Story of a Big Player from Gangnam

Chapter 445: Ownership Transfer of Condo (1) – Part 2

Gun-Ho asked Jae-Sik Moon, “It’s raining here. Is it raining where you are right now?”

“Yeah, along with strong winds.”

“You should be mindful of safe driving, especially in weather like today.”

“Right. Since this is a transportation business, when the weather is not good, I always remind my drivers several times that they have to be extra careful in driving. If a car accident occurs, the driver could be injured, and also our auto insurance rate would go up as well.”

“I see. Well, keep up the good work.”

GH media’s President Shin and Min-Hyeok Kim from China informed Gun-Ho that they paid the gift tax, and they would soon proceed with dividend distribution. Both of them want to reserve a certain amount of cash before distributing dividends. They said they determined to distribute 1 billion won.

[An amount of 950 million won has been sent to your personal account, sir. I’m taking 50 million won for my portion.]

Gun-Ho replied.

[Thank you for your hard work. Let’s work harder to receive a higher dividend next year.]

Gun-Ho now had an additional income other than his salaries. He would receive 950 million won from GH Media and GH Parts Company, 1.9 billion won in total. Gun-Ho checked the balance of his personal bank account. He had 400 million won there before, and now he had 2.3 billion won.

GH Mobile and Dyeon Korea were larger than GH Media or GH Parts Company, and they were generating higher revenues. However, Gun-Ho hadn’t received any dividend from those two companies. As to GH Mobile, Gun-Ho had decided to pay the company debts with profits rather than getting his dividend. Even though he didn’t receive his dividend, his assets would increase by paying the company debt. If he later decided to liquidate the company, he would receive a higher amount of money. Dyeon Korea, on the other hand, didn’t distribute dividends this time since it opened the business less than a year ago, even though it had enough cash in reserve.

Gun-Ho received a call from the branch manager of the stock brokerage company.

“Sir, I’m calling to let you know that you have received the returns from your investment on the bonds as suggested by my customized investment portfolio. The amount is 4.25 billion won.”

In other words, Gun-Ho’s cash of 170 billion won that he put in his stock account had increased to 174.25 billion won as a result of the investment. That was the amount he would receive if he liquidated the investment today.

“You will need to treat any of this information related to me as confidential. If my identity is exposed in any way, I will move my entire funds to another bank or institution.”

“Don’t worry about it, sir. VVIPs are taken special care of at the headquarter level, not the local branch level. It’s our strict policy that we keep our VVIPs’ identities extremely confidential. The identities of big players of Gangnam are never released to the public, not even within our firm. That’s why I have been asking you to have a round of golf with me sometimes, so we can meet outside the firm. I will do everything I could within my power to keep your information confidential, sir.”

Gun-Ho’s money in the stock account was known to no one including his parents and his wife.

Gun-Ho received a call from his sister.

“How’s your married life? Are you having fun?”

“I don’t know. We only meet during weekends. We are a ‘weekend couple’ which is no fun.”

“Why don’t you open a hospital for her in Gangnam? You can sell the land in Namchon Town and use the sales proceeds to do so.”

“She is a newbie in her field. She needs more clinical experience to handle her own practice.”

“I see.”

“Are you home? Are our parents at home as well?”

“They went to Namchon Town to check the land. Visiting that land became their new hobby”

“Mom said the other day that she wants to plant something there.”

“Yeah. She wants to prepare the land before actually planting something first. The reason I called you today is about that.”

“What about it?”

“I know you had to spend a lot lately with your wedding and all, but I think our dad needs a car.”

“Oh, that.”

“They often go to Namchon Town together to see the land by bus. The thing is that they need to transfer to another bus several times to get there. That should be very tiring for an old couple.”

“I actually told our mom that I want to buy a car for them the other day, and she strongly opposed it. She said that dad already revoked his driver’s license.”

“She said so because she didn’t want to impose. That’s how parents are.”

“There is no problem with buying him a car. I will buy a car for them at any time they want.”

“Can you buy an Avante for them?”

“If dad wants a better one, I can get him a Genesis. A foreign-made car is good too.”

“Haha. That’s too much. I think either an Avante or K3 should be good enough.”

“No, I want to get them a nice car. I received a dividend a few days ago. I have money.”

“Mom and dad don’t know anything about a car. She doesn’t even know what a Genesis is. They think Grandeur is the best car in Korea. They think you have to be rich enough like the president of a huge company to have a car like a Grandeur.”

“Let’s get them a Hyundai Grandeur then.”

“Really?”

“Yeah really. I will send money to your account.”

“Haha. Well, I still think an Avante should be good. Well, that’s what I wanted to discuss with you, Gun-Ho. I will let you go now, so you can get back to work. I’m sorry if I interrupted your work.”

After getting off the phone with his sister, Gun-Ho somewhat felt sorry for his sister. If Gun-Ho gave an executive position to her husband in one of his GH companies, they would have a financially better life. However, her husband didn’t have any work experience in a company, and also Gun-Ho didn’t want to work with his family or relatives in the same company, but Gun-Ho appreciated that his sister and her husband were living with his parents and assisting them. Since Gun-Ho was the son, he was supposed to do that.

When he went home after work, he made a call to his father before going to bed.

“He is probably still watching TV right now. Old people usually go to bed late at night.”

“Dad?”

“Gun-Ho? How come you’re calling home at this hour?”

“You know that the condo in Guweol Town where you live right now is under you and mom’s name, right?”

“I know that. You want to sell it?”

Gun-Ho’s dad seemed to be surprised when Gun-Ho talked about the ownership of the condo.

“No, dad. I want to transfer 50% of the ownership to my sister.”

“Transfer the ownership?”

“Yes, dad.”

“Even though this condo is under our names, it’s yours. You paid for it with the money you earned. Why do you want to share the ownership of your condo with your sister?”

“Since I’m married now, I’m supposed to live with you and mom. Since I can’t do that for now, I want to show my gratitude to my sister who is living with you.”

“I see your point, but did you talk with your wife? Is she okay with it?”

“Dad, I have enough money, and my wife has enough money too. We have no intention to claim any ownership for the condo in Guweol Town. I want you to proceed with the ownership transfer as soon as you can, and let me know the amount of any taxes due. I will pay for them. Since the condo was purchased with you and mom’s name, you will need to take your stamp to the certified legal consultant’s office to partially transfer the ownership.”

“Thank you, son. You are very thoughtful. Your sister must be so proud of you, and so are we.”

“Don’t say that, dad.”

“We, as your parents, are supposed to give you a gift for your wedding, but we are receiving a gift from you. I’m sure your sister will be extremely happy.”

“Dad, one more thing. I want to buy you a car.”

“A car?”

Gun-Ho’s dad couldn’t say anything further.