Story of a Big Player from Gangnam - Chapter 917 - Dissolving Private Equity Fund Company (2) – Part 2
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- Chapter 917 - Dissolving Private Equity Fund Company (2) – Part 2
Gun-Ho went to work in GH Building, Sinsa Town. He no longer went to work in Jiksan Town or Cheonan City. President Geun-Soo Son brought the new company’s business license, business registration, and business bank account to Gun-Ho’s office—the originals and its copies. GH Asset Management Company was established.
“Good job, Mr. President Son.”
Gun-Ho then visited the new office of the new company. The renovations were already completed. The inside of the office was very well decorated. It looked luxurious enough to attract potential investors. The furniture and wall decorations all looked rich. The space partitions were also placed as Gun-Ho instructed.
“Doesn’t your office feel a bit small?”
“It’s large enough for me, sir.”
Gun-Ho called for Manager Hong.
“I want you to send an official letter to all GH companies, letting them know that we have one more GH company now, which is GH Asset Management Company.”
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“Yes, sir.”
“And take these papers with you and keep them in the office. These are the copies of GH Asset Management Company’s business license, business registration, and business bank account. Oh, and also, this is President Geun-Soo Son’s resume. When you send out the letter, please give them a brief introduction about him as well, since he is the one who’s going to run the new company.”
“Understood, sir.”
After a while, Manager Hong came back to Gun-Ho’s office. She was carrying the official letter that she was about to send out to GH companies.
“I finished drafting the letter, sir.”
The letter said,
[Regarding the newly established asset management company.
In order to help with GH companies’ sound finance stability, an asset management company has been established as part of GH companies.
Business Name: GH Asset Management Company.
President: Geun-Soo Son.
Capital: 10 billion won.
Address: 18th floor GH Building, Sinsa Town, Gangnam District, Seoul City.
<About the president>
– Graduated from Seoul National University majoring in Business Management.
– Worked in Gangnam Bank as a team lead of the global asset strategy department.
– Worked in Gangnam Investment Company as a vice president.
From Chairman Gun-Ho Goo.
Recipients: GH Mobile, GH Machines, GH Development, GH Media, GH Logistics, GH Asset Management Company, GH Parts Company, GH Antang Transportation Company.]
After reviewing the drafted letter, Gun-Ho signed it.
The following day, Gun-Ho started making calls to the president of each GH company. He called GH Mobile’s President Song first.
“As you already received the letter, a new company—GH Asset Management Company—has been established. And, I need GH Mobile to invest 300 million won in that company.”
“No problem, sir. But, would 300 million won be enough?”
“300 million won should be good. I will email you with the company’s bank account information, so you can send the fund to that account.”
GH Mobile had enough cash in the reserve. Of course, it didn’t complain about coming up with 300 million won even though it was such a sudden unexpected request.
The next call was for GH Machines’ President Jong-Suk Park.
“You received the letter from GH Development about the asset management company, didn’t you?”
“Yes, I received it. What does an asset management company do?”
“They are managing assets.”
“What kind of assets are they managing?”
“I can’t explain with all the details right now. How much money do you have in GH Machines?”
“We have 600 million won.”
“Send 300 million won to GH Asset Management Company.”
“300 million won?”
“The company will return you with greater than 300 million won later for GH Machines. Just send it.”
“If we send 300 million won to them, we will be left with only 300 million won…”
“If you need additional funds later, I will send you money. So, for now, just send 300 million won to that company.”
“Okay.”
“You won’t regret it. I guarantee you. The 300 million won will come back to you with additional profits.”
“Really? Bro, oh, I mean Mr. Chairman, can I record what you just promised to me?”
“How is it going with the Ring Cable product order for S Group?
“It’s going well. We hired an additional 20 workers in order to stably fulfill the product order. GH Machines now have 50 workers already.”
“So, you will receive the payment from S Group next month?”
“I do expect to receive it next month, but they will make the payment through B2B.”
“How much do you expect to receive?”
“It will be around 500 million won. Given the cost of raw materials and labor, I don’t think it will bring high profits.”
“When you need money urgently, just let me know, I will send you money. For now, just pay the B2B discount fee and use the fund.”
“You are assuming that I might need money soon. Is that because of the 300 million won that we have to send to the new company? GH Machines will work fine without 300 million won. And, about that 300 million won… It’s kind of an investment fund that GH Machines put in the new asset management company, isn’t it? Just like GH Mobile had made its investment in Dyeon Korea before.”
“That’s right. Now, you see how things work.”
“Hehe.”
Gun-Ho made a call to GH Media’s President Jeong-Sook Shin as well
“I need you to send 200 million won to GH Asset Management Company with GH Media’s name. If necessary, you can use 200 million won from my dividend.”
“We can afford to make 200 million won investment, sir. It’s for our own good anyway. Haha.”
Gun-Ho then made a call to his sister in GH Logistics. His sister picked up the phone.
“How much money do you have in GH Logistics right now?”
“We have about 300 million won. We are expecting to receive some payments from our clients the day after tomorrow though.”
“I want you to send 200 million won to GH Asset Management Company. GH Logistics will be making an investment in the asset management company.”
“We need to save money to buy the land through Onbid later, no?”
“Yeah. I will send you money when you buy the land.”
“Okay then. Consider it done.”
Gun-Ho asked GH Development’s Director Kang to send 200 million won to the asset management company.
“We have cash in the reserve for the depreciation cost, right? Let’s take out 200 million won from it and send it to the asset management company. GH Development is going to make an investment of 200 million won in that asset management company.”
“Yes, sir.”
“And, I believe that we used the company’s fund when we bought the single house in Bangbae Town at auction. I will send the amount by the end of today.”
“Sounds good, sir.”
Gun-Ho withdrew 20 billion won out of his stock account with Gangbuk Stock Brokerage Company where he had 240 billion won. He then returned the amount that he used to buy the house in Bangbae Town, and he also transferred 8.8 billion won to GH Asset Management Company since he would be owning 88% of it.
The asset management company’s President Geun-Soo Son came to Gun-Ho’s office. He was carrying a bunch of papers.
“What are those?”
“We received 76 job applications in response to our job advertisement. And these are the job applications from the final 10 candidates.”
Gun-Ho looked at the job applications. All of the 10 applicants’ academic background and their work experiences looked splendid.
President Son said, “Since we are only looking for people with previous work experiences, and we clearly stated as such in our job advertisement, the applicants’ ages are in the range from 35 to 40.”
“Hmm.”
All of the candidates graduated from national top universities, a.k.a. SKY, or from the IVY league universities. Some of them had worked in a global investment bank as well. What Gun-Ho found interesting was that most of the candidates in the final list were residents of Gangnam District.
President Son said, “We will have an interview with these 10 candidates the day after tomorrow. It will be held at 10 am. If you could come and join me to interview these people, it will be great.”
“Alright, I will be there. I want you to prepare an envelope with 100,000 won in it for each of those 10 interviewees. We will pay for their transportation. I will send GH Development’s Secretary Yeon-Soo Oh to assist the interview process.”
“Yes, sir.”
