲ 5⎚ 㰫㡃)”, Exh C-76. 117 䆪Ⰲ㞚䠺⩊✲ (The Korea Herald) 2017. 8. 25.㧦 ⽊☚, “Samsung heir jailed 5 years for bribery (㌒㎇ 䤚Ἒ㧦 ␢ⶒ㬚⪲ 5⎚ 㰫㡃)”, Exh C-76. 118 㧊㨂㣿㠦 ╖䞲 ㍲㤎ἶ❇⻫㤦 2018. 2. 5. ㍶ἶ 2017⏎2556 䕦ἆ, Exh C-80 㩲61, 65, 106109Ⳋ. 119 㫆㍶㧒⽊ 2017. 3. 10.㧦 ⽊☚, “[㩚ⶎ] 䠢⻫㨂䕦㏢ ⹫⁒䡲 ╖䐋⪏ 䌚䟋 㕂䕦 ㍶ἶ 㣪㰖”, Exh C-62 㩲3Ⳋ. 39 71. ⁎ 䤚 ⹫⁒䡲 衔╖䐋⪏㦖 ␢ⶒ㑮㑮, 㰗ῢ⋾㣿 ⹥ ṫ㣪 䡦㦮㠦 ╖䞮㡂 㥶㬚Ṗ 㧎㩫♮㠊 㰫㡃 24⎚㦚 ㍶ἶ⹱㞮㔋┞┺. 120 ⹫ 衔╖䐋⪏㦮 䁷⁒ 㾲㑲㔺 㡃㔲 ␢ⶒ 㣪ῂ ⹥ 㑮㑮, ⹫ 衔╖䐋⪏ὒ Ὃ⳾䞮㡂 ␢ⶒ㦚 㣪ῂ䞮ἶ 㑮㑮䞲 䟟㥚, ṫ㣪, 㰗ῢ⋾㣿 ⹥ ⻪㬚㑮㧋㦖┟ 䟟㥚㠦 ╖䞮㡂 㥶㬚Ṗ 㧎㩫♮㠊 㰫㡃 20⎚㦚 ㍶ἶ⹱㞮㔋┞┺. 121 ⻫㤦㦖 ⹫ 衔╖䐋⪏㧊 㧊㨂㣿/ 㾲㑲㔺 㔺㧊 ⿖䌗䞲 㓺䙂䁶㨂┾㦮 䤚㤦㦚 ṫ㣪䞮㡖┺ἶ 㧊㨂㣿/㌒㎇㠦Ợ 㾲㑲㔺㧊 䕦㔲䞮㡖㔋┞┺.122 72. 䞲ῃ㠦㍲⓪ 㞚㰗☚ ┺㑮㦮 ㌂Ị㧊 䟃㏢·㌗ἶ㕂㠦 Ἒ⮮ 㭧㦒⪲, ⳾✶ 㨂䕦㩞㹾Ṗ 㢚㩚䧞 㫛⬢♮㰖 㞠㦖 ㌗䌲㧛┞┺. ῃ⌊⻫㌗ 㥶㬚Ṗ ㍶ἶ♲ 䕦ἆ㠦 ╖䞲 㑮Ⱔ㦖 䟃㏢·㌗ἶ㕂㦮 㾲㫛ἆὒ㢖 ὖἚ㠜㧊, 㧊⹎ ⹳䡖㰚 ㌂㔺㩗 㯳Ệ – 䟋㕂 㭒㡃✺㦮 㥷㎇ 㯳㠎ὒ 㡂⩂ ⻫㤦✺㧊 Ỗ䏶䞮ἶ 㯳Ệ⪲ 㺚䌳䞲 ㍲Ⳋ✺㦚 䙂䞾䞮㡂 – ⓪ 䞲ῃ㧊 ῃ㩲⻫, ⽊┺ ῂ㼊㩗㦒⪲⓪ 䞲⹎ FTA㠦 ➆⯎ 䡧㩫㌗ 㦮ⶊ⯒ 㥚⹮䞮㡖㦢㦚 䢫㧎䞮㡂 㭒ἶ 㧞㔋┞┺.123 E. 㹾⼚䟟㥚 73. ⽎Ị 䞿⼧㠦 ╖䞲 䞲ῃ㦮 Ṳ㧛㧊 䘎ἂ, 㯟 㠮Ⰲ㠝ὒ ṯ㦖 㣎ῃ㧎 䒂㧦㧦✺㦚 䧂㌳㔲䅲ṖⳆ ῃ⌊ 㾲╖₆㠛㠦 䔏䡲⯒ 㩲Ὃ䞮⓪ ộ㠦 ₆㧎䞲┺⓪ 㩦☚ ⿚ⳛ䟊㪢㔋┞┺. 120 䆪Ⰲ㞚䠺⩊✲ (The Korea Herald) 2018. 4. 6.㧦 ⽊☚, “Park Geun-hye sentenced to 24 years in prison (⹫⁒䡲 ⁒䡲 㰫㡃 24⎚ ㍶ἶ)”, Exh C-82. 121 Ⓤ㣫䌖㧚㓺 (The New York Times) 2018. 2. 13.㧦 ⽊☚, “South Korean Court Sentences ExPresident’s Confidante to 20 Years (䞲ῃ ⻫㤦㧊 衔 ╖䐋⪏ 䁷⁒㠦Ợ 㰫㡃 20⎚ ㍶ἶ)”, Exh C-81. 122 䆪Ⰲ㞚䠺⩊✲ (The Korea Herald) 2018. 4. 6.㧦 ⽊☚, “Park Geun-hye sentenced to 24 years in prison (⹫⁒䡲 㰫㡃 24⎚ ㍶ἶ)”, Exh C-82. 123 㧊⩂䞲 㩦㠦㍲ 䞲ῃ㦖 㧦㔶㦮 ῃ㩲⻫㌗ 㺛㧚㦚 䣢䞒䞶 ⳿㩗㦒⪲ 㧦ῃ 䔏㩫 ὖⰂ✺㦮 ⿞⻫䟟㥚㧒 ㈦㧊⧒ἶ 㭒㧻䞶 㑮 㠜㦢. ILC ′㩫 㩲7㫆⓪ “㩫⿖ ῢ䞲㦮 㧒⿖⯒ 䟟㌂䞶 ῢ䞲㦚 ⿖㡂⹱㦖 ῃṖ㦮 㫆㰗㧊⋮ Ṳ㧎 ⡦⓪ 㔺㼊Ṗ ⁎⩂䞲 㧦ỿ㦒⪲ 䟟☯䞲 ἓ㤆, ⁎✺㦮 䟟㥚⓪ ㍺㌂ ⁎ộ㧊 㤪ῢ䟟㥚 㧊Ệ⋮ 㰖㔲㠦 㥚⺆♮⓪ ộ㧊⧒ 䞮▪⧒☚ ῃ㩲⻫㌗ 䟊╏ ῃṖ㦮 䟟㥚⪲ Ṛ㭒♮㠊㟒 䞲┺”ἶ ′㩫䞮ἶ 㧞㦢. ILC ′㩫, Exh CLA-17 㩲7㫆 㺎㫆. 40 74. ⽎Ị㠦 㧞㠊㍲ ⌊ῃ㧎㠦 ╖䞲 䘎䕢㩗㧎 ╖㤆⓪ 㿪㞛䞲 䘎ἂὒ ⿚㨗㦮 㤦㧎㧊 ♮⓪ 㹾⼚㠦 㧊⯊Ợ ♮㠞㔋┞┺. ╖䞮㡂 㤦䂯㭒㦮㩗 㧛㧻㦚 䀾䞮㧦 ⁎ ἆὒ 㠮Ⰲ㠝㧊 ⽎Ị 䞿⼧㠦 㠮Ⰲ㠝㦚 䞲ῃ㠦 ╖䞲 㣎ῃ㦮 㥚䡧㦒⪲ ′㩫䞮⓪ ῃ㑮㭒㦮㩗 ῃ⹒㩫㍲Ṗ 㫆㧧♮㠊 㧦⁏♮㠞㔋┞┺. 124 㡞⯒ ✺Ⳋ, 㠮Ⰲ㠝㧊 ⽎Ị 䞿⼧㠦 ⹮╖䞶 㦮㌂⯒ ⹲䚲䞮㧦 㠮Ⰲ㠝㠦Ợ “⹎ῃ ⻢㻮䗖✲”⧒⓪ 㡺ⳛ㧊 ▽㝢㤢㪢ἶ, 㧊⪲⿖䎆 䞲ῃἓ㩲⯒ ⽊䢎䞮㡂㟒 䞲┺⓪ ゚䕦㧊 㩲₆♮㠞㔋┞┺. ῃ⌊ ₆㠛✺ὒ 125 ㌒㎇ⶒ㌆ 䢞䗮㧊㰖㠦⓪ 㥶䌲Ἒ ⹎ῃ㧎㧎 㠮Ⰲ㠝 ⁎⭏ 䣢㧻 䙊 㕇㠊⯒ ㌒㎇ⶒ㌆㦚 㧷㞚ⲏ㦒⩺⓪ ₆ᾊ䞲 䡫㌗㦮 ☛㑮Ⰲ⪲ ⵮㌂䞲 ┺㑮㦮 㧎㫛㹾⼚㭒㦮㩗 Ⱒ䢪Ṗ Ợ㨂♮₆☚ 䞮㡖㔋┞┺. 126 㠎⪶㠦 㩚㨂♮Ⳋ㍲ 㕇㠊 㧊⩂䞲 ⁎Ⱂ㦖 䞲ῃὒ ῃ㩲 ゚㯞┞㓺 䣢㧻㦚 “☞ ⹬㠦 ⳾⯊Ⳇ” 㹿䀾㩗 ㎇ỿ㦮 “⌟䢏䞮ἶ ⶊ㧦゚”䞲 㧎ⶒ⪲ ⋯㧎 㹣ἶ 㩫䡫䢪㔲䆆㔋┞┺.127 75. ⹫⁒䡲 㩫⿖⓪ 㡺䧞⩺ 㽳㑮㧒Ṗ ⹥ 㠮Ⰲ㠝 ゚䕦㎎⩻ὒ 㡆䞿䞮㡂 ⽎Ị 䞿⼧㦚 㰖㤦䞮ἶ ㌒㎇ⶒ㌆ 㭒㭒㧎 ῃ⹒㡆⁞㦮 㦮ἆῢ 䟟㌂⯒ ⺆䤚㠦㍲ 㫆㫛䞮㡖㔋┞┺. 㧒㹣㧊 ╖䐋⪏ ₆⪳ⶒ✺㦖 㠮Ⰲ㠝㠦 ╖䞮㡂 㩫⿖Ṗ 124 ⹎❪㠊䗲 2017. 6. 9.㧦 ⽊☚, “"䠺㰖䗖✲ ⲏ䓖 ㌗ὖ㠜┺?"… '㌒㎇䞿⼧' ⶎ ⶎ䡫䚲 䡫䚲 䡫 㔺䡫 㨂Ἒ 㿿ỿ”, Exh C-70 㩲2Ⳋ (“㣎ῃἚ 䒂₆㧦⽎㦒⪲⿖䎆 ‘㌒㎇’㦚 㰖䅲⌊”⓪◆ 㧞㠊 ῃ⹒㡆⁞㦮 㡃䞶 㠎 ); Ⓤ㓺1 2015. 6. 4.㧦 ⽊☚, “胃䠺㰖䗖✲ 㠮Ⰲ㠝 ㌒㎇㠦 'ἓ㡗㺎㡂' ㍶㠎…⡦ ⲏ䓖?”, Exh C-19 㩲3-4Ⳋ (“䞲ῃ ╖₆㠛[✺㧊]” “䠺㰖䗖✲㦮 ⶊ㹾⼚㩗㧎 Ὃỿ㦚 Ⱏ㦚 㑮 㧞⓪ ἓ㠊ῢ ⹿㠊[䞶]” 䞚㣪⯒ 㠎 ) ❇ 㺎㫆. Ⲏ┞䒂◆㧊 2015. 7. '⹫㡗㍶腟 ⹲㦮, '⹫⁒䡲腟' '⹫⁒䡲腟 㧊⹎ ⹲䣾”, Exh C-35☚ 8.