The Last Struggle of the Century’s End 3
Under the intense gaze fixed on me, I quickly scrambled for an excuse.
It seemed most convincing to speak as if predicting an already determined future.
“Uncle, if you think about it, isn’t this something unavoidable?”
“Why do you say that?”
“When those political types get involved and start scheming, the price could easily jump a hundredfold, right?”
“A hundredfold? That’s a bit of an exaggeration.”
No, I actually understated it. Yet, he still doesn’t believe it.
After all, who would logically accept that a 500-won stock could soar to 300,000 won in just six months?
“There are plenty of venture companies whose stocks have already risen ten to fifty times. This might be the last chance to cash in. Predicting a hundredfold increase isn’t that far-fetched.”
“Alright, let’s say that’s true. Then what?”
“Just because the stock price rises doesn’t mean you make money. You have to sell it and see the money in your account. But who would buy a stock that’s gone up a hundredfold?”
“You don’t ask because you don’t know.”
“Exactly. It’ll be the small investors who jump in without knowing any better. And many of them will end up with nothing.”
“How many people have lost everything in stocks? Does that mean Sang-soo should go to jail?”
“Yes.”
“What?”
It’s absurd to think a CEO would go to jail because of individual investment failures. Anyone would think so.
“It’s election season, isn’t it? They need to appease the angry masses. But there’s no clear target for their anger. So they create one. The current government has been pushing for economic revival through IT companies.”
“This is… unbelievable.”
Oh Se-hyun realized where my scenario was heading.
“They’ll blame the small investors who followed blindly, but they’ll also need a scapegoat. They’ll turn someone into a villain to take the fall.”
“The anger of the investors who lost money will be directed at Lee Sang-soo.”
“Isn’t it suspicious that they already have evidence of embezzlement? They’ll paint him as an immoral CEO who squandered the hard-earned money of honest people. His arrest will be the end of the story.”
I finished explaining and watched Oh Se-hyun’s expression.
There wasn’t a hint of doubt. My scenario seemed the most plausible for what was to come.
Of course, sometimes the unimaginable happens.
The only unrealistic part here is the stock’s meteoric rise.
Ordinary people can’t fathom how far those who are determined to make money will go.
They are ruthless, their greed boundless.
It’s just a small IT company with 45 employees.
Yet, they inflated its value to be 3 billion won more than the combined market cap of eight listed companies of Hanjin Group, ranked sixth in the business world, and four times that of Dongbu Group’s six listed companies, ranked sixteenth.
It’s beyond common sense.
This is what the big-time crooks do. Ordinary people can’t even imagine it, let alone discern if it’s a scam or reality.
I asked Oh Se-hyun, who was at a loss for words.
“What will you do? Will you help, or will you walk away?”
“I don’t know. Damn it.”
Oh Se-hyun sank deep into the sofa.
Silence lingered for a while.
I wasn’t sure how close Oh Se-hyun and Lee Sang-soo were, but honestly, I didn’t care. Whether he ended up in jail or made a fortune…
To me, they were just small-time players with pocket change.
Wait, with money moving in the trillions, it’s not exactly pocket change.
Suddenly, I felt intrigued.
Not because of the money… I’m just curious about who orchestrated a scenario involving trillions.
At that moment, Oh Se-hyun, who had been silent, slowly spoke.
“Should we get in on it too? Make a big move and shake things up?”
What was my uncle thinking?
Oh Se-hyun, now transformed, began to lay out his thoughts one by one.
“What do you think the stock price will be?”
“The initial offering is 1,500 won per share. If it goes a hundredfold from the face value of 500 won, as you said, that’s 50,000 won.”
“If we get involved, it’ll be a short-term play, in and out within six months. Buy at 1,500 and sell at 50,000. If it goes up more than thirty times in half a year, it’s worth a shot. The only downside is the small scale. But finding a stock like this isn’t easy.”
He spoke so seriously that it made me hesitate.
“But Uncle, why the sudden interest? Are you doing this to help a cherished junior?”
“Huh? What?”
“You said you’d make a big move.”
“Exactly. Go big, make a big profit, and get out. Knowing a stock is a target for manipulation is like playing cards with a peek at the opponent’s hand. We know Sang-soo’s company is a target. Now it’s easy.”
Something felt off.
“Are you saying you’re getting involved just because the potential return is high?”
“Yes. Is there another reason?”
I was at a loss for words with Oh Se-hyun’s counter-question.
Even when a junior was desperately asking for help, he only thought about the investment return.
“It’s not that. Since President Lee asked for your help…”
“I already told you. It’s impossible for us to become major shareholders and delay the listing. There’s no way to help.”
Oh Se-hyun scratched his head lightly.
“Still, it’s a shame to just watch someone else’s feast. We’ve been tipped off about the party date and know how to get inside the high walls.”
“Since the table’s set, we should join in?”
“This is valuable information. If you have such information and don’t get involved in the speculation, you might as well leave Yeouido.”
I was speechless.
Whether it was innate or a habit, he was a perfect speculator.
I was surprised once again.
A professional has no peak. No matter how high they climb, they only look higher.
“Even if I try to stop you, you’ll get involved, won’t you?”
