End of the Century’s Last Struggle 4
“That kid just grew up without any real challenges. Sure, they can manage when things are easy, but when the company hits a rough patch, all they do is panic and take it out on their subordinates.”
Why so negative, then?
Lee Hak-jae had a hunch about Chairman Jin’s intentions.
“Are you trying to push them out of the management line?”
“Exactly. If they falter, someone will snatch it away. I was thinking of finding a decent guy to marry her off to, or if she didn’t want to remarry, setting up a scholarship foundation so she could keep busy.”
“And that someone turned out to be Oh Se-hyun, of all people.”
Lee Hak-jae closely observed Chairman Jin’s expression.
He caught a fleeting smile on the chairman’s face and was convinced that Jin Do-jun taking over was a source of satisfaction for him.
“If it’s Oh Se-hyun, that’s a relief. I can just buy it back. At least it didn’t end up in the Myeongdong loan shark market.”
While Chairman Jin was secretly pleased, two vice-chairmen were left stunned by the unexpected report.
“Welcome. How about a cup of tea?”
“No tea for me. Is this about Seo-yoon?”
“Yes, you heard too.”
The 27th floor of the Sunyang Group headquarters was occupied by Vice-Chairmen Jin Young-ki and Jin Dong-ki, along with the group’s strategic planning department, considered the brain of the company.
When Jin Dong-ki was promoted to vice-chairman, the entire floor was revamped. Although there was a chairman’s office in the center, Chairman Jin rarely came in, so it was essentially for the two of them.
Jin Dong-ki had come to his brother Jin Young-ki’s office because of this very issue.
“You’re not the only one with people on the inside. I have my sources too.”
“Then you know about Oh Se-hyun.”
“Of course.”
“That foolish girl finally messed up. Did the money come in?”
“Not much different from you. Most of it was paid back.”
“She even suggested canceling the large supermarket construction contract?”
“No official documents yet, just a phone call.”
After confirming the situation, both men simultaneously lit cigarettes without a word.
They hadn’t sold off shares yet, as they hadn’t even acquired them. But they knew better than to make the foolish mistake of using controlling shares as collateral. They probably trusted their special relationship with Oh Se-hyun.
Since he was a close friend of their younger brother Jin Yoon-ki, as long as they paid off the debt and interest, the company wouldn’t be taken away.
The reason they were speechless, inhaling only cigarette smoke, was because things had spiraled completely out of their control.
Even if their father had divided the inheritance, they had no intention of just watching the affiliates split off.
They planned to restore everything to its original state when the opportunity arose.
But like migratory birds flying away, the opportunity and timing had vanished.
“Dong-ki, I’ve been thinking… about Oh Se-hyun.”
“I’m listening. Go on.”
“Doesn’t it seem like he’s following Father’s orders?”
“Oh Se-hyun and Father?”
“Yes. Look at how he handed over Sunyang Motors to Miracle. Even with the IMF crisis, he gave away too much—cars and 17% of the group’s shares. It’s excessive.”
“What do you think Father’s orders are?”
“I suspect he’s gradually handing things over to Do-jun. The department store too. Would Oh Se-hyun really use non-existent shares as collateral if he were in his right mind? What if Father doesn’t give them? He’d lose 400 billion won without any collateral.”
“Did he get a promise from Father to hand over all the distribution shares?”
“Exactly. And Father plans to give all the distribution to Do-jun, eventually including the financial sector.”
Jin Dong-ki wasn’t paying much attention to his brother’s words.
If this was all part of Father’s plan, there was no way to reverse it. So linking Oh Se-hyun to Father was pointless.
“And if that’s the case? What can we do? It’s Father’s will. All we can do is watch as it falls into Do-jun’s hands.”
“Why just watch? We have to stop it. I can’t stand seeing that brat slowly devour Sunyang.”
“Stop it? How? Like last time, by ramming him with a car? This time, one truck won’t be enough.”
Jin Dong-ki subtly provoked his brother. Or perhaps he was voicing a wish.
But contrary to his expectations, Jin Young-ki looked at him calmly.
“I thought it was you, but no? The most anxious person isn’t the one in first place, but the one in second. It’s tough enough to catch up, but there’s someone chasing from behind.”
Jin Young-ki was one step ahead of his brother.
“Try again before they catch up. Whether it’s Father or Do-jun.”
“Can I leave now?”
Jin Dong-ki smirked and stood up.
“How much spare cash does the company have?”
Jin Dong-ki frowned at his brother’s unpredictable question.
“Oh Se-hyun is a Yeouido man. Let’s buy the collateral Seo-yoon put up. If it’s 400 billion won, we can offer 500 billion. We’ll pay an extra 100 billion to get it back. If he doesn’t hand it over… then he’s following Father’s orders.”
For the first time in a while, his brother had a decent idea. They could easily manage 50 billion.
“Go ahead and make the offer. If Oh Se-hyun accepts, I’ll prepare 50 billion.”
“Feels like we’re finally teaming up again, doesn’t it?”
Jin Young-ki smiled at his brother, but his brother didn’t even look at him as he spoke.
“There’s something you haven’t considered.”
“What do you want to say, my brilliant brother?”
“Have you ever thought that Oh Se-hyun might be Do-jun’s proxy?”
“What?”
Jin Young-ki wondered if he had misheard. What nonsense…
“Maybe Miracle is actually Do-jun’s company, and Oh Se-hyun is just a professional manager.”
