Chapter 372: 372
Chapter 372: Joint Venture’s Board Meeting (3) – Part 1
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Mr . Brandon Burke objected and said,
“The vice president—Mr . Adam Castler—of this joint venture company was just asked to give an earnings report . This is not fair . I object to it as the chairman of the board . ”
Everyone in the meeting room looked at Mr . Brandon Burke, and Mr . Burke explained his objection further,
“The earnings report needs to be presented by the president of the joint venture; that would be President Gun-Ho Goo . The person who is responsible for managing the joint venture is the president, not the vice president . ”
‘Is he asking me to give the report?’
Gun-Ho was dumbfounded . All the documents prepared for the report were written in English .
Mr . Burke continued to speak, “The global company—Lymondell Dyeon—has several joint venture companies all over the world . There has been no single precedent that a vice president gives an earnings report during a board meeting . According to the contract, President Goo will take the position of the chairman of the board . I’m sure that President Goo will ask the same when he is in my seat . ”
Gun-Ho thought about what Mr . Burke just said . He was right . Gun-Ho couldn’t think of any argument to refute his statement . Gun-Ho looked at the report documents again . Most of them were numbers, and Gun-Ho was good with numbers . He could easily understand what those numbers represented .
Gun-Ho couldn’t understand English while most of the attendees in the meeting could . However, he was amazing with numbers . That trait of his played a critical role in making the current Gun-Ho .
“You are absolutely right . ”
Gun-Ho decided to give the earnings report .
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“Please take a look at the documents placed in front of each of you . ”
Ms . Yeon-Soo Oh interpreted what Gun-Ho said . Her clear and refreshing voice resonated in the meeting room,
“Let me show you what we have here . ”
“It has been six months since the joint venture company was established . The monthly sales revenue for the first month was 300 million won, and it steadily increased, and our monthly sales revenue of the last month was at a record high of 2 . 5 billion won . That makes the total sales revenue of the first six months 12 . 2 billion won . That was the result of the hard work of all of our workers including the vice president—Mr . Adam Castler . If you compare this with other joint venture companies of Lymondell Dyeon, you will see that this is a usually high amount . ”
When Yeon-Soo Oh finished her interpretation, Ms . Angelina Rein started clapping with a broad smile . Mr . Brandon Burke’s applause ensued and all of the other attendees followed .
“I truly appreciate all of your hard work . ” The chairman of the board—Mr . Brandon Burke—said while clapping .
Gun-Ho continued his report, “The sales revenue of the first six months was 12 . 2 billion won, and we are anticipating to achieve 30 billion won in total for the sales revenue by the end of this year without any difficulty . ”
“Hmm . ”
Mr . Brandon Burke wrote down the numbers that Gun-Ho mentioned .
“I will talk about the product cost . The cost of raw materials is 5 . 9 billion won which takes 48% of our total sales revenue . ”
Everyone in the meeting room was looking at the documents except Gun-Ho . Gun-Ho could recall all the relevant numbers without referring to any document .
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“This shows that we are getting necessary raw materials from Lymondell Dyeon for high prices . With all due respect, Mr . Burke, I’m requesting to adjust the price of the raw materials that Lymondell Dyeon sent to our joint venture . ”
Gun-Ho didn’t forget to make a necessary request even while giving his report .
Mr . Brandon Burke responded to Gun-Ho’s request, “I will discuss the price with Lymondell Dyeon once I go back there . ”
“Next, I’d like to talk about our labor cost . ”
The joint venture’s board meeting with the help of interpreters was long and boring as expected .
Gun-Ho’s report alone took two hours . It was finally break time . Most of the attendees of the meeting went outside the meeting room to take a break . Some of them used that time for smoking .
“Oh, my gosh, it’s already 3 o’clock . We started the meeting at 1 pm, right?”
“Did you realize that President Goo didn’t even look at the documents while he was giving the earnings report? And he gave exact numbers as stated in the document . That was unbelievable . ”
“He is the president, right? There must be reasons when a person takes a position like that . ”
“We have a lot more to cover after this break . I guess the meeting will go several hours longer . ”
“Yeah, I think so . ”
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It was almost 5 pm . Mr . Brandon Burke and Ms . Angelina Rein were meticulous . They closely looked at the business expenses part . Fortunately, Mr . Adam Castler was meticulous as well in preparing the pertinent document .
“I thought Mr . Adam Castler didn’t do much at work, but he is well prepared . ”
Director Kim and Director Yoon seemed to be impressed by Mr . Adam Castler’s work .
However, the board meeting didn’t seem to be ending pleasantly . Around 5 pm, Gun-Ho and Mr . Brandon Burke were arguing loudly . They had different opinions about the investment in-kind . They even mentioned that the joint venture might have to be terminated .
“Hey! Mr . Brandon Burke! As an investment in-kind, I contributed the land where this factory is sitting on . The value of this land was appraised by Korea Appraisal Board which is a certified government company . The appraised value is exceeding the amount of funds that I was supposed to contribute . However, what about Lymondell Dyeon? You sent a few used equipment, and you just declared that the total value of those machines is 4,450,000 dollars . Do you think that makes any sense!?”
“We’ve attached the appraised values of those machines when we sent them here . If you don’t trust what we claimed, that means you don’t want to continue to do the joint venture with us . ”
“Your appraisal is not reliable . It was a piece of paper with the value, and it was done by some private accounting company . It’s not even a government-certified appraisal firm . ”
“Lymondell Dyeon already paid 5 million dollars which is half of the joint venture’s paid-in capital—10 million dollars . We initially sent 50,000 dollars when we established this company, and subsequently, we sent an additional amount of 450,000 dollars for the operation . ”
“The amount of the cash that Lymondell Dyeon sent is correct . ”
“The remaining amount of 4 . 5 million dollars out of the promised 5 million dollars is fulfilled by the equipment and raw materials that we had sent . The value of the raw materials is clearly shown on the copy of the export documents submitted to the U . S . Customs & Border Protection . Also, we have the appraisal for the machines . All these documents are valid and reliable, so your country’s customs office accepted them and issued the conclusion of investment in-kind . ”
“Do you think I’m a fool? Why don’t you go downstairs and take a look at the machines that you sent to us yourself? And tell me if you truly believe those machines are worth 4 . 5 million dollars . You, Mr . Adam Castler, why don’t you tell us about the value of those machines? Tell me what year are those machines?!”
Mr . Brandon Burke bawled out at that moment .
“If you don’t trust us, we will take those machines back!”
Gun-Ho bawled at him as well .
“Take them! Do you think I’m desperate to keep the joint venture even after all this nonsense?!”
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