㧦 ⽊☚, “䟋㕂₆㠛 ἓ㡗ῢ ⹿㠊…'⹫㡗㍶腟' 㺎㫆. 125 䆪Ⰲ㞚䠺⩊✲ (The Korea Herald) 2015. 6. 14.㧦 ⽊☚, “Hwang defends Samsung against ‘vulture’ fund (䢿㡗₆, ⻢㻮䗖✲㦮 ㌒㎇ Ὃỿ ⹿㠊)”, Exh C-25 (“the veto against the merger [would be] akin to surrender to a foreign ‘vulture’ fund (䞿⼧ Ệ⿖⓪ 䟊㣎 “⻢㻮 䗖✲”㠦 䟃⽋䞮⓪ ộὒ ṯ┺)”⧒⓪ 䢿㡗₆ 䞲ῃ⁞㦋䒂㧦䡧䣢㧻 ⹲㠎 㧎㣿); ⹎❪㠊䗲 2017. 6. 9.㧦 ⽊☚, “"䠺㰖䗖✲ ⲏ䓖 ㌗ὖ㠜┺?"…'㌒㎇䞿⼧' ⶎ䡫䚲 㔺䡫 㨂Ἒ 㿿ỿ”, Exh C-70 㩲2Ⳋ (“㣎ῃἚ 䒂₆ 㧦⽎㦒⪲⿖䎆 ‘㌒㎇’㦚 㰖䅲⌊”⓪◆ 㧞㠊 ῃ⹒㡆⁞㦮 㡃䞶 㠎 ); 㤪㓺䔎Ⰲ䔎㩖⍦ (The Wall Street Journal) 2015. 8. 18.㧦 ⽊☚, “Korean Sovereign Fund Asks Elliott to Stop Investing in Korea (䞲ῃ䒂㧦Ὃ㌂, 㠮Ⰲ㠝㠦 䞲ῃ₆㠛 䒂㧦 Ⱖ㞚 ╂⧒ 㣪㼃)”, Exh C-49 ❇ 㺎㫆. 126 㢋㩖⻚ (The Observer)Ṗ 2015. 7. 13. 䙂㹿䞲 ㌒㎇ 㥏㌂㧊䔎 䢪Ⳋ, Exh C-40. 127 㤢㕇䎊䙂㓺䔎 (The Washington Post) 2015. 7. 17.㧦 ⽊☚, “How did a Samsung Shareholder Battle Descend into Anti-Semitic Slurs and Cartoons (㌒㎇ 㭒㭒 ⿚㨗㧊 㠊㹢䞮㡂 ⹮㥶╖㭒㦮㩗 ゚⹿ὒ ⁎Ⱂ⵮㌂⪲ 㩚⧓䟊⻚⪎⋮)”, Exh C-45; 㢋㩖⻚ (The Observer) 2015. 7. 13. ⽊☚, “Spat Between Samsung and NYC Hedge Fund Takes Nasty Detour Into Jew-Baiting (㌒㎇ὒ Ⓤ㣫 䠺㰖䗖✲ ⏒㨗, 胮 㥶╖㭒㦮 䘎ἂ㦒⪲ 㩚⧓)”, Exh C-39. 41 㔲䟟䞮ἶ㧦 䞮⓪ 㹾⼚㩗 㩚⨋㦚 ⌇⌇㧊 ✲⩂⌎ ⹪ 㧞㔋┞┺. 㼃㢖╖⓪ ┺㦢ὒ ṯ㦖 㠎 ☚ 䞲 ㌂㔺㧊 㧞㔋┞┺: “䟊㣎 䠺㰖䗖✲㦮 Ὃỿ㩗 ἓ㡗ῢ Ṛ㎃㠦 ╖䟊㍲⓪ ῃ⹒㡆⁞ ❇㦚 㩗⁏ 䢲㣿[䞮㡂㟒 䞲┺].” 128 㼃㢖╖㠦㍲ ⽊Ị⽋㰖⿖㢖 ῃ⹒㡆⁞㠦 㧊⯊₆₢㰖 㩫⿖₆ὖ✺㧊 ⁎✺㦮 Ṗ㧻 㭧㣪䞲 ₆㠛㧎 㧎㩫♮㠞㔋┞┺. ㌒㎇㦮 㧊㧋㦚 ☚⳾䞮₆ 㥚䟊 䟟☯䞮㡖㦢㧊 㧊㠦 ╖䟊 ⹫ ╖䐋⪏ 㧦㔶☚ 㧊⓪ “䠺㰖䗖✲[㯟, 㠮Ⰲ㠝]㦮 Ὃỿ㦚 ㌒㎇ ṯ㦖 㤆Ⰲ⋮⧒㦮 ╖䚲㩗㧎 ₆㠛㧊 Ὃỿ㦚 ⹱㞚㍲” ⁎⩂䞮㡖┺ἶ ㍺ⳛ䞮㡖㔋┞┺. 129 㧊㢖 Ⱎ㺂Ṗ㰖⪲ 䢣㢚㍶ ⽎⿖㧻㦖 ⽎Ị 䞿⼧㧊 ῃ⹒㡆⁞㠦 ⳛ⺇䧞 ⿖㩫㩗㧎 ἓ㩲㩗 㡗䟻㦚 ⹎䂾㠦☚ ⿞ῂ䞮ἶ 䒂㧦㥚㤦䣢㠦 㧞⓪ 㧦㔶㦮 ☯⬢✺㦚 ⽎Ị 䞿⼧㠦 㺂㎇䞮☚⪳ ┺⁎䂮Ⳋ㍲, ⏎Ἶ㩗㦒⪲ ῃ㑮㭒㦮㩗 㡊₆㠦 䢎㏢䞮Ⳇ ⽎Ị 䞿⼧㠦 ⹮╖䞮⓪ 㧦⓪ 䞲ῃ㠦 ╖䞲 ⹮㡃㧦⪲ Ṛ㭒♶ ộ㧊⧒⓪ ἓἶ₢㰖 䞮㡖㔋┞┺. 76. 130 㩫⿖Ṗ 㧦㔶㧊 ㍶䢎䞮⓪ ⌊ῃ㧎㠦Ợ 䡲䌳㦚 㭒ἶ㧦 㦮☚㩗㦒⪲ 㣎ῃ㧎 䒂㧦㧦㠦Ợ 䟟䞲 㹾⼚㦚 ὋṲ㩗㦒⪲ 㧦㧎䞮⓪ ἓ㤆⓪ ✲ⶒ㰖☚ ⳾⯊⋮, ⽎Ị㧊 ⹪⪲ ⁎⩂䞲 ἓ㤆㠦 䟊╏䞿┞┺. 128 㭧㞯◆㧒Ⰲ (JoongAng Daily) 2017. 7. 21.㧦 ⽊☚, “Park’s “Park’ paper trail grows longer, more detailed (⹫ 㩚 ╖䐋⪏ ὖ⩾ 㯳Ệ ⶎỊ ⋮㡊 ▪ ₎ἶ 㧦㎎䟊㪎)”, Exh C-74, 㩲 2 Ⳋ. 129 䞲Ỿ⩞ 2017. 1. 1.㧦 ⽊☚, “⹫⁒䡲 ╖䐋⪏ 1㧒 ㌞䟊 Ṛ╊䣢 㩚ⶎ”, Exh C-60 㩲 4, 5Ⳋ. 130 ⽎ⶎ 㩲57ⶎ┾ ⌊㣿 㺎㫆. 42 IV. ὖ䞶 ⹥ 㼃ῂ㩗ỿ 77. 䞲⹎ FTA㠦 ➆⧒ ῂ㎇♶ 㭧㨂䕦㩫⿖⓪ 䞲ῃ㧊 䡧㩫㦚 㥚⹮䞮㡖┺⓪ 㠮Ⰲ㠝㦮 㼃ῂ㠦 ╖䞲 ὖ䞶ῢ㦚 Ṗ㰧┞┺. A. 㠮Ⰲ㠝㦖 㩗㣿╖㌗䒂㧦⯒ 䞲 ⹎ῃ㦮 䒂㧦㧦㧚 78. 䡧㩫㠦⓪ ┺㦢ὒ ṯ㦖 ὖ⩾ 㩫㦮㫆䟃㧊 䙂䞾♮㠊 㧞㔋┞┺: a. “㼃ῂ㧎”㦖 “┺⯎ 㴓 ╏㌂ῃὒ㦮 䒂㧦⿚㨗㦮 ╏㌂㧦㧎 㠊ⓦ 䞲 㴓 ╏㌂ῃ㦮 䒂㧦㧦”⯒ 㦮⹎䞿┞┺(㩲11.28㫆); b. “╏㌂ῃ㦮 䒂㧦㧦”⓪ “┺⯎ 㴓 ╏㌂ῃ㦮 㡗㡃㠦 䒂㧦䞮⩺ἶ 㔲☚䞮Ệ⋮, 䒂㧦 㭧㧊Ệ⋮, ⡦⓪ 㧊⹎ 䒂㧦䞲 ╏㌂ῃ㦮 ῃ⹒ ⡦⓪ ₆㠛”㦚 䙂䞾䞿┞┺(㩲11.28㫆); c. “₆㠛”㦖 “䣢㌂, 㔶䌗, 䕢䔎⍞㕃, ┾☛㏢㥶₆㠛, 䞿㧧䒂㧦, 䡧䣢 ⡦⓪ 㥶㌂䞲 㫆㰗㦚 䙂䞾䞮㡂, 㡗Ⰲ⳿㩗㧎㰖㦮 㡂⿖㢖 ⹒Ṛ㧊⋮ 㩫⿖Ṗ ㏢㥶䞮Ệ⋮ 㩗㣿Ṗ⓻䞲 ⻫㠦 㰖⺆䞮ἶ ➆⧒ 㧞⓪㰖㦮 ῂ㎇♮Ệ⋮ 㡂⿖㠦 㫆㰗♲ ὖἚ㠜㧊, ⳾✶ 㔺㼊”⯒ 㦮⹎䞿┞┺(㩲1.4㫆). 79. 㠮Ⰲ㠝㦖 ⹎䞿㭧ῃ ◎⧒㤾㠊褳 ⻫㠦 ➆⧒ 㫆㰗♲ Ⰲ⹎䕆✲ 䕢䔎⍞㕃 㧊⸖⪲ ⽊䢎╖㌗㧎 “╏㌂ῃ㦮”, 㯟 ⹎ῃ㦮 “䒂㧦㧦”㠦 䟊╏䞿┞┺. 80. ⽎Ị 䞿⼧ ╏㔲 ⹲䟟㭒㔳㽳㑮㦮 㠮Ⰲ㠝㦖 㟓 䞲ῃ 䟊╏䞮⓪ 7.12%㠦 11,125,927㭒⯒ ㏢㥶䞮ἶ 㧞㠞㔋┞┺. 