The Last Struggle of the Century’s End, Part 5
“What do you mean, swallow it? We’re planning to maintain a strong relationship with Sunyang Department Store Group. They’re a promising partner that will generate significant profits for us.”
Oh Se-hyun’s eyes suddenly lost their intensity.
“Profits in the trillions? That’s absurd!”
Jin Sang-gi shouted, his face still flushed with anger.
“Don’t just think about the cash in hand. Remember, we’re major shareholders of the HW Group. We’re participating in the projects that President Jin Seo-yun will be launching. When you add up all that value, it’s ten times more. Our experts have already done the math. We’re not saying we want to break the deal.”
He barely managed to suppress a laugh.
Anyone in the investment business is essentially a gambler. And gamblers are often con artists.
It sounds plausible, but it’s just nonsense he’s spewing right now.
My uncle wanted to argue, but the authority of “expert calculations” left him speechless.
“Chairman, if you’re uneasy about Sunyang Group’s shares slipping away, President Jin Seo-yun can repay the debt by running the business well. Or make me a better offer, and I’ll hand over the bonds.”
“A better offer?”
“If our HW Group can participate in Sunyang’s mid-to-long-term projects and make a fortune, well…”
Sunyang Group, which even created subsidiaries to prevent money from leaking out through cleaning services, would never let us into their mid-to-long-term projects.
Realizing that this was a firm rejection, my uncle knew there was no reason to stay any longer.
“I understand your position, Mr. Oh. I’ll go back and discuss it.”
With a cold gaze, my uncle stood up and placed a hand on my shoulder.
“Come by the house sometime. Let’s have dinner.”
“Yes, I’ll visit soon.”
As Jin Sang-gi slammed the door and left the office, Oh Se-hyun smirked.
“Your family is something else. Look at that greed, not wanting to lose a single thing.”
“Blood is thicker than water, isn’t it?”
I brushed it off, but it’s not just greed. There are plenty of ways to reclaim everything once grandfather gives the nod.
What are they really after?
“That guy’s no ordinary businessman. He won’t budge.”
“Even if you offer an extra hundred billion?”
“He wants business opportunities, not money. He’s planning to leech off us for a decade.”
“Did Oh Se-hyun say that himself?”
“Yes, and Do-jun heard it all too.”
“What did he say?”
“He didn’t say anything. Just stayed quiet.”
Oh Se-hyun turned down a chance to make a fortune in a short time. No matter how plausible the reasons sound, it’s not like the usual hit-and-run tactics of the Yeouido crowd.
Vice Chairman Jin Young-gi couldn’t just sit back and watch.
Whether Oh Se-hyun was a pawn of Chairman Jin or a partner of the young nephew, that judgment could wait.
The first priority was to prevent the department store group from falling into the wrong hands.
He sought out Jin Dong-gi. Though a formidable adversary, they needed to join forces for this task. It was right to deal with the pesky flies clinging on before meeting in the finals.
The Jin brothers wasted no time and rushed to the Sunyang Hotel.
“Oh my, what brings you two here together? You look so chummy.”
Jin Seo-yun raised her voice as she saw the two of them enter side by side. Now that the assets were divided and there were no more ties to Sunyang Group, she had no reason to hold back.
“Lost the company and you seem at ease? You look good.”
Jin Young-gi grumbled, but Jin Seo-yun paid him no mind.
“If you’re here to pick a fight, stop. That time has passed, hasn’t it?”
The two brothers plopped down on the central sofa, looking around the suite turned office.
“We’re not here to pick a fight. We want to know what you’re planning. Just tell us straight.”
Jin Dong-gi spoke calmly, but Jin Seo-yun still looked annoyed.
“I’ll handle my own affairs. Why are you so curious?”
“It’s about Oh Se-hyun. He’s not as trustworthy as you think.”
“You think I trust him? It’s just business. Trust has nothing to do with it.”
“Just a simple creditor-debtor relationship? You think Oh Se-hyun lent you money just to earn some interest? He turned down a hundred billion.”
“What? A hundred billion? What are you talking about?”
After listening to their detailed account, Jin Seo-yun remained silent with a hardened expression.
“Do you get it now? He’s just pretending to be a loan shark, pressuring you to repay the principal and interest, then swallowing up the building. You’ve been had.”
“The construction for the first large-scale mart is about to start, right? What about the construction costs? You’ve got a mountain of expenses ahead. Can you handle it? One slip, and you’ll lose everything.”
As the brothers continued their ominous warnings, Jin Seo-yun finally spoke.
“So what?”
“What? You still don’t get it?”
“So you’re saying I escaped the tiger’s den only to fall into the wolf’s lair?”
“Exactly.”
When Vice Chairman Jin Young-gi threw out the words in exasperation, Jin Seo-yun chuckled.
“No, it’s the opposite. I escaped the tiger’s jaws and met a wolf. Isn’t my luck better?”
Though they bristled at being called tigers, they couldn’t retort after what Jin Seo-yun said next.
“If you’re worried about Oh Se-hyun, just show him that our dear brothers are not tigers but rabbits. You offered him an extra hundred billion, right? Yet you charge your sister high interest and offer astronomical sums to a stranger? Unbelievable.”
Jin Seo-yun laid out the best option for her brothers, from her perspective, of course.
“If you’re afraid I’ll lose the company, block it with money. Lend me five hundred billion, adding a hundred billion to the four hundred billion, at half the bank’s interest rate. I’ll pay it back slowly as I earn. Then you won’t have to worry, right?”
Though her words were perfectly reasonable, the brothers could only clear their throats.
If they did as Jin Seo-yun suggested, there would be no way to reclaim the department store group.
