[278] Bowing the Head 3
<Seongho Construction, HW Construction, Namgwang Development. Consortium confirmed for Dubai boom. The consortium remains open and plans to welcome any qualified construction companies. Industry expects contracts worth at least 2 trillion won.>
“Ha! Look at this… Lee Hak-jae… Was he serious?”
Vice Chairman Jin Dong-gi tossed the morning paper aside and pressed the intercom.
“Dubai team, everyone to the conference room.”
In no time, a dozen people gathered, and he threw the newspaper at them.
“You all saw this, right?”
“Yes.”
“What do you think? Are many companies getting excited?”
“Everyone’s buzzing, but only a few companies are big enough to join this consortium. The entry bar is set pretty high, and everyone’s grumbling about it.”
“So it’s just media play?”
“That’s what we anticipate.”
Jin Dong-gi was contemplating two paths.
First, standing alone with dignity.
“Our financial situation isn’t great, is it?”
When he asked about their weakest point, everyone just exchanged glances.
“When do you think the funds tied up in the Incheon New Town will be released?”
They had lobbied hard to secure the largest area, convinced of a rosy future for the region. But instead of roses, they were walking a thorny path. The government infrastructure was nowhere in sight, leaving behind a ghost town of gray cement high-rises.
Unsold properties were piling up, and there was no telling when the frozen funds would be freed. They were barely holding on, hoping to shift the blame to the government if the administration changed.
“We expect the next administration might open a breakthrough.”
“What if the administration doesn’t change?”
“That’s a safe bet. The ruling party lacks a strong presidential candidate, and the opposition just needs one of their two strong candidates to win the primary. The primary is tougher than the general election.”
“We’re holding promissory notes, but we need cash right now. This is driving me crazy.”
The people in the conference room were grateful that their boss was Jin Dong-gi and not Jin Young-gi.
It was Vice Chairman Jin Dong-gi who had pushed the Incheon New Town project. He didn’t take out his frustrations on his subordinates for the difficulties caused by his own misjudgment.
If it had been Vice Chairman Jin Young-gi…?
He would have forgotten that he had pushed for it and would have been hounding them daily to offload the unsold properties. Of course, he would have blamed innocent people, and a dozen heads would have rolled.
“Vice Chairman, Chairman Lee Hak-jae of HW reached out first. Why not accept it, pretending you can’t resist?”
The second option, an alliance. This was also what the subordinates were considering.
“At this point?”
“The consortium is open. Isn’t this an overture towards our Sunyang?”
Jin Dong-gi looked around the conference room and spoke.
“Is everyone in agreement? Should we join hands with them?”
He shook the newspaper as he asked, and everyone nodded.
“Then pull as much as you can from the financial sector. We’ll share the shortfall with them.”
“It’s no longer feasible, Vice Chairman. We have no room left with financial credit. We’ve already used it all up on the Incheon New Town and the Burj Dubai project. Even issuing corporate bonds is impossible.”
The immediate response came from the youngest man in the room.
Though his answer was bold, the room didn’t freeze over. Jin Dong-gi was not the type to get angry over even more audacious remarks.
“Are you sure? Can you take responsibility for that statement?”
“Yes. The only option left is to borrow against the group’s shares.”
“Then use that as collateral and borrow.”
Watching Jin Dong-gi’s inscrutable expression, the young man spoke.
“It’s safer to reduce the expected contract size. Until the frozen funds are released, a conservative approach is better, in my opinion.”
“Opportunities like Dubai don’t come often. Isn’t it foolish to play it safe and conservative?”
“In the bottom of the ninth, two outs, bases loaded, full count—comebacks with hits or grand slams rarely happen. Most games end with an out.”
Jin Dong-gi smiled slightly at the young man who didn’t back down and answered him point for point.
“Draft a new proposal and send it to Chairman Lee Hak-jae. Make sure it shows Sunyang leading the consortium. Everyone, you’re dismissed.”
As people stood up, Jin Dong-gi looked at the young man and said,
“Director Jin, stay a moment.”
With just the two of them left, Jin Dong-gi’s expression softened.
“Tae-jun, are you sure about our financial situation?”
“Yes, Father. I’ve contacted all the major banks, and that’s their official response.”
Jin Dong-gi’s eldest son, Jin Tae-jun, was the head of the Management Support Division, overseeing finances for the construction and heavy industries sectors. Despite being in his mid-thirties, he had quickly taken control of the group’s finances, thanks to the influence of his father and his position.
“Tae-jun, if we only manage aggressively when we’re in good condition, we’ll never grow. We must always maintain an aggressive stance. In the bottom of the ninth, two outs, bases loaded, full count—don’t look at the batter, look at the pitcher. The pitcher is exhausted too. After throwing over a hundred pitches, do you think his shoulder is fine? Everyone’s tired and struggling. It’s not just us.”
Jin Dong-gi spoke as if advising. His son was diligent and sincere but also cautious. He always checked for safety before taking a step.
As the head of the Management Support Division, he was excellent, but as a top executive, he was lacking. Jin Dong-gi hoped to expand his son’s capabilities within ten years.
“When times are tough, you have to grit your teeth until they hurt to be an ace. Even if our situation isn’t great, it’s the job of the Management Support Division to find funds, even if it means selling the gold ring in the drawer. Complaining about how hard it is to find money is something a manager might say. Remember that.”
Director Jin Tae-jun knew that if he weren’t his father’s son, he would have been reprimanded.
“I’m sorry for showing inadequacy during the official meeting…”
“It’s fine. Just do better next time. I won’t forgive the same mistake twice. Understood?”
“Yes.”
“Good. Now go. Check the finances again.”
Jin Dong-gi patted his son’s shoulder.
He might be lacking, but he’s not falling behind.
“Director, Director Jin Tae-jun is here to see you.”
The secretary, slightly flustered, spoke through the slightly open door. Normally, unexpected visitors were turned away immediately, but since it was a family member of the owner, she found it difficult.
“Let him in. It’s fine.”
What brings him here? Is it an errand from his father?
“Do-jun, I hope I’m not interrupting.”
“No, it’s fine.”
As everyone hit their thirties, they started securing positions. Jin Young-jun, the eldest grandson of this family, had already been fast-tracked to Vice President of Sunyang Electronics.
Had Jin Tae-jun already become a director?
There were so many of them that I couldn’t keep track of where they were playing executive.
“How long have you been at the headquarters, Tae-jun? You were learning the ropes at the construction sites, right?”
“It’s been almost a year. We’re in the same building, but we hardly see each other, right?”
“True. How was the fieldwork? Must have been tough?”
“Do you think I really worked hard? I just skimmed the surface. By the time I got used to site terms like ‘horikata,’ ‘uchibanashi,’ and ‘