Chapter 147
Chapter 147
Chapter 147. Seeking a Vault Keeper
A few days later.
The investigation by the prosecution and the accounting audit of MH Distribution were nearing completion. Fortunately, the 70 billion won investment proceeded smoothly, allowing them to meticulously fill the holes in the financial statements, which had been marred by non-performing loans and corruption.
Shinwoo visited the conference room used by the accounting firm Kwangho.
The accountants, who were tidying up, spotted Shinwoo and immediately bowed their heads.
“Thank you for your hard work.”
At those words, the person in charge, Senior Manager Joo Ho-yeon, stepped forward.
“Honestly, during the audit, we were even considering issuing a qualified opinion, but the CEO managed to overcome it with ease.”
“It was the business trust that helped. Are you returning to Kwangho right away?”
“I must. However, you seem unchanged, whether before or after this began. Usually, people look relieved after being anxious, but you seem so calm, CEO.”
Shinwoo flashed a smile.
“You’re being kind, aren’t you?”
“Indeed. We truly think you are incredibly bold.”
“Ah, if you have time, would you be able to chat for a moment?”
Joo Ho-yeon hesitated slightly at the question before replying.
“The opinion report has already been submitted, so I don’t think there will be any issues. The rest of you can head down first.”
The accountants gathered their belongings and left.
Meanwhile, Jang Jin-ho brought over a warm canned coffee and placed it in front of Shinwoo.
“Thank you for this. But you’re a bit unusual.”
“Unusual in what way?”
“I’ve only ever seen CEOs or chairmen preparing and drinking high-quality tea or coffee.”
Shinwoo fiddled with the can and smiled.
“I prefer to drink things comfortably. Is it very strange?”
“Not at all. I don’t particularly like discomfort either.”
In fact, the reason Shinwoo insisted on canned drinks was the possibility of someone tampering with them. While it wasn’t impossible to tamper with canned drinks, it took time and left traces on the surface, making it easy to detect.
“That’s a relief.”
“Thank you for this.”
They each took a sip of their canned coffee.
“You must have had a tough time with so many holes in the accounting audit, right?”
“There were already quite a few problems due to the ledger details that were leaked previously. Furthermore, more issues surfaced in each department during the audit.”
He was referring to the collusion and rebates with subcontractors of subsidiaries, as well as money laundering and embezzlement through OZ Office.
On top of that, there were indications that Park Gyu-joon, the General Affairs Manager, had secretly pocketed funds. If that hadn’t been uncovered, the audit would have become even more complicated.
“But with your abilities at thirty-five, aren’t you receiving many scouting offers for corporate financial management?”
“Quite a few.”
“Well… a capable accountant would manage a company’s financial leaks well, and other management aspects would be thorough, wouldn’t they? You must get many offers at Kwangho too?”
Joo Ho-yeon shook his head.
“I believe we get fewer than you might think at Kwangho.”
“I understand Kwangho is one of the top four accounting firms in Korea, so why so few?”
As if it were pure curiosity, Joo Ho-yeon smiled and explained.
“As you may have felt during this audit, we at Kwangho are quite strict. We don’t turn a blind eye to corporate corruption or cover it up.”
“So, you’re saying that most companies need accountants who are not strict.”
“Frankly, it’s an undeniable reality.”
“Then, Senior Manager Joo Ho-yeon, would you be interested in moving to a company that would give you the authority to manage things strictly?”
Joo Ho-yeon looked slightly bewildered by Shinwoo’s sudden proposal.
“I don’t quite understand what you’re saying.”
“It’s a scouting offer, plain and simple. The position would be Chief Financial Officer for both MH Future Security and MH Distribution.”
His voice was very serious.
For a moment, Joo Ho-yeon’s expression shifted.
“…Are you serious?”
“Let’s start with a signing bonus of 100 million won and an annual salary of 500 million won. Of course, we’ll also guarantee performance-based incentives, similar to what you receive at an accounting firm.”
