Gun-Ho was talking with GH Mobile’s President Song and Dyeon Korea’s internal auditor at the Pine while having dinner.
Gun-Ho continued to talk after sipping his tea, “Dyeon Korea has 6 billion won right now, that came in, in order to increase its capital.”
“That’s correct, sir. Dyeon Korea made 9 billion won profit last year, that is an after-tax amount, and it increased the company’s capital with it. Dyeon Korea is now left with 6 billion won out of 9 billion won because it sent 3 billion won to GH Mobile for its investment in-kind— the factory building.”
“And, Dyeon Korea makes 1 billion won per month. It’s April now, so it must have accumulated about 4 billion won so far this year.”
“That’s correct, sir.”
“That means that Dyeon Korea is currently holding 10 billion won in cash.”
President Song’s eyes widened. He probably hadn’t calculated Dyeon Korea’s cash in the reserve.
“Dyeon Korea has that much cash?”
“I want to split that 10 billion won into two, and establish a factory in China and India. We will form Dyeon China and Dyeon India. We already have our subsidiary companies in those two countries, but they are functioning as a sales office and a simple storage right now. They are not manufacturing any products.”
“Are we planning to build a manufacturing company in those two countries?”
“Yes. The one in China will be called Dyeon China, and the company in India will be called Dyeon India. Since Dyeon Korea will open those two companies by funding them 100%, we will have to share their ownership with Lymondell Dyeon in the U.S.”
“If we have a manufacturing company in China and India, our sales will definitely go up,” the internal auditor stated.
“That’s right. Additionally, all of the sales by the factory in China and India will be counted as part of Dyeon Korea’s sales, and it will make Dyeon Korea look larger in size. Even though we are actually expecting to make 70 billion won this year, its financial statements will show its sales revenue as 100 billion won or even 150 billion won.”
“Hmm, that will certainly add more values to Dyeon Korea in the stock market.”
“Once we receive the certificate and are recognized as a startup company with technology, we will hold an executive meeting the following day and make an announcement of this plan.”
“If we go public after we make the company larger, you— Mr. President Goo— can freely sell your shares in the stock market, sir. The company could be infused with a substantial amount of money through it.”
“I can’t blindly sell my shares just because I can make money. I need to keep my right to manage the company by maintaining a certain percentage in the ownership.”
“Of course, sir. I do admire your good judgment and determination, sir.”
The internal auditor had a question for Gun-Ho.
“I’m wondering, sir. It’s good that we will have a factory in China and India, but it will take a significant amount of time to achieve it; we will have to purchase land, build a factory, and install necessary equipment and machines, so they could actually start manufacturing products. If we consider the time necessary, maybe we shouldn’t make any profits this year.”
“We are not going to start it from scratch. Even though it could cost us more, we will acquire an already-built factory there on the market for sale.”
“Hmm.”
“If we go to Suzhou Industry Park, there are tons of factories. We will be able to find one for us. President Min-Hyeok Kim and his spouse are in Suzhou City, China. We can ask them to search for a good factory for us. As to India, I will have Manager Jong-Geun Lee, who is in Delhi right now, find an adequate factory in the Chennai Industrial Park in Tamil Nadu.”
When he heard of Chennai, President Song seemed to be excited.
“Actually, GH Mobile needs a factory in Chennai as well. We can launch Dyeon Korea’s factory there first, and once it settles there well, we can find another factory for GH Mobile.”
“Shall we order one more bottle of liquor?”
The internal auditor waved his hand and said, “No, sir. We have more than enough drinks here.”
“Well, I want to thank you both for tonight. I always find myself learning something from you. I do highly value your extensive experiences at work and also in life. Those are important assets to our companies.”
“Thank you, sir. I’m so glad if I could be of help. I do admire your remarkable insight about business, sir.”
The three men stood up from their seats getting ready to leave. At that moment, Ms. Jang came into the room.
“Are you leaving already?”
President Song held Ms. Jang’s hand again. He seemed to like her a lot.
“Look, Ms. Jang. You don’t know who I am, do you?”
“I can tell one thing for sure. You are… a philanderer, right?”
“President Gun-Ho Goo is the chairman of GH group, and I’m the president of one of GH Companies— GH Mobile.”
“You are a president? Show me your business card.”
When President Song gave his business card to Ms. Jang, Ms. Jang said, “Oh, it’s true.”
“This On’anohito (a woman in Japanese) seems to be often deceived by men before. She doesn’t easily trust what a man says.”
“Well, sir, please visit us often.”
Ms. Jang smiled broadly and gave a kiss on President Song’s business card.
A few days later, Director Woon-Hak Sim came to Korea. He wanted to file for general rehabilitation as Gun-Ho previously suggested. Director Sim visited Gun-Ho’s office first.
“Sir, I came to file for general rehabilitation as you suggested. I think you are absolutely right that I have to do this sooner or later, and sooner would be better. I can’t live like this forever.”
“You made the right decision, Mr. Director Sim. You need to make a document first that clearly shows the amount of your debt and the name of the corresponding creditors for each debt.”
“I have so many of them, and I’m not even sure about the total amount of my debt.”
“You can’t miss any single amount of debt or a creditor. Did you say that your debt is exceeding 1 billion won?”
Director Sim sighed and said, “I initially thought that I had a debt of 1 billion won, but when I carefully calculated last night of what I owed, it turned out that I have almost 1.2 billion won of debt.”
“You will also need to make a statement about your plan of how you are going to pay for the debt. In your statement, say that the monthly salary of 1 million won that you are receiving from GH Media will be used to pay the debt, and you will use 12,000 Yuan that you are being paid in China to pay for your living expenses there. And also state that you won’t come back to Korea for the next ten years, but will stay abroad to make money, and also you will spend those time atoning for not being able to pay the debt as you previously promised to your creditors.”
“Do you think it will work?”
“I don’t know. The decision will be made at the judge’s discretion. I just believe that you want the judge to be sympathetic to your situation. Tell them that you’ve devoted your life to developing the Korean movie industry, but your effort unexpectedly and unintentionally resulted in this horrible situation.”
“Sir, I’d like to take 10 million won in advance for now.”
Director Sim showed Gun-Ho a disbursement voucher for the amount of 10 million won.
“This form needs to be signed by President Jeong-Sook Shin. I’m the major shareholder of GH Media, but the company is being operated by Ms. President Shin. I will give her a call for you.”
Gun-Ho made a call to President Shin right away.
“Ms. President Shin? It’s me, Gun-Ho Goo.”
“Yes, sir.”
“Director Woon-Hak Sim is here with me in my office. He visited Korea to take care of his personal business. Can you disburse 10 million won for him today? We will take care of the accounting later.”
“Yes, sir.”
