Chapter 209: The Game Begins
“Why should I stop Sunyang Card from going under? Spending over a trillion won to save a company that just collects fees? I’d be better off with a 7% stake in the group.”
Jin Dong-ki had no retort. If the goal was to take over the group, this was a far superior strategy.
“It’s been a while since I’ve seen you so flustered. Seeing you like this confirms I made the right choice, doesn’t it?”
He steadied himself, looking at his brother who was smiling at him.
“You’re a scary one.”
“Scary? You’re not talking about me, are you?”
“I’m not so reckless as to curse at my own brother. I’m talking about Do-jun.”
“Do-jun?”
“Yeah. He gave me a big hint.”
Jin Dong-ki regained his composure and smiled.
“Don’t think Do-jun’s the only one who can sell off his shares. I can sell off my stake in the group too.”
“Ha! You, sell your shares?”
Vice Chairman Jin Young-ki couldn’t stop laughing as he pointed to a portrait.
“You’re going to give up the chair under that portrait? You?”
“If I can’t crawl to it, I might as well give it up.”
“Why don’t you come up with a more plausible reason and ask for money? Even if you lose all your limbs, you’d still crawl to that chair.”
“There’s something you don’t know yet, brother.”
“Enough.”
“People are driven more by negativity than positivity. My desire to keep others from sitting in that chair is stronger than my desire to sit there myself. If I sell all my shares, no one can take the chairman’s seat at Sunyang Group. Without control over the subsidiaries, Sunyang will disintegrate, and the chairman’s position will vanish.”
Despite the gravity of his words, Vice Chairman Jin Young-ki just kept laughing. He knew better than anyone that his brother would never abandon Sunyang.
“Then go ahead and do it.”
Jin Young-ki stood up from the sofa.
“Take your time and rest in this chairman’s office. You won’t be coming back here again. Ha ha.”
Watching Jin Young-ki leave the office with a laugh, Jin Dong-ki clenched his teeth. He recalled Jin Do-jun’s words: threats aren’t made with words.
“It’s hard to see you even though we’re in the same building. What keeps you so busy?”
“I’m sorry, Uncle. I should have come to see you.”
“Enough with the empty words. Sit down.”
Vice Chairman Jin Young-ki’s face suggested he was about to ask for a favor. His unusually bright smile was proof.
“You know why I called you, right? Things are serious.”
“Yes, it’s because of the card crisis, isn’t it?”
“You boasted you’d fix it in a day, but it’s been three days since cash services stopped. Most merchants are refusing Sunyang Card now. Yet your uncle is just sitting on his hands.”
“Yes, it’s all over the news. Some media even suspect intentional bankruptcy.”
“Bankruptcy? You know he’s not that kind of person.”
“If it were me, I’d declare bankruptcy.”
“What?”
“When I handed over Sunyang Card, I stripped it of all group shares. It’s a completely independent company now. A card company is all about people and money. If it disappears, it won’t affect the heavy industry subsidiaries. Declaring bankruptcy would clean up all the mess.”
Vice Chairman Jin Young-ki dismissed my words.
“You might do that, but Dong-ki won’t. The weight of the Sunyang name is different for him. He won’t abandon a subsidiary so easily.”
“Do you really believe that?”
“Of course.”
“Then buy Sunyang Card shares.”
“What? What do you mean?”
“Sunyang Card’s stock is hitting rock bottom every day. It looks like it’s about to become worthless. If it doesn’t go bankrupt and recovers, you’ll make a huge profit.”
For a moment, he looked taken aback.
“Uncle, you hesitated just now, didn’t you? That’s your true feeling. You’re worried Sunyang Card might actually go bankrupt.”
“Hmm…”
Vice Chairman Jin Young-ki cleared his throat and changed the subject.
“Let’s keep an eye on the card situation. But there’s another reason I wanted to see you.”
“Please, go ahead.”
“I was thinking of buying the shares you used as collateral when you handed over the card company to Dong-ki. What do you think?”
So, it finally came to this. I decided to delay.
“I can’t say anything for sure yet. The maturity is at the end of June. I might repay the full amount in two months.”
“That won’t happen. Without my funds, Dong-ki can’t get out of this crisis.”
“He might find a way to secure funds from the financial sector using the shares as collateral. We should wait until then, as a matter of business ethics.”
Now it was clear. Vice Chairman Jin Young-ki wasn’t interested in Sunyang Card’s bleak future. He just didn’t want to tarnish the Sunyang name. He wanted the collateral in my hands.
Vice Chairman Jin Dong-ki only wanted to reclaim the collateral. He had no intention of normalizing the troubled card company. He’d be satisfied just avoiding bankruptcy and keeping it afloat.
He probably wanted to return to the state before acquiring the card company.
I wanted both.
Vice Chairman Jin Young-ki looked at me and spoke.
“How much is the bond?”
“800 billion won.”
“I’ll give you double. Sell me the bond.”
“What?”
“Isn’t this your specialty? Bonds are commodities. You can buy and sell them anytime, right?”
“That’s true, but…”
He took the bait.
“I’m not saying I’ll buy the shares. I want the bond. If Dong-ki repays the money, I’ll lose 800 billion. You’ll profit no matter what. Right?”
“Mathematically, yes.”
