Document:

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                                                                   Exhibit 10.22

                               REMEDENT USA, INC.
                                 CODE OF ETHICS

                                    PREAMBLE

This Code of Ethics was  designed  by Remedent  USA,  Inc. to govern they way in
which we work  every day.  This Code of Ethics  applies to each and every one of
our employees, officers, and directors.
                                   DEFINITIONS

The "Commission" means the United States Securities and Exchange Commission.

The "Company" means Remedent USA, Inc.

"We" means all of our employees, officers, and directors.

     BASICPRINCIPLES  1. We  will  conduct  ourselves  honestly  and  ethically,
          including  the ethical  handling of actual or  apparent  conflicts  of
          interest between personal and professional relationships.

     2.   We will avoid  conflicts  of  interest,  including  disclosure  to the
          appropriate  persons of any material  transaction or relationship that
          reasonably could be expected to give rise to such a conflict.

     3.   We will provide  full,  fair,  accurate,  timely,  and  understandable
          disclosure in reports and documents  that we file with the  Commission
          and in all other public communications we make.

     4.   We will  comply  with all  applicable  governmental  laws,  rules  and
          regulations.

     5.   We will  promptly  report  violations  of this  Code of  Ethics to the
          appropriate person within the Company as described specifically below.
          6. We accept  accountability  for  adherence  to this Code of  Ethics.
          SPECIFIC SITUATIONS

CONFLICTS OF INTEREST.  A "conflict  of  interest"  occurs when an  individual's
private interest interferes in any way - or even appears to interfere - with the
interests  of the  Company as a whole.  A conflict  situation  can arise when an
employee,  officer or director  takes actions or has interests  that may make it
difficult  to perform  his or her  Company  work  objectively  and  effectively.
Conflicts  of interest  also arise when an employee,  officer or director,  or a
member of his or her family,  receives improper personal benefits as a result of
his or her position in the Company.  Loans to, or guarantees of obligations  of,
such  persons  are of  special  concern.  Additionally,  you may not work for or
receive  payments  of any kind from

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any competitor,  customer,  distributor or supplier of the Company without prior
approval of Company management.

We will be alert and  sensitive  to any  interest  that might be  considered  to
conflict  with the best  interests of the Company.  If you or one of your family
members,  directly  or  indirectly,  has a financial  or personal  interest in a
contract  or  transaction  to  which  the  Company  is  a  party,   or  you  are
contemplating entering into a transaction that involves use of Company assets or
could compete with the Company,  you must disclose this situation AS SOON AS YOU
BECOME AWARE OF IT to your immediate  supervisor.  Please disclose your interest
and describe all material facts  concerning  the matter known to you,  including
the  estimated  time  frame  for  the  transaction  if  known.  If  appropriate,
supervisors will report any such situations to the President of the Company.  If
necessary,  the  President of the Company will report any such  situation to the
Board of Directors who will, in  conjunction  with the Company's  legal counsel,
make a determination  of whether or not the situation is a conflict of interest.
You should not take any  actions  until you are  advised  of the  decision.  The
Company will be sensitive to the time frames you disclose to us.

The Company promotes disclosure of any questionable situations. The Company will
not retaliate and will not permit any of its employees,  directors,  or officers
to retaliate against you for such disclosure.

CORPORATE  OPPORTUNITIES.  We are  prohibited  from  (a)  taking  for  ourselves
personally  opportunities  that  are  discovered  through  the  use  of  Company
property,  information or position; (b) using Company property,  information, or
position for personal gain; and (c) competing with the Company. We owe a duty to
the Company to advance its legitimate  interests  when the  opportunity to do so
arises.  If you believe that a contemplated  transaction  might be found to be a
corporate  opportunity,  you should make full  disclosure to your  supervisor or
manager and seek Company authorization to pursue the opportunity BEFORE pursuing
the opportunity.

CONFIDENTIALITY.  We must maintain the confidentiality of information  entrusted
to us by the Company or its customers,  except when  disclosure is authorized or
legally mandated.  Confidential  information includes all non-public information
that might be of use to competitors, or harmful to the Company or its customers,
if disclosed.

