Chapter 213: Stunned
“So, who took your shares?”
“My brother did.”
“Well, that’s a relief.”
Vice Chairman Jin Dong-ki couldn’t help but shout at Chairman Jin, who spoke as if he were merely a spectator.
“Father!”
“You fool! Be grateful it didn’t end up in the hands of an outsider. What if some random person had taken over Sunyang’s shares?”
To his father, it was merely a matter of shifting assets from one pocket to another. Jin Dong-ki needed to change his father’s mind.
“There’s still plenty of time to get them back.”
“Time, yes. But you’re short on money, aren’t you?”
“Yes.”
“So, you’re not expecting me to cover that shortfall, are you?”
“I’m sorry, Father. Just this once, please help me.”
“I have no money.”
Chairman Jin barely listened to his son’s plea as he continued his leisurely stroll through the garden. Jin Dong-ki’s insides churned with anxiety, feeling as if his last lifeline was about to snap.
“What did I say when I was sorting out the group shares? I told you I wouldn’t interfere, even if you lost everything, didn’t I?”
Jin Dong-ki’s lips moved, but he bit back his words.
Not shares, but money!
The money hadn’t been passed down yet. Everyone knew there were billions stashed away overseas. Just a fraction of that could solve everything.
But mentioning the offshore funds was taboo. His pride wouldn’t allow him to beg like a child.
“Father, let me put it this way. I won’t ask for money. Just please make a call to the bank.”
“The bank? Go ahead, try. My money…”
“No, that’s not it. Please, at least help me secure a loan.”
Chairman Jin abruptly turned around and shouted.
“Not a chance. The heads of banks in Korea are barely hanging on. The government is scrutinizing them, and you think they’d risk an improper loan? You don’t even have collateral, do you?”
The excuse was pitiful.
He didn’t even ask how the shares were lost. He already knew the whole story.
Jin Dong-ki felt dizzy.
Chairman Jin called out to his son, whose face was twisted in despair.
“Dong-ki.”
”…Yes.”
“You’ve never really faced hardship, have you?”
He didn’t know how to respond. He’d worked at the company for nearly 30 years. In his youth, he strutted around the office, but as he matured, he found joy in his work.
How could he have never faced difficulties?
But this wasn’t just a difficulty; it was a crisis. A crisis that could see him ousted from Sunyang Group.
“Father, even if I’ve walked the path you’ve paved for me, how could I have never faced a single challenge?”
“I’m talking about life-threatening danger.”
That’s exactly what this is. Do you ask knowing that?
He didn’t voice this thought either.
He’d lost shares as vital as life itself. If his brother secured a majority, he’d be expelled from Sunyang Group’s headquarters and live like a ghost.
Chairman Jin sighed as he looked at his silent son.
“They say a crisis is an opportunity. Get through this on your own, and your brother Young-ki will falter.”
He understood the meaning, but there was no way to overcome the crisis.
Jin Dong-ki played his last card. He was ready to risk everything.
“To overcome this crisis, I have no choice but to use all my remaining group shares as collateral for a loan.”
“Do as you wish. That’s the only thing you have left that’s worth anything, isn’t it?”
Chairman Jin’s immediate response made Jin Dong-ki feel as if the blood was draining from his body.
He’d been abandoned.
His father had abandoned him.
He wasn’t talking about using subsidiary shares as collateral. He meant the controlling shares of the group, but his father didn’t even blink.
He knew his father wouldn’t just stand by and watch Sunyang’s control go to the bank as collateral.
The moment his shares went to the bank, his father would reclaim them and pass them on to someone else.
That someone would be his brother or nephew.
Now, even his last resort was blocked.
Jin Dong-ki bowed his head silently and turned away.
Chairman Jin clicked his tongue as he watched his dejected second son walk away.
“Trying to extort your father without even knowing who’s holding the knife. Tsk, tsk.”
The conference room in the newly completed government annex, finished last December, was strictly off-limits to all but a few key individuals.
Today marked a critical juncture for the newly inaugurated government. The success or failure of their decision would determine whether it would be remembered as a failed policy for the next five years, or even forever.
Moreover, the business world, seeing this as an opportunity, would retaliate, claiming the government had toppled a sound company with its inept response.
Future checks and sanctions would become impossible.
The government officials present, including the Vice Minister of Finance and Economy, the Blue House Chief Economic Secretary, and the Director of the Financial Supervisory Service, wore grave expressions.
Equally tense were the middle-aged men in attendance.
They were the creditors of Sunyang Card. Executives from financial and investment firms responsible for Sunyang Card’s short-term liquidity had been summoned, regretting their delayed actions.
If the government’s harsh sanctions continued, their bonds would become worthless. Yet, they looked hopefully at one person in the room.
The only person who seemed relaxed, as if he were there for a casual chat, was Miracle’s CEO, Oh Se-hyun.
Wasn’t he the savior of the business world, known for acquiring failing companies and putting them back on track? His presence hinted at the government’s underlying plan.
“First, I’d like to thank you all for making the effort to be here. I hope today’s meeting concludes meaningfully.”