㩲1䟃 ⋮䢎 ⹥ 㩲11.28㫆㠦 ㌗㧻䣢㌂㧎 ➆⧒ ㌒㎇ⶒ㌆ 㦮ἆῢ 㧞⓪ ⽊䐋㭒㔳 㧊⩂䞲 㭒㔳⽊㥶⓪ 䡧㩫 㩲11.1㫆 ⽊䢎♮⓪ 䒂㧦㠦 㩲11.28㫆㠦 ➆⯊Ⳋ, 䒂㧦⧒ 䞾㦖 䒂㧦㧦Ṗ 㰗㩧㩗 ⡦⓪ Ṛ㩧㩗㦒⪲ ㏢㥶䞮Ệ⋮ 㰖⺆䞮⓪ ⳾✶ 㧦㌆㦒⪲㍲, 㧦⽎ ⡦⓪ ⁎ ⹬㦮 㧦㤦㦮 㟓㏣, 㧊✳ ⡦⓪ 㧊㥺㠦 ╖䞲 ₆╖, ⡦⓪ 㥚䠮㦮 Ṧ㑮㢖 ṯ㦖 䔏㰫㦚 43 ⽊䐋㭒㔳 䟊╏䞿┞┺. 䙂䞾䞮㡂, 䒂㧦㦮 䔏㰫㦚 Ṗ㰚 ộ㦚 Ⱖ䞲┺. 䒂㧦Ṗ 䀾䞶 㑮 㧞⓪ 䡫䌲⓪ ┺㦢㦚 䙂䞾䞲┺. … ⋮. 㭒㔳, 㯳ῢὒ ⁎ ⹬㦮 䡫䌲㦮 ₆㠛㠦 ╖䞲 㰖⿚ 㺎㡂 …. B. 㠮Ⰲ㠝㦮 㼃ῂ⓪ 㼃ῂ㩗ỿ㦚 Ṭ㿪ἶ 㧞㦢 81. 㠮Ⰲ㠝㦖 䞲ῃ㧊 䞲⹎ FTA 㩲11㧻 㩲1㩞㠦 ➆⯎ 㦮ⶊ⯒ 㥚⹮䞮㡖㦒Ⳇ, ⁎⩂䞲 㥚⹮㦒⪲ 㧎䞮㡂 㠮Ⰲ㠝㧊 ㏦㔺 ⡦⓪ ㏦䟊⯒ 㧛㠞┺⓪ 㼃ῂ⯒ 㩲₆䞿┞┺. ➆⧒㍲ 㠮Ⰲ㠝㦮 㼃ῂ⓪ 䡧㩫 㩲11.16㫆 㩲1䟃㦮 㔺㼊㩗 㣪Ị✺㦚 㿿㫇䞿┞┺. 82. ⡦䞲 㠮Ⰲ㠝㦖 ┺㦢ὒ ṯ㧊 䡧㩫 㩲11.16㫆 㩲2䟃 ⹥ ☯㫆 㩲3䟃㠦 ⳛ㔲♲ 㼃ῂ㦮 㭧㨂 㩲₆⯒ 㥚䞲 㩞㹾㩗 ㍶䟟㫆Ị☚ 㭖㑮䞮㡖㔋┞┺. a. 㦮㌂䐋⽊ ⹥ 㑯⩺₆Ṛ: 㠮Ⰲ㠝㦖 2018⎚ 4㤪 13㧒 㦮㌂䐋⽊㍲⯒ 㩲㿲䞮ἶ 㧊⯒ 䞲ῃ㦮 㰖㩫 ㏷╂㭒㏢㧎 ῃ㩲⻫ⶊὒ㠦 㧎䘎㦒⪲ ᾦ⿖ ㏷╂䞮㡖㔋┞┺. ⹪㢖 ṯ㧊 䡧㦮 㦮㌂䐋⽊㍲⓪ 䡧㩫 㩲11.15㫆Ṗ 㡞㩫䞮⓪ ⹥ 䡧㌗㦚 䐋䞮㡂 ⿚㨗㦚 䟊ἆ䞮☚⪳ ⏎⩻䞮Ỷ┺⓪ 㠮Ⰲ㠝㦮 㦮㌂⯒ 䚲㔲䞮ἶ 㧞㔋┞┺. 㦮㌂䐋⽊Ṗ 䞲ῃ㠦 ᾦ⿖♲ ➢⪲⿖䎆 90㧒㧊 ἓὒ䞮㡖㔋┞┺. b. 6Ṳ㤪㦮 ╖₆₆Ṛ: ⽎Ị 䞿⼧㦖 2015⎚ 9㤪㠦 㧊⬾㠊㪢㔋┞┺. ⽎ 㭧㨂䐋⽊㍲ ⹥ 㼃ῂ㍲Ⳋ㠦 ⳛ㔲♲ ⹪㢖 ṯ㧊 㠮Ⰲ㠝㦮 㼃ῂ 㤦㧎㧊 ♲ 㥚⻫䟟㥚⓪ ⁎ 䤚㠦 ⹳䡖㪢㔋┞┺. ➆⧒㍲ 㠮Ⰲ㠝㦮 㼃ῂ⓪ “㼃ῂ⯒ 㟒₆䞲 ㌂Ị㧊 ⹲㌳䞲 㰖 6㤪㧊 ἓὒ”䞮㡂㟒 䞲┺⓪ 䡧㩫 㩲11.16㫆 㩲3䟃㦮 㣪Ị㦚 㿿㫇䞿┞┺. C. ☯㦮 ⹥ 䙂₆㍲ 83. 䞲ῃ㦖 䡧㩫 㩲11.17㫆㠦 ➆⧒ 䡧㩫㌗ 㦮ⶊ㥚⹮㦚 㭒㧻䞮⓪ ⹎䞿㭧ῃ㦮 䒂㧦㧦✺㧊 㭧㨂 㼃ῂ⯒ 㩲₆䞮⓪ ộ㠦 ☯㦮䞮㡖㔋┞┺. 44 84. 㠮Ⰲ㠝㦖 ⽎ 㭧㨂䐋⽊㍲ ⹥ 㼃ῂ㍲Ⳋ㦒⪲㖾 䡧㩫 㩲11㧻㠦 ⳛ㔲♲ 㩞㹾㠦 ➆⯎ 㭧㨂㠦 ☯㦮䞿┞┺. 㠮Ⰲ㠝㦖 ⽎ 㭧㨂㦮 Ṳ㔲⯒ 㔏㧎䞮⓪◆ 䞚㣪䞲 㧒㼊㦮 ⌊⿖㩗 㫆䂮⯒ 䀾䞮㡖ἶ, 㝆Ⰲ 䋂⧒㤊㯞 㠮㠮䞒(Three Crowns LLP), 䅖㧊㠮䕢䔎⍞㓺(KL Partners) ⹥ 䆪ぢ⩞㞺ₖ 㠮㠮䞒(Kobre & Kim LLP)㠦 ⽎ 㭧㨂㠦㍲ 㠮Ⰲ㠝㦚 ╖Ⰲ䞶 ῢ䞲㦚 ⿖㡂䞮㡖㔋┞┺. 85. 㼃ῂ㧎㦖 䡧㩫 㩲11.18㫆 㩲2䟃㠦 㦮Ệ, 㠊ⓦ 䞲 㴓 ╏㌂ῃ ⻫㠦 ➆⯎ 䟟㩫㨂䕦㏢⋮ ⻫㤦, ⡦⓪ ⁎ ⹬㦮 ⿚㨗䟊ἆ㩞㹾㠦㍲ 㩲11.16㫆㠦 㠎 ♲ 㥚⹮㦚 ῂ㎇䞲┺ἶ 㭒㧻♮⓪ 㫆䂮㠦 ╖䞮㡂 㩞㹾⯒ Ṳ㔲䞶 ῢⰂ⯒ 䙂₆䞿┞┺.131 131 㠮Ⰲ㠝㦖 ⽎Ị 䞿⼧ὒ ὖ⩾䞮㡂 䞲ῃ㠦㍲ 㰚䟟♲ ㏢㏷㦮 ╏㌂㧦㡖㦒⋮ 䟊╏ ㏢㏷㩞㹾㠦 䞲ῃ㦚 ㌗╖⪲ 䞲 㼃ῂṖ 㑮⹮♮㠞▮ 㩗㦖 㠜㠞ἶ, 䞲ῃ ⻫㤦㧊⋮ 䟟㩫㨂䕦㏢㠦㍲ 㰚䟟♲ 㩞㹾㠦㍲ 㠮Ⰲ㠝㧊 䡧㩫㌗ 㦮ⶊ㥚⹮㦚 㭒㧻䞲 ㌂㔺☚ 㠜㦢. ➆⧒㍲ 䡧㩫 ⿖㏣㍲ 11-Ⱎ㦮 㩗㣿 㡂㰖⓪ 㠜㦢. 45 V. 䞲ῃ㦮 䞲⹎ FTA㌗ 㦮ⶊ 㥚⹮ 86. 㞚⧮㠦㍲ ㍺ⳛ䞮⓪ ⹪㢖 ṯ㧊, 䞲ῃ㦖 (Ṗ) Ὃ㩫䞮ἶ Ὃ䘟䞲 ╖㤆㢖 㿿⿚䞲 ⽊䢎 ⹥ 㞞㩚㦚 䙂䞾䞮㡂, ῃ㩲ὖ㔋⻫㌗ 㾲㏢₆㭖㠦 ➆⯎ ╖㤆⯒ ┺⯎ 㴓 ╏㌂ῃ 䒂㧦㧦㦮 䒂㧦㠦 ⿖㡂䞶 㦮ⶊ(㩲11.5㫆) ⹥ (⋮) ┺⯎ 㴓 ╏㌂ῃ㦮 䒂㧦㧦⯒ ῃ㩗㠦 ➆⧒ 㹾⼚䞮㰖 㞠㦚 㦮ⶊ(㩲11.3㫆) ❇ 䞲⹎ FTA㠦 ➆⯎ 㦮ⶊ✺㦚 㥚⹮ 䞮㡖㔋┞┺. ⁎ ἆὒ 㠮Ⰲ㠝㦖 㧊⩂䞲 䞲ῃ㦮 㦮ⶊ 㥚⹮㦒⪲ 㧎䞮㡂 㭧╖䞲 ㏦㔺㦚 㧛㠞㔋┞┺. A. 㩲11.5㫆 㥚⹮ 87. 䞲ῃ㦮 䟟㥚✺㦖, Ὃ㩫䞮ἶ Ὃ䘟䞲 ╖㤆⯒ 䙂䞾䞲 ῃ㩲ὖ㔋⻫㌗ ╖㤆㦮 㾲㏢₆㭖 㥚⹮㦚 ῂ㎇䞮⓪ ⹪, 㧊⓪ 䞲⹎ FTA 㩲11.5㫆㠦 ⳛ⺇䞮Ợ ⹮䞮⓪ ộ㧛┞┺. 88. 䞲⹎ FTA 㩲11.5㫆⓪ ┺㦢ὒ ṯ㧊 ′㩫䞮ἶ 㧞㔋┞┺. 1. ṗ ╏㌂ῃ㦖 Ὃ㩫䞮ἶ Ὃ䘟䞲 ╖㤆㢖 㿿⿚䞲 ⽊䢎 ⹥ 㞞㩚㦚 䙂䞾䞮㡂, ῃ㩲ὖ㔋⻫㠦 ➆⯎ ╖㤆⯒ 㩗㣿╖㌗䒂㧦㠦 ⿖㡂䞲┺. 2. ⽊┺ ⳛ䢫䧞 䞮₆ 㥚䞮㡂, 㩲1䟃㦖 㣎ῃ㧎㦮 ╖㤆㠦 ╖䞲 ῃ㩲ὖ㔋⻫㌗ 㾲㏢₆㭖㦚 㩗㣿╖㌗ 䒂㧦㠦 ⿖㡂䞮㡂㟒 䞶 ╖㤆㦮 㾲㏢₆㭖㦒⪲ ′㩫䞲┺. “Ὃ㩫䞮ἶ Ὃ䘟䞲 ╖㤆”㢖 “㿿⿚䞲 ⽊䢎 ⹥ 㞞㩚”㧊⧒⓪ Ṳ⎦㦖 ⁎⩂䞲 ₆㭖㧊 㣪ῂ䞮⓪ ộ㠦 㿪Ṗ㩗㧎 ⡦⓪ 㧊⯒ 㽞ὒ䞲 ╖㤆⯒ 㣪ῂ䞮㰖 㞚┞䞮Ⳇ, 㿪Ṗ㩗㧎 㔺㰞㩗 ῢⰂ⯒ 㺓㍺䞮㰖 㞚┞䞲┺. Ṗ. 㩲1䟃㦮 “Ὃ㩫䞮ἶ Ὃ䘟䞲 ╖㤆”⯒ 㩲Ὃ䞶 㦮ⶊ⓪ ㎎Ἒ㦮 㭒㣪 ⻫⮶㼊Ἒ㠦 ῂ䡚♲ 㩗⻫ 㩞㹾㦮 㤦䂯㠦 ➆⧒ 䡫㌂·⹒㌂ ⡦⓪ 䟟㩫㩗 㕂䕦㩞㹾㠦 㧞㠊㍲㦮 㩫㦮⯒ ⿖㧎䞮㰖 㞚┞䞶 㦮ⶊ⯒ 䙂䞾䞲┺. ⁎Ⰲἶ ⋮. 㩲1䟃㦮 “㿿⿚䞲 ⽊䢎 ⹥ 㞞㩚”㦚 㩲Ὃ䞶 㦮ⶊ⓪ ṗ ╏㌂ῃ㧊 ῃ㩲ὖ㔋⻫㠦 ➆⧒ 㣪ῂ ♮⓪ 㑮㭖㦮 ἓ㺆⽊䢎⯒ 㩲Ὃ䞮☚⪳ 㣪ῂ䞲┺. 46 89. ⿖㏣㍲ 11-Ṗ⓪ ┺㦢ὒ ṯ㧊 ′㩫䞮ἶ 㧞㔋┞┺. ῃ㩲ὖ㔋⻫. 㟧 ╏㌂ῃ㦖, 㧒⹮㩗㦒⪲ […] “ῃ㩲ὖ㔋⻫”㧊 ῃṖṖ ⻫㩗 㦮ⶊṦ㦒⪲⿖䎆 ➆⯊⓪ 㧒⹮㩗㧊ἶ 㧒ὖ♲ ῃṖὖ䟟㦒⪲⿖䎆 ₆㧎䞮⓪ ộ㧊⧒⓪ 㟧 ╏㌂ῃ㦮 Ὃ㥶♲ 㟧䟊⯒ 䢫㧎䞲┺. 