FAIR  DEALING.  We will  endeavor to deal fairly with the  Company's  customers,
suppliers,  competitors  and  employees.  We will not take unfair  advantage  of
anyone  through  manipulation,  concealment,  abuse of  privileged  information,
misrepresentation of material facts, or use any other unfair-dealing practice.

PROTECTION  AND PROPER USE OF COMPANY  ASSETS.  We will  protect  the  Company's
assets and ensure their  efficient  use.  Theft,  carelessness  and waste have a
direct impact on the Company's  profitability.  All Company  assets must be used
for legitimate business purposes.

COMPLIANCE WITH LAWS,  RULES AND REGULATIONS  (INCLUDING  INSIDER TRADING LAWS).
The Company  promotes  compliance with laws,  rules and  regulations,  including
insider  trading laws.  Insider trading is trading or tipping others to trade in
securities of our Company or any

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other Company based on information which is not available to the public. Insider
trading is both  unethical  and  illegal and will be dealt with  firmly.  We are
required  to comply  with all  applicable  laws and  regulations  wherever we do
business.  Perceived  pressures  from  supervisors  or demands  due to  business
conditions  are not excuses for  violating the law. If you have any questions or
concerns  about the legality of an action,  you should  bring such  questions or
concerns to your  supervisor.  If you feel you cannot discuss your concerns with
your supervisor, please bring them to the President of the Company.

ACCURACY  OF COMPANY  RECORDS  AND  REPORTS.  The  Company  requires  honest and
accurate  recording  and  reporting of  information.  This includes such data as
quality,  safety, and personnel  records,  as well as all business and financial
records and reports filed with the Commission.  All financial books, records and
accounts must accurately  reflect  transactions and events,  and conform both to
required accounting principles and to the Company's system of internal controls.
No false or  artificial  entries may be made.  ENCOURAGING  THE REPORTING OF ANY
ILLEGAL OR  UNETHICAL  BEHAVIOR.  The Company  promotes  ethical  behavior.  The
Company  encourages you to talk to  supervisors,  managers or other  appropriate
personnel  when in doubt  about  the  best  course  of  action  in a  particular
situation.   Additionally,   you  should  report   violations  of  laws,  rules,
regulations  or the code of  business  conduct  to  appropriate  personnel.  The
Company will not allow retaliation for reports made in good faith.
                                                                   CONCLUSION

No Code of Conduct or Code of Ethics can cover every  situation that might arise
in a company. This Code is designed to let you know our basic guiding principles
and  provide  explanation  on how to  handle  various  situations.  If you  have
questions on any situation,  whether or not described in this  document,  please
ask. The first place to turn is your immediate supervisor or manager. If you are
uncomfortable  discussing a situation with your immediate supervisor or manager,
you may go to anyone in management whom you feel comfortable with, including the
President  of the Company.  We cannot  stress our final point  enough:  "When in
doubt, ask."

Adopted by the Board of Directors on March 25, 2003.<PAGE>

                                                                    EXHIBIT 4.11

                                                           [ENGLISH TRANSLATION]

           AGREEMENT ON PROVISION OF TRANSFERRED FACILITIES FOLLOWING
                            ASSET TRANSFER AGREEMENT

THIS AGREEMENT ON PROVISION OF TRANSFERRED FACILITIES FOLLOWING ASSET TRANSFER
AGREEMENT (hereinafter referred to as "this Agreement") is made and entered into
by and between Korea Thrunet Co., Ltd. (hereinafter referred to as "Thrunet")
and Powercomm Co., Ltd. (hereinafter referred to as "Powercomm") in connection
with the provision of transferred facilities for use in Thrunet's broadband
Internet service as follows, in order to clearly perform the terms and
conditions of the Asset Transfer Agreement (hereinafter referred to as "the
Asset Transfer Agreement") that was made and entered into on July 31, 2002.

                                  July 31, 2002

[SEAL AFFIXED]

Korea Thrunet Co., Ltd.