“There are 18 hours left until Sunyang Card’s operations are suspended. The best outcome would be to cancel the suspension, the next best is to minimize the suspension period, and… the worst is closure.”
As soon as the government officials finished speaking, Sunyang Card’s creditors voiced their dissatisfaction.
“We trust there’s a solution for our tied-up funds.”
“Frankly, shouldn’t we have been informed of such emergency measures beforehand? It’s quite shocking.”
Listening to their complaints, the Director of the Financial Services Commission’s Policy Department slowly spoke.
“Even loan sharks prepare a solid recovery plan when lending money. Yet, here you are, representatives of Korea’s leading banks, who bought short-term bonds based solely on the Sunyang name, aren’t you?”
The financial executives’ faces hardened at the director’s harsh words. They suddenly realized there might be no plan for bond recovery in today’s measures.
“When lending a million won to the public, you demand collateral and guarantors, yet you lent hundreds of billions on mere credit. Should the government play the role of a debt collector for you?”
The government’s firm stance was clear. If necessary, the financial sector would have to bear the losses from the Sunyang Card debacle.
Suddenly, everyone fell silent, lowering their eyes respectfully. The financial executives shifted to a more submissive posture, awaiting the government’s decision. The government wielded significant influence over financial appointments, leaving them no choice.
“Now, now, there will be plenty of time for harsh words later. Let’s start with something hopeful.”
The Blue House Chief Economic Secretary looked at Oh Se-hyun as he spoke.
“There are exactly two things you need to decide within the next 18 hours. First, how to handle the delinquent consumers who can’t settle their card payments. Second, what percentage of recovery would satisfy the financial sector representatives here? Isn’t that right?”
Oh Se-hyun began addressing the financial executives.
“If you’re asking me to take responsibility for all the short-term bonds, I’ll walk away. As the policy director mentioned earlier, you must also bear responsibility for throwing money at Sunyang’s name. That responsibility is the recovery rate.”
Oh Se-hyun paused briefly, then smiled.
“Think carefully before you speak. There will be no push-and-pull negotiations. I’m sure you’re all aware of the government’s firm resolve. If I refuse to acquire Sunyang Card, the short-term bonds you hold will become worthless. To prevent such a disaster, you need to sway me.”
In the past, such remarks could have been dismissed with a scoff.
But now, everyone swallowed hard, exchanging glances.
The IMF crisis five years ago had left a clear lesson: even the most impregnable banks could fall under external pressure.
While the current Sunyang Card short-term bonds wouldn’t topple a bank, the road ahead was fraught with challenges. More failing card companies awaited them.
Investment firms were in the same boat. Failing card companies were lined up, waiting for them. Investors were already pulling out funds. Reassuring them was the duty of the executives present at this meeting.
Everyone knew it. Better to salvage something than hold onto worthless paper.
The silent attendees finally spoke up.
“Mr. Oh, before we proceed, we need to confirm something.”
“Yes, please, go ahead.”
“Does your statement imply that you’ve secured management control of Sunyang Card?”
“I’ll decide based on the outcome of today’s meeting. If the results are satisfactory, I’ll purchase all the Sunyang Card shares flooding the market tomorrow. That will secure a 40% stake, making me the largest shareholder. Combining that with the shares held by the financial sector, I’ll immediately gain management control.”
Oh Se-hyun looked around the room, exuding confidence.
“One more thing, if the results are favorable, I’m also willing to acquire the struggling Daehyeon Card. I hope this information aids your decision-making, even if just a little.”
The criteria for determining bond recovery rates have changed. If Miracle acquires Daehyun Card, they might salvage some of the bonds that could otherwise become worthless.
“If you’ll excuse us for a moment, we need to step out to make a decision.”
The financial executives gave a slight nod and exited the conference room.
As soon as they left, the economic advisor, unable to hold back any longer, let his words pour out like a waterfall, though his voice remained low.
“Mr. Oh, is it true?”
“What are you referring to?”
“Haven’t you purchased shares of Sunyang Card yet? This isn’t what we agreed upon.”
His face was already flushed with anger.
The Blue House does not want Sunyang Card to be suspended. They planned to announce, 18 hours from now, that they had resolved the Sunyang Card crisis instead of imposing a suspension. In the early days of the administration, they desperately needed to be seen as a government that could smoothly handle crises.
The premise of today’s meeting was that Miracle would acquire Sunyang Card. If Miracle hasn’t secured management rights yet, they have no business being at this meeting.
“We’ve already secured 42%.”
“Oh…!”
“If Miracle has already acquired Sunyang Card, those people out there will just shrug it off.”
Oh Se-hyun gestured toward the door.
“I’ll do my best to normalize the acquired card company, but I can’t shoulder all the losses alone. Those who recklessly poured money into this also need to take responsibility. And responsibility, Mr. Advisor,” he said, his lips curling into a smile as he looked at the economic advisor, “isn’t just a moral obligation. It’s an economic one. People only reflect and feel accountable when it hits their wallets.”