Story of a Big Player from Gangnam

Chapter 514: Relocation of GH Logistics (1) - Part 1

Gun-Ho was dozing off in his office on the 18th floor in GH Building in Sinsa Town when he received a call from China. It was Antang City's terminal president— Mr. Runsheng Yan.

"Hello, President Goo."

"Who is this?"

"This is President Runsheng Yan of the intercity bus terminal in Antang City."

"Oh, President Yan!"

"It has been quite a while since we signed the letter of intent. Do you think we can sign the actual contract within this month? As I mentioned earlier, you can send the person who will run the intercity bus service business here even before we sign the formal agreement."

"I have things that I need to take care of before doing so. Please give me time until then. It's early July now, and I think things will be done here by the end of this month."

"I called because I was just wondering how things are going on your side. Mr. Deputy Mayor is paying attention to this business deal. I can assure you again that your GH companies will experience a lot of benefits once you expand your business in China with us. I can personally guarantee you that."

"I see what you mean. Thank you."

Once he got off the phone with Mr. Runsheng Yan from China, Gun-Ho wanted to check with Jae-Sik Moon on how the GH Logistics business was going so far. He was entering Jae-Sik's office phone number on his smartphone when it started ringing. It was Jae-Sik Moon.

"President Goo?"

"Yeah, it's me."

"I just sent you a scanned copy of the cadaster of the land via email."

"Oh, you did? So, the registration of the land after the conversion of its use is completed, huh?"

"Yes, the land use conversion is completed, and it's registered accordingly. It's officially no longer farmland. You can check online its real estate register to verify it."

"Okay, I will do that. Well done."

"Now, we need to start the paperwork to transfer the ownership of the land from an individual— Jae-Sik Moon— to GH Logistics. How much do you think it would be adequate for the acquisition price?"

"How much did we spend in total in purchasing the land, paying acquisition tax and land use conversion fees, and other relevant fees?"

"It's about 2.3 billion won."

"Let's make it 2.5 billion won then. How much do you have in GH Logistics' business bank account now?"

"There is about 300 million won."

"Okay. Let me figure out something here, and I will give you a call again later."

Gun-Ho checked the balance of his bank account.

There was 2.3 billion won in it. He then checked his bank account where he was receiving all of his salaries; there was 200 million won.

'Jae-Sik said that GH Logistics has 300 million won now. Since it needs 2.5 billion won to acquire the land, I just need to send 2.2 billion won. But, maybe I don't want the company to have zero balance in its bank account after sending out the acquisition amount. I will send it 2.3 billion won then.'

Gun-Ho went to his bank and made a deposit of 2.3 billion won in GH Logistics' bank account. He then made a call to Jae-Sik Moon on the spot.

"President Moon? It's me!"

"Yeah, President Goo!"

"I just deposited 2.3 billion won in GH Logistics' bank account. Add 200 million won to it from the previous balance and buy the land for 2.5 billion won. You don't have to get the sales and purchase agreement from a real estate office, but you can just make one in Word. Just get it ready."

"Okay. I will let you know once it's done."

"Once the acquisition process is completed, place the land on the market for sale."

"Got it."

Dyeon Korea's Director Kim was making a report to Gun-Ho over the phone.

"Manager Lee, who is in India now, found a place to live for himself after getting the office. It's a monthly rental. The rental price there seems expensive if you want to find one in the area where most Korean people are living. They are asking 2 million won per month for the place."

"Two million won on a monthly basis?"

"Yes. So, he decided to move to an area a little bit shabby. He will be paying 30,000 Rupees for the place."

"How much is 30,000 Rupees in Korean won?"

"It's a little over 500,000 won."

"There has to be a security deposit as well."

"Right. They are asking 90,000 Rupees for the security deposit."

"So, they are asking for a three-month rent as a security deposit."

"He said that he found storage as well. It's a 300 pyung large space. He hasn't signed a contract for the space yet though."

"Is 300 pyung large enough to store our products?"

"That space was used as storage of raw materials, and it already has built-in shelves designed for that purpose. According to Manager Lee, it would be able to accommodate around 40 tons of raw materials. The rent there is 100,000 Rupees which is around 1.7 million Korean won."

"The real properties seemed to be expensive in India."

"That storage has a large yard for a truck to make a turn, which will be very useful for our business."

"Did he finish establishing the company?"

"He did. He has his old colleagues there, who he used to work with before, and he is getting lots of help from them. He opened the company's business bank account as well."

"Hmm, really?"

"Sir, you are coming here tomorrow, right?"

"Yes, I will."

"I will need your signature on the approval form for the initial investment expense. We need to send the amount to India. I already have Mr. Adam Castler's signature on it. I was thinking of sending the funds to India today, but I couldn't since you are not here."

"It's 100,000 dollars, right?"

"That's correct. Manager Lee said that he would use the initial investment funds to pay for the storage, the office, and his place to stay."

"Has he rented a car yet?"

"Manager Lee can't drive there even though he is holding an international driver's license. He needs to take a test again to get a driver's license in India."

"I guess it will take another one or two months."

"He will have to take a taxi or hire a chauffeur. He said he would sign the contract for storage and rent a car after the initial investment funds arrive."

"It seems that he has to wait to get that storage until he receives the funds because of the security deposit. The amount of money that he carried when he left for India wouldn't be enough to cover the security deposit. Okay. I will come to Dyeon Korea first thing in the morning tomorrow before going to work in GH Mobile."

"Once the expense approval form is signed tomorrow, I will go on a trip to India, maybe at the end of next week."

"Sounds good."

Gun-Ho received a call from Jae-Sik Moon.

"I've withdrawn the entire funds that were sent to my personal bank account from the company and sent them to your personal account. Please verify it."

"Okay. Thank you."

Gun-Ho checked his bank account. An amount of 2.5 billion won was deposited in his account. He transferred 200 million won out of that amount back to the company account.

After lunch, Gun-Ho went down to the art galleria on the basement level to look around the art exhibition of the six young artists. All the paintings were pretty, but something seemed to be missing in their artworks like artistic values and techniques.

After coming back to his office on the 18th floor, Gun-Ho had his afternoon coffee. At that moment, his brother-in-law called him.

"Gun-Ho? It's me."

"Oh, hi, brother."

"I'm off from work tomorrow. Will it be okay if I visit GH Logistics tomorrow?"

"Tomorrow? Sure. Please come there by noon. If you go to GH Logistics' website and click the direction, it will show you the map and how to get there."

"Okay. Did you apply to participate in bidding on Onbid for the rental property?"

"I think so. I talked to the GH Logistics' president about it already. I believe he has done it."

"Okay. I will see you tomorrow."