Story of a Big Player from Gangnam

Gun-Ho asked for the auditor.

A company auditor executes an audit within the company and makes an independent report. However, in GH Mobile—formerly known as Mulpasaneop, the auditor was also doing the general director’s work since the general director’s position was currently vacant, in addition to his original work duty as an internal company auditor.

“I will be going on a business trip to Japan with the sales director next week.”

“I was already told about the trip, sir. You are going to an American company’s Japan branch office, called Lymondell Dyeon, right?”

“That’s right.”

“Have a safe trip, sir. There is really nothing I can help with for your trip since I don’t have any knowledge of sales or technology. Haha.”

“I asked you to come to my office because I want you to take care of the business and our employees during my absence. You will be in charge when I am not here.”

“Don’t worry about it, sir. Before you leave for the trip, why don’t you have a meeting with our vendors?”

“With vendors?”

“The vendors are as important as our customers, sir. We need to have a good relationship with them in order to conduct our business smoothly.”

“We have about 30 vendors, right?”

“Yes, we currently have 36 vendors to be exact. Let’s invite 15 major vendors among them.”

“Hmm.”

“I believe it is important to effectively communicate with them. We convey clearly our request to them, and also we hear what they really need.”

“I was actually thinking of having a meeting with our vendors as well.”

“We still have an outstanding balance with the vendors, also with the service supplying agencies. If you remember the claimed amount of debt that was reported to the court, we owe some of those vendors more than 1 billion won.”

“Hmm.”

“I think we’d better have a meeting with them as soon as we can.”

“Let’s then have a meeting the day after tomorrow at Onyang Hot Spring Hotel. Contact them to invite them to the meeting; we will explain how we acquired the company and how we have operated it so far with new policies, and also our company’s current state after the court receivership.”

“Okay, sir. I will prepare the necessary materials and documents.”

The auditor was about to leave the office when he came back to ask something to Gun-Ho.

“Umm, sir. Why don’t you change your car?”

“My car? What’s wrong with my car?”

“You are the president of a big company. Once our sales revenue exceeds 100 billion won, you will become a public figure. You shouldn’t take any risk to get injured or anything. I think it’s better that you get a new car with a chauffeur.”

“Are you saying I’d better sell my Land Rover?”

“No, I mean you keep your Land Rover as your car for personal use, but while you are working, you’d better use a company car with a chauffeur.”

“I think that could be a waste of money.”

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“Our employees are highly motivated now. We are getting more and more product orders from our customers, and we started generating revenue since last month. We don’t make much profit just yet because of the payment we had to make to the court; however, we have enough revenue to cover an additional company car for you and wage for a chauffeur.”

“Hmm. Okay. I will think about it.”

The auditor seemed to have more to say.

“I have one more thing I’d like to talk to you about, sir.”

“What is it?”

“This company is registered to the government with two directors and one internal auditor.”

“That’s right.”

“I am the internal auditor, and you are one of the directors, and your father is the other director.”

“That’s correct.”

“Among these three people, you—the president of this company and I—the internal auditor receive a salary. The other director is not working at this company, so he is an outside director.

“Okay, so?”

“Even though he is an outside director, he must be paid by our company since he is a member of our company’s board of directors. He could get paid less than an employee who is actually working here, but he must be paid. Please determine the amount of his salary.”

“How much should it be?”

“That’s not what I can decide, sir. That decision is within your authority.”

“I am currently paid 15 million won per month, and you get paid 8 million won on a monthly basis.”

“That’s correct.”

“Then, what about us pay the outside director 10% of my salary?”

“That’s too low. Some companies pay 30% or some pay 50%.”

“Let’s do 20% then. I will pay him 3 million won per month. My father is an old man and he doesn’t spend much money at all in his daily life. He is different from the previous president of Mulpasnaeop—President Se-Young Oh who knew how to spend money.”

“Okay, sir. I will inform the general affairs department to take care of the outside director’s salary with the amount of 3 million won, and his Four Major Public Insurance.”

Once the internal auditor left Gun-Ho’s office, Gun-Ho made a phone call to his father.

“Dad?”

“Gun-Ho? Do you need my certificate of a registered seal again, son?”

“No, dad. Dad, our company will pay you a salary.”

“What salary?”

“You are registered as an outside director of our company so we will pay you a salary. You will receive 3 million won per month. Get some delicious food with the money with mom.”

“I don’t need money. You must need the money more than me, son. Keep that money and use it when necessary.”

“I am paid a high salary already, dad. I know your bank account number with Shinhan Bank. I will send your salary to that account.”

“I don’t understand what you are talking about.”

Gun-Ho’s father didn’t seem to be thrilled by receiving a salary, but he murmured instead by himself.

After getting off the phone with his father, Gun-Ho received a call from his mother about 20 minutes later.

“Gun-Ho, did you tell your dad that you will send him 3 million won per month?”

“Yes, mom.”

“Is that really okay with you?”

“Yes, mom. Dad is registered as the company’s non-executive director so the company is paying him a salary.”

“Really? That’s great. I am getting acupuncture regularly these days; I guess I can use that money to pay for it. Can I split that money half-half with your dad?”

“Haha. Mom, talk with dad about it.”

“Thank you, my son. You are the best son anyone ever has.”

Gun-Ho’s mom seemed to be excited about her additional income.

The factory manager, the chief of the research center, the sales director and other people at the executive level attended the meeting for vendors, in addition to Gun-Ho and the internal auditor. The meeting was held at Onyang Hot Spring Hotel.

The presidents of the vendor companies started appearing at the meeting. Gun-Ho and others from GH Mobile stood up and greeted them. Gun-Ho could see President Young-Sik Park from YS Tech among them. Before starting the meeting, Gun-Ho talked with President Young-Sik Park in private outside the meeting room.

“Sir. I’m sorry that I couldn’t contact you earlier before the meeting.”

“I actually heard that you acquired Mulpasaneop. I should have contacted you earlier, but I didn’t want to bother you since you must have been very busy with the acquisition of a new company and all that. So, is the business stable now?”

“Yes, I believe it is doing okay now.”

“I really look forward to working with you. My brother-in-law often talks about you.”

“President Se-Young Oh?”

“Yes. He said that you are a very distinctive person.”

“How is President Se-Young Oh doing these days?”

“He bought a small building and leased it out, so he could use the rent from the building for his living expenses. He is still living at his condo in Bangbae Town and he does mountain climbing a lot lately.”

“I am so glad to hear that he is doing well.”

“He actually looks great. He looks a lot better than he used to look when he worked as a president of Mulpasaneop.”

“I see.”

“And his son already got a job in a big company.”

“That doesn’t surprise me. He graduated from one of the top universities. With his high qualification, it must not be difficult to get a job in a big company in such a short period of time.”