[210] Chessboard 2
“Could you explain exactly what you mean by ‘absorption’?”
“Of course. It’s not that complicated.”
I could feel both of them watching my every word.
“If Sunyang Card goes bankrupt, as you mentioned, it would be a massive shock to the public. Chaos would ensue. Merchants might refuse other cards, fearing they won’t get paid for transactions.”
“That’s not all. If there’s a fear of a chain reaction among card companies, short-term bonds won’t circulate. The entire financial flow could come to a halt.”
The first director added another layer of risk to the card economy.
“I understand. But wouldn’t this send the strongest message to the business world since the new government took office? Especially since it’s Sunyang Group.”
“If the shock is completely absorbed, yes.”
The chairman spoke calmly, clearly wanting to hear my response.
“I’ll prepare a company to acquire Sunyang Card immediately.”
“An acquisition?”
“Yes.”
“Right now, no company would take it even if you paid them extra.”
The first director waved his hand dismissively, as if the idea was absurd.
“Mr. Jin Do-jun.”
The chairman called my name again, calmly.
“Yes, please go ahead, Chairman.”
“Since you’re part of Sunyang Group, I’ll be frank.”
He took a deep breath and spoke cautiously.
“If the government causes one of Sunyang Group’s subsidiaries to go bankrupt, our Financial Supervisory Commission will face severe backlash. Many in the media and government view Sunyang Group favorably.”
How many Sunyang scholars are there for the head of the commission to be this concerned?
“If we quickly resolve the situation, the criticism will lessen. We can’t afford to waver, especially with a new government just starting.”
“It’s not as easy as it sounds. You’re aware of your grandfather’s influence, Mr. Jin Do-jun?”
“If I can handle that part, will you proceed?”
“If a swift resolution is possible, we can discuss it.”
A government that lets Sunyang Card fail, but finds a buyer to stabilize it before the shock spreads? It might just be possible to quickly stabilize the card crisis, tackling both pressure and resolution simultaneously.
“Please provide your desired timeline. Consider that we can acquire Sunyang Card immediately upon its final default date.”
“Are you planning to acquire it, Mr. Jin Do-jun? Perhaps through Sunyang Life?”
“No, not me.”
My answer left them puzzled. They couldn’t imagine anyone else willing to acquire a bankrupt Sunyang Card.
“What on earth is going on? Everyone’s pulling their hair out over the card company, and you think someone will acquire a bankrupt card company?”
The first director pressed, clearly frustrated.
“Excuse me for a moment.”
I took out my phone.
“Please come in, Director.”
I ended the short call with a slight smile.
“This is the man who has saved failing companies whenever the Korean economy was in crisis.”
At that moment, the door opened, and Director Oh Se-hyun walked in.
The two were surprised but seemed relieved to see a reliable savior.
“Looks like tonight’s meeting will be a long one.”
The chairman smiled and extended his hand to Oh Se-hyun.
“As you know, even though Miracle is foreign capital, it’s a model investment firm with a strict separation of ownership and management, isn’t it?”
“It was unexpected. I thought you’d acquire Ajin Group and quickly sell it off in pieces… I never imagined you’d grow it like this.”
The chairman, after a few beers, couldn’t help but praise Oh Se-hyun, who was almost boasting.
“We’ll do the same this time. If we acquire Sunyang Card, we’ll introduce advanced American techniques and transform it into a transparent and solid entity without any deficiencies. We don’t have any family overreach, do we?”
Oh Se-hyun playfully agreed with the chairman’s words.
“So, is Miracle Investment the acquirer?”
The first director asked cautiously, and Oh Se-hyun quietly set down his beer glass.
“No. It’s a subsidiary of Miracle in the U.S., but it will be a separate entity. We’re wary of the sharp eyes of powerful conglomerates.”
“May I ask one thing?”
“Of course, feel free, Director.”
“Why are you trying to acquire a card company in these difficult times? Could you be honest with us?”
“The biggest reason is automobiles. You know HW’s new car, right? Our
“Of course. My daughter bought that car. I even co-signed for it. Haha.”
This time, the chairman chimed in.
“Yes. Initially, Sunyang Capital handled the credit sales for that car, and now the card companies do. But look at the situation now. Our sales have plummeted because of the card companies, even though it’s not our fault.”
“Hmm…”
The two nodded in understanding.
“I realized this couldn’t continue. So, we decided to directly handle finance. Of course, HW Group, and both Miracle in the U.S. and Korea, are in agreement. Frankly, finance is Miracle’s specialty, isn’t it? We can do it better than anyone in Korea.”
Oh Se-hyun looked at the two alternately and cautiously laid out his conditions.
“If we proceed, I’d like to wrap it up as quickly as possible.”
“Are you asking us to hurry?”
“Yes. Seeing the daily drop in sales is infuriating. I want to acquire Sunyang Card by the first half of this year at the latest. If Sunyang is difficult, any other card company will do. We’re not in a position to be picky.”
He didn’t insist on Sunyang alone, wary of raising suspicions. But the target was Sunyang Card.
No self-rescue measures, no efforts for improvement, and a business model that completely disregards customers. Relying solely on the Sunyang name, the government might decide to teach them a lesson.
“Alright. I can’t give you an answer right now, but we’ll discuss it with the relevant departments and let you know our decision as soon as possible.”
