Chapter 372 - Joint Venture’s Board Meeting (3) – Part 1
Chapter 372: Joint Venture’s Board Meeting (3) – Part 1
Mr. Brandon Burke objected and said,
“The vice president—Mr. Adam Castler—of this joint venture company was just asked to give an earnings report. This is not fair. I object to it as the chairman of the board.”
Everyone in the meeting room looked at Mr. Brandon Burke, and Mr. Burke explained his objection further,
“The earnings report needs to be presented by the president of the joint venture; that would be President Gun-Ho Goo. The person who is responsible for managing the joint venture is the president, not the vice president.”
‘Is he asking me to give the report?’
Gun-Ho was dumbfounded. All the documents prepared for the report were written in English.
Mr. Burke continued to speak, “The global company—Lymondell Dyeon—has several joint venture companies all over the world. There has been no single precedent that a vice president gives an earnings report during a board meeting. According to the contract, President Goo will take the position of the chairman of the board. I’m sure that President Goo will ask the same when he is in my seat.”
Gun-Ho thought about what Mr. Burke just said. He was right. Gun-Ho couldn’t think of any argument to refute his statement. Gun-Ho looked at the report documents again. Most of them were numbers, and Gun-Ho was good with numbers. He could easily understand what those numbers represented.
Gun-Ho couldn’t understand English while most of the attendees in the meeting could. However, he was amazing with numbers. That trait of his played a critical role in making the current Gun-Ho.
“You are absolutely right.”
Gun-Ho decided to give the earnings report.
“Please take a look at the documents placed in front of each of you.”
Ms. Yeon-Soo Oh interpreted what Gun-Ho said. Her clear and refreshing voice resonated in the meeting room,
“Let me show you what we have here.”
“It has been six months since the joint venture company was established. The monthly sales revenue for the first month was 300 million won, and it steadily increased, and our monthly sales revenue of the last month was at a record high of 2.5 billion won. That makes the total sales revenue of the first six months 12.2 billion won. That was the result of the hard work of all of our workers including the vice president—Mr. Adam Castler. If you compare this with other joint venture companies of Lymondell Dyeon, you will see that this is a usually high amount.”
“Your appraisal is not reliable. It was a piece of paper with the value, and it was done by some private accounting company. It’s not even a government-certified appraisal firm.”
“Lymondell Dyeon already paid 5 million dollars which is half of the joint venture’s paid-in capital—10 million dollars. We initially sent 50,000 dollars when we established this company, and subsequently, we sent an additional amount of 450,000 dollars for the operation.”
“The amount of the cash that Lymondell Dyeon sent is correct.”
“The remaining amount of 4.5 million dollars out of the promised 5 million dollars is fulfilled by the equipment and raw materials that we had sent. The value of the raw materials is clearly shown on the copy of the export documents submitted to the U.S. Customs & Border Protection. Also, we have the appraisal for the machines. All these documents are valid and reliable, so your country’s customs office accepted them and issued the conclusion of investment in-kind.”
“Do you think I’m a fool? Why don’t you go downstairs and take a look at the machines that you sent to us yourself? And tell me if you truly believe those machines are worth 4.5 million dollars. You, Mr. Adam Castler, why don’t you tell us about the value of those machines? Tell me what year are those machines?!”
Mr. Brandon Burke bawled out at that moment.
“If you don’t trust us, we will take those machines back!”
Gun-Ho bawled at him as well.
“Take them! Do you think I’m desperate to keep the joint venture even after all this nonsense?!”