Currently, the average annual salary at the top four accounting firms is around 130 million won. Joo Ho-yeon, an 8-year veteran and Senior Manager, was earning just over 100 million won.
Naturally, incentives based on case work were added on top of that.
But the amount Shinwoo proposed was a staggering five times his current salary. If incentives were added on top of that, it was an incredible offer.
“As I mentioned earlier, Kwangho is different from typical accounting firms.”
“Exactly. That’s why I want to scout you.”
Shinwoo’s expression remained calm as he said this.
Because it didn’t seem like a joke at all, Joo Ho-yeon’s faint smile completely disappeared.
“I appreciate the offer, but I have no intention of leaving Kwangho.”
Shinwoo had anticipated Joo Ho-yeon’s refusal.
Of course, he hadn’t failed to consider alternative methods.
“I’m not asking for an immediate decision. However, I am someone who wishes for the financial management of both companies to operate with the utmost integrity. Therefore, I need a vault keeper who cannot be swayed by any means.”
“…Are you saying you believe I am suitable for the role of vault keeper you have in mind?”
“I believe you are the most suitable person among those I know.”
Joo Ho-yeon looked into Shinwoo’s unwavering eyes.
“I don’t know what you see in me.”
“I confirmed it through the MH Distribution audit. In fact, Senior Manager Joo Ho-yeon, you already knew about the embezzlement through the financial statements before I ousted the General Affairs Manager, didn’t you?”
At that moment, Joo Ho-yeon’s eyes flickered differently from Shinwoo’s.
“I did notice some unusual aspects by looking at the numbers. The insufficient management of a considerable amount of office supply inventory, and furthermore, the funds flowing from subsidiaries to OZ Office were overflowing for what should have been reserve funds.”
Even if he had discovered such irregularities, he would have needed proof.
But Shinwoo had found it and secured the evidence, resolving the issue with General Affairs Manager Park Gyu-joon.
“I found that suspicious as well. As expected, Senior Manager Joo Ho-yeon possesses the skills I desire.”
“I’m sorry, but my answer is the same as before.”
“Still, would you consider thinking about it a little more before giving your answer?”
Shinwoo took out his business card and placed it on the desk.
Joo Ho-yeon’s expression remained firm as he looked at it.
“If you want thorough management, there are many other capable accountants besides me.”
“Among them, I believe Senior Manager Joo Ho-yeon’s skills are the best. Furthermore, I need someone who will not be easily corrupted.”
The position of CFO is one that reviews and approves the use of a company’s operating funds. If someone in such a position were to harbor even a slight ill intention, they could become like Oh Daeyeong, the Finance Manager, who was caught for corruption this time.
Of course, even that was minor compared to the corruption that occurred at Baeseong Corporation’s headquarters.
“So, you have no intention of giving up easily.”
“If I had intended to give up, I wouldn’t have made the offer. In any case, please keep my business card. And…”
Shinwoo paused for a moment before continuing his explanation.
“There will be an M&A case involving the absorption and merger of an unlisted company that Kwangho accounting firm will handle. It’s a webtoon studio. I’d advise you to be cautious with the asset valuation, liquidity ratio, content assets, and inventory inspection. Well, I don’t know if Senior Manager Joo Ho-yeon will be assigned to it, though.”
At the same time, Joo Ho-yeon tilted his head.
“I’ve heard rumors that MH Future Security has considerable information capabilities, but do you also collect intelligence on the trends within accounting firms?”
“We try to gather as much information as possible if it’s profitable. That’s how we can calculate how to grow our funds.”
A genuine curiosity began to spark in Joo Ho-yeon, and he picked up the business card Shinwoo had given him.
“I’ll take the business card, at least.”
“I look forward to hearing a positive response anytime.”
Shinwoo finished his conversation with Joo Ho-yeon and escorted him to the elevator.
As soon as he was done, he took out his phone and called Jang Man-soo.
“I’ve made the offer for now.”
[What did Joo Ho-yeon say?]
