Chapter 698 - Meeting at the Secret Bar (2) – Part 1
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.”
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.”