Chapter 218: The Ripple Effect
“Is this the place?”
“Yes.”
“For a regular haunt of the second-in-command of Sunyang Group, it seems a bit shabby.”
“That’s just the exterior.”
After receiving a call from Assistant Manager Kim Yoon-seok, I found myself in a narrow alley in Seocho-dong. The only sign of life was a lone signboard with the character for “象” (Elephant), and the stairs leading down were just as cramped.
“The interior isn’t large, but the decor is quite upscale. Plus, the drinks are expensive enough to rival any high-end salon.”
High prices are a good way to keep the riffraff out.
“Seems like a man who spends a lot to meet quietly. Thanks for your help.”
Kim Yoon-seok gave a slight bow and turned to leave. He didn’t offer to wait until I was done, likely because of the sharp glares from a few Sunyang Security staff nearby.
As I descended the stairs and opened the door, a young man in a vest and bow tie stopped mid-bow, his eyes darting around nervously. He probably thought I didn’t fit in here.
“Is Director Lee Hak-jae inside?”
The young man’s face lit up.
“Ah, you’re with him. Please, follow me.”
As I followed the staff member, I glanced around the interior, confirming Kim Yoon-seok’s words. The place was lavishly adorned in gold, as if to say, “If you can’t afford it, don’t bother coming in.”
Director Lee Hak-jae was seated at the bar. Across from him, a middle-aged woman, who must have been quite the beauty in her youth, was smiling and keeping him company. Notably, there were no young women here—just a few ordinary middle-aged women, ensuring the focus remained solely on drinking.
I approached Lee Hak-jae and quietly called out to him.
“Director.”
“Hmm? Oh, Do-jun!”
He was so startled he nearly dropped his glass. I gave him a respectful nod.
“How have you been?”
“What brings you here… Ah, Kim Yoon-seok must have told you.”
“Yes.”
“Have a seat. You look like you have a lot to say. Shall we move somewhere more comfortable?”
Lee Hak-jae gestured to the middle-aged woman and stood up. The young staff member quickly led us to a small room with a curtain instead of a door.
Once we were seated, Lee Hak-jae picked up a bottle.
“Care for a drink?”
I quietly raised my glass.
As he poured, he spoke.
“You’re doing something you don’t usually do… Is there a serious problem?”
“Things have been serious since I took over the financial subsidiaries.”
“Don’t be so dramatic. You’re handling it well. You said you left most of it to the executives?”
“Yes.”
“And you make the big decisions?”
“Not really. I just get briefed on major changes and issues.”
Lee Hak-jae gave a sly smile, filled his own glass, and raised it. I quickly clinked my glass against his.
“So, what’s the reason for this unexpected visit?”
“What do you think it is?”
Lee Hak-jae furrowed his brow slightly as he set his glass down.
“You know, you can be quite cheeky sometimes. That’s not a good thing.”
“But I’m much more polite than my cousins, aren’t I?”
“Your cousins are both stupid and rude.”
We locked eyes and couldn’t help but chuckle.
“Go on, what is it?”
I swallowed hard and spoke quietly.
“I came to ask if you could be on my side.”
“Your side?”
“Yes.”
The concept of ‘sides’ becomes more complex with age. As a child, being on the same side meant being friends on equal footing. But as adults, even enemies can become allies for mutual benefit. And even allies are often in hierarchical relationships.
Some are allies as secretaries, others as employees, and even bodyguards are considered allies.
Lee Hak-jae’s crooked smile told me he misunderstood my words. But I knew the misunderstanding would clear up by the end of this conversation, so I didn’t bother to explain further.
“Why would you need more allies when the strongest person in Korea is on your side? Are you getting greedy for people now?”
“Since I’ve left my grandfather’s embrace, he’s no longer on my side. He’s more like a supporter in the stands.”
“No, the Chairman can jump back into the game anytime. It’s not about shares. Even without a single share, everyone would line up behind him. All of Sunyang’s executives are on his side.”
“Isn’t that just your wishful thinking, Director?”
“What?!”
Did I hit a nerve?
His face turned a deeper shade of red, and it wasn’t just from the alcohol.
“My grandfather will continue to watch from the sidelines. Even if the Sunyang ship sinks, he won’t intervene.”
“How can you be so sure?”
“I became certain after the recent Sunyang Card incident. Vice Chairman Jin Dong-ki’s shares took a significant hit. My grandfather’s plan for his two sons to balance each other out and lead the group was shattered. Yet, he said nothing. Moreover…”
I took a sip to wet my throat.
“Sunyang Card ended up in someone else’s hands. Although he wasn’t fond of the credit card business, he couldn’t stand the Sunyang name being tarnished. Yet, he watched it like it was someone else’s problem. He’s fully retired now.”
Lee Hak-jae listened quietly, his expression gradually changing, contrary to my expectations.
The faint smile never left his face.
“Things are going as the Chairman wishes, so he’s staying put. Do you think he’d just watch if things went against his will?”
“An entire subsidiary is gone, and his second son’s shares have vanished into thin air… Are you saying that’s what my grandfather wanted?”
“Of course. The card company and the shares ended up with his favorite grandson. How proud he must be! Without any help, his youngest grandson managed to outsmart his wolf-like uncle. He might have even danced with joy.”
