“Uncle, it’s been dragging on for two months. Can we wrap it up now?”
“Yes, I think that’s enough. Thank you. You’ve helped us navigate this transitional period well.”
He was referring to the tense power struggle among the siblings following Chairman Joo’s death.
“Then, could you release the press statement saying the deal fell through?”
“Of course. But, nephew…”
“Yes?”
“Who will end up with Sunyang Card?”
“It’s staying within the family. It’s not something you need to concern yourself with, Uncle.”
Joo Gwang-sik’s curiosity was met with a cold splash of reality.
His interest wasn’t in who would own Sunyang Card. What puzzled him was why a profitable company was being sold on credit. Explaining it was impossible, so he cut the conversation short from the start.
“Right. I’ve got my own problems to deal with. No need to meddle in others’ affairs. Haha.”
Joo Gwang-sik chuckled, tapping his fingers on the table.
“Tomorrow, the media will be buzzing about the failed big deal. And there will be follow-up reports… Just watch.”
“Follow-up reports? What do you mean?”
“Be patient. You’ll find out tomorrow. Haha.”
With a mysterious smile, Joo Gwang-sik stood up and left.
The next day, the internet was faster than the newspapers.
“Is Myungil Group’s Prime Card going to Daehyun Group?”
“Daehyun Group enters the race for Sunyang Card, but was it a diversion? Opts for Myungil’s Prime Card instead!”
“According to sources from both groups… The acquisition is certain… Dramatic settlement of the sale price…”
“Myungil’s lowest-ranked Prime Card, set to soar under Daehyun Group?”
“Haha, this is a jackpot…”
All I could do was laugh.
It wasn’t a disguise to avoid the sharp eyes of my brothers. It was a strategic move to acquire Myungil’s Prime Card at a bargain by casting two fishing lines.
I didn’t feel used. We simply used each other.
Still, I felt a bit sorry for them.
Daehyun Group, which gathered all the talent in Korea, couldn’t see beyond their noses, just like ordinary people.
It’s a business where you rake in money once the stage is set.
It’s not wrong.
Like everything in the world, it sinks to the bottom for a while before rising again.
When it sinks, I should plan to pull in the Prime Card that Daehyun acquired.
If Sunyang and Daehyun’s card businesses merge, will we become the industry leader…?
But first, I need to deal with the incessantly ringing phone!
My eldest uncle, Vice Chairman Jin Young-gi, has an enormous ego.
He can’t handle negotiations with his youngest nephew, so he keeps sending his son.
The problem is, his son isn’t much of a negotiator.
“Cut the crap and name your price! We’re offering an extra 200 billion on top of 1.4 trillion. Daehyun backed out on you anyway. No matter how much you talk about bonds, your uncle can’t prepare that money.”
“Brother, don’t worry about the treasures in someone else’s house. I’ve heard your offer, so let me think about it.”
“Is there really anything to think about? It’s 200 billion!”
Jin Young-jun shouted, his face twisted in frustration.
“You’re underestimating Vice Chairman Jin Dong-gi. He can handle 200 billion easily.”
“What? Did he really offer 200 billion?”
“Even though we’re family, I can’t disclose the other party’s negotiation details.”
“Hey!”
That temper of his, always shouting when things don’t go his way—will it improve in ten years?
“I said I’d think about it. You know I can’t decide this alone, right? I need to hear from the heads of the financial subsidiaries… Especially the card company executives.”
“What nonsense is that? If you decide, they’ll follow. That’s how we operate! We make the choices and decisions, and it’s their duty to handle the aftermath!”
“I’m not deaf, so stop shouting. Anyway, I need to think and gather opinions.”
After sending Jin Young-jun away, he kept coming back, shouting, threatening, and sometimes trying to coax me with friendly words.
That’s when I realized the big difference between my two uncles, Jin Dong-gi and Jin Young-gi.
One just pushes forward relentlessly.
In gambling terms, he’s an all-in type.
He keeps pushing with money until the opponent collapses.
The other ponders what cards the opponent holds. Then he brings the most tempting card to the table.
Vice Chairman Jin Dong-gi suits the role of Sunyang’s captain.
He’s more cautious and knows how to play tricks. He has the guts to put something he cherishes on the line for a deal.
So, I need to topple him first. Before he gains more power.
“Our card company’s 600 billion debt will be split between Sunyang Heavy Industries and Sunyang Construction, as agreed with the bank.”
“The bonds are 100% with Sunyang Heavy Industries, right?”
“Yes. We’ll issue a total of 800 billion in bonds by the second half of 2003.”
“Sequentially?”
“Yes. 3 billion in September and October 2003, and 2 billion in November. We’ve agreed on a fixed interest rate of 6%. Considering the current market rate is 4.25%, it’s not excessive.”
Vice President Jang Do-hyung’s face was full of regret.
If he had the qualifications, he would have wanted to acquire Sunyang Card himself, given the generous terms.
Jang Do-hyung was constantly curious if there was some hidden agreement between me and Vice Chairman Jin Dong-gi, but we weren’t close enough for me to reveal the 100 billion slush fund, so I feigned ignorance.
“That’s enough. We’re family, so I wasn’t too strict. But make sure the contract is prepared without any issues. The content must be very detailed to ensure nothing is missed.”
“Understood. But, Director.”
“Yes?”
“About the collateral. They’re insisting on including not just Heavy Industries but also Construction.”