1338-5 Seocho-dong, Seocho-gu, Seoul

CEO: Lee Hong-sun

[SEAL AFFIXED]

Powercomm Co., Ltd.

891 Daechi-dong, Gangnam-gu, Seoul

CEO: Seo Sa-hyun

     1.   USE OF TRANSFERRED ASSETS FOLLOWING THE TRANSFER OF THE ASSETS

          A.   Upon completion of the transfer of the assets pursuant to the
               Asset Transfer Agreement, the initial term of this Agreement
               shall be 3 years from the effective date of the transfer, and the
               term of this Agreement shall be automatically extended for every
               3 years on the same terms and conditions unless a party gives a
               written notice at

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               least 3 months prior to the expiration date.

          B.   In connection with the provision of the transferred assets under
               Clause A, Powercomm shall grant Thrunet exclusive rights of use
               for its broadband Internet access service from the effective date
               of transfer until December 31, 2002, provided, however, that for
               the Bucheon, Anyang and Ulsan areas, such rights of use shall be
               valid until October 31, 2002.

          C.   The fees for the use of facilities under Clause A shall be
               applied as follows.

               (1)  The usage fees for subscribers (approximately 275,000 ID) as
                    of the effective date of the transfer of the HFC network
                    shall be 20% of Thrunet's basic sales revenue (excluding
                    VAT) , and if the number of subscriber IDs exceeds the
                    number of subscriber IDs as of the effective date of
                    transfer, the fee shall be calculated by applying 17% of
                    basic sales revenue (excluding VAT). However, if Thrunet
                    wishes to amend the subscriber fees, it shall consult with
                    Powercomm one month in advance, and in the event that such
                    fees will be reduced by 5% or more in comparison to
                    competing providers, Powercomm's consent shall be obtained.

               (2)  The calculation of the usage fees for 1 year from the
                    effective date of transfer of the HFC network shall be per
                    ID monthly fees (excluding VAT) based on the cable TV
                    broadcasting areas, and the usage fee is to be calculated by
                    discounting 7% from the total amount as set forth below.

                    (A)  Up to 10,000 ID for each cable TV broadcasting area:
                         Won 5,500 won

                    (B)  From the portion exceeding 10,000 ID to 15,000 ID for
                         each cable TV broadcasting area: Won 5,250

                    (C)  From the portion exceeding 15,000 ID to 20,000 ID for
                         each cable TV broadcasting area: Won 5,000

                    (D)  From the portion exceeding 20,000 ID to 25,000 ID for
                         each cable TV broadcasting area: Won 4,750

                    (E)  For the portion exceeding 25,000 ID for each cable TV
                         broadcasting area: Won 4,500

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* Example of fee application: In the event of 18,000 ID in one cable TV
broadcasting area:

(a) Apply Won 5,500 up to 10,000 ID

(b) Apply Won 5,250 for 5,000 ID in excess of 10,000 ID to 15,000 ID

(c) Apply Won 5,000 for 3,000 ID exceeding 15,000 ID or more

(d) {[(a)+(b)+(c)] - [(a)+(b)+(c)]x7%} x VAT = Payment Amount

                    D.   The usage fee under Clause C is immediately applicable
                         from the effective date of transfer, and Thrunet shall
                         submit to Powercomm a statement necessary for Powercomm
                         to claim such fees based on the end of the applicable
                         month, by the 10th day of the following month. Such fee
                         shall be paid to Powercomm in cash by the end of the
                         following month.

               2.   ALLOCATION OF FREQUENCY

                    A.   Powercomm shall allocate the upstream and downstream
                         bandwidth frequency to Thrunet in connection with the
                         use of the transferred assets of Thrunet under Article
                         1.

                         (1)  Upstream Frequency

                              (A)  Primarily 100 subscribers shall be accepted
                                   by 1.6 MHz bandwidth frequency, and Powercomm
                                   shall allocate 6 channels of 1.6 MHz from
                                   20~42 MHz bandwidth per cell.

                              (B)  In the event that the subscribers of Thrunet
                                   exceed or fall short of the foregoing
                                   criteria, Powercomm shall separately make
                                   additional frequency allocation or cell
                                   divisions (CMTS increase for Thrunet) or get
                                   back the frequency from January 1, 2003.