“Are you serious…?”
“I don’t want to believe it either, but lately, I can’t shake the thought. Think about it. If Do-jun is the real owner of Miracle, everything fits. Starting with why Father is so eager to pass Sunyang to him.”
“Could it be… Are you serious? That’s too much.”
“I don’t want to believe it either, but it all lines up. Why hand over shares when just transferring the car division would suffice? If Oh Se-hyun brought in foreign capital, why give shares too? It was all just currency exchange.”
Jin Young-ki also found that part the most puzzling. No matter how urgent, shares were too much…
“Giving the financial sector to Do-jun too. He’s only twenty-two. What has he shown to deserve it?”
It sounded absurd, but it was starting to make sense.
“Let’s keep the possibility open. First, let’s reclaim the department store.”
When a common enemy appears, even enemies can join forces.
Perhaps the brothers, who had been at odds over their young nephew, might join hands.
In March, heralding the arrival of spring, Hanaro Telecom launched the country’s first commercial ADSL-based internet service, and the world began to change.
PC rooms exploded in number, overshadowing local arcades. Instead of inserting coins and pressing buttons, people were now clicking mice and tapping keyboards, diving into the online worlds of StarCraft and MMORPGs.
The ‘Korean Pro Game League,’ one of the small offline tournaments, finally began, and the world’s first game broadcast aired from the DCN studio provided by Father, streaming through cable.
Father clicked his tongue in disbelief at the sight, but he nearly fainted when he saw the ratings.
The ratings were higher than those of movies.
Many people took note of these ratings. They realized that games could be watched, not just played.
And high ratings meant money.
People related to gaming began to gather around Father.
High-speed internet service also ignited the venture business scene.
New Data Technology, primarily focused on internet communications, garnered significant attention with a massive media play.
Experts knew how to hype the company, and as the company rose, so would its stock.
“How much are you putting in?”
“About 3 billion won seems appropriate for the company. It’s small, so investing more would be burdensome. Just enough to not stand out.”
Oh Se-hyun quickly did the math.
“At an IPO price of 1,500 won, that’s 2 million shares. If we sell at 50,000 won, we’ll pocket 100 billion.”
“We’ll save some of the money we lent to Aunt.”
Not just some. I plan to sell at 200,000 won. That’ll be exactly 400 billion. Perfectly aligned.
Oh Se-hyun’s eyes sparkled even more.
“Are you planning any personal investments?”
“Discreetly. Maybe 300 million?”
“How about 500 million?”
“Sure, why not.”
As Oh Se-hyun happily pondered how much his 500 million would grow, someone knocked on the office door.
“Oh? Uncle?”
“Do-jun, how have you been?”
It was the third uncle, Jin Sang-ki, who had suddenly appeared. Why would someone who only managed the foundation come here? The question quickly faded.
It was undoubtedly a message from Vice-Chairman Jin Young-ki.
“You two haven’t met, right? This is my third uncle, Director Jin Sang-ki. And this is CEO Oh Se-hyun.”
The two exchanged business cards and awkward greetings.
The awkwardness lingered even after the introductions. Oh Se-hyun was the first to break the silence, addressing Jin Sang-ki, who was looking around the office.
“What brings you here?”
“Ah, I have a favor to ask.”
“Uncle, feel free to speak.”
When I also inquired about his purpose, Uncle cleared his throat.
“Ahem, ahem. CEO Oh, since you’re a friend of my younger brother, I’ll speak frankly.”
“Please, go ahead.”
“It’s just that our younger sister made a big mistake, and we need to correct it.”
Oh Se-hyun’s lips curled into a smile.
It felt like he was mocking our family, and I couldn’t help but feel my face flush.
“Correct a mistake? That sounds like a personal issue… Can I really help?”
“Only you can help, CEO Oh.”
Jin Sang-ki paused for a moment before getting to the point.
“We’d like to buy back the shares used as collateral. Our daughter, who’s old enough to know better, acted too hastily, giving away family assets. As you know, we’re not exactly a family in need of money.”
“I’m just a businessman, aren’t I? If the price is right, there’s nothing I can’t sell.”
Mistaking this for a positive response, the uncle’s face lit up with a smile.
“Ah, I knew you were someone I could reason with. Excellent, excellent. So, name your price. Haha.”
“But wasn’t it you, Chairman, who first expressed interest in buying?”
“Oh, right, right.”
Jin Sang-ki began to glance nervously at Oh Se-hyun.
If you’re here to run an errand, just do the errand. A messenger with no authority shouldn’t be acting so cautious.
“Since we’re buying back our own, we’ll add a little more… How about 450 billion?”
“I did say a reasonable price.”
“Is it not enough?”
“No. Not by a long shot.”
As the smile vanished from Oh Se-hyun’s face, the uncle, who had been so confident, now looked flustered.
“Are you planning on making a huge deal out of this?”
“Yes. We don’t bother with anything unless we can make at least ten times the profit. Otherwise, we don’t even start.”
“What, what? Ten times?”
Oh Se-hyun drove the point home to the uncle, who was now beyond flustered and into disbelief.
“Don’t even think about negotiating. Not a single won less than ten times.”
Even someone as oblivious as the uncle couldn’t miss the meaning now.
“You won’t be able to digest it, even if you swallow it whole. Going after Sunyang will only bring trouble.”
The two men began to glare at each other fiercely.