“He refused for now. Just as you said, he has an unyielding personality.”
[That’s why he’s also famous. Did he meet your expectations?]
“He was decent. I don’t think anyone would be easily swayed from that position.”
Jang Man-soo was the one who had recommended Joo Ho-yeon.
Of course, this was based on memories of the future. In the future, Joo Ho-yeon would suddenly leave the accounting firm, join the National Tax Service through a special recruitment, and become the youngest Commissioner of the National Tax Service years later.
[He’s the best according to our skill criteria. But I wonder if it’s okay to bring in someone who will become the Commissioner of the National Tax Service like this. I’m worried I recommended someone too formidable.]
Jang Man-soo worried, even though he was the one who had provided the information.
Shinwoo chuckled at this.
“If Joo Ho-yeon wants to leave later, we can let him go.”
[Well, if the boss needs him, it doesn’t matter.]
“We’ll definitely need a vault keeper in the future. You’re finding it difficult to manage the finances too.”
Currently, Jang Man-soo managed all the finances for the paper companies that moved funds alongside MH Future Security.
In addition, he was responsible for MH Tech’s defense technology, Livio Soft’s OS project, and telecom programming, among many other things.
[That’s true, but…]
“Think about us. We still have a lot to do.”
[Alright. Are you coming to the company later?]
“See you later.”
Shinwoo ended the call.
* * *
After leaving MH Distribution, Joo Ho-yeon returned to Kwangho accounting firm with his subordinate accountants.
While everyone else returned to their places, Joo Ho-yeon alone did not get off at his floor and visited the CEO’s office.
The CEO, Im Yugwang, was seated, signing a document he had reviewed and then closing it.
“I heard you handled the work well. You’ve worked hard. Were there any other issues?”
“Nothing significant.”
“MH Future Security and MH Distribution contracting with us will give us some breathing room this year. Honestly, I was worried they might be offended by your decisive actions.”
“Rather, they evaded that decisive action too easily.”
Even now, Joo Ho-yeon found it remarkable that Shinwoo had managed to secure investments during the company’s crisis.
“They requested you, and I thought it was unlikely, but there was a reason for it.”
At that moment, Joo Ho-yeon’s eyes widened.
“…CEO Baek Shin-woo asked me to take charge of this?”
“Ah, I forgot to mention it. They also asked that it not be discussed during work hours, so it shouldn’t be an issue, but…”
“But I’ve never even met CEO Baek Shin-woo. Why me…?”
Im Yugwang smiled contentedly.
“I don’t know. Perhaps he heard rumors somewhere that Senior Manager Joo Ho-yeon is decisive in his work? Given the current situation, CEO Baek seemed to need someone like that.”
“I don’t think I’m that famous.”
Joo Ho-yeon had only recently become a Senior Manager. He hadn’t been in charge of significant responsibilities for long, so it was unlikely for rumors to spread.
“Well, if the work was handled well, it’s good for everyone. Oh, and this time, Senior Manager Baek Juseon is handling a special case. Would you be able to provide consultation on it?”
With the MH Distribution audit just concluded, there was no immediate urgent task.
“No problem. But what kind of special case is it?”
Joo Ho-yeon took the file Im Yugwang was rummaging for on his desk. Upon reviewing its contents, his eyes widened in disbelief.
“It’s a webtoon content production company called White Rise Studio. It’s an M&A case where they are acquiring BNS Studio, a company in the same industry. It’s an unlisted company, and it differs from the companies we’ve dealt with before.”
At this explanation, Joo Ho-yeon was even more surprised.
“When did this case come in?”
“We’re asking you because you have experience with M&A in the entertainment sector, which is similar in nature. The formal request came in about a week ago. But why are you asking for the date?”
Joo Ho-yeon zoned out for a moment while he was answering.
“…What? Ah, no. First, I will review the M&A materials related to this case and then proceed.”
It was the same case Shinwoo had mentioned.
Bewildered, Joo Ho-yeon walked out of the CEO’s office.