[215] Stunned Silence 3
“The crisis that had the entire business world on edge, the Sunyang Card debacle, has been resolved amicably. The Ministry of Finance announced that after a marathon meeting lasting an entire day, the government, financial institutions, and Sunyang Card representatives reached a dramatic agreement.
As a result, all services of Sunyang Card, which had been halted for over two months, resumed at midnight.”
“What the… How is this possible?”
Vice Chairman Jin Young-ki’s eyes widened in disbelief as the breaking news about Sunyang Card’s normalization flashed on the screen.
The moment the news ended, he pressed the intercom.
“Get Director Baek in here, now!”
Pacing the floor of his office, unable to sit, Jin Young-ki shouted at Director Baek, who rushed in, breathless.
“You idiot! What the hell happened?”
Pointing at the TV, Jin Young-ki demanded answers, and Director Baek hurriedly replied.
“I’m looking into it right now.”
Smack!
Jin Young-ki’s hand struck Baek’s cheek with all his might, causing him to stagger.
“Looking into it now? This already blew up, and what have you been doing until now?”
“I’m… I’m sorry, Vice Chairman.”
“Get moving! Check with the Blue House or the Ministry of Finance, fast!”
As Baek bowed his head and left, Jin Young-ki realized there was someone nearby who could explain everything.
He quickly headed to his brother’s office.
< Vice Chairman Jin Dong-ki >
The nameplate on the door had never been more irritating.
“Dong-ki!”
Bursting through the door, Jin Dong-ki, with a frown, remarked dryly.
“Ever heard of knocking?”
“Hey! What the hell happened?”
“What are you talking about?”
“Sunyang Card! What did you do? How did you stop it?”
“Why do you sound so disappointed? Were you waiting for it to go under? Shouldn’t you be saying congratulations, well done, or something like that first?”
Ignoring his brother’s glare, Jin Young-ki continued to shout.
“Cut the crap and tell me, now!”
“We cleared the blocked liquidity, settled all debts, and restored services.”
“How? Did you sell all your shares?”
Jin Young-ki swallowed hard, asking cautiously. If the group’s controlling shares had been sold off, it could mean another opportunity for him.
No one would dare to take over Sunyang Group with its shares. The most valuable shares in Korea, Sunyang’s controlling shares, could be secured much more easily if they were sold at a high price than when his brother held them.
“No. A wealthy investor acquired Sunyang Card. It’s out of my hands now.”
Jin Dong-ki smirked at his brother’s disappointment upon hearing he hadn’t sold the shares.
“The stock price fell below a thousand won. They bought up all the shares flooding the market, even those held by institutional investors. With a 42% stake, it’s practically an acquisition.”
Jin Young-ki bit his lip, regret washing over him.
When his brother suggested buying the plummeting stocks to save Sunyang Card, he scoffed. Why spend money to save a company destined to fail? If it went under, he could secure more controlling shares…
But he should have bought those worthless stocks and taken over. He should have been the one to either save or sink the company.
The surest way to make a company thrive or fail is to do it yourself.
Jin Young-ki cursed himself for not thinking of this sooner.
“Did you sell all your Sunyang Card shares too?”
“No. The shares held by Heavy Industries and Construction remain. The stock price will rise now, so why sell? I’ll sell when it recovers to its previous level. I need to recoup my investment, don’t I?”
“Who? Who did you sell to?”
“Let’s get it straight. I didn’t sell. They just acquired the shares.”
“Whoever it is! Who is it?”
A low voice suddenly came from behind.
“Did you call for me?”
Turning around, Jin Young-ki saw Oh Se-hyun grinning.
“Ah, you’re here?”
Jin Dong-ki stood up from his chair to greet him.
“Yes. I couldn’t help but overhear your conversation.”
“With the door open and voices raised, anyone would hear unless they tried not to. It’s our fault.”
Jin Dong-ki glared at his still-stunned brother.
“Is it… is it you?”
“Yes. I’m Oh Se-hyun, representing the largest shareholder of Sunyang Card.”
As Oh Se-hyun bowed slightly, Jin Young-ki was left speechless.
The fact that Oh Se-hyun was the new owner of Sunyang Card was a far more serious issue than the card’s normalization.
Oh Se-hyun had nothing to lose and wasn’t afraid of Sunyang’s power. Most importantly, he was someone who would slowly nibble away at Sunyang’s assets.
“I have some business with Mr. Oh, so if you have more to discuss, let’s do it later.”
As Jin Young-ki watched the two leave the room, Oh Se-hyun suddenly turned back.
“By the way, Vice Chairman Jin Young-ki, I have something to discuss regarding debt repayment. May I see you after my meeting with the Sunyang Card executives?”
“What? Repayment?”
“Yes. It’s supposed to be repaid in three installments, right? I’d prefer to settle it all at once.”
Jin Young-ki felt as if he’d been struck by a hammer. He realized that the shares he’d acquired as collateral, bought for twice their value, were slipping away.
“Let’s discuss that later. First, let’s meet the executives. They’re probably trembling, wondering if their names are on the chopping block. We need to give them the results quickly so they can sleep easy tonight.”
Jin Dong-ki chuckled, patting Oh Se-hyun on the shoulder as if they were old friends.