The expression I wanted to see on Director Lee Hak-jae’s face must have appeared on mine.
What is he saying? Does he know everything?
I was so shocked I couldn’t even respond, just blinked in disbelief.
“Why are you so surprised? Did you think I wouldn’t know? Ah, you probably thought no one but the Chairman knew. The mysterious figure slowly taking over Sunyang Group from behind the scenes. Is that what you wanted? Isn’t it a bit childish? Haha.”
The time for pretending was over. He knew about my connection to Miracle.
“When did you find out?”
I asked, trying to calm myself, and Director Lee Hak-jae waved his hand dismissively.
“That’s the wrong question. When I found out isn’t important, is it?”
I rephrased my question.
“How much do you know?”
“The largest shareholder of Miracle Investment in New York… No, the sole shareholder, and that most of the investment funds are your money. Korean Miracle is a subsidiary of New York Miracle, so that’s your company too, right? Then HW Group, Sunyang Motors, and Sunyang Card are yours, and the controlling shares Miracle holds in Sunyang Group are essentially yours too. Let’s see… 33%, right?”
He knows everything except for the foreign investment and my personal assets.
“The second-largest shareholder of Sunyang Group, the head of HW Group, and the vast funds held by an overseas investment firm. Isn’t it a bit funny for someone like you to come running to me for help, asking me to be on your side?”
I couldn’t gauge his intentions.
But fortunately, Director Lee Hak-jae was a bit drunk. If he were completely sober, he wouldn’t have revealed that he knew everything about me.
I needed to dig deeper into his intentions.
“It must have taken quite some time to confirm Miracle in the U.S.”
“Yes. I had to pull all my connections.”
I filled his empty glass.
“You must have been quite surprised.”
“Extremely. You achieved all this without the Chairman’s help. It’s miraculous, just like the company name.”
After downing his drink, Lee Hak-jae held out his glass again.
“With your abilities, it won’t take long to take over all of Sunyang Group. What more do you need?”
“Sunyang is a fortress.”
Lee Hak-jae shook his head.
“Not really. Especially Jin Young-ki, he’s unreliable. He’ll cause a major incident soon.”
“What if he doesn’t? If both uncles tread carefully as if walking on thin ice, it’s a fortress. There’s no gap to exploit.”
No sooner had I finished speaking than Lee Hak-jae’s voice rose.
“Why are you so fixated on Sunyang Group? With your abilities, you should focus on HW Group. In 10 or 20 years, it could rival Sunyang. Or, with your current shares in Sunyang, you could spin off a dozen subsidiaries and attach them to HW. That would instantly put you in the top three conglomerates. A 20-something conglomerate head. You’d be rewriting history.”
He’s not wrong. It’s entirely possible even now.
But I didn’t come back to play the corporate ranking game.
“Director.”
“Yes, go on.”
“Not every company becomes like Sunyang just by growing in size. Look at Woosung Group. It was once the top conglomerate, but now only traces remain.”
“Comparing Woosung, which inflated its size with accounting fraud and debt, to you is wrong. HW is probably more solid than Sunyang. At least you won’t embezzle company funds.”
“No matter how solid I make HW, it can’t catch up to Sunyang.”
“Why not?”
“Because it lacks history.”
“History?”
“Yes. Sunyang’s over 50-year history, and the people recorded in its history books. That’s what Sunyang is. Things money can’t buy.”
Lee Hak-jae fiddled with his glass, staring intently at my face.
“Your ambition rivals the Chairman’s. So you’re not interested in writing your own history?”
“No. It’s safer to just take that history.”
“I don’t think it’s impossible. If anyone can pull it off, it’s you.”
“That’s already been blocked.”
Lee Hak-jae’s eyebrows twitched.
“Blocked? What do you mean?”
“Your two uncles are trying to rearrange the controlling shares. They’ll probably change the holding companies and adjust the ratios. It’s a move to render Miracle’s shares worthless. They’ve also demanded my voting rights. They’re telling me not to oppose them.”
“Are they out of their minds?”
The moment the word “rearrange” was mentioned, he shouted.
“The controlling shares only make up 5% of the entire Sunyang Group’s shares. They’re controlling the group with just 5%. If even one small thing goes wrong, the cross-shareholding structure will collapse. The ownership of Sunyang could change overnight.”
“They say they’ll proceed cautiously and slowly.”
Lee Hak-jae, quick on the uptake, immediately grasped my meaning.
“Are they planning to reshuffle everything once the chairman passes away?”
“Yes.”
“Let them do as they please. Sunyang Group without the chairman is none of my concern. Whether they tear it apart or ruin it, that’s up to the kids.”
“Are you thinking of retiring?”
“Why not? Work with kids who are wary of me? Even the vice presidents have their own protégés. Oh, maybe this share rearrangement is a ploy to push me out. If they take over the structure I’ve set up, they’ll have to watch their step around me. Ha, what a joke.”
“Even if Grandfather passes, I’ll continue to serve you as I do now.”
“Is that what you meant by being on my side? No thanks. I have no intention of growing old as a secretary to someone young enough to be my son.”
Perhaps feeling displeased, he drained his glass in one go.
“A secretary? That’s not it at all. I was talking about the rightful owner of the Sunyang Group chairman’s office.”
Lee Hak-jae gripped his glass tightly, trying to hide his trembling fingers.