                              (C)  However, Powercomm shall allow Thrunet to use
                                   the upstream bandwidth frequency (9.6 MHz ~
                                   12.8 MHz) that was used at the time of the
                                   effective date of transfer until December 31,
                                   2002.

                         (2)  Downstream Frequency: Powercomm shall allocate
                              four 6MHz channels above 450 MHz bandwidth
                              frequency. However, if one cell of downstream
                              frequency (6MHz) exceeds 600 subscribers, the
                              additional frequency allocation or cell division
                              shall be implemented.

                    B.   Thrunet shall complete the adjustment of bandwidth
                         frequency within

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                         2 months from the effective date of transfer in
                         accordance with the allocation of frequency under
                         Clause A above.

                    C.   In the event that Thrunet requires a downstream
                         bandwidth frequency to undertake additional services,
                         including VOD and GOD, after the effective date of
                         transfer for Thrunet, it shall have priority, however,
                         that the usage fee for the HFC network following the
                         additional services shall be separately agreed.

               3.   QUALITY STANDARDS AND OTHERS

                    A.   Matters on quality requirements and others following
                         the provision and use of the HFC network shall conform
                         to the SLA provided to customers prior to the date of
                         the transfer of the HFC network by Thrunet.

                    B.   Detailed information on quality criteria and damage
                         compensation shall be determined by agreement between
                         the parties within one month from the effective date of
                         transfer.

               4.   RELOCATION OF HEADEND

               In the event a party to this Agreement wishes to relocate a
               headend in which a transferred asset is located, due to the new
               construction of an independent headend, expiration of the term of
               a leased headend and other causes, relevant matters such as the
               relocation place, time and other matters shall be determined by
               agreement between the parties on the principle of good faith. In
               such event, the overall expenses required for the transfer and
               re-installment of facilities following the relocation of a
               headend, shall be paid by the owner or the party in possession
               for such facility.

               5.   LEASE OF HFC NETWORK OF OTHER COMPANIES

               During a term of 10 years from the date of entering into this
               Agreement, Thrunet shall not lease the HFC network of other
               companies in the areas where the transferred assets are located
               for so long as Thrunet is leasing and using the transferred
               assets from Powercomm, except if Thrunet is already leasing a
               network pursuant to an agreement executed with a third party
               prior to entering into this Agreement, and there is an inevitable
               expansion of such network within the same territory (including
               renewal of such agreement after entering into this Agreement).

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               6.   TERMINATION OF THIS AGREEMENT

                    A.   This Agreement may be terminated during the term of the
                         Agreement by a party in the event that the other party
                         is in breach of this Agreement without just cause, and
                         does not take remedial action within one month from the
                         time of receipt of the notification to cure the
                         default.

                    B.   In the event of a termination under Clause A of this
                         Article, the terminating party shall give a
                         notification one month prior to the termination.

                    C.   The provision of Article 4 (Termination) of the Cable
                         TV Network Service Agreement (March 25, 1999) for the
                         provision of value-added services already entered into
                         by the parties shall not be applicable under this
                         Agreement.

               7.   VALIDITY OF AGREEMENT, etc.

                    A.   This Agreement shall have priority over the Asset
                         Transfer Agreement, and with respect to the matters not
                         specified under this Agreement, the Asset Transfer
                         Agreement, the Cable TV Network Service Agreement
                         (March 25, 1999) entered into for the provision of
                         value-added services, and the Agreement on Provision of
                         HFC Network (January 19, 2001) shall apply to the
                         extent that the terms and conditions of such agreements
                         doe not amend, reduce, expand, contradict nor interfere
                         with the content and scope of application of this
                         Agreement, except for those matters that may not be
                         applicable due to their nature.

                    B.   This Agreement shall be valid from the date that the
                         representatives of both parties affix their seals
                         hereto.

                    C.   To witness the entering of this Agreement, two copies
                         of this Agreement shall be prepared and each party
                         shall obtain and keep a copy.

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