Story of a Big Player from Gangnam

Chapter 925: Dissolution of GH Development (1) – Part 2

GH Development’s Director Kang was surprised when Gun-Ho told him that he would sell GH Building to GH Mobile.

“Huh? Are you selling this building, sir?”

“Of course I will keep everyone here and the office as it is now. GH Development will be dissolved, and this office will become part of GH Mobile like its building management department or something. So, this building will be GH Mobile’s property, and you will continuously stay here and work in the same office.”

“Oh, I see.”

“This office will be under President Song’s management, and that would be a big change that you will all soon experience, and you also will have to adjust yourselves to that change. However, your salary will increase. Mr. Director Kang, you will be an executive officer of GH Mobile that has 600 workers. It is a big promotion for you since you are promoted from an executive officer of a small company with a few workers, which generates only a small amount of annual sales revenue to an executive officer of GH Mobile. You will be a director of a manufacturing company that makes a yearly sales revenue of 180 billion won. So, even though you will have to go through the possibly onerous process of adjustment, please understand my decision, thinking that you will be compensated with a big raise in your salary.”

“Would you like me to visit GH Mobile by traveling to Jiksan Town today with the appraisal, sir?”

“Please make sure that you talk to President Song on the phone first before making the trip.”

“Yes, sir.”

After Director Kang left the office carrying the appraisal, Gun-Ho made a call to President Song.

“We have the current appraisal on GH Building.”

“How much is it worth now, sir?”

“It’s 285 billion won.”

“What did you say the loan amount was, sir?”

“It’s 150 billion won. The security deposits of the tenants in the building are 15 billion won.”

“Give me one second, sir. Let me make the calculation.”

“So, after subtracting its current loan of 150 billion won and the security deposits of 15 billion won from the current value of the building—285 billion won—we have 120 billion won left.”

“That sounds correct.”

“Okay, sir. After GH Mobile acquires GH Building, we will take out an additional loan of 120 billion won from a bank, and we will send that amount of money to you, Mr. Chairman. Maybe, it’s better that we send that additional loan amount to GH Development’s business bank account first, and then as the company is dissolved, the money would be sent to your personal bank account.”

“We will see a high transfer tax, won’t we?”

“Haha. I believe so, sir.”

“And, you remember Director Kang here in GH Development, right?”

“I think I’ve seen him several times before.”

“He will bring the appraisal document to GH Mobile today.”

“Alright, sir. I’m going to ask him to bring GH Development’s registered stamp as well. While he is here, we can make the sales and purchase contract.”

“That’s so quick. Haha. Well, thank you.”

“And, I will introduce him to the executive officers here as well.”

“As GH Mobile acquires GH Building, I want it to keep everyone here in GH Development too. You can let them keep the same job titles.”

“Understood, sir.”

“And, pay their salaries to the same level as GH Mobile’s.”

“Alright. The thing is that since GH Development’s workers will be recorded as new hires with GH Mobile, it will be difficult for us to keep their retirement plan with continuity.”

“I will let GH Development prepare their severance package before it is dissolved. You won’t have to worry about it then.”

“Thank you, sir. I will discuss the details with Director Kang once he gets here.”

Director Kang was about to make a call to President Song. President Song would be his new boss soon, so Director Kang wanted to give a good impression to him. He cleared his voice before making the call.

“Hello, sir. I am GH Development’s Director Kang.”

“Oh, Mr. Director Kang. I received a call from Mr. Chairman about the matters.”

“I can bring the appraisal document to GH Mobile now. Will you be available this afternoon, sir?”

“Sure. Please come down to Jiksan Town. I will be in my office. And, when you come, I want you to bring a few other documents as well. Please bring GH Development’s registered stamp, a copy of its business license, and business registration.”

“Yes, sir.”

“Oh, and I want to see the list of the current workers of GH Development as well.”

“No problem, sir.”

Director Kang put all the necessary documents in a large envelope, and then he entered Gun-Ho’s office before leaving for Jiksan Town.

“Sir, I’m ready to leave now.”

“Did you talk with President Song on the phone?”

“Yes, sir.”

“Did he ask you to bring the company’s registered stamp as well?”

“Yes, he did, sir.”

“When you get there, if they ask you to make the sales and purchase contract, you can just stamp on it on behalf of GH Development.”

“Sales and purchase contract, sir? Oh, okay, sir.”

Gun-Ho was leaning back on the sofa. He was doing the math about how much he would have in cash once GH Mobile acquired GH Building, and once President Song sent him the additional loan of 120 billion won using GH Building as collateral.

‘I have 330 billion won in Gangnam Stock Brokerage Company. And, with Gangbuk Stock Brokerage Company, I have 220 billion won. Once I receive 120 billion won after GH Building is acquired by GH Mobile, the total cash that I have will be 670 billion won.

Since I have already 670 billion won, I feel confident that I will be able to achieve my goal of 1 trillion won in the future. It would be easier with “Gongmyeong Party Leader Jin-Woo Lee’s mouth” that was promised to me. It has been a hard and long journey for me to come this far. I’m going to focus on making 1 trillion won first for now, and then I will worry about the relevant taxes and making a gift to my family or things like that later.

I think that it’s time for me to hire professionals at this point, like a legal team and business planning team. I will need their knowledge, analysis, and opinions. I don’t have a good education, and I am not very knowledgeable in a lot of things, but I can still use someone else’s.’

Director Kang arrived at GH Mobile and met with President Song.

President Song said as he was reviewing the appraisal document, “We can’t get a higher appraised price on this, can we?”

“No, sir. It’s the maximum amount that we could get, sir.”

“You brought the company’s registered stamp, didn’t you?”

“Yes, I did, sir.”

President Song made a call to Accounting Director Min-Hwa Kim and asked her to come to the office.

“Please come to my office with our registered stamp now.”

“Yes, sir.”

Accounting Director Min-Hwa Kim came to President Song’s office with GH Mobile’s registered stamp.

President Song turned his gaze to Director Kim and said, “You haven’t met Mr. Director Kang from GH Development in Seoul, have you?”

Director Kim looked at Director Kang.

“It’s my first time to meet him, sir.”

“He has been working with Mr. Chairman Goo for a long time. We are acquiring GH Development’s GH Building. We will make the sales and purchase contract today. The acquisition price is 285 billion won.”

“285 billion won, sir?”

“I will take care of the necessary loan to pay for the building. I want you to meet Director Kang, Ms. Director Kim. He will be working with us. Well, the entire GH Development will be absorbed into GH Mobile.”

“Oh, is that right?”

Director Min-Hwa Kim looked at Director Kang and said, “It’s very nice to meet you.”

Director Kang quickly stood up from his seat and said, “I look forward to working with you.”

Director Kim said, “I know the accounting manager in GH Development—Ms. Manager Hong. We have a regular meeting among the accounting workers in GH Companies.”

“Oh, really?”

President Song pulled out the sales and purchase agreement for GH Building and placed it on the table. It was previously prepared by him.

“Let’s make the contract now.”

Director Min-Hwa Kim and Director Kang stamped on the contract with GH Mobile’s and GH Development’s registered stamps before President Song.