“Of course! I’ll go in as an individual. If you don’t like it, you can sit it out.”
His expression returned to normal. With no room to intervene in the matter of his junior, Lee Sang-soo, he had already forgotten about it, showing only the face of someone who had obtained important information.
I, too, returned to my original self.
The difference between my uncle and me is that I can’t be satisfied with just making money in a short time.
“With four hundred billion, you should be able to breathe a little easier, right?”
“It’s tight, but as you said, we can barely manage to breathe.”
When we presented our calculations, the finance director of Sunyang Distribution feigned difficulty, but his expression was brighter than ever.
“Indeed… I’ve heard in Myeong-dong that Miracle is the only source of money in Korea right now. There’s a reason for that. You’re calculating more meticulously than we are, the ones directly involved… It’s embarrassing.”
Though it was humility, it sounded like an admission of incompetence, and my aunt frowned.
“You can mobilize it right away, right?”
Seeing her parched lips, I could tell how anxious she was.
In just two months, they had taken all the profits from the department store and hotel. They even delayed payments to the vendors.
“Of course. As soon as the corporate seals of the distribution, hotel, and department store, along with President Jin Seo-yoon’s personal seal, are on the contract, the four hundred billion will be distributed across the affiliates.”
Oh Se-hyun’s smile made my aunt shake her head.
A month ago, she was furious enough to tremble when she saw the stocks demanded as collateral for the four hundred billion, but under the pressure of financial constraints, she hurried back.
She knew better than anyone that if Chairman Jin heard they couldn’t even pay the interest after she took over the company, everything would be over.
“There’s no other way to describe it but daylight robbery. How can you take 30% of Sunyang Distribution’s stock for just four hundred billion?”
She never missed a chance to add a word before sealing the contract, showing just how upset she was.
“The stocks aren’t even in President Jin’s hands yet. We’re the only ones lending money against future assets. And it’s not just four hundred billion. It includes the 130 billion construction cost for the first large discount store. We’re taking a risk, and President Jin is putting up slightly expensive collateral, so it’s fair.”
He meticulously countered her casual complaint, emphasizing the fairness, to prevent any more unnecessary comments.
As expected, the many executives in the meeting room kept their eyes down and said nothing. It was silent agreement.
My aunt bit her lip and signaled to the executives.
They promptly began stamping the thick documents with their seals.
Seeing it with my own eyes, I couldn’t help but clench my fist.
It’s done.
Sunyang Distribution is now mine!
Along with the department store, hotel, condo, and golf course connected to it.
Once these are completely in my hands, I’ll distribute membership benefits to Miracle employees as bonuses.
Am I getting ahead of myself?
No, it’s a predetermined course.
When the credit card crisis hit in 2003 and consumer spending froze, I had planned to seize this opportunity, but President Lee Sang-soo accelerated the timeline significantly.
Before the new millennium begins, it will all be mine.
What expressions will the executives, who are relieved that the financial bottleneck has been resolved, have in this meeting room?
Many of them will likely be pleased to be free from Jin Seo-yoon’s grip.
“What? Pay back the money?”
“Yes. They’ve settled a significant portion of the bonds held by the two vice-chairmen, except for Sunyang Life and Fire Insurance.”
“Where did she get the money? She must be struggling just to run the company.”
“They say Miracle lent it to her. Seo-yoon asked Do-jun, and President Oh followed Do-jun’s words.”
Chairman Jin almost blurted out, “That money is Do-jun’s.”
Lee Hak-jae knew that Miracle was owned by Jin Do-jun, but Chairman Jin was unaware that Lee Hak-jae had figured it out.
Lee Hak-jae mentioned what Chairman Jin would be most curious about.
“The collateral is stock. If Seo-yoon can’t repay the loan, the affiliates, including the distribution, might end up with Miracle.”
“Impossible. Did they use all the stocks as collateral?”
“No, for now, it’s 30%.”
“For now? What do you mean by that?”
“Once you start borrowing money, it’s hard to stop, isn’t it? It’s the easiest way to keep a company running. Do you think it’ll end with just one time? Seoyoon will keep selling off shares like picking persimmons whenever she hits a financial snag.”
“Will she keep doing that? The immediate crisis is over, and the report from the Sunyang Economic Research Institute wasn’t bad, was it?”
The confidential report from the institute, known for its accurate predictions, projected an astonishing 9.5% growth, mocking the disastrous -6.9% economic growth rate of 1998. Of course, the public report still showed a negative figure.
“Seoyoon will borrow again. You might have hoped to see her overcome difficulties, but she chose the easy way out.”
There was something peculiar in Lee Hak-jae’s tone. It was as if he felt sorry, yet at the same time, he seemed to have expected it all along.
“Who overcomes difficulties?”
“Sorry?”
Lee Hak-jae couldn’t meet Chairman Jin’s mocking gaze.
“Do Seoyoon and the word ‘overcome’ even belong in the same sentence? Not a chance.”
“Then…?”
“She’s pushed the company into a situation where it can barely survive without a complete overhaul. If Seoyoon had any sense for overcoming challenges, she would have started by selling off the condos and golf courses. Of course, she’d save the big supermarkets for last.”
That’s basic management. It’s a bit disheartening that his daughter can’t even manage this simple task.