Once the recession passed and the economy picked up, she’d solidify her position and repay the borrowed money in no time.
The moment the complete separation of affiliates was finalized, Jin Young-gi and Jin Dong-gi would be nothing more than VVIP customers of the department store and hotel, with no further expectations.
As the brothers fell silent, unable to respond, Jin Seo-yun smirked.
“Dad gave it to his only daughter at fifty to make a living. Do you want it that badly? Why? Do your wives nag you every night to bring back the department store? Just tell them to go shopping. I’ll give them a hefty discount on new arrivals, so don’t worry about money. Got it?”
The brothers left the hotel, having been thoroughly outmaneuvered by their sister.
“That damn woman.”
Ignoring Jin Young-gi’s muttered curse, Jin Dong-gi spoke.
“She’ll keep making mistakes anyway. The opportunity will come. Let’s wait a bit longer.”
During the peak of a scorching heatwave that seemed to set the city ablaze, Woosung Group’s financial creditors signed a revised financial restructuring agreement with the group. It was merely a signal of the impending workout, and the business world was in shock.
Despite the IMF crisis, Woosung had aggressively pursued acquisitions worldwide. By 1998, it had over 400 overseas subsidiaries and had climbed to second place in the business rankings, surpassing the struggling Sunyang Group.
However, the prolonged economic downturn and the contraction of the global market severely shook Woosung Group’s position. Its focus on expanding in developing countries left it unable to escape its slump.
With its emphasis on expansion, it was reluctant to engage in the restructuring demanded by the government. It couldn’t afford to give up its scale.
But as Woosung’s financial troubles worsened, it even sold off its prized hotel assets. By March 1999, its debt ratio had soared well over 400%, making recovery nearly impossible.
In July, Woosung announced a high-intensity restructuring plan, but the creditors rejected it, and in August, the pressure from the creditors began.
Watching the news about the revised agreement between the creditors and Woosung Group, Grandfather clicked his tongue.
“Woosung Group is essentially dismantled.”
“Yes. Even though Chairman Woosung offered to give up his personal assets and management rights, it’s beyond saving.”
“With a big buffalo down, everyone’s going to rush in to take a bite.”
“And you? Is there nothing you want? You’ve got plenty of money. Still holding about a trillion won, right?”
“You shouldn’t peek into someone else’s bank account. That’s a crime, you know. Haha.”
“You don’t need to see the account to figure it out, you rascal. This old man’s mind isn’t rusty yet.”
Grandfather seemed to have finished reviewing Woosung Group’s subsidiaries.
“Is there something worth spending my money on?”
“Woosung Marine Shipbuilding. That one’s worth it. Take a look at this.”
Grandfather tossed a file onto the table.
“You know how to read it, right? It’s good enough to add to your company’s portfolio.”
In 1999, our country began to enjoy a boom, surpassing Japan in order backlog by about 20,000 CGT (Compensated Gross Tonnage). Woosung Marine Shipbuilding, one of the top three, would have been a highly successful company if it weren’t part of Woosung Group.
The file concluded that Woosung Marine Shipbuilding, Woosung Trading, and Woosung Securities were worth acquiring.
“I’m not looking to complete a portfolio. And we’re short on people, not money. Even if we acquire them, we don’t have anyone to manage them.”
“I’ll lend you the people.”
“From Sunyang Heavy Industries?”
“There are talented people everywhere. It’s not a lack of money, but a lack of people that’s the problem.”
“Well, I’m still busy plugging leaks in the companies we’ve already acquired. I need to take care of those first…”
I could see there was more to my grandfather’s gaze than met the eye.
“Do you need a loan?”
“No, acquiring Sunyang is too complicated. We’ve already announced restructuring, and if we go ahead and acquire another massive company, the government won’t just sit by. The creditors of Woosung Group will also draw a line with us.”
“So, you’re interested in Woosung, but there are too many eyes watching, and the finances aren’t exactly favorable. Is that right?”
“Exactly. So, I need you to act as a figurehead. Once things settle down, I’ll take it back.”
I understood what my grandfather wanted. He wanted Miracle to acquire Woosung Marine and then transfer it to Sunyang Group when the time was right.
Sunyang Heavy Industries handles shipbuilding, but it’s not the industry leader. Daehyun Shipbuilding holds that title. However, if Sunyang and Woosung merge, Daehyun would be pushed to second place.
What my grandfather wanted seemed simple, but there were complications.
Timing was the issue.
This wasn’t something that could be resolved in a month or two; it would take at least a few years…
Sunyang Heavy Industries was under the management of Vice Chairman Jin Dong-ki, the second son. If my grandfather wasn’t around when Woosung Marine was transferred to Sunyang, Jin Dong-ki would hold all the power.
Seeing my hesitation, my grandfather said something unexpected.
“If you’re not up for it, you can walk away. It’s fine.”
His expression was kind, but there was no way it was truly fine. He was the type to speak only after thoroughly considering and deciding everything.
He must have already set his mind on acquiring Woosung Marine… Something felt off.
“Are you sure I don’t have to—”
Before I could finish, my grandfather tossed another file onto the table.
It was a copy of the contract between Miracle and Sunyang Department Store.
As soon as I saw the contract, I looked up at my grandfather’s face, which was full of smiles. Of course, it was a condescending smile, looking down on me as if I were a step below.
”…Of course not. I understand. I’ll do as you wish, Grandfather.”
I nodded quickly.
“Do-jun.”
“Yes.”
“I really like you.”
“I know.”
“I like that you understand everything without needing a long explanation. Ha ha.”
Despite his stern demeanor and willingness to use threats, I really do like my grandfather.