Chapter 300 - Art Exhibition (2) – Part 1
Chapter 300: Art Exhibition (2) – Part 1
Dyeon Korea’s vice president—Mr. Adam Castler—and Director Dong-Chan Kim came to GH Mobile to see Gun-Ho. The interpreter was following them to Gun-Ho’s office.
“Please have a seat. I do appreciate your hard work for Dyeon Korea, starting off in the small container office. I am so glad the building will soon be completed.”
Mr. Adam Castler said,
“I came to let you know that we want to ask Dyeon America to ship the equipment now. If we wait until the building dedication ceremony is over, it would be too late. Once the equipment is shipped from Seattle, they will arrive in Busan after a few weeks. They will then have to be passed through customs at the Busan port before they could finally be sent to Asan City. So, I strongly suggest having the equipment be shipped as soon as possible.”
“Can we receive the equipment to Pyeongtaek Port instead of Busan? It’s closer to Asan City.”
“All international shipments are supposed to arrive at Busan Port.”
“Hmm.”
“The equipment we will receive is the first batch of investment in kind from Dyeon America.”
“We haven’t even received the initial operating funds yet. You do know how much each co-venturer is supposed to contribute to Dyeon Korea’s initial operating funds, right?”
“Yes, I am aware of it. Dyeon America and GH Mobile, each party is supposed to send 450,000 dollars to Dyeon Korea.”
“That’s correct. Pursuant to our joint venture agreement, the authorized capital is 20 million dollars while the paid-in capital is 10 million dollars. The initial operating cost is 1 million dollars, so each party needs to contribute 500,000 dollars in cash. Last time, each party already put 50,000 dollars, so we need to put an additional 450,000 dollars (about 450 million Korean won). Once Dyeon America shows us the deposit slip of their portion of 450,000 dollars, we will deposit our portion right away. We have the cash ready.”
“Sounds good. I actually just requested Dyeon America to send 450,000 dollars to us before heading to your office. They will send the money from Bank of America, and we already gave the bank the necessary information for the wire-transfer including the recipient’s bank’s SWIFT code.”
“Since the paid-in capital is 10 million dollars, we split it in half, so each party contributes 5 million dollars. Out of 5 million dollars, 500,000 dollars must be in cash, and the remaining 4.5 million dollars can be invested in kind. GH Mobile paid it by contributing the land where the factory is being built on, and this is it, while Dyeon America wants to contribute the equipment and they will have to ship the equipment several times until the value of the total equipment reaches 4.5 million dollars.”
Gun-Ho wrote it down to help with the accuracy of the interpretation, so the interpreter wouldn’t get confused with all the numbers.
Authorized capital – $20,000,000 (will receive gradually)
Paid-in capital – $10,000,000 (GH Mobile $5,000,000; Dyeon America $5,000,000)
< Method to satisfy the said funds >
Dyeon America:
$50,000 in cash + $450,000 in cash + $4.5 million in-kind (Equipment) = $5 million
GH Mobile:
$50,000 in cash + $450,000 in cash + $4.5 million in-kind (Factory Land) = $5 million
(The factory building is not included.)
Gun-Ho then showed his agreement to the immediate equipment shipping.
The following day, Gun-Ho received the deposit slip from Dyeon America via fax. After verifying the actual fund deposited in Dyeon Korea’s bank account, Gun-Ho transferred GH Mobile’s portion of the funds to Dyeon Korea’s bank account and gave the deposit slip to Mr. Adam Castler.
It was the day of the building dedication ceremony.
The new factory building looked majestic, and a great pine tree was planted in its yard along with a crepe myrtle tree. The landscape was nicely done.
In the yard, about 200 plastic chairs were placed. A billboard was showing the aerial view of the new factory. Director Yoon, who was wearing a construction uniform, was standing next to the billboard with a stick, which was longer than a cue stick, in his hand. The general affairs director would proceed with the ceremony just like the last building dedication ceremony for the factory in Jiksan Town.
Gun-Ho arrived early at the ceremony venue. The employees, who the general affairs director selected to participate in the ceremony, were leading the guests to their seats. They were wearing their company uniforms with white gloves.
“Our president is here.”
“Our president is here.”
The employees opened the car door as Gun-Ho parked his car. They showed him to the temporary waiting area in the building. In the waiting area, the female workers were distributing a cup of coffee to the guests.
The general affairs director ran to Gun-Ho and said,
“Sir, you can stay here, and you can just join us once we begin the ceremony.”
A female worker at the sales department came to Gun-Ho and put a flower on his chest.
A lot of people started arriving when the ceremony was about to begin. It seemed that there were way more people coming than GH Mobile’s building dedication ceremony.
Director Dong-Chan Kim was in the waiting area with Gun-Ho. He said while sipping his coffee,
“I expect to see a lot of government officials and politicians coming today since this is a building dedication ceremony for a joint venture with an American company. They can use the picture they would take here to show the public that they have been making an enormous effort to bring more foreign capital in the community.”
Gun-Ho just smiled without saying a word in response to Director Kim’s comment.
Director Kim said while looking outside the window,
“Oh, my gosh. I guess we have a tycoon coming to our ceremony. The parking lot is almost full. Sir, I think you’d better go out and see who just came.”
Gun-Ho slowly walked out to the factory yard while smiling. The general affairs director introduced Gun-Ho to the visitors.
“This is our president.”
“Congratulations. I’m Gil-Do Yi. I’m a congressman.”
“Congratulations. I’m the chairman of the Asan City’s Business Association.”
“Congratulations. I am the chairman of the Chamber of Commerce and Industry in Chungnam Province.”
“Congratulations. I’m the Chair of the city council of Asan City.”
“Congratulations. I’m the manager of the local economic department of Asan City Hall.”
“Congratulations. I’m the branch manager of Asan Bank.”
Gun-Ho met with a great number of people that day. He didn’t think he would remember all who he had met that day. Everyone who Gun-Ho met with gave their business cards to him. A high-ranking police officer came too.
“Hi, Mr. Chief of Police. Thank you for coming.”
Gun-Ho greeted the chief of police of Asan City.
The ceremony started with the general affairs director’s voice on the microphone.
“We will now start the joint venture—Dyeon Korea’s building dedication ceremony. Ladies and Gentlemen, please have a seat.”
Gun-Ho’s congratulatory message ensued. He tried to make it short for the sake of the government officials who usually had a very busy schedule. When Gun-Ho wrapped up his speech by stating that he would contribute to the local economy by achieving his exporting goals of 100 million dollars, everyone at the ceremony applauded. Vice President—Mr. Adam Castler—gave his speech as well as he represented Dyeon America. He made it short too. The same interpreter—Mr. Lee—interpreted for the guests. As Mr. Adam Castler made his speech in English, people felt it was really the ceremony for a joint venture with a foreign company.