Before Winter Ends 2
“Even though you’re brothers, our Sang-jun is quite different from his sibling. That one over there is full of dark, greedy thoughts. Ha ha.”
When Grandpa pointed at me and laughed heartily, I stayed silent. This was their moment.
Grandpa chuckled as he got up from the sofa. He opened the drawer next to the bed and discreetly placed an envelope on the table.
“This is for you.”
I hadn’t expected this. Sang-jun was probably even more surprised than I was, his eyes wide and speechless.
“Don’t look so shocked. You’re not the only one getting something.”
Grandpa gave us a sly smile.
“I plan to give something to all your cousins. Those who’ve already visited left with an envelope. Do-jun, you don’t get one.”
“Come on, at least a gift card or something, right?”
Grandpa turned to Sang-jun.
“See, that’s how greedy he is.”
But Sang-jun, still stunned, seemed oblivious to everything except the envelope.
“Sang-jun.”
“Yes? Oh… yes.”
“Your office and apartment are in Gangnam, right?”
“Yes.”
“When I said I’d give you a house, I wasn’t joking. This is the purchase contract for a house in Gangnam, under your name. I’ve even taken care of the gift tax so you can live comfortably. As for the furniture, that one’s going to fill the place.”
Grandpa pointed at me, and I pouted.
“Well, if you’re giving a house, might as well furnish it too…”
“You fool. A gift should always feel a bit lacking. That way, there’s a reason to keep the relationship going.”
“That’s a pretty convenient excuse…”
“Quiet, you. So, are you not planning to give your brother a housewarming gift? Especially when you have so much money?”
The banter between Grandpa and me seemed lost on Sang-jun, who bowed his head with teary eyes.
“Thank you, Grandpa.”
“No need to thank me…”
I figured it was time to leave them alone.
Though they were family, their interactions had been limited to greetings at family gatherings. They both knew this was a moment that wouldn’t come again.
“Please, continue your conversation. I have to get going.”
Sang-jun looked flustered, but Grandpa, holding his hand firmly, nodded.
“Manager Lee, just to confirm, are you sure there are no shares owned by Father?”
“Manager, is there any chance we missed some shares that Father managed personally?”
Manager Lee Hak-jae felt the intense gaze of the two vice-chairmen weighing heavily on him. What were they so worried about?
“The stock market in Myeong-dong is flooded with Sunyang Group shares, all under borrowed names. Unless we track them all, I can’t say for sure. If the chairman managed something privately, I wouldn’t know.”
“Manager, we’re asking about the possibility, not for confirmation.”
“I don’t think so. There’s no reason for the chairman to take such risks with borrowed names. You both know that well.”
The two exchanged uneasy glances.
They had set up corporations that were practically their own to funnel work to their subsidiaries, using the profits to buy more shares, all under borrowed names. Trusted executives, their families, or close associates held these shares, but there was always the fear they might sell everything and disappear.
“Well, if that’s the case, good.”
Vice-Chairman Jin Young-gi said with a reluctant expression.
“Do you know anything specific about the personal assets Father plans to give to Sang-ki?”
Lee Hak-jae couldn’t help but frown.
How far does their greed go?
“As I mentioned, I don’t know about the chairman’s personal assets. He’s entrusted them to his personal lawyers. You know he has several, right? He’s even distributed the management among them.”
Jin Dong-gi, the more perceptive of the two, noticed Lee’s discomfort and silenced Jin Young-gi.
“Haven’t we already discussed this? Let’s stop repeating ourselves and focus on our thoughts. That would make things easier for Manager Lee, wouldn’t it?”
Jin Dong-gi took a sip of tea, gauging Lee’s reaction before speaking cautiously.
“To be honest, once Father is gone, the group will face turmoil, and unexpected events might occur, don’t you think?”
“Be specific. What kind of turmoil?”
“The shares. Sunyang’s governance is like a tangled web. Even a single thread breaking could cause trouble.”
“And?”
Lee’s displeasure was evident in his expression and tone, prompting Jin Young-gi to snap.
“What’s your problem? Are we saying anything we shouldn’t?”
“Brother!”
Jin Dong-gi’s shout made Jin Young-gi grunt and fall silent.
“Manager Lee, we’re asking for your understanding of our situation.”
“Vice-Chairman Jin Dong-gi, why not get to the point? It’s clear this is a difficult topic, so let’s start with the conclusion.”
“Alright. We want to reorganize the holding company.”
“A holding company?”
“Yes. Gather all the scattered shares and bind them into a strong rope instead of a web.”