㩲11.5㫆㠦 ╖䞮㡂, 㣎ῃ㧎㦮 ╖㤆㠦 ╖䞲 ῃ㩲ὖ㔋⻫㌗ 㾲㏢₆㭖㦖 㣎ῃ㧎㦮 ἓ㩲㩗 ῢⰂ㢖 㧊㧋㦚 ⽊䢎䞮⓪ ⳾✶ ῃ㩲ὖ㔋⻫㌗ 㤦䂯㦚 㰖䃃䞲┺. 90. 㩲11.5㫆㦮 ⶎ㠎㦚 䐋䟊 㞢 㑮 㧞❅㧊, 䞲⹎ FTA㌗ “㣎ῃ㧎㦮 ╖㤆㠦 ╖䞲 ῃ㩲ὖ㔋⻫㌗ 㾲㏢₆㭖”㦖 Ὃ㩫䞮ἶ Ὃ䘟䞲 ╖㤆㦮 Ṳ⎦㦚 䒂㧦㫆㟓 ὖ⩾ ⿚㨗㠦 㧞㠊㍲ ┺㑮 䕦㩫⿖✺㦖 䙂䞾䞮⓪ ộ㧛┞┺. 132 㧊⩂䞲 㧛㧻㦚 㧎㩫䟊㢪㔋┞┺.133 91. Bilcon v Canada ㌂Ị㠦㍲ 䕦㩫⿖Ṗ Ỗ䏶䞲 ⹪㢖 ṯ㧊, Waste Management ㌂Ị㦮 䕦㩫⿖Ṗ 䢫Ⱃ䞲 䞲⹎ FTA 㩲11.5㫆㠦 ㌗㦧䞮⓪ NATFA 㫆䟃㧎 ‘㩲1105㫆㦮 㧒⹮㩗㧎 ₆㭖’㦖 䔏䧞 㡗䟻⩻㧊 㧞㠊㍲ ┺㑮㦮 ┺⯎ 䕦㩫⿖✺☚ NAFTA ⻫⮶㧦⬢✺㦮 䟊㍳㦚 ⹪䌫㦒⪲ 䞲 ῃ㩲㩗 㾲㏢₆㭖㠦 ὖ䞲 䟊╏ ₆㭖㦚 㩗㣿䞮㡂 㢪㔋┞┺. 134 ῃ㩲㩗 㾲㏢₆㭖㠦 ὖ䞲 ⡦䞲, Waste Management ㌂Ị㦮 䕦┾㦖, NAFTA㢖 䞲⹎ FTA㌗㦮 ╖㤆㦮 132 䞲⹎ FTA 㩲11.5㫆㠦 ➆⧒ 㠮Ⰲ㠝㠦Ợ ⽊㧻♮⓪ ⽊䢎㦮 㩫☚Ṗ, 䞲ῃ-㞢⹪┞㞚 㟧㧦Ṛ 2003⎚ 䒂㧦⽊㧻䡧㩫, Exh CLA-20 㩲2.2㫆; 䞲ῃ-㌂㤆❪㞚⧒゚㞚 㟧㧦Ṛ 2002⎚ 䒂㧦⽊㧻䡧㩫, Exh CLA-19 㩲2.1㫆; 䞲ῃ-㞢㩲Ⰲ 㟧㧦Ṛ 1999⎚ 䒂㧦⽊㧻䡧㩫, Exh CLA-18 㩲2.2㫆 ❇ ⶊ㫆Ị㩗㧎 Ὃ䘟䞮ἶ Ὃ㩫䞲 ╖㤆㠦 ὖ䞲 㦮ⶊ⯒ ⳛ㔲㩗㦒⪲ ′㩫䞲 㫆㟓 ′㩫㠦 㦮䟊 ⿖㡂♮⓪ ⽊䢎㠦 ゚䞮㡂 ⌄┺ἶ 䞲ῃ㧊 㭒㧻䞶 ἓ㤆, 㠮Ⰲ㠝㦖 㧊⩂䞲 䟟㥚Ṗ 䞲⹎ FTA 㩲11.4㫆㠦 ′㩫♲ 㾲䡲ῃ ╖㤆㠦 ⹮䞮⓪ ộ㧊⧒ἶ 㭒㧻䞶 ῢⰂ⯒ 㥶⽊䞾. 133 Rumeli Telekom A.S. and Telsim Mobil Telekomunikasyon Hizmetleri A.S. v. Republic of Kazakhstan ㌂Ị (ICSID Case No. ARB/05/16) 2008. 7. 29.㧦 䕦㩫ⶎ, Exh CLA-14 㩲611ⶎ┾ (“╏㌂㧦✺㧊 㧊ἂ㦚 ⽊㧊⓪ 㥶㧒䞲 㩦㦖 䟊╏ Ṳ⎦㧊 䞒㼃ῂῃ㠦 ῃ㩲㩗 㾲㏢⽊䢎₆㭖㦚 㽞ὒ䞮⓪ 㦮ⶊ⯒ ⹲㌳㔲䋺㰖 㞠⓪┺⓪ 䞒㼃ῂῃ㦮 㧛㧻㧊┺. ⽎ 㭧㨂䕦㩫⿖⓪ ⁎⩂䞲 㩫⹖䞲 Ṳ⎦㦖 㔺㩲㩗㧊⧒₆ ⽊┺⓪ 㧊⪶㩗㧎 ộ㦒⪲ ⽎┺. 㧊㠦 ⽎ 㭧㨂䕦㩫⿖⓪ Ὃ㩫䞮ἶ Ὃ䘟䞲 ╖㤆㦮 㾲㏢₆㭖ὒ 㔺㰞㩗㦒⪲ ┺⯊㰖 㞠┺⓪ ┺⯎ ICSID 䕦㩫⿖✺㦮 㦮ἂ㠦 ☯㦮䞲┺”) ❇ 㺎㫆. 134 Waste Management Inc v.United Mexican States (II) ㌂Ị (ICSID Case No. ARB(AF)/00/3) 2004. 4. 30.㧦 䕦㩫ⶎ, Exh CLA-16 㩲98ⶎ┾㦚 㧎㣿䞮ἶ 㧞⓪ Clayton and Bilcon of Delaware Inc. v. Government of Canada ㌂Ị (PCA Case No. 2009-04) 2015. 3. 17.㧦 ὖ䞶 ⹥ 㺛㧚㠦 ὖ䞲 䕦㩫ⶎ, Exh CLA-3 㩲442ⶎ┾. 47 㾲㏢₆㭖㠦 ὖ䞲 㫆䟃㠦 ㌗㦧䞮⓪ 㫆䟃㦚 䙂䞾䞮ἶ 㧞⓪ ☚⹎┞䃊Ὃ䢪ῃ㭧⹎-⹎ῃ 㧦㥶ⶊ㡃䡧㩫ὒ ὖ⩾䞮㡂 ⹲㌳䞲 Railroad Development v Guatemala ㌂Ị ❇ NAFTAṖ 㩗㣿♮㰖 㞠⓪ ㌂㞞㦮 ἓ㤆㠦☚ ⹱㞚✺㡂㪎 㢪㔋┞┺.135 92. Waste Management ㌂Ị 䕦㩫⿖㦮 䕦┾㦖 ┺㦢ὒ ṯ㔋┞┺. ㌂⻫㩞㹾㠦㍲ ╏㡆䞲 㩫㦮Ṗ ⳛ⺇䧞 㫢㩞♮Ệ⋮, 䟟㩫㩞㹾㠦㍲ 䒂ⳛ㎇ὒ Ὃ䘟㎇㧊 㩚㩗㦒⪲ 㫊㨂䞮㰖 㞠⓪ ἓ㤆㢖 ṯ㧊 㧦㦮㩗㧊ἶ, 㰖⁏䧞 ⿞Ὃ㩫䞮Ⳇ, 㼃ῂ㧎㦚 ⿖╏䞮Ệ⋮ ₆㧊䞮ἶ, 㰖㡃㩗, 㧎㫛㩗 㩗⻫㩞㹾Ṗ ἆ㡂♮㠊 㹾⼚㩗㧊Ⳇ, 䘎ἂ㠦 ⏎㿲㔲䋺Ệ⋮ ㌂⻫㩗 䌖╏㎇㦚 䟊䂮⓪ ἆὒ⯒ 㟒₆䞮⓪ 䟟㥚⓪ ῃṖ㦮 䟟㥚⪲ Ὃ㩫䞮ἶ Ὃ䘟䞲 ╖㤆㦮 㼃ῂ㧎㠦Ợ ₆㭖㦚 䟊⯒ 㾲㏢₆㭖㦚 㧛䧢 㩗㣿䞮Ⳋ, 䂾䟊䞲 ộ㧊┺. 䟊╏ ộ㧊Ⳇ 㧊⩂䞲 䕦┾ ╖㤆⓪ 㼃ῂ㧎㧊 䞿Ⰲ㩗㦒⪲ 㔶⬆䞲 䞒㼃ῂῃ㦮 㰚㑶㠦 㥚⹮♲┺ἶ ⽊⓪ ộ㧊 䌖╏䞮┺.136 135 Railroad Development v Republic of Guatemala ㌂Ị (ICIS Case No. ARB/07/23) 2012. 6. 29.㧦 䕦㩫ⶎ, Exh CLA-13, 㩲219ⶎ┾ (“䟊╏ ₆㭖㦮 ⌊㣿ὒ ὖ⩾䞮㡂, ⽎ 㭧㨂䕦㩫⿖⓪ NAFTA 㩲1105㫆㦮 㕂㌂ ₆㭖㦚 Ỗ䏶䞾㠦 㧞㠊 NAFTA 䕦㩫ⶎ✺㦚 ㌊䘊⽎ ⛺ Waste Management II ㌂Ị㦮 㭧㨂䕦㩫⿖Ṗ ☚╂䞲 ἆ⪶㦚 㺎ἶ䞮㡂 㺚䌳䞲┺… ⽎ 㭧㨂䕦㩫⿖⓪ Waste Management II ㌂Ị㦮 䕦㩫ⶎ㧊 ὒỆ NAFTA ὖ⩾ ㌂Ị 䕦㩫⿖✺㠦 㦮䞲 ⑚㩗♲ ⿚㍳ἆὒ⯒ ㍺✳⩻ 㧞Ợ 䐋䞿䞮ἶ 㾲㏢╖㤆₆㭖㠦 ὖ䞲 ‶䡫 㧷䧢 ⌊㣿㦚 ⹮㡗䞮ἶ 㧞┺ἶ 䕦┾䞲┺. 㧊㠦 ⽎ 㭧㨂䕦㩫⿖⓪ ⽎ ㌂Ịὒ ὖ⩾䞮㡂 Waste Management II ㌂Ị㦮 㾲㏢₆㭖㠦 ὖ䞲 䕦┾㦚 㺚䌳䞲┺”). 136 Mobil Investments Canada Inc. & Murphy Oil Corporation v Canada ㌂Ị (ICSID Case No. ARB(AF)/07/04) 2012. 