The chairman smiled as he spoke, and the first director quietly made a request.
“Could you prepare materials on the acquisition conditions and post-acquisition management policies for Sunyang Card, Director Oh?”
“Of course.”
The Financial Supervisory Commission’s intentions were clear.
To handle this swiftly, thorough preparation was necessary. Preparation so solid that no one could oppose it. By asking Oh Se-hyun for the materials first, they intended to check what needed to be revised or supplemented.
“Once again, I ask you. I’d like everything completed by the first half of the year.”
“I can’t promise, but as I said, we’ll conclude our positive review quickly.”
With smiles, the dinner meeting ended.
After the two from the Financial Supervisory Commission left, Oh Se-hyun let out a long sigh.
“Are you sure about this? Acquiring a card company full of liabilities?”
“It’s a long-term plan. After a few years of hard work, it will stabilize and become a valuable asset. And the money for any losses will be covered by my uncle.”
“Your uncle? Who? Vice Chairman Jin Dong-ki?”
“No, Vice Chairman Jin Young-ki.”
“What? Why him?”
“He’s blinded by the desire to secure shares. He’s willing to pay an extra 800 billion won to acquire Sunyang Card’s bonds.”
“That’s… insane. He’s got money to burn.”
“When you’ve got money to burn, anything’s possible.”
Finally, Oh Se-hyun seemed to piece everything together and clapped his forehead.
“If you acquire Sunyang Card before maturity and pay off the debt…?”
“Yes. We get 800 billion won for free, the card company is ours, and the shares are ours.”
“Was this planned from the start?”
“It was planned, but the free 800 billion wasn’t part of it.”
“This is crazy, haha. Even if the card company is in bad shape, getting 800 billion for free is like shooting fish in a barrel.”
“We need 400 billion immediately to restart services, so there’s no problem.”
“This is like getting the best of both worlds and an extra 400 billion on top…”
“It’s too early to celebrate. It all depends on the government’s decision. And I need to hand over the bonds to Vice Chairman Jin Young-ki by tomorrow. If I don’t, he’ll consider me a threat to his position as chairman of Sunyang Group and won’t sit idly by.”
“Tomorrow? So if you can’t acquire Sunyang Card…?”
“Then it’s all for nothing. Back to square one.”
Suddenly, Oh Se-hyun jumped up.
“We can’t just sit around. Let’s go, we need to prepare the materials for the Financial Supervisory Commission.”
“Right. If it doesn’t double your investment, it doesn’t make sense.”
Vice Chairman Jin Young-ki greeted me with a broad smile.
“Honestly, I feel a bit guilty.”
“Guilty? No need. It’s just money exchanged among family, why feel guilty?”
“I mean towards my second uncle. I should have told him first, but I couldn’t bring it up.”
“Don’t worry. It’s easier for me to tell him than for you. I’ll handle the uncomfortable part.”
“Yes.”
My uncle patted my shoulder, seeing my tense expression.
“Really, it’s fine. Let’s just get the contract ready.”
“I’ll prepare the standard contract and bring it by tomorrow morning. As for the lawyer’s review…”
“Review? Just get it ready quickly. I’ll stamp it and transfer the funds immediately.”
“Yes.”
As I left the vice chairman’s office, an uneasy feeling lingered.
After meeting with the Financial Supervisory Commission last night, my grandfather should have called by morning at the latest. That would be normal.
Even with a new administration, the civil servants remain the same. If they discussed Sunyang Card in their meetings, someone would have rushed to report to my grandfather, seek his opinion, and get his approval.
They would have reported that this plan originated from me, so my grandfather should have summoned me.
But my phone remained silent, and the unease grew. Could it be that he simply couldn’t accept the idea of a Sunyang subsidiary going bankrupt?
It’s best to eliminate any sources of anxiety as quickly as possible, especially before signing the contract to transfer the bonds.
I headed straight to the parking lot from the vice chairman’s office.
“Why the anxious face? Afraid I might throw a wrench in your plans?”
As expected, he knows everything.
“Are you alright with this?”
“With what?”
“Leaving a stain on the Sunyang name.”
“Look at you. After causing all this, now you’re worried about my reaction?”
“I’m sorry. Things moved so quickly, I didn’t have a chance to inform you.”
“These things need to be done swiftly, like roasting beans over a lightning fire. It’s fine.”
His nonchalant response put me at ease.
I glanced at my grandfather and asked, “Did someone contact you?”
“That economic advisor from the Blue House called at the crack of dawn. Said it was the Financial Supervisory Commissioner’s suggestion. He mentioned several times that you were the one who initially proposed it. He must have realized it was a family feud.”
“The Blue House must have been uncomfortable getting involved in our family matters.”
“It’s a good opportunity for them too. Didn’t you say it was the perfect chance to give a wake-up call to the conglomerates?”
“Yes.”
“They’ve only been in power for two months. While they’re still popular and the media is in a honeymoon phase, they want to flex their muscles. You handed them that opportunity, so of course, they’re pleased. You timed it perfectly.”
It was hard to tell if it was praise or just an observation, but his expression remained gentle.
“But Do-jun.”
“Yes.”
“Do you really think you can revive that wreck of a credit card company?”
He never misses the most crucial questions, proving he’s still sharp.
“If I can’t, what should I do?”
“Let it go.”
Hearing my grandfather’s decisive answer made me feel like I could fly.