Story of a Big Player from Gangnam

When Gun-Ho came back to Korea from his trip to China, he found an email waiting for him. It was from Huanle Shiji’s president.

[500 million won out of 2 billion won of the short-term debt is a loan from a financial institution. The remaining 1.5 billion won is a loan that I borrowed from individuals. 300 million won out of the accounts payable of 400 million won is unpaid labor costs—100 million won is the number of unpaid wages of our workers at Huanle Shiji for the past two months, and 200 million won is for the guarantee. Please take this into account when you make your investment decision.

I firmly believe that the experience of failing is also a precious experience. We have failed in the last two dramas, but I’m sure that our third drama will be a success as we say ‘third time’s a charm.’

If our company could show the creditors of the short-term debts that we will surely receive new investment funds, I believe we can delay the payments for the loans.

From Huanle Shiji’s President Baogang Chen.]

There was one more new email waiting for him. It was from the Chinese language instructor at Hankuk University, who was working on translating the synopsis sent by Huanle Shiji, into the Korean language. He said that the translation was completed. Huanle Shiji’s third drama’s title was ‘Shiguang Ru Meng.’ Gun-Ho sent the translated synopsis to Director Woon-Hak Sim.

He then printed out the email contents from Huanle Shiji’s president, so he could read it closely and comfortably for several times while sitting on his sofa.

‘Once I put my funds in Huanle Shiji, they will start casting actors and actresses for their next drama—Shiguang Ru Meng—and then they will give a production presentation to the public. This will calm down the short-term creditors by giving them the assurance that they will be paid for the money owed by Huanle Shiji. However, unpaid wages will have to be paid right away. The workers will not be willing to work without being paid. I totally understand how they would feel because I almost went crazy myself when my wages were on hold for three months when I worked for the furniture manufacturing factory in Pocheon City.

Well, I decided to make my investment in this drama production company. I’m not aiming at only making profits by producing the new drama—Shiguang Ru Meng—but I also have to think about the relationship with Seukang Li. I’m investing in that person and his future as well. If he is elected as a member of the Central Committee of the Chinese Community Party later, it will be really nice to have a friend in that powerful and influential position, who has an amicable attitude toward Korea and our culture.’

Gun-Ho replied to Huanle Shiji’s president.

[The translation on the synopsis has been completed. We will review it and let you know.]

The news about the possibility that they would have a new investor from Korea was exciting news to the workers at Huanle Shiji. Its president was facing a hard time making his 15 workers work hard because he hadn’t paid them for the past two months, not to mention the pressure that he was constantly receiving from the creditors. Their second drama—Qui Ri Yan (Autumn Feast)— was still ongoing, and its last two episodes were scheduled to be on air. Huanle Shiji’s staff thought that the company would be dissolved after finishing Qui Ri Yan, and they would have to find another job until they heard of the news on the new investment funds. Now, they were excited, feeling hopeful.

“Did you hear the news? Our president is contacting an investor in Korea.”

“The chairman of the Korean company that might make an investment in our company visited China last time quietly.”

“I also heard that he told our president that he wanted to review the synopsis before making his decision, so our president sent the synopsis to him.”

“I’m desperately waiting for my two-month wage. I need money to buy powdered milk for my child.”

Gun-Ho withdrew 2 billion won from his stock account where he had 170 billion won. Well, he had 174.5 billion won there to be exact. The interest of 4.5 billion won had been accumulated.

“Oh, I earned 4.5 billion won as an interest income? The due for the general income tax is May next year; I still have time until then. The branch manager of the stock brokerage firm told me that I will have to be prepared to pay 2 billion won for my general income tax. He also said that the tax accountant, who they are working with, will take care of my tax file as well.”

When Gun-Ho arrived at his office on the 18th floor at GH Building in Sinsa Town, he asked for GH Media’s president—Jeong-Sook Shin—who was working on the 17th floor. A moment later, President Jeong-Sook Shin entered Gun-Ho’s office at GH Development.

“Did you want to see me, sir?”

“I’ve made my decision. I will invest in the drama production company in Shanghai, China. GH Media will be the official investor.”

“Oh, is that right? But, GH Media doesn’t have enough funds to make an investment. Our funds are almost exhausted for the new books that will soon be published.”

Gun-Ho smiled and said while crossing his legs, “I’m not asking you to actually invest in China with GH Media’s funds. I will completely bear the necessary funds. Today, I will send 2 billion won to GH Media’s business bank account.”

“Huh? 2 billion won, sir?”

President Jeong-Sook Shin seemed to be astonished by the amount of the money—2 billion won.

“You don’t have to be surprised by just 2 billion won. You know that I signed a contract for a joint venture terminal project where I have to bring in 25 billion won.”

“Well, still, sir…”

President Jeong-Sook Shin knew that Gun-Ho was a highly competent businessman with a lot of money, but she felt frightened when she was told that the enormous amount of money—2 billion won—would be actually coming to GH Media’s account, the company which she was running

“Please record the 2 billion won as the funds from GH Media’s directing manager—Gun-Ho Goo.”

“Yes, sir.”

“Also, please start the paperwork to hire Director Woon-Hak Sim as a full-time employee of GH Media. You know the director who you made a business card for last time.”

“As a full-time employee, sir? With the same position as listed on his business card—the head of operations of the soap opera production department, sir?”

“Yes, please.”

“How much are we paying him? Also, we will need to file the Four Major Public Insurance for him as well, right?”

“Hmm, his monthly payment will be 1 million won.”

“1 million won? He will be placed in a position as the head of a department. 1 million won doesn’t sound to fit the position.”

“I will send him to China soon, and he will receive his salary in China as well, so we don’t have to give him high pay here in Korea.”

“Oh, I see.”

What Gun-Ho just said to President Shin was only one of the reasons why he didn’t want to pay Director Sim with a high salary. The major reason was that since Director Sim had huge debts, there was a good chance that his salary from now would be seized by his creditors.”

‘If Director Woon-Hak Sim receives a high pay at work, his salary after subtracting the basic living cost will be garnished.’

Gun-Ho sipped his glass of water and then said to President Jeong-Sook Shin, “And place a desk for him at GH Media’s office. He will need a place to sit during work hours. I will often ask him to come to my office.”

“No problem, sir. We have more than enough space to add one more desk. When we decided to move our office to this building, we chose a spacious office in case we would expand soon, even though we have to pay a high monthly rent. As a matter of fact, I don’t even have to buy a new desk either. We do have an extra desk available in the office. We prepared it for a new hire in the future.”

“Hmm, really? That’s good.”

“Since he is the head of the soap opera production department, we will need to make his space more private. Maybe we can add some space partitions around his desk.”

“Sounds good.”

“Haha. It will be fun to have a soap opera production department in GH Media.”