“With 800 billion in company shares, it’s a significant burden for the CEO. I understand.”
Suddenly increasing debt drastically lowers a company’s value. The result is immediately reflected in the stock price. Isn’t stock price management the CEO’s responsibility?
But for me, the shares of Heavy Industries, where I hold a significant stake, are more crucial.
“Since the debt increase is due to the card company acquisition, it shouldn’t be a negative factor. Given the current performance of the card company, it’s actually a positive. Emphasize that and don’t back down.”
“Understood.”
After giving the final instructions, I headed home to discuss the 100 billion slush fund with Oh Se-hyun.
Why at home, of all places…?
Oh Se-hyun insisted on seeing my bachelor pad, which was a bit annoying, but I wondered how much my father must have bragged about the house for him to be so curious.
“Wow, this is like… a playground.”
“It’s a gym, not quite a playground.”
“Same difference, man.”
Oh Se-hyun gave me a friendly pat on the shoulder and began exploring the house as if on a treasure hunt.
“I don’t see any signs of a woman. I thought there’d be at least some lingerie lying around.”
“Why do you have that look in your eyes? I’m quite wholesome.”
“Wholesome? More like barren. What’s so lacking that you’re always alone?”
Oh Se-hyun clicked his tongue, giving the place a final once-over before his eyes lit up.
“What’s that? It looks familiar.”
He pointed to something in the corner.
“You should know. It’s a massage bed, isn’t it?”
“What? Massage?”
Seeing the mischievous glint in his eyes, I couldn’t help but sigh.
“What are you thinking? Trying not to look like a middle-aged man…”
“Then why is it in your house?”
“I hired a personal trainer and a sports massage expert. I need to take care of my body too. I’m always staring at a computer monitor or paperwork… I need to exercise. I do home training every other day.”
“Is that all? Massage… Is it a woman?”
“Of course. The thought of a burly man’s hands on me is just… Anyway, stop imagining things. The trainer is always there too.”
After I mentioned it was a woman, Oh Se-hyun barely listened to the rest of my explanation.
“Wow, this is really something. It’s a masterpiece.”
He was speechless at the view of the rooftop garden. His reaction was expected. My father and mother had the same reaction.
I, too, was speechless when I first saw the completed garden.
“Feel free to drop by when you have time. Having a drink here is quite charming.”
“Actually, it does make me want a drink. How about a light one now?”
“Sure. I have a few bottles of wine I received as gifts.”
We sat in the small pavilion in the rooftop garden, sipping our drinks.
“Are you all set?”
“Yes. Just the final details to sort out. We can finish by the end of the month.”
“What about the 100 billion slush fund?”
“It’s in Labuan, a federal territory of Malaysia. I need to go there to transfer the account.”
“Can you trace the source of the funds?”
“That’s the thing. It’s not like we’re in a rush for that 100 billion. The idea is to have Vice Chairman Jin Dong-gi by the throat…”
Oh Se-hyun took a sip of his drink.
“Grabbing that dirty money could make you an accomplice later. Just in case, verify the source, and once you receive it, spin it around a few times to break any links.”
“Is there a way to trace it back?”
“You need to get a hint. It’s probably money siphoned from Construction. Construction is a typical slush fund channel.”
“The timing of its creation?”
“Exactly. The banks in Labuan are tight-lipped. You won’t get anything from them. They just need the account number and password on the Authority card to release the money and delete the existing account. You can’t figure out when the money was accumulated.”
“So, if I can get a hint from Uncle, is it possible?”
“We have to try. Should I twist the arm of the finance director at Sunyang Construction?”
If the slush fund money came from the construction division, the people who would know the details are the finance director, a manager, or the head of general affairs.
There’s no way Uncle was the one running back and forth to the bank.
Twist the arm of the person who knows this secret.
It might just be possible…
“What are you thinking? Got a good idea?”
“Oh, no. When I go to collect the slush fund account, I’ll try to fish for some information. We need to get something out of this.”
“Right. No matter what anyone says, your Uncle Jin Dong-ki hit the jackpot this time, so he’ll be in a good mood. Try to dig something up.”
“Yes. I’ll give it a shot.”
There might be a way after all.
At that moment, Oh Se-hyun, who had been watching me carefully, spoke up cautiously.
“By the way, there’s a local election next year. You know that, right?”
“Yes.”
“Jin Seo-yun’s husband… what are you going to do about him?”
“Why? Did Uncle contact you?”
Oh Se-hyun frowned slightly, looking a bit annoyed.
“He wants to run again…”
“Is he asking for money?”
“Yeah.”
“I’ll handle it. Just leave it to me.”
“Are you sure?”
Oh Se-hyun’s eyes were filled with concern. I knew why he was worried.
During the Sangam DMC project, my uncle played a significant role. He’s probably using that as leverage to ask for money, but this time he’s barking up the wrong tree.
“Getting nominated by the party is the first step to running. He won’t get the nomination this time.”
“Huh? Why not?”
“Just wait and see. A big shot is coming onto the scene, someone Uncle can’t handle. I’ll make sure to show that I’m backing him and maintain a good relationship, so don’t worry.”
“So who is this big shot?”
“Take a good look at the list of those pardoned on Liberation Day last August 15th. It’s one of them.”
Oh Se-hyun blinked, trying to recall.
He would soon remember.
The one who would become the 17th President of South Korea.