5. 22.㧦 㺛㧚㎇ὒ ⺆㌗㞷 㤦䂯㠦 ὖ䞲 ἆ㩫ⶎ 㩲141ⶎ┾, Exh CLA-10㠦㍲ 㧎㣿♲ Waste Management Inc v. United Mexican States (II) ㌂Ị (ICSID Case No. ARB(AF)/00/3) 2004. 4. 30.㧦 䕦㩫ⶎ Exh CLA-16 㩲98ⶎ┾; Cargill, Incorporated v. United Mexican States ㌂Ị (ICSID Case No. ARB(AF)/05/2) 2009. 9. 18.㧦 䕦㩫ⶎ, Exh CLA2 㩲283ⶎ┾; Bilcon of Delaware Inc. and others v. Government of Canada ㌂Ị (PCA Case No. 2009-04) ὖ䞶 ⹥ 㺛㧚㎇⿖ ὖ⩾ 䕦㩫ⶎ, Exh CLA-3, 㩲442ⶎ┾. 48 93. Ὃ㩫䞮ἶ Ὃ䘟䞲 ╖㤆 ₆㭖㦮 㩗㣿㦖 ㌂㔺ὖἚ㢖 ㌂㞞㠦 ➆⧒ ╂⧒㰚┺ ἶ⓪ 䞮⋮ 137 , 㞴㍲ 㠎 ♲ 䞲ῃ㦮 䟟㥚⓪ 㥚㢖 ṯ㦖 䕦㔲 ㌂䟃✺ 㭧 ┺㑮㠦 䟊╏䞮⸖⪲ ῃ㩲ὖ㔋⻫㌗ ╖㤆㦮 㾲㏢₆㭖㠦 ⿖䞿䞮㰖 㞠㔋┞┺. 94. 㧊㢖 ὖ⩾䞮㡂 㠮Ⰲ㠝㦮 㼃ῂ 㭧 㧒⿖㠦 䟊╏䞮⓪ 㧦㦮㎇㦮 ⶎ㩲㠦 ╖䟊 㭧㨂䕦㩫⿖Ṗ ἶ⩺䞮㔺 䞚㣪Ṗ 㧞㔋┞┺. 䔏㩫 ῃṖ㦮 㡂⿖㧛┞┺.138 䟟㥚Ṗ 㩫╏䞲 㧦㦮㎇㦮 㭧㣪䞲 䕦┾₆㭖㦖 Ὃ㧋ὒ 䞿Ⰲ㩗㧎 ὖἚṖ 㧞⓪㰖 ⁎⩆◆, ⽎Ị㠦㍲ 䞲ῃ㦮 㫆䂮㠦 ὖ䞮㡂 㧎㩫♲ ‘㧊㥶✺’ - ⹥ 䕦ἆ㠦 ➆⧒ ⹳䡖㰚 㰚㩫䞲 ☯₆✺ - 㦖 ゚Ⰲ㢖 䘎ἂ㧛┞┺. ゚Ⰲ㢖 䘎ἂ㧊 㩫╏䞲 Ὃ㧋㧊 㞚┞⧒⓪ 㩦㦖 ⍞ⶊ⋮ ⳛ⺇䞮Ⳇ, Ὃ㩗㧎 ⳿㩗ὒ㦮 ‘䞿Ⰲ㩗㧎 ὖἚ’Ṗ 㠜┺⓪ 㩦㠦 ╖䟊㍲⓪ 㦮ⶎ㦮 㡂㰖Ṗ 㠜㔋┞┺. 䞲ῃ㦮 㫆䂮✺㦖 㧦㦮㩗㧎 ộ㧒 ㈦Ⱒ 㞚┞⧒, 㰚㩫䞲 ⡦⓪ 㩫╏䞲 Ὃ㧋㦮 Ṳ⎦㠦 㩗⁏㩗㦒⪲ ⹮䞮⓪ ộ㧊㠞㦒Ⳇ, 㩫⿖㠦 㡺ⳛ㦚 㽞⧮䟞㦢㦖 ⶒ⪶ ῃ⹒㡆⁞ 㑮㧋 ⹥ 㑮⺇Ⱒ 䞲ῃ㧎✺㦮 㦖䑊 䤚 ㌌㦮 㞞㩫㎇㠦 㞛㡗䟻㦚 ⹎㼺㔋┞┺. ῃ⹒㡆⁞ ὖἚ㧦✺㦖, (䞿⼧゚㥾㧊 㩲㧒⳾㰗㠦 㥶Ⰲ䞮₆ ➢ⶎ㠦) ῃ⹒㡆⁞ Ⰲ㍲䂮䕖㠦 Ⱒ✺㠊⌎ 䞿⼧゚㥾㧎 1:0.46㠦 ₆㽞䞮ἶ ⡦䞲 ῃ⹒㡆⁞㧊 㩲㧒⳾㰗 㰖⿚㦚 ⽊㥶䞾㠦 ➆⧒ ㏦㔺㧊 㧒⿖ Ṧ㏢♮⓪ ộ㦚 ἶ⩺䞮▪⧒☚, ῃ⹒㡆⁞㠦 ṫ㣪♲ ⽎Ị 䞿⼧㠦 ╖䞲 㺂㎇ 䚲ἆ⪲ 㧎䞲 ㏦㔺㧊 㾲㏢ 1,388㠋 㤦㠦 ╂䞶 ộ㦒⪲ 㿪㌆䞮㡖㔋┞┺.139 95. ⡦䞲 䞲ῃ㦮 䟟㥚㠦⓪ ῃ⹒㡆⁞ ⌊⿖㦮 䞚㣪䞲 㩗⻫㩞㹾Ṗ ἆ㡂♮㠊 㧞㔋┞┺. ὖἚ㧦✺㧊 㼃ῂ㧎㦖 㞴㍲ 㼃㢖╖, ⽊Ị⽋㰖⿖ ⹥ ῃ⹒㡆⁞㦮 ἶ㥚 㰗㩧 Ṳ㧛䞮㡂 ῃ⹒㡆⁞㦮 ⌊⿖㩞㹾⯒ ⿖㩗㩞䞮Ợ 137 Mondev International Ltd v. United States of America ㌂Ị (ICSID Case No ARB(AF)/99/2) 2002. 10. 11.㧦 䕦㩫ⶎ, Exh CLA-11, 㩲118ⶎ┾ ❇ 㺎㫆. 138 Joseph Charles Lemire v Ukraine ㌂Ị (ICSID Case No. ARB/06/18) 2010. 1. 14.㧦 ὖ䞶 ⹥ 㺛㧚㠦 ὖ䞲 䕦㩫ⶎ, Exh CLA-8, 㩲262-263ⶎ┾ (㩲262ⶎ┾㠦 ➆⯊Ⳋ, 㧦㦮㎇ὒ ὖ⩾♲ 㰫䤚⪲⓪, ⻫㩗 ₆㭖㧊 㞚┢ 㨂⨟, 䘎ἂ ⡦⓪ Ṳ㧎㩗 ㍶䢎㠦 ₆㽞䞲 㫆䂮, 㦮㌂ἆ㩫㧦Ṗ 㩲㔲䞲 㧊㥶㢖 ┺⯎ 㧊㥶⪲ 䀾䞮㡂㰚 㫆䂮 ⹥ 㩗⻫㩞㹾 ⹥ 㩗㩫䞲 㩞㹾⯒ 㦮☚㩗㦒⪲ ⶊ㔲䞲 㺚 䀾䞮㡂㰚 㫆䂮Ṗ 㧞㦢). 139 ⶎ䡫䚲/ ⶎ䡫䚲/䢣㢚㍶㠦 /䢣㢚㍶㠦 ╖䞲 ㍲㤎㭧㞯㰖⹿⻫㤦 2017. 6. 8. ㍶ἶ 2017ἶ䞿34, 183(⼧䞿) 䕦ἆ, Exh C-69, 㩲15Ⳋ. 49 䂾䟊䞮㡖ἶ, ⁎⪲ 㧎䟊 ㌒㎇㧊 㩲㞞䞲 ⿞Ὃ㩫䞲 㫆Ị㠦 ➆⧒ ῃ⹒㡆⁞㧊 㢚㩚䧞 㧦㦮㩗㦒⪲ ₆㨂䞮㡖㔋┞┺. ⽎Ị 䞿⼧㠦 㺂㎇䞮☚⪳ ἆ㩫䞮Ợ 䞲 ㌂㔺㦚 㧊㢖 ṯ㦖 Ṳ㧛㦖 ⰺ㤆 ゚㩫㌗㩗㧎 䟟㩫㩞㹾⪲㍲ ⁎ 㧦㼊⪲ ῃ㩲ὖ㔋⻫㌗ ╖㤆㦮 㾲㏢₆㭖㠦 ⹮䞮⓪ ộ㧛┞┺. 96. 㧊⩂䞲 䞲ῃ㦮 㥚⹮䟟㥚⓪, ῃ⹒㡆⁞㦮 ἆ㩫㧊 ゚Ⰲ䟟㥚㢖 ῃ㑮㭒㦮㩗 䘎ἂ㠦 㦮䟊 㧊⬾㠊㪢㦒Ⳇ, ῃ㑮㭒㦮㩗 䘎ἂ㦖 㹾⼚㩗㧊ἶ 㼃ῂ㧎㦚 㧎㫛㩗, ῃ㑮㭒㦮㩗 䘎ἂ㠦 ⏎㿲㔲䌊㦒⪲㖾 ╖㤆㦮 㾲㏢₆㭖㠦 ⳛ⺇䞮Ợ 㥚⹮♲ ╖㤆㠦 䟊╏䞲┺⓪ 㩦㠦㍲ ⁎ 㥚⹮㦮 㩫☚Ṗ 㕂ṗ䞿┞┺. 97. 㠮Ⰲ㠝㦖, Waste Management 䕦㩫ὒ 㧊㠦 ➆⯎ 㧊䤚㦮 Ⱔ㦖 ㌂Ị✺㠦㍲ 䢫Ⱃ♲ ⹪㢖 ṯ㧊, 䡚╖ ῃ㩲ὖ㔋⻫㌗ 㣎ῃ㧎㠦 ╖䞲 ╖㤆㦮 㾲㏢₆㭖㦖 䒂㧦㧦✺㠦 ╖䞲 Ὃ㩫䞮ἶ Ὃ䘟䞲 ╖㤆⯒ 㣪ῂ䞮ἶ 㧞┺⓪ 㩦㦚 ⽎ 㭧㨂 ㌂Ị㦮 ⁏䧞 㡞㣎㩗㧎 ㌂㔺ὖἚ⯒ ἶ⩺䟞㦚 ➢ – Ⱖ㝖✲Ⱃ┞┺. 㩫⿖㦮 Ὃ㧋㧊⧒⓪ ⳿㩗㧊 ⁎ 㑮┾㠦 㦮䟊 㿿⿚䧞 㩫╏䢪♮⓪㰖 㡂⿖㠦 ὖ䞲 ㌗㎎䞲 䕦┾㠦 㦮䞶 䞚㣪☚ 㠜㧊 㧊⹎ 㧛㯳♲ 㥚⻫ὒ ⿖㔺䟟㩫㠦 ゚㿪㠊⽒ ➢ – 㠊⟶䞲 ἓ㤆㠦☚ 䞲ῃ㦮 䟟㥚⓪ ῃ㩲⻫㌗ 㧎㩫♶ 㑮 㧞⓪ Ṗ㧻 ⌄㦖 “㾲㏢₆㭖”㠦☚ ⹎䂮㰖 ⴑ䞿┞┺. ╖㤆㦮 㾲㏢₆㭖㠦 ὖ䞲 ὒỆ㦮 㩚䡫㩗㧎 䕦㔲㠦 㦮䞮Ⳋ, ⿖㩫䞲 ㌂㧋 ⹥ ῃ㑮㭒㦮㩗㧎 䘎ἂ㧊 ☯₆Ṗ ♲ 䟟㥚✺㦖 “䎆ⶊ┞㠜⓪ 䟟㥚, 㔶㦮㎇㔺㠦 ⹮䞮⓪ 䟟㥚, ἶ㦮㩗㧎 㦮ⶊ 䟊䌲, ⡦⓪ 㠊⟶䞲 䞿Ⰲ㩗㧊ἶ Ὃ䘟䞲 ㌂⧢㧊 ⽊▪⧒☚ ⁎ ⿖㩗㩞㎇㦚 㓓Ợ 㧎㔳䞶 㑮 㧞㦚 㩫☚⪲ ῃ㩲㩗㧎 ₆㭖㠦 ⹎╂♮⓪ ⿖㩗㩞䞲 㩫⿖ 䟟㥚”⪲ ⶊⰂ㠜㧊 ㍺ⳛ♶ 㑮 㧞㔋┞┺.140 98. 