Story of a Big Player from Gangnam

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Chapter 845: Private Equity Fund (PEF) Company (2) - Part 2

Gun-Ho made a call to Seung-Hee sister.

"It's Gun-Ho."

"Oh, President Goo."

"Are you busy right now? Can we talk?"

"I'm good."

"Where are you right now?"

"I'm in Guro Town. I had a meeting with a client for insurance. I was about to head to Bucheon City."

"You are living in Bucheon City?"

"Yeah. I moved there from Incheon City."

"I have something that I'd like to talk to you about. Can we meet?"

"Sure. I can go to your office in Sinsa Town. I don't want you to make a trip just to meet me. You must be a lot busier than me since you are running a large business."

About an hour later, Seung-Hee sister came into Gun-Ho's office in GH Building, Sinsa Town. She was carrying a box of beverages—Vita 500.

"You didn't have to bring things like this when you come to see me."

"Well, you are my client. You bought insurance from me. I didn't want to come empty-handed."

Gun-Ho asked Secretary Yeon-Soo Oh to bring two cups of Longjing tea.

"This is Chinese tea. Be careful. It's hot."

"Oh, this must be an expensive tea. Thank you."

"I've traded stocks using your stock account several times."

"You didn't lose money, did you?"

"I didn't lose money, but make some profits."

"Haha. That's good to know."

"The thing is that I have a substantial amount of money in your stock account right now. It's not just my money, but it contains other people's money too, who did some stock trading with me together."

"Is it several hundred million won when you said 'a substantial amount of money'?"

"I need to open the account to see the exact amount of money."

"I see."

"It occurred to me that I shouldn't use your account any longer in investing in the stock market. It's not right. So, I'm thinking of establishing a private equity fund company."

"A private equity fund company? I have heard the word before, but I'm not sure what it does."

"It's like several people get together with funds in making an investment in real estate or in the stock market."

"Oh, I see. You mean that you are not going to use my stock account any longer, but instead, you want to use the private equity fund company in investing in the stock market, right? That sounds good."

"In order to do so, I need to transfer all of the funds that are in your stock account to the private equity fund company's account. The amount is too great to do the fund transfer online, but the account's owner should go to the stock brokerage firm to make the transfer."

"Should I go there today?"

"Not today. I need to form a private equity fund company first, and I also need to lease an office-tel as well. I will let you know once they are all ready. The company will be run by a person who used to work in a bank as a high-ranking officer. Once the purpose of the private equity fund company is fulfilled, the firm will be dissolved. It will take about 1 year."

"I see."

"I want you to take a director position of my private equity fund company until it is ready to be dissolved. It's not a full-time job, and I will give you a wage for it. What do you think?"

"I will get paid for it? But I have no idea what I should do in that company."

"That's why it's not a full-time position. You don't even have to come to work either, but you just make a fund transfer when necessary."

"Hmm, really? Should I worry about getting an unexpected bill for tax or something like that?"

"I will take care of all taxes and fees related to it. I will write a statement about it for you, so you can feel comfortable working with me on this."

"Well, I will do it then."

"I'm going to lease an office-tel in Gangnam District and place a desk and a chair there. You can take a rest in the office whenever you feel like it. You can have tea and spend your time there being relaxed. You probably want to use the space to take a break after moving around busily to sell insurance."

"Really?"

Seung-Hee sister smiled broadly.

Gun-Ho continued, "Okay then. I will contact you when I need documents or something in forming a private equity fund company. Also, I will let you know once I find an office-tel."

"Sounds good."

Gun-Ho then stood up from his seat, opened his desk draw, and put 1 million won in an envelope.

"I made some profits from my investment in the stock market using your stock account. I want you to accept this for me. It's a million won. Buy clothes for your son or something."

"1 million won? Wow! You don't have to do this. All I did was to let you use my account that I don't even use."

Seung-Hee sister didn't strongly refuse to take the money though. She put the envelope in her bag. Gun-Ho thought that she was probably in need of money.

Seung-Hee said, "You know what? I had a dream last night. I went to a mountain in my dream and collected a lot of acorns. I guess it was telling me that I would get some free money today. Haha. Well, just let me know when you need anything."

"Thank you."

"No, thank you, President Goo. You are the brother of my best friend. I wouldn't mind letting you use my account for free. I'm not sure if I can just accept this."

Gazing at Seung-Hee sister leaving the office, Gun-Ho thought that he would help her again big time.

Gun-Ho then made a call to the branch manager of the stock brokerage firm in Gangnam.

"Can I meet the man who you mentioned the other day, in person? You know, the man who used to work at the global asset strategy department of Gangnam Bank as a team lead. Where is he living right now?"

"He is living in Cheonho Town. I will tell him to go to your office in Sinsa Town to meet you, sir."

"I'd like to meet him today. I probably won't be here tomorrow or the day after tomorrow. I will need to go to work in Jinsan Town and Asan City."

"Understood, sir. I will give him a call right away. I'm sure he will come to your office in no time."

After 3 pm that day, a man who looked like he was in his 50s came to Gun-Ho's office. He was slim and wearing glasses.

"The stock brokerage company's branch manager in Gangnam told me to see you here, sir."

"Are you the one who used to work at Gangnam Bank before?"

"Yes, sir."

"Please have a seat. My name is Gun-Ho Goo."

Gun-Ho gave his business card to the man. It said that Gun-Ho was the president of three different companies.

The man said, "I don't have a business card for now, but here is my old business card when I worked for Gangnam Bank as a team lead of their global asset strategy department. My name is Geun-Soo Son. I've heard a lot about you, sir, from the branch manager."

"Since you used to work at the global asset strategy department, you probably have extensive experience in making an international investment."

"I had chances to do several of them, sir."

"You seem to be too young to retire. Why did you quit your last job with Gangnam Bank?"

"Banks often go through restructuring processes, and they lay off people accordingly. Once you are older than 50 years old, you become a worker that's not so desirable for them."

"It's their loss letting people like you go, who have extensive work experience that would benefit their companies."

"I was told that you are interested in establishing a private equity fund company, sir. Is that right?"

"That's correct."