“That’s not easy. If you mishandle it, the fragile web might break. Plus, there could be tax issues. It’s a gamble.”
“That’s why we’re telling you, Manager Lee. No one else can lead this but you.”
The brothers had gathered the brightest minds they could find, but even they couldn’t grasp the complex structure. They concluded that only the person who created it could understand it.
“Is it necessary? This system is why you’re both vice-chairmen. Why take the risk?”
Lee knew their intentions but wanted to hear it directly from them.
“Don’t you get it? First, we need to get rid of Miracle! If they side with Do-jun… No, it’s certain. They’re planning to use Do-jun to slowly take over Sunyang.”
Jin Young-gi shouted.
“Even if that’s not the case, having an investment firm with 23% of the shares is not ideal.”
Jin Dong-gi added.
“That may be, but… Alright, let’s say you create a new holding company. What do you envision for its share structure?”
The two exchanged glances before Jin Young-gi cleared his throat.
“Ahem. Dong-gi and I will hold 55%, Sang-ki 5%, executives 10%, and the rest distributed among subsidiaries. That’s our initial thought.”
They intended to hold all the power. It didn’t include their younger brother, Jin Sang-ki, in the 55%.
This meant they didn’t trust even their youngest brother. Even if Sang-ki had other intentions, the group’s control wouldn’t waver.
“We plan to increase the executives’ shares but replace the people. They’re all from Father’s generation. We want to bring in new executives.”
Jin Dong-gi mentioned a generational shift.
“What about Do-jun? He holds 10% of the shares. Are you planning to exclude him entirely?”
When Lee prodded the sensitive topic, the vice-chairmen’s expressions hardened.
“We’ll give Do-jun a couple of financial subsidiaries. It suits his skills… If that’s not enough, we can throw in some subsidiary shares. He’s still young, after all. Managing a group isn’t easy.”
“To outsiders, it would be laughable. A twenty-something threatening a conglomerate’s management? Do-jun should be learning management, not running subsidiaries.”
They might as well admit they want the company for themselves. Do-jun has already proven his capabilities.
What do they have to show besides being the chairman’s sons?
Seeing Lee’s displeasure, Jin Dong-gi quickly added.
“We’ll make sure you have a position that won’t disappoint, Manager Lee. Join us.”
“Really? What position do you think would satisfy me?”
Though his tone was dry, he showed some interest. Jin Dong-gi smiled.
“We’ll offer you the position of CEO of Sunyang Electronics. It’s the core of Sunyang, isn’t it?”
Knowing they couldn’t buy Lee with money, they offered a position instead.
But a CEO can be replaced overnight. Even a quiet transition would only take two years. Lee was well aware.
They expected Lee to demand a five-year guarantee, which they were prepared to accept.
“Of course, you plan to do all this without the chairman knowing, right?”
“Is there a need to tell him? Wouldn’t it be better for him to believe everything is as he wished in his remaining time?”
Even if the chairman knew their intentions, he couldn’t do much. There wasn’t enough time to reclaim the shares.
The new holding company depended entirely on Lee.
If he refused, they would proceed on their own, even if it took longer.
“It seems like something I need to think about. The chairman is still watching over me. I can’t face him and go against his wishes.”
Was he asking them to wait until his father passed?
A smile spread across their faces.
“Of course. It’s a relief to have you on our side, Mr. Lee. Makes things feel a lot lighter. Haha.”
Jin Dong-gi stood up and shook Lee Hak-jae’s hand firmly.
“Thank you, Director. This is all to make Sunyang more secure. I won’t forget this.”
Lee Hak-jae gently withdrew his hand.
“I understand your intentions, and I’ve shared my thoughts. I’ll be on my way now. Goodbye.”
With that, Lee Hak-jae quietly left the room.
As soon as he was out of sight, the smiles on the two men’s faces vanished.
“That guy thinks he’s something special. If it were up to me…”
“Let it go. He’s at least a guardian for Sunyang. Plus, he’s loyal to Father.”
“Do you think he’s sincere?”
Jin Young-gi still looked skeptical, while Jin Dong-gi seemed more relaxed.
“He said he’d step down once Father passes. But I doubt that’s what he truly wants. He’s still in his prime. The thought of leading Sunyang Electronics must make his heart race. Besides, we need him. Think about the personal assets Father will leave to the foundation. We need to secure those first. It’s bound to be worth billions.”
“I think it’s even more. It’s not just cash; there’s real estate too. That’s where the real value lies.”
The two men exchanged knowing smiles.
The thought of the immense wealth they could secure, even after giving away some insignificant shares, was enough to keep them grinning.