“You bought Sunyang Card?”
“Yes. I scooped up the stocks that fell below face value. It wasn’t too difficult. As you know, Yeouido is my home ground.”
Oh Se-hyun, visiting Jin Young-ki’s office, had to suppress a smile at his scowling face.
He must have thought this was the perfect opportunity to seize Sunyang, only to see it slip away, leaving him visibly frustrated.
“Why on earth?”
“Excuse me?”
“Why target a failing card company? Do you think normalizing it will be easy? There are three million defaulters. It’s beyond recovery!”
“Is that so? I see a larger number beyond those three million.”
“Are you planning to sell refrigerators to Eskimos? You’re not some amateur following the fancy words of a consulting lecturer, are you?”
In the current state, Jin Young-ki’s words were true. The card business was as bleak as a sky filled with storm clouds.
But there was no need to agree with him or argue. This meeting wasn’t for discussion but for notification.
“Vice Chairman, let’s manage our own businesses. It’s not polite to meddle in someone else’s company. Between you and me, there’s only one topic: debt and repayment.”
Jin Young-ki felt he needed to put that insolent brat in his place someday. How dare he look him straight in the eye!
“I’ll do as you wish, Vice Chairman. Whether you want repayment on the due date or all at once.”
“You’re loaded with cash.”
“Yes, it’s overflowing. Is that a satisfactory answer?”
Oh Se-hyun’s nonchalant retort left Jin Young-ki speechless.
Instead of fearing Sunyang’s emblem, he seemed to look down on it, even showing a hint of disdain.
Jin Young-ki suppressed his urge to explode. He recalled the friendly scene between his brother Jin Dong-ki and this man.
What if it had been him, not his brother, with his arm around this man’s shoulder?
He saw this as another opportunity worth pursuing.
He could oust his brother Jin Dong-ki and put this man in his place. A single change in personnel, but the results would be monumental.
Both within Sunyang Group and to the public, it would appear that Jin Young-ki, the eldest son of Chairman Jin, had inherited the group. At that moment, he would be the sole chairman of Sunyang Group.
No matter how many shares Oh Se-hyun held, he would remain a professional manager. His name didn’t start with “Jin.”
Taking a deep breath, Jin Young-ki grumbled.
“Damn it! That brat Do-jun will be singing praises.”
In just a couple of months, he had pocketed a staggering 800 billion won. Oh Se-hyun knew it well.
“I heard about it. You paid twice the price, didn’t you?”
“I’m just as flush with cash. Since we’re on the topic, let me propose something. The collateral I hold, the shares, I mean. How about I…”
“No. I have no intention of selling. Let’s not bring that up.”
Even though he was cut off mid-sentence by the impudent man, Jin Young-ki brushed it off with a nonchalant air.
A change in perspective led to a change in behavior.
“Then how about buying you, Mr. Oh, instead of the shares?”
“What do you mean?”
“I’m not one for beating around the bush.”
Jin Young-ki took a deep breath and continued.
“Miracle holds a 16% stake. If… no, it’s not an if. It’s certain that my brother Dong-ki’s collateral shares, 7%, will end up in your hands, making it 23%.”
“As you know, my philosophy is to keep ownership and management separate. I won’t say a word about managing Sunyang Group, so don’t worry. Just make sure the dividends are generous at the end of the year.”
“That’s not what I meant. Mr. Oh’s shares aren’t just any ordinary company shares. They have the power to control Sunyang Group.”
“All shares in a corporation can influence the company. I don’t see much of a difference.”
The man feigned ignorance, though he clearly understood the implications. Jin Young-ki took a deep breath to steady himself.
“There is a big difference. I’m offering you 25% of Sunyang Group. You can choose based on revenue, profit, scale, brand—whatever you prefer.”
“Twenty-five percent?”
“Yes, I’m talking about a subsidiary. You can have full control over the one you want.”
“I’m the head of an investment firm. I’m not interested in being a mere figurehead for Sunyang.”
“This isn’t for show. I’m offering you complete control, just like my brother has. You’ll have authority over personnel, management style, business direction—everything. What do you say?”
Oh Se-hyun knew what Jin Young-ki was up to, but he decided it was best to act surprised.
“Are you serious?”
“I don’t have time to joke about the company.”
“You might regret this.”
Oh Se-hyun’s response was noncommittal, but there was a hint of acceptance.
“Regret? When I’m offering you so much?”
“Have you forgotten I’m an M&A expert? I could break down that 25% of Sunyang into pieces and sell it all off. No need to bother with management.”
The words stung, but Jin Young-ki didn’t show it. Even if he sold everything, he could rebuild. Opportunities to seize the chairman’s seat didn’t come often.
With a confident smile, Jin Young-ki replied, “Once it’s yours, do as you please. Sell it, ruin it—it’s up to you.”
Oh Se-hyun smiled back at Jin Young-ki’s boldness.
“Well, you and your brother really are alike.”
“Hmm? How so?”
“Vice Chairman Jin Dong-ki made me the same offer. Different words, but the same goal, right? Team up with me to oust one of your brothers from Sunyang! Ha!”
As Oh Se-hyun laughed heartily, Jin Young-ki couldn’t muster any anger. He could only listen, his face pale.