䞲ῃ㦮 䟟㥚Ṗ 䞲⹎ FTA 㩲11.5㫆㠦 ⹮䞲┺⓪ 㩦㦖 1926⎚ 㧊⧮ ῃ㩲ὖ㔋⻫㦮 ⼖㻲, 䔏䧞 “㿿ỿ㩗㧊ἶ 䎆ⶊ┞㠜㦢”㠦 ╖䞲 ῃ㩲㩗㧎 㔲ṗ㦮 ⼖㻲㦚 ἶ⩺䞮㡖㦚 ➢ ▪㤇 ⳛ⺇䞶 ㈦㧛┞┺.141 140 Neer v. United Mexican States ㌂Ị 1926. 10. 15.㧦 䕦㩫ⶎ (Reports of International Arbitration Awards 㩲4ῢ㠦 㑮⪳), Exh CLA-12 㩲61-62Ⳋ 㺎㫆. 141 Railroad Development v. Republic of Guatemala ㌂Ị (ICIS Case No. ARB/07/23) 2012. 6. 29.㧦 䕦㩫ⶎ, Exh CLA-13, 㩲218ⶎ┾ 㺎㫆. 50 B. 99. 㩲11.3㫆 㥚⹮ 㣎ῃ䒂㧦㧦㧎 㠮Ⰲ㠝㠦 ╖䞲 䞲ῃ㦮 ῃ㑮㭒㦮㩗㧎 䘎ἂ㦖 䞲ῃ㦒⪲ 䞮㡂⁞ ⹎ῃ 䒂㧦㧦✺㦚 㹾⼚䞮㰖 㞠㦚 ộ㦚 ′㩫䞲 䞲⹎ FTA 㩲11.3㫆㠦☚ ⹮䞮⓪ ộ㧛┞┺. 1. ṗ ╏㌂ῃ㦖 㧦ῃ 㡗㡃⌊ 䒂㧦㦮 ㍺Ⱃ·㧎㑮· 䢫㧻·ἓ㡗·㡗㠛·㤊㡗ὒ ⰺṗ ⡦⓪ ⁎ ⹬㦮 㻮⿚㠦 ╖䞮㡂 ☯㫛㦮 ㌗䢿㠦㍲ 㧦ῃ 䒂㧦㧦㠦Ợ ⿖㡂䞮⓪ ộ⽊┺ ⿞Ⰲ䞮㰖 㞚┞䞲 ╖㤆⯒ ┺⯎ 㴓 ╏㌂ῃ㦮 䒂㧦㧦㠦Ợ ⿖㡂䞲┺. 2. ṗ ╏㌂ῃ㦖 䒂㧦㦮 ㍺Ⱃ·㧎㑮· 䢫㧻·ἓ㡗·㡗㠛·㤊㡗ὒ ⰺṗ ⡦⓪ ⁎ ⹬㦮 㻮⿚㠦 ╖䞮㡂 ☯㫛㦮 ㌗䢿㠦㍲ 㧦ῃ 䒂㧦㧦㦮 㧦ῃ 㡗㡃⌊ 䒂㧦㠦 ⿖㡂䞮⓪ ộ⽊┺ ⿞Ⰲ䞮㰖 㞚┞䞲 ╖㤆⯒ 㩗㣿╖㌗䒂㧦㠦 ⿖㡂䞲┺. 100. 㧊㢖 㥶㌂䞲 䡧㩫㌗ ⶎῂ⯒ 䟊㍳䞾㠦 㧞㠊㍲ 㭧㨂䕦㩫⿖✺㧊 㧎㩫䞲 ⹪㢖 ṯ㧊, NAFTA㢖 㥶㌂䞲 䡧㟓✺㦮 㧒⿖⪲ 䙂䞾♲ ⌊ῃ⹒ ╖㤆㦮 Ṳ⎦㦖 ῃ㩗㠦 ⁒Ệ䞲 ⡦⓪ “ῃ㩗㌗㦮 㧊㥶㠦 㦮䞲” 㹾⼚㦚 ⹿㰖䞮₆ 㥚䟊 ἶ㞞♲ ộ㧊 ⳛ⺇䞿┞┺. (⹎ῃ Statement of Administration Action 㩲1102㫆)142 101. 䞲ῃ㦮 㫆䂮⓪ ῃ㩗㦚 ⁒Ệ⪲ 䞮㡂 㠮Ⰲ㠝㦚 㹾⼚䞲 ộ㧛┞┺. 䔏䧞 䞲ῃ㦖, ⌊ῃ㧎 㭒㭒㧎 㧊㨂㣿 㧒Ṗ㠦 㥶Ⰲ䞮ἶ ⡦䞲 㾲㍶㦮 㧊㧋㧊 ♮☚⪳ 䞮₆ 㥚䟊 ⁎Ⰲἶ 㣎ῃ䒂㧦㧦㧎 㠮Ⰲ㠝㠦 ╖䞲 㩗Ṳ㕂㠦 㦮䟊 ⽎Ị 䞿⼧㠦 Ṳ㧛䞮㡖㔋┞┺. 䞲ῃ㧊 㧊⩂䞲 ⹿㔳ὒ 㧊㥶⪲ Ṳ㧛䞮㰖 㞠㞮┺Ⳋ ⽎Ị 䞿⼧㦖 ⶊ㌆♮㠞㦚 ộ㧊ἶ, 㠮Ⰲ㠝㦖 Ⱏ╖䞲 㨂㩫㩗 142 Marvin Feldman v United Mexican States ㌂Ị (ICSID Case No. ARB(AF)/99/1) 2002. 12. 16.㧦 䕦㩫ⶎ, Exh CLA-9, 㩲181ⶎ┾; Corn Products International, Inc. v. The United Mexican States ㌂Ị (ICSID Case No. ARB(AF)/04/01) 2008. 1. 15.㧦 㺛㧚㠦 ὖ䞲 ἆ㩫ⶎ, Exh CLA-4, 㩲109ⶎ┾ (“… [⌊ῃ㧎 ╖㤆㦮 ₆㭖㠦 ὖ䞮㡂 ′㩫䞮ἶ 㧞⓪ NAFTA] 㩲1102㫆Ṗ ῃ㩲ⶊ㡃⻫ ⹥ ῃ㩲䒂㧦⻫ ⳾⚦㠦 㧞㠊㍲ ⁒⽎㩗㦒⪲ 㭧㣪䞲 㤦䂯㧎 㹾⼚⁞㰖㤦䂯㦚 ῂ䡚䞮⓪ ộ㧊⧒⓪ ㌂㔺㦚 㤆㍶㩗㦒⪲ 㰖㩗䞲┺”). 51 ㏦㔺㦚 㧛㰖 㞠㞮㦚 ộ㧛┞┺. 㧊⩂䞲 Ṳ㧛㦖 㩲11.3㫆㦮 ⳿㩗㌗ 㠮Ⰲ㠝㠦Ợ ☯㫛㦮 ㌗䢿㠦㍲ 㧦ῃ 䒂㧦㧦㠦Ợ ⿖㡂䞮⓪ ộ⽊┺ ⿞Ⰲ䞲 ╖㤆⯒ ⿖㡂䞲 ộ㠦 䟊╏䞿┞┺.143 102. 㹾⼚㩗㧎 㦮☚㠦 ╖䞲 㯳ỆṖ 㫊㨂䞮⓪ ộ㦖 䒂㧦㫆㟓㠦 ὖ䞲 㭧㨂㠦 㧞㠊㍲ 㩫Ⱖ⪲ ✲ⶎ 㧒㧛┞┺. 㧊⩂䞲 ₢╃㠦 ⌊ῃ⹒ ╖㤆⯒ 䞮㰖 㞠㞮┺⓪ 㭒㧻㦖, 㥶㌂䞲 ㌗䢿㠦 ⏩㧎 䒂㧦㧦✺㠦 ╖䞮㡂 ㍲⪲ ┺⯎ ╖㤆⯒ ⿖㡂䟞┺⓪ 㔳㦮 㹾⼚㠦 ╖䞲 Ṛ㩧㩗㧎 㯳Ệ㠦 㦮㫊䞮⓪ ộ㧊 ⽊┺ 㧒⹮㩗㧛┞┺. ⁎⩂⋮ 㥶Ṧ㓺⩓Ợ☚, ⽎Ị㦖 㩫⿖Ṗ 㹾⼚㩗㧎 ☯₆Ṗ 㧞㠞┺ἶ 㧦㧎䞲 ✲ⶎ ㌂⪖ Ṗ㤊◆ 䞮⋮㠦 䟊╏♿┞┺. 103. 㹾⼚㩗㧎 ☯₆Ṗ ⹳䡖㰚 ἓ㤆 㭧㨂䕦㩫⿖✺㦖 ⰳ㍺㧊㰖 㞠ἶ ⌊ῃ⹒ ╖㤆 ⿖㡂㦮 㥚⹮㦚 㧎㩫䞮㡂 㢪㔋┞┺. ⁎⩂䞲 䕦┾✺㦖 ⡦䞲 ㌂㔺ὖἚ㠦 ὖ䞲 Ỗ䏶⯒ 㑮⹮䞮Ⳇ, ṗ 㭧㨂䕦㩫⿖⪲ 䞮㡂⁞ Ṳ⼚ ㌂Ị㦮 ㌂㔺ὖἚ㠦 ₆⹮䞮㡂 ⿞㧊㧋㦚 ⹱㦖 㣎ῃ㧎䒂㧦㧦㢖 ゚ᾦ䞶 ⌊ῃ㧎 䒂㧦㧦 ⡦⓪ 䒂㧦㧦㰧┾㦚 䢫㩫䞶 ộ㦚 㣪ῂ䞿┞┺. 144 㧊⩂䞲 ⿚㍳㦚 㑮䟟䞾㠦 㧞㠊㍲, 㭧㨂䕦㩫⿖✺㦖 㣎ῃ㧎䒂㧦㧦㢖㦮 ゚ᾦ╖㌗㦚 ἆ㩫䞶 ➢㢖 㣎ῃ㧎䒂㧦㧦㠦 ╖䞲 䒂㧦㥶䂮ῃ㦮 䟟㥚Ṗ ⌊ῃ㧎 䒂㧦㧦㠦Ợ ⿖㡂♮⓪ ộ㠦 ゚䞮㡂 ▲ 㥶Ⰲ䞲 ộ㧎㰖 㡂⿖⯒ ἶ⩺䞶 ➢ 䒂㧦㥶䂮ῃ㦮 㹾⼚㩗 ☯₆㠦 㭒⳿䞿┞┺.145 143 United Parcel Service of America, Inc. (UPS) v. Government of Canada ㌂Ị (ICSID Case No. UNCT/02/1) 2007. 5. 24.㧦 ⽎㞞㠦 ὖ䞲 㭧㨂䕦㩫ⶎ ⹥ Ronald A. Cass 䞯㧻㦮 ⼚☚ 㦮ἂ, Exh CLA-15, 㩲83ⶎ┾ὒ ゚ᾦ. 144 Apotex Holdings Inc v. United States of America ㌂Ị (ICSID Case No. ARB/(AF)/12/1) 2014. 8. 25.㧦 䕦㩫ⶎ, Exh CLA-1, 㩲8.15ⶎ┾. 145 Corn Products International, Inc. v. The United Mexican States ㌂Ị (ICSID Case No. ARB(AF)/04/01) 2008. 1. 15.㧦 㺛㧚㠦 ὖ䞲 ἆ㩫ⶎ, Exh CLA-4, 㩲118, 122 ⹥ 138ⶎ┾ (“[ῃṖṖ] ῃ㩗㦚 ₆㭖㦒⪲ ἶ㦮㩗㦒⪲ 㹾⼚䞮㡖⓪㰖 㡂⿖㢖 㥶㌂䞲 ㌗䢿㠦 㩗㣿♮⓪ ₆㭖 ㌂㧊㠦⓪ ⹖㩧䞲 ὖἚṖ 㧞┺”, “䟊╏ 㣪㏢⓪…₆㭖㦮 ㎎ ⻞㱎 ⿖⿚㠦 ╖䞮㡂 ἆ㩫㩗㧊┺” – 㯟, ゚ᾦ╖㌗㧎 ⌊ῃ㧎㠦Ợ ⿖㡂䞮⓪ ộ⽊┺ ⿞Ⰲ䞲 ╖㤆⯒ 㣎ῃ㧎䒂㧦㧦㠦Ợ ⿖㡂䞮㡖⓪㰖 㡂⿖: “㹾⼚ 㦮☚㦮 㫊㨂⓪…[⌊ῃ⹒ ╖㤆 㫆䟃] 㥚⹮㦮 䞚㣪 㫆Ị㧊 㞚┞㰖Ⱒ (⁎Ⰲἶ 㟧 ╏㌂㧦⓪ 㧊ộ㧊 䞚㣪 㫆Ị㧊 㞚┞⧒ἶ 㧎㩫䞮⓪ ộ㦒⪲ ⽊㡖┺), ⁎⩂䞲 㦮☚Ṗ ✲⩂⋲ ἓ㤆 㧊⓪ ㎎ ⻞㱎 㣪Ị㦚 㿿㫇䞮₆㠦 㿿⿚䞮┺”ἶ 䕦㔲); Cargill, Incorporated. V. United Mexican States ㌂Ị (ICSID Case No ARB(AF)/05/2), 2009. 9. 18.㧦 䕦㩫ⶎ, Exh CLA-2, 㩲220ⶎ┾ (“⁎ 㦮☚㢖 52 104. 㞴㍲ 㠎 ♲ ⹪㢖 ṯ㧊, ⽎Ị 䞿⼧㦖 䔏㩫 䞲ῃ㧎✺(㯟, ㌒㎇⁎⭏㦮 㰖⺆㭒㭒⪲㍲ 㽳㑮㧒Ṗ)㦮 㧊㧋㦚 㥚䟊 ⁎Ⰲἶ ⹎ῃ㧎(㯟, Ⱏ㞚⌊㟒 䞶 “㣎ῃἚ 䠺㰖䗖✲”⪲ ὋὋ㡆䧞 㩗╖㔲♲ 㠮Ⰲ㠝)㦚 㹾⼚䞮₆ 㥚䟊 㦮☚㩗㦒⪲ ἶ㞞♲ ộ㧛┞┺. 105. 㧊⩂䞲 ㌂㩫✺㠦 ゚㿪㠊 ⽊Ⳋ, 㽳㑮㧒ṖṖ ゚ᾦ╖㌗㧎 䒂㧦㧦Ṗ ♿┞┺. 㔺㩲⪲, 㧊⩂䞲 ⹿㔳㦚 䐋䟊 ㌒㎇ ⁎⭏㦮 㰖⺆㭒㭒✺㧎 㽳㑮㧒Ṗ㦮 㧊㧋㦚 ⽊䢎䞮ἶ㧦 㑮䡲㧦✺㧎 䞲ῃ 䞮⓪ 㡆⁞ 䞲ῃ㦮 㦮☚⓪ Ṗ㧛㧦✺㦚 㕂㰖㠊 䙂䞾䞲 ῃ⹒㡆⁞㦮 ㌒㎇ⶒ㌆㦮 ┺⯎ 㾲㫛 䞲ῃ 㭒㭒✺㦮 㧊㧋㦚 䧂㌳䞶 㭖゚Ṗ ♮㠊 㧞㠞㦚 㩫☚⪲ ⿚ⳛ䟞㔋┞┺. 㧊⩂䞲 ἓ㤆㠦☚ 㹾⼚㦖 ⿖㩫♮㰖 㞠㔋┞┺. 㡺䧞⩺, NAFTA㠦 ➆⯎ 䒂㧦 ⿚㨗✺㠦 㧞㠊㍲ 㧎㩫♲ ⹪㢖 ṯ㧊, 㣎ῃ ῃ⹒✺㦚 㹾⼚䞮㰖 㞠㞚㟒 䞲┺⓪ 㣪Ị㦖 䒂㧦㥶䂮ῃ㦒⪲ 䞮㡂⁞ 㣎ῃ㧎 䒂㧦㧦✺ὒ ⌊ῃ㧎 䒂㧦㧦✺㠦Ợ “㔺㰞㩗 ☯❇㎇”㦚 ⿖㡂䞶 ộ㦚 㣪ῂ䞮ἶ 㧞⓪ ⹪:146 NAFTA㦮 㧒⹿ ╏㌂ῃ㧊 ┺⯎ 䒂㧦㧦✺㧊⋮ 䒂㧦㠦 ゚䞮㡂 㥶⩻䞲 ⌊ῃ㧎㠦Ợ 䡲䌳㦚 㭒⓪ ἓ㤆 ⁎⩂䞲 ☯❇㎇㦖 㫊㨂䞮㰖 㞚┞䞲┺. 㣎ῃ㧎 䒂㧦㧦✺㧊⋮ ⁎✺㦮 䒂㧦 ㈦Ⱒ 㞚┞⧒ ┺⯎ ⌊ῃ㧎 䒂㧦㧦✺ ⡦⓪ ⁎✺㦮 䒂㧦㠦 ╖䟊㍲☚ 㹾⼚㧊 㫊㨂䞲┺⓪ ộⰢ㦒⪲⓪ 㥚⹮㧊 㢚䢪♮㰖 㞚┞䞲┺. 㧊⓪, [㼃ῂ㧎㧊] 㭒㧻䞮❅㧊, NAFTA㦮 㧒⹿ ╏㌂ῃ㧊 䞮⋮ ⡦⓪ ⁎ 㧊㌗㦮 䒂㧦㧦✺ ⡦⓪ 䒂㧦✺㠦 ╖䟊 ▪ 㥶Ⰲ䞲 ╖㤆⯒ ⿖㡂䞮㡖┺⓪ ㌂㔺㦚 㧛㯳䞮₆㠦 㿿⿚䞲 ộ㧊┺. 106. 䞲ῃ㦖 - ╖䐋⪏, ⽊Ị⽋㰖⿖ ⹥ ῃ⹒㡆⁞㦮 䟟㥚⯒ 䐋䟊 - 㧦ῃ 㥶⩻ ₆㠛㦮 㧊㧋㦚 㥚䞮㡂 ㌒㎇ⶒ㌆㦮 Ṗ䂮⯒ ὒ㏢ 䘟Ṗ䞮⓪ ⳛ⺇䧞 䣾ὒ ⳾⚦㠦 㧞㠊㍲ 㹾⼚䟟㥚Ṗ ῃ㩗㠦 ₆䞲 ộ”㧊⧒⓪ ㌂㔺㦚 ⌊ῃ⹒ ╖㤆 ⿖㡂⯒ Ệ㩞䞮㡖㦢㦚 㧎㩫䞮⓪ ☛Ⱃ㩗 ⁒Ệ⪲ ㌒㦢). 146 United Parcel Service of America, Inc. (UPS) v. Government of Canada ㌂Ị (ICSID Case No. UNCT/02/1) 2007. 5. 24.㧦 ⽎㞞㠦 ὖ䞲 㭧㨂䕦㩫ⶎ ⹥ Ronald A. Cass 䞯㧻㦮 ⼚☚ 㦮ἂ, Exh CLA-15, 㩲 59-60 ⶎ┾. 53 ⿞Ὃ㩫䞲 ⽎Ị 䞿⼧ ゚㥾㠦 ➆⧒ ⽎Ị 䞿⼧㦚 ṫ䟟䞾㦒⪲㖾 㠮Ⰲ㠝㦮 䒂㧦㠦 ╖䟊 ⌊ῃ⹒ ╖㤆⯒ ⿖㡂䞮㰖 㞠㞮㔋┞┺. 㧊⪲㖾 䞲ῃ㦖 䡧㩫 㩲11.3㫆㠦 ➆⯎ 㦮ⶊ⯒ 㥚⹮䞮㡖㔋┞┺. C. 㠮Ⰲ㠝㦮 ㏦䟊 107. ⽎Ị 䞿⼧㧊 ㎇㌂♮☚⪳ 䞾㦒⪲㖾, 䞲ῃ㦖 㠮Ⰲ㠝㠦Ợ 㩗㠊☚ (a) ⽎Ị 䞿⼧ ἆ㦮 㩚㠦 㠮Ⰲ㠝㧊 ⽊㥶䞮ἶ 㧞▮ ㌒㎇ⶒ㌆ 㭒㔳㦮 ⽎㰞Ṗ䂮㢖 (b) ⁎ 㧊䤚 㠮Ⰲ㠝㧊 ⽎Ị 䞿⼧ 㔏㧎 㧊䤚 ㏦㔺 ἓṦ㦚 㥚䟊 䀾䞲 㫆䂮✺㦚 䐋䟊 䟊╏ 㭒㔳㠦㍲ 㠑㦚 㑮 㧞㠞▮ Ṗ䂮㦮 㹾㞷㠦 䟊╏䞮⓪ ㏦䟊⯒ 㟒₆䟞㔋┞┺. 㠮Ⰲ㠝㦮 ῃ㩲⻫ ὖ⩾ 㼃ῂ╖㌗㧊 ♲ 䞲ῃ㦮 㫆䂮✺㧊 㠜㠞┺Ⳋ ⽎Ị 䞿⼧㦖, 䔏䧞 㔺䡚♲ 䞿⼧㫆Ị㦒⪲⓪, ⹲㌳䞮㰖 㞠㞮㦚 ộ㧛┞┺. 㧊㢖 ṯ㧊 䞿⼧㧊 ⶊ㌆♮㠞㦚 ἓ㤆, 㠮Ⰲ㠝㦖 ㌒㎇ⶒ㌆㦮 ⽎㰞Ṗ䂮⯒ 㔺䡚䞶 㑮 㧞㠞㦚 ộ㧛┞┺. ⁎⩂⋮ ⽎Ị 䞿⼧㧊 㩲㧒⳾㰗㦚 ὒ╖䘟Ṗ䞮ἶ ⽎Ị ㌒㎇ⶒ㌆㦚 ὒ㏢䘟Ṗ䞲 䞿⼧゚㥾⪲ 㰚䟟♮㠞₆ ➢ⶎ㠦, ⽎Ị 䞿⼧㦖 㠮Ⰲ㠝㧊 ㌒㎇ⶒ㌆ 䒂㧦㦮 ⽎㰞Ṗ䂮⯒ 㔺䡚䞶 ₆䣢⯒ ⹫䌞䞾㦒⪲㖾 㠮Ⰲ㠝㠦Ợ ㏦䟊⯒ 㟒₆䞮㡖㔋┞┺. 108. 㠮Ⰲ㠝㦖 ⁎ ㏦䟊⯒ ἓṦ䞮₆ 㥚䞮㡂 㠮Ⰲ㠝㧊 ⽊㥶䞲 ㌒㎇ⶒ㌆ 㭒㔳㦒⪲⿖䎆 (㠮Ⰲ㠝㦮 ㌒㎇ⶒ㌆ 㭒㔳✺ 㭧 㧒⿖㠦 ╖䟊㍲⓪ 䞲ῃ ⻫⪏㠦㍲ 㩫䞲 ㌆㩫⹿㔳㠦 ➆⧒ 㩫䟊㰚 Ṗỿ㦚 㰖 ⹱㞮㦒Ⳇ, ⋮Ⲏ㰖 㧒⿖ 㭒㔳㠦 ╖䟊㍲⓪ ⿞Ⰲ䞲 㫆Ị㦒⪲ 㧻⌊㠦㍲ ⰺṗ䞮㡂) 㧒⿖ ⁞㞷㦚 䣢㑮䞮㡖㦢㠦☚ ⿞ῂ䞮ἶ ㏦䟊⯒ 㧛㠞㔋┞┺. 