“Then what’s the hesitation? Do you want to secure control of Sunyang Group and become chairman, surpassing your uncle?”
He’s a straightforward man.
He’s trying to gauge my intentions with the bond.
“Of course not. Managing a few financial companies is already overwhelming.”
“Then hand it over now. Make double the profit from the bond trade. There’s no reason to hesitate, right?”
In the brief moment of a single breath, I had to finalize my plan and calculations. Half of this was anticipated, but I didn’t expect him to be bold enough to risk a subsidiary for share control.
But I wasn’t a genius. In that short breath, all I could think of was buying more time.
“Could you give me just one day to think it over?”
“If you’re going to refuse tomorrow, do it now. That way, I can know your true intentions a day sooner.”
I had to avoid showing open hostility.
“Uncle, how could you say such frightening things? I just need time to check the contract terms for a positive response.”
“Really? If you drag it out for more than a day, I’ll think you’re up to something.”
His pushy demeanor was just like Grandfather’s.
“That won’t happen.”
I answered as politely as possible.
I couldn’t afford to make an enemy of him just yet.
“I’d like to meet with the Financial Supervisory Commission Chairman. As the person in charge of Sunyang Group’s financial sector, I should be able to meet him, right?”
“Wh-why all of a sudden?”
Vice President Jang Do-hyung stammered, clearly taken aback by my request.
“Don’t ask why. Just tell him I want to have dinner with him tonight. And hint that I might be able to solve a problem for him.”
“Ah, understood. I’ll contact him immediately.”
“No, don’t just contact him. Set up the appointment. Make sure of it!”
Jang Do-hyung swallowed hard, realizing the urgency and importance of the matter.
“Yes. Keep your evening free.”
He left the room, phone in hand.
A single call from Grandfather could make it happen. But I can’t rely on him every time I’m in a bind. Unless it’s the President, I need to reach out to them myself.
They’ll find it hard to refuse my request. At the very least, I have the backing of Jin Yang-cheol, the chairman of Sunyang Group.
“Thank you for coming on such short notice.”
I bowed to the two men entering the quiet private room of the Japanese restaurant. The Chairman and Director of the Financial Supervisory Commission had arrived.
The Director of Policy Division 1, a familiar face from the news, was with them.
“How could we not come when you offer to help solve a problem? We’re looking forward to it.”
Their tone suggested they’d leave if I didn’t offer something substantial.
“You’re the busiest people in the country right now, so shall we get straight to the point?”
I spoke before the food arrived. I had even less time than they did.
“Of course. In fact, I was hoping you’d get to the point.”
The Director nodded, welcoming the direct approach.
“About Sunyang Card. What do you think?”
“Are you running an errand for Vice Chairman Jin Dong-ki?”
The Chairman eyed me suspiciously.
“No, I’m not.”
“Then pass this message to him. Sunyang Card isn’t in as bad shape as it seems. It’s actually more stable than other card companies. Injecting about 400 billion won would put out the immediate fire. But halting services looks like a blatant threat to the government.”
“Some card companies can’t survive even with a trillion won injection. They’re doing everything they can to come up with self-rescue measures, but Sunyang Card seems to have given up entirely. We know Sunyang Group’s cash reserves could solve this in one go.”
The two men didn’t bother hiding their displeasure.
“What do you mean by a threat to the government?”
“Isn’t it obvious? They’re demanding a public fund bailout.”
Typical bureaucrats, always a step behind.
Have they not noticed the family feud?
“We made time because Sunyang Card was originally owned by you, Mr. Jin Do-jun. What exactly does Vice Chairman Jin want?”
The Director’s blunt question showed he was quite upset.
“I don’t know what Vice Chairman Jin Dong-ki wants.”
“What? Are you joking with us?”
“No. I haven’t been inside his head, so how could I know? But I can tell you exactly what I want.”
“This… this guy…!”
The Director was about to explode when the Chairman glanced at him, biting his lip slightly.
“Go on, let’s hear it.”
I spoke up, directing my words at the composed chairman.
“Please prohibit the use of Sunyang Card. It’s practically unusable already, isn’t it? A suspension order should suffice.”
“What, what did you say?”
“Yes. It’ll be the first card company to go bankrupt.”
“Are you trying to pour oil on the fire? The entire card industry is already struggling…”
“Just hear me out. Keep quiet.”
At the chairman’s sharp command, the director quickly shut his mouth.
“With the new government just taking office, and without even having had a dinner with the business leaders at the Blue House, this situation must be quite unsettling for you. You’re probably discussing how much pressure to apply on the business world… But honestly, the conglomerates hardly flinch at anything.”
The director blinked in surprise, while the chairman allowed himself a slight smile. It must have been amusing to hear a third-generation chaebol subtly criticize the conglomerates.
“Suspending Sunyang Card’s operations would send a strong message from the new government. Such a drastic measure would definitely make the conglomerates sit up and take notice. They’d be forced to implement their self-rescue plans more swiftly and effectively.”
“If that happens, Sunyang Card will go bankrupt. There won’t be any more chances for self-rescue or anything else. You must understand the shock that Sunyang Card’s bankruptcy would cause.”
The chairman scrutinized my expression, trying to gauge my intentions.
“I’ll absorb all that shock myself. What do you think?”
I flashed a bright smile, watching their reactions closely.