Story of a Big Player from Gangnam

“You will meet Min-Hyeok Kim in Shanghai, right?”

“Yes. Min-Hyeok will come to see me in Shanghai with the interpreter—Ms. Eun-Hwa Jo. She will join me in Shanghai and leave for Guiyang City, Guizhou Province in a flight with me.”

“What about plane tickets? Will Min-Hyeok make the flight reservation for you to Guiyang City?”

“Yeah. He said he will make a flight reservation for two. I will pay him for those plane tickets once I get there.”

“Of course, you should. I will let the Chinese co-venturer know that you will leave for China on Monday.”

“Sounds good.”

Gun-Ho made a call to Mr. President Runsheng Yan of the intercity bus terminal in Antang City.

“Mr. President Yan? This is President Goo in Korea.”

“Oh, Ni hao! Ni hao!”

“President Moon is leaving for China on Monday. He will stop by Shanghai City to meet with his interpreter and will arrive at Guiyang Airport with her.”

“Oh, really? I’m so glad that he is finally coming. I will send a car to Guiyang City to pick him up.”

“President Moon will be with his interpreter, but you have to understand that he doesn’t speak Chinese. There could be things that he might feel uncomfortable with because of the language. Please take good care of him.”

“Don’t worry about it, Mr. President Goo. We are friends now, aren’t we?”

Gun-Ho’s sister and her husband were in the office while Gun-Ho was talking with President Runsheng Yan on the phone. They were amazed by Gun-Ho’s fluency in Chinese.

‘Wow. That is why Gun-Ho made all the way to having business with China.’

Gun-Ho’s sister and her husband were impressed by that Gun-Ho was not just wealthy, but he was also highly knowledgeable to handle the business and to speak the Chinese language fluently. Gun-Ho seemed to constantly surprise them these days.

Jae-Sik Moon took out a OTP card and a bankbook.

“This is the bankbook of the account with the sales proceeds of 5.28 billion won that was received for the sale of GH Logistics’ property. Initially, we had 6.5 billion won in it for the sales proceeds, and we paid off the loan of 720 million won that we took out when we had started GH Logistics in Seonghwan City. Also, 300 million won was taken out to pay off the money that we borrowed earlier and another 200 million won to buy the condo in Incheon City. So, we are left with 5.28 billion won now. This is actually your money, Mr. President Goo. I believe that you can move the funds to your personal account.”

“Well, we need to pay for capital gain tax with the funds. Also, these funds will be used to make an investment in China. So, I suppose that we need to keep them in the company’s bank account.”

Gun-Ho said to his brother-in-law who was listening to the conversation between Gun-Ho and Jae-Sik Moon, “I will hold this bankbook since I need to use it when I make the investment in China.”

“Of course. I understand that.”

Jae-Sik then took out another bankbook. There were two of them.

“This is the bank account with the Industrial Bank of Korea. There are 300 million won in it, which is supposed to be used to operate the company. It came with two business credit cards, and I gave one to your brother-in-law and the other one to your sister.”

“You can give that bankbook with 300 million won in it and its OTP card to my brother-in-law.”

“You can use the funds in this bank account in operating the company. If you happen to find a new client and need to buy an additional freight truck, for example, you can use this money. Most of our clients send us their payments to this bank account. Managing this bank account is a very important part of your work in operating the company.”

“Hmm, I think it’s better that my wife manages this account.”

Gun-Ho’s brother-in-law gave the bankbook to his spouse along with its OTP card.

Jae-Sik showed another bankbook to Gun-Ho’s brother-in-law.

“This is a bank account with almost no restriction in use. There are currently 40 million won in it. Every month, you should deposit the amount of the vehicles’ depreciation.”

Gun-Ho said, “That bank account should go to my brother-in-law.”

Jae-Sik Moon gave the bankbook to Gun-Ho’s brother-in-law.

“You understand the purpose of this bank account, don’t you?”

“We use the funds in this account when we have to replace an old truck that we can no longer use because it becomes too old. We buy a new truck with this money.”

“That’s right. When you have to change any of the company’s old vehicles, you can use the fund stored in this bank account.”

Gun-Ho’s brother-in-law gave it to his wife after verifying the amount.

Jae-Sik took out a piece of paper from a huge envelope that he was carrying.

“So, there are four bankbooks that I brought to you all today. One is the bank account with Woori Bank, where the sales proceeds of Logistics’ land are in, and it was given to President Goo. The main bank account is with the Industrial Bank of Korea. We have two accounts with them and I handed them over to Gun-Ho’s brother-in-law. The fourth bank account with Shinhan Bank was given to Gun-Sook sister. The account is holding 20 million won. Shinhan Bank can be found very close from here. To record that I handed over all of the company’s bankbooks, I need you all to sign here showing that you all received them.”

Jae-Sik already prepared a piece of paper that listed all of four Logistics’ bank accounts with each person’s name who was currently in charge of each bank account.

“Okay. We need to have this kind of thing in writing that clearly shows what happened. We might need to verify the fact later with it.”

The four of them signed on the paper where each of their signatures was required. Gun-Ho looked at his sister and said, “How much did we decide for President Moon’s monthly salary?”

“Wasn’t it 1.8 million won?”

Gun-Ho turned his head to look at President Moon’s face and said, “When I told them that your salary to be received in Korea would be 1.5 million won, my sister and brother-in-law said that it was too low, and they insisted that it had to be 1.8 million won. While you work in China, 1.8 million won of your monthly salary will be sent to your bank account on a monthly basis.”

“1.8 million won? Thank you so much, Gun-Sook sister and brother.”

When Jae-Sik Moon gave a deep bow to them, Gun-Ho’s sister and her husband didn’t know how to react. Gun-Ho’s sister said, “Actually, it was…”

At that moment, Gn-Ho said to his sister, “There is Shinhan Bank close from here, right? Please withdraw 5 million won from that bank. President Moon will need to take it with him when he leaves for China. You can record it as the expense used for his long-term business trip. You can ask the tax office which we are working with about how to properly record it.”

“Okay, I will do that.”

Jae-Sik Moon asked Gun-Ho, “What do you want to do with the car that I’m driving right now?”

“What car?”

“You know the SM5 that I’ve been driving.”

“You received that car from President Jeong-Sook Shin, right? I believe it’s not owned by GH Logistics, right?”

“Yeah, it’s actually owned by me personally.”

“Then do whatever you want to do with it. You can sell it or give it to someone else.”

“Hmm, really?”

“Brother, you don’t have a car, right? Get one for you then.”

“I can share your sister’s car—Sonata.”

“You will need your own vehicle, especially once you start your sales activities. My sister needs her own car to take care of her own work. Get yourself a car.”

Jae-Sik Moon chipped in, “President Goo, if the car’s main purpose is to do a sales activity, I think he’d better get a Grandeur or K7. Many of our truck drivers drive very nice cars as well.”

“Okay. Then buy a Grandeur or K7.”

“Gun-Ho, maybe I should buy a car with my personal funds. I sold my wing-body truck, and I can use the sales proceeds. I just joined GH Logistics, and I don’t want it to be my first thing that I did in the company, to buy my own car. I haven’t done much for the company yet. It doesn’t feel right that I spend the company’s money at this point to buy my car.”

“Well, if you insist, sure. Get your car with your personal money, but use the company’s money to do its maintenance, for gas, to pay for its auto insurance, and other necessary stuff.”

“Okay. Thank you.”

Gun-Ho’s sister smiled broadly.