CREDIT TRANSACTION AGREEMENT

Exhibit 10.9

                          CREDIT TRANSACTION AGREEMENT

                                                                 27th, May, 2009

Creditor  :  Shinhan  Bank
Borrower:    Leo  Motors  Co.,  Ltd.
             291-1  ,  Hasangok-Dong,  Hanam-Si,  Gyounggi-Do

The Borrower hearby  acknowledges that the general Terms and Conditions for Bank
Credit  Transactions(for  Corporation)(the  "General Terms and Conditions")shall
apply  to  the  credit  transaction  between  the  borrower and Shinhan Bank(the
"Bank") on the terms and conditions as set forth below, and further agrees to be
bound  by  the  following  terms  and  conditions



ARTICLE  1.  TERMS  AND  CONDITIONS  OF  THE  TRANSACTION

The  terms  and  conditions  of  the  transaction  shall  be  as  follows


1.  CREDIT  TYPE  :  FOR  REGULAR  BUSINESS  OPERATION

2.  CREDIT  AMOUNT  :  500,000,000KRW

3.  CREDIT  COMMENCEMENT  DATE  :  MAY  27  2009

4.  MATURITY  DATE(FINAL  REPAYMENT  DATE)  :  MAY  26  2010

5.  INTEREST  RATE  AND  OTHER

     -Floating
     -Base  Interest  Rate:+3.4%
     -Period  :  6month

6.  LOAN  INTEREST  AND  DEFAULT  INTEREST  COMPUTATION  METHOD

-Loan  interest  and  default  shall  be  computed  on  Daily  basis. In case of
computing  them  on a daily basis, one year shall be deemed 365 days However, in
the case of foreign exchange transaction, international practices and commercial
customs  shall  apply

7.  CREDIT  EXTENSION  METHOD

-The  loan  shall  be  extended  upon  the borrower's request satisfying certain
requirements.

8.  REPAYMENT  METHOD

-The  loan  shall  be  fully  repaid  in  lump  sum  on  the  Maturity  Date

9.  INTEREST  PAYMENT  DATE  AND  METHOD

-The initial interest shall be paid within 1 months from the Credit Commencement
Date  and  the  interest accruing. Thereafter shall be paid within 1 months from
the  date  following  the  last  computation  date  of  the  paid  interest

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ARTICLE  2.  DEFAULT  INTEREST

1.     In the event that Borrower fails to pay the interest, the install payment
amount  and/or  the principal and interest of the loan payable in installment on
the agreed due date, the Borrower shall immediately pay default interest on such
overdue  amount.

2.     In  the  event  that  Borrower  fails  to  fulfill  its obligation on the
maturity  date  of the loan, or in the event that the borrower is subject to the
acceleration  obligation  pursuant  to  article  7  of  the  General  terms  and
Conditions(  including  occurrence  of the obligation to repurchase a discounted
bill  under  Article  9  of the General Terms and Condition), the Borrower shall
immediately  pay  default  interest  on  the  remaining  balance  of  the  loan.

3.     In  the  case  of accumulative trust Loan ,the Borrower shall immediately
pay of default interest on the interest accrued  until the preceding date of the
set-off,  and  the  default  interest on the remaining balance of the loan on or
after  the  set  -off.

ARTICLE  3.  DETERMINATION  OF  AGGREGATE LOAN AMOUNT AND NOTICE OF INSTALLMENT
REPAYMENT  SCHEDULE

1.     In  the  case  of loan extended in installment, the aggregate loan amount
shall  be  finally  determined  after the extension of the last installment, and
this  determination  shall  be  based  on  the  installment  repayment schedule,
receipts  and  other  supporting  evidences.

2.     In  the  case of loans to be repaid in installment repayment schedule for
the  f