㧊⩂䞲 ㏦䟊 ἓṦ㦚 㥚䞲 ⏎⩻✺㦖 ⿖╏䞲 ⽎Ị 䞿⼧゚㥾㠦 ➆⧒ 㰚䟟♲ ⽎Ị 䞿⼧㦮 ἆὒ ⹲㌳䞲 㠮Ⰲ㠝㦮 ㏦㔺㦚 ⽊㌗䞲 ⹪☚ 㠜㦒Ⳇ ⡦䞲 ⽊㌗䞶 㑮☚ 㠜㠞㔋┞┺. 109. 㠮Ⰲ㠝㦖 㿪䤚 ⽎ 㭧㨂 㩞㹾㦮 㩗㩞䞲 㔲₆㠦 ㏦䟊㠦 ὖ䞮㡂 ⽊┺ ㌗㎎䞲 ㍺ⳛ㦚 䞮ἶ ㏦㔺㞷㦚 ㌆㩫䞶 㡞㩫㧊⋮, 䡚㨂 㔲㩦㠦㍲ 㽳 ㏦䟊㞷㦖 㟓 ⹎䢪 770,000,000 ╂⩂ 㧊㌗㦒⪲ 㿪㌆♿┞┺. 54 VI. 㩞㹾 ὖ⩾ ㌂䟃 A. 㩗㣿Ṗ⓻䞲 㭧㨂 ′䂯 110. 䞲⹎ FTA 㩲11.16㫆 㩲3䟃㦖, 㼃ῂ㧎㠦Ợ ῃ㩲䒂㧦⿚㨗䟊ἆ㎒䎆䡧㟓㠦 ➆⯎ 㭧㨂㢖 㥶㠪ῃ㩲ⶊ㡃⻫㥚㤦䣢 㭧㨂′䂯㠦 ➆⯎ 㭧㨂 㭧 㠊ⓦ 䞮⋮⯒ ㍶䌳䞶 㑮 㧞☚⪳ ′㩫䞮ἶ 㧞㔋┞┺. 㠮Ⰲ㠝㦖 㧊 Ṗ㤊◆ 㥶㠪 ῃ㩲ⶊ㡃⻫㥚㤦䣢 㭧㨂′䂯㠦 ➆⯎ 㭧㨂⯒ ㍶䌳䞮⓪ ⹪㧛┞┺. B. 㭧㨂㧎㦮 㑮 ⹥ ㍶㩫 111. 䞲⹎ FTA 㩲11.19㫆⓪, “⿚㨗╏㌂㧦✺㧊 ╂Ⰲ 䞿㦮䞮㰖 㞚┞䞮⓪ 䞲, 㭧㨂䕦㩫⿖⓪ 3㧎㦮 㭧㨂㧎㦒⪲ ῂ㎇♮Ⳇ, ṗ ⿚㨗╏㌂㧦⓪ ṗ 1㧎㦮 㭧㨂㧎㦚 㧚ⳛ䞮ἶ, 㦮㧻㧊 ♮⓪ ㎎ ⻞㱎 㭧㨂㧎㦖 ⿚㨗╏㌂㧦✺㦮 䞿㦮㠦 㦮䞮㡂 㧚ⳛ♲┺”ἶ ′㩫䞮ἶ 㧞㔋┞┺. 147 㠮Ⰲ㠝ὒ 䞲ῃ㦖 㭧㨂㧎㦮 㑮 ⹥ ⁎ ㍶㩫㠦 ╖䞮㡂 ╂Ⰲ 䞿㦮䞲 ⹪ 㠜㦒⸖⪲, 㧊⩂䞲 ₆⽎㩗㧎 㫆䟃㧊 ⽎Ị㠦 㩗㣿♿┞┺. 112. 䞲⹎ FTA 㩲11.16㫆 㩲6䟃㠦㍲ 㣪ῂ♮⓪ ⹪㠦 ➆⧒, 㠮Ⰲ㠝㦖 ┺㦢㦮 ㌂⧢㦚 㭧㨂㧎㦒⪲ 㧚ⳛ䞿┞┺: Oscar M. Garibaldi 809 Wincrest Place Great Falls, Virginia 22066 Tel: +1 202 352 1819 Email: ogaribaldi@garibaldiarbitrator.com 113. 㼃ῂ㧎㧊 㞢ἶ 㧞⓪ ⹪㠦 㦮䞮Ⳋ, Garibaldi㝾⓪ ╏㌂㧦✺⪲⿖䎆 ☛Ⱃ㩗㧊Ⳇ ⽎Ị㠦 㧞㠊㍲ Ὃ㩫㎇㠦 ⶎ㩲Ṗ 㠜㔋┞┺. 147 ⡦䞲, 㩲11.19㫆 㩲2䟃㦖 ICSID ㌂ⶊ㽳㧻㧊 䡧㩫 㩲11㧻㠦 ➆⯎ 㭧㨂㠦 㧞㠊 㭧㨂㧎㦚 ㍶㩫䞶 ῢ䞲㦚 Ṗ㪎㟒 䞲┺ἶ ′㩫䞮ἶ 㧞㦢. 55 C. 㭧㨂 㠎㠊 114. 䡧㩫 㩲11.20㫆 㩲3䟃㦖 “⿚㨗╏㌂㧦✺㧊 ╂Ⰲ 䞿㦮䞮㰖 㞚┞䞮⓪ 䞲, 㡗㠊㢖 䞲ῃ㠊Ṗ ⳾✶ 㕂Ⰲ·㧛㧻㩲㿲·ἆ㩫 ⹥ 䕦㩫㦚 䙂䞾䞲 㩚㼊 㭧㨂㩞㹾㠦㍲ ㌂㣿♮⓪ Ὃ㔳 㠎㠊㧊┺”⧒ἶ ′㩫䞮ἶ 㧞㔋┞┺. 115. 㠮Ⰲ㠝㦖 㡗㠊⯒ ⽎Ị 㭧㨂㦮 㥶㧒䞲 ╏㌂㧦✺㧊 䞿㦮䞶 ộ㦚 㩲㞞䞮⓪ ⹪㧛┞┺. Ὃ㔳 㠎㠊⪲ 㰖㩫䞮☚⪳ ┺Ⱒ, 㞚㰗₢㰖 㧊㠦 ╖䞲 䞿㦮Ṗ 㧊⬾㠊㰖㰖 㞚┞䞮㡖㦒⸖⪲, ⽎ 㭧㨂䐋⽊ ⹥ 㼃ῂ㍲Ⳋ㦖 㡗㠊㢖 䞲ῃ㠊⪲ 㩲㿲䞮⓪ ⹪㧛┞┺. D. ⻫㩗 㭧㨂㰖 116. 䡧㩫 㩲11.20㫆⓪ “⿚㨗╏㌂㧦✺㦖 㩲11.16㫆 㩲3䟃㠦 ➆⧒ 㩗㣿Ṗ⓻䞲 㭧㨂′䂯㠦 ➆⧒ ⻫㩗㭧㨂㰖㠦 ╖䞮㡂 䞿㦮䞶 㑮 㧞┺. ⿚㨗╏㌂㧦✺㧊 䞿㦮㠦 ☚╂䞮㰖 ⴑ䞮⓪ ἓ㤆, 㭧㨂䕦㩫⿖Ṗ 㩗㣿Ṗ⓻䞲 㭧㨂′䂯㠦 ➆⧒ 㭧㨂㰖⯒ ἆ㩫䞲┺. ┺Ⱒ, 㭧㨂㰖⓪ Ⓤ㣫䡧㟓㦮 ╏㌂ῃ㧎 ῃṖ㦮 㡗㡃㧊㠊㟒 䞲┺”⧒ἶ ′㩫䞮ἶ 㧞㔋┞┺. 117. 㥶㠪ῃ㩲ⶊ㡃⻫㥚㤦䣢 㭧㨂′䂯 㩲3㫆 㩲3䟃㠦 ➆⧒, ⡦䞲 㭧㨂䕦㩫⿖Ṗ 㩗䞿䞮┺ἶ 䕦┾䞮⓪ ┺⯎ ⶒⰂ㩗㧎 㧻㏢㠦㍲ 㕂Ⰲ⯒ 㰚䟟䞶 㭧㨂䕦㩫⿖㦮 㨂⨟㦚 䂾䟊䞮㰖 㞚┞䞮ἶ, 㠮Ⰲ㠝㦖 㡗ῃ ⩆▮㦚 ⽎ 㭧㨂㦮 㭧㨂㰖⪲ 㩲㞞䞮⓪ ⹪㧛┞┺. E. 㭧㨂㦮 ὖⰂ 118. 㠮Ⰲ㠝㦖 ⽎ 㭧㨂㠦 㧞㠊㍲ ὖⰂ 㠛ⶊ⯒ 㑮䟟䞮ἶ ⡦䞲 ₆㑶㩗, ㌂ⶊ㩗㧎 㰖㤦㦚 㩲Ὃ䞶 ₆ὖ㦚 㰖㩫䞮⓪ ộ㧊 㩗㩞䞮┺ἶ ⽊Ⳇ, 㧊㠦 䠺㧊⁎ ㏢㨂 ㌗㍺㭧㨂㨂䕦㏢(Permanent Court of Arbitration)⯒ ⽎ 㭧㨂 㩞㹾⯒ 㥚䞲 ❇⪳ ⹥ ὖⰂ₆ὖ㦒⪲ 㰖㩫䞶 ộ㦚 㩲㞞䞮⓪ ⹪㧛┞┺. VII. 㔶㼃 䀾㰖 119. 㞴㍲ 㠎 ♲ ㌂㥶✺㠦 ➆⧒, 㠮Ⰲ㠝㦖 ἆ㩫䞮㡂 㭚 ộ㦚 㔶㼃䞮⓪ ⹪㧛┞┺: 56 㭧㨂䕦㩫⿖Ṗ ┺㦢ὒ ṯ㧊 a. 䞲ῃ㦖 䞲⹎ FTA⯒ 㥚⹮䞮㡖┺; b. 䞲ῃ㦖 䞲ῃ㦮 䞲⹎ FTA 㥚⹮㦒⪲ 㧎䟊 㠮Ⰲ㠝㠦 ⹲㌳䞲 ㏦㔺⪲㍲ 䡚㨂 㿪㌆♮⓪ ⁞㞷㧎 㾲㏢ ⹎䢪 㟓 770,000,000 ╂⩂⯒ ⺆㌗䟊㟒 䞲┺; c. 䞲ῃ㦖 㩚ⶎṖ✺㠦Ợ 㰖 ♮⓪ 㑮㑮⬢㢖 ⼖䢎㌂ ⽊㑮 㩚⿖ ⹥ 㭧㨂 ὖ⩾ 㰖㿲㞷ὒ ゚㣿 㩚⿖ ❇ ⽎ 㭧㨂㩞㹾✺ὒ ὖ⩾䞮㡂 㠮Ⰲ㠝㠦Ợ ⹲㌳䞲 ゚㣿✺㦚 㠮Ⰲ㠝㠦Ợ 㰖 䞲┺; d. 䞲ῃ㦖 㭧㨂䕦㩫⿖Ṗ ἆ㩫䞮⓪ 㧊㧦㥾 ⹥ ₆㭖⁞㞷㠦 ➆⧒ ⽎ 㭧㨂䕦㩫 㩚䤚㦮 㧊㧦⯒ 㠮Ⰲ㠝㠦 㰖 䞲┺; ⹥ e. ₆䌖 㭧㨂䕦㩫⿖Ṗ 㩗㩞䞮┺ἶ 㡂₆⓪ 㿪Ṗ㩗 ⡦⓪ ₆䌖 ῂ㩲㑮┾㠦 ╖䞲 ⳛ⪏. 120. 㠮Ⰲ㠝㦖, 㥶㠪ῃ㩲ⶊ㡃⻫㥚㤦䣢 㭧㨂′䂯㠦㍲ 䠞㣿䞮⓪ ⹪㢖 ṯ㧊, ⽎ 㭧㨂䐋⽊ ⹥ 㼃ῂ㍲Ⳋ㦚 㑮㩫䞮ἶ 㿪Ṗ㩗㧎 㼃ῂ⯒ 㭒㧻䞶 ῢⰂ ⹥ ⽊㩚㻮⿚, ⁞㰖㻮⿚ ⹥ ₆䌖 ῂ㩲㑮┾ ❇ 㿪Ṗ㩗㧊Ệ⋮ ┺⯎ 㩗㩞䞲 ῂ㩲㑮┾㦚 㣪㼃䞶 ῢⰂ⯒ 㥶⽊䞿┞┺. ㌗₆ ⌊㣿㦚 㩫㭧䞮Ợ 㩲㿲䞿┞┺. Constantine Partasides QC Elizabeth Snodgrass Amelia Keene Nicola Peart Three Crowns LLP Beomsu Kim 57 Byungsup Francis Shin KL Partners Michael S. Kim Andrew Stafford QC Kobre & Kim LLP 2018⎚ 7㤪 12㧒 58