NEW Story of a Big Player from Gangnam - Chapter 914
Chapter 914: Dissolving Private Equity Fund Company (1) – Part 1
Gun-Ho looked at Jong-Suk Park’s profile while having his tea. He looked emaciated, probably by the worries that he had about his business.
“President Park, what is that product called? The product that requires a metal double ring added to it.”
“They call it JA O-Ring Cable. Why are you asking?”
“According to President Song, he is not suggesting that GH Machines just inserts those metal double rings to GH Mobile’s products after manufacturing them and send them back to GH Mobile, so it can ship the final products to S Group. But, rather, he wants GH Machines to take over the product order from S Group and directly supply them with the final products, meaning that GH Mobile will provide GH Machines with its EP rubber products as GH Machines’ vendor company, so it can add metal rings to them before shipping them to S Group. In other words, the roles would be reversed for this product order.”
“Really? Did President Song really say that?”
Jong-Suk Park’s eyes widened, and he dragged his chair close to Gun-Ho.
“He really said that he would let GH Machines supply the product directly to S Group?”
“It’s not confirmed yet though. When I talked to President Song last time, he was on his way to meet with S Group’s vice president for lunch, and he told me that he would make that suggestion to him.”
Jong-Suk Park’s jaw dropped in surprise.
“I believe that the amount of possible revenue from even that single product order is substantial.”
“I was told that it will be about 1 billion won per month.”
“Whoa. If we can get that product order, GH Machines will be stabilized in no time. I’m going to ask him again for it.”
“Just give him some time to work it out. He said that he would discuss it with S Group’s vice president. Let’s just wait and see how that goes.”
After having a tour of GH Machines’ production site, led by Jong-Suk Park, Gun-Ho and Jong-Suk Park went out for lunch. They were having an octopus stew dish in a restaurant when Gun-Ho’s cell phone started ringing. It was from GH Development’s Director Kang.
“Mr. Chairman, this is Director Kang. We got the single house in Bangbae Town.”
“Oh, really? How much did we get it for?”
“It’s 8.21 billion won and 100,000 won, sir.”
The month of December passed by and new year had begun. Gun-Ho turned 39 years old this year.
As new year had begun, Gun-Ho made several calls to the people that he felt grateful for, such as Chairman Lee from Cheongdam Town and Party Leader Jin-Woo Lee. When he called Party Leader Jin-Woo Lee, he seemed to have a hoarse throat. That was probably because of the numerous lectures that he had been giving lately as part of his political activities.
“Your voice sounds different, sir. I hope you are doing well.”
“Thank you, Chairman Goo. Since you called, I want to thank you for helping CEO Park with what he is doing, and I hope you could continue to assist in the same matters.”
“Haha. Yes, I will, sir.”
When Party Leader Jin-Woo Lee mentioned “what CEO Park was doing” meant the dividend distribution to his father— Mr. Beom-Sik Lee.
Gun-Ho was hesitating to give a call to A Electronics Group’s CEO Park to give him new year’s greeting. He had done it last year without any problems, but for some reason, he didn’t want to do it this time. Ever since Gun-Ho took the position of chairman, he just didn’t feel as respectful as he had felt before, toward CEOs who were just employees.
However, A Electronics was a very important client to GH Mobile. The product order from that company was taking up a large part of GH Mobile’s entire sales revenue. Gun-Ho was pretty sure that President Song would give CEO Park a call giving him a new year wish message, on behalf of GH Mobile, but that couldn’t be the same as getting a call from Gun-Ho who was the owner of GH Mobile. So, Gun-Ho decided to give him a call himself.
“It’s Gun-Ho Goo. I wish you a happy and healthy New Year, sir.”
“Oh, Mr. Chairman Goo. Thank you for giving me a call. I believe that I will have another good year because of your wish for me.”
“The thing that you talk to me about the other day… I decided to do it.”
“So, I can expect the dividends to be distributed once an external audit is completed in March, can’t I?”
“Thank you for everything, Chairman Goo. A Electronics will continue to be a good business partner with GH Mobile this year. It will help GH Mobile to grow further.”
As a matter of fact, Gun-Ho had had his plan with the sales proceeds of Dyeon Korea. He was going to have GH Mobile acquire GH Building with the proceeds. However, since he had to let Mr. Beom-Sik Lee receive dividends, he decided to distribute the proceeds among GH Mobile’s shareholders instead.
‘It’s not like I often see people around me, running for President. This can be my lifetime opportunity. I should grab the opportunity when it comes to me. If I don’t help them when they ask me for help, they could cause adverse effects on my business. It would rather hinder my business growth.
However, if I help them, and they are satisfied with my help, they will surely compensate me for it. CEO Park promised that he would give me Party Leader Jin-Woo Lee’s mouth. Let’s see what sort of mouth he was talking about.’
Gun-Ho called for Director Kang.
“Our office and GH Media’s office are situated on the two floors— 18th and 17th. And, I want to leave these two floors for our exclusive use. So, if the office rent for any other companies on these two floors expires, just let them go. Do not renew their rent or bring in a new tenant on the 18th and 17th.”
“The company that is using the office space across the hall from our office was supposed to vacate their office last year as their lease expired. I told them to vacate the office last year, but they refused to leave.”
“Is that right?”
“So, I told them to move the office to the 9th floor if they want to stay in this building. One office on the 9th floor is about to move out, and they will use that space instead.”
“So, that company on the 18th floor will move to the 9th floor on the 15th of this month.”
“That’s good. And also, if the leases for the offices on the 16th floor expire, let them move out too, and do not lease the spaces on that floor in the future either.”
“You want to vacate the 16th floor as well, sir?”
“Understood, sir. There are currently three companies occupying the 16th floor. I will check when their leases expire.”
“Did the mandatory period of the filing of the appeal given to the owner or anyone with an interest in the property, on the single house in Bangbae Town end already?”
“Yes, sir. When the mandatory period ended, I went to see the occupant in the property, but the property was firmly locked, and I had to come back without seeing that occupant. So, I sent the certification of contents requesting to vacate the property, to the person residing in that address.”
“Hmm, I see.”
“And, it was confirmed that the certification of contents was delivered. I’m going to stop by the property after work today.”
“We don’t want to unnecessarily upset the person there whether it’s the owner or a tenant. Let’s make the eviction as peaceful as possible.”
Later that day, Gun-Ho made a call to SH Investment Partners’ President Geun-Soo Son.
“If you are not busy today, let’s have a cup of tea together.”
“Right now, sir?”
“Yes. I’m in my office in the GH Building right now.”
“Yes, sir. I will be right over there.”
About an hour later, President Son entered Gun-Ho’s office in the GH Building.
Gun-Ho asked Secretary Yeon-Soo Oh to bring two cups of coffee for them.
“How are you doing these days?”
“I’m doing fine, sir. I’m taking a good rest these days reading books and stuff as you instructed.”
“What do you think about dissolving SH Investment Partners, and establish a new business entity?”
“That is a good idea, sir. I think we’d better close this private equity fund company as it already served its purpose, and also as we don’t want to leave a chance for someone to poke around. We can start with a new company.”
“It doesn’t look good that funds are moving between the company and Ms. Seung-Hee Park’s bank account back and forth like that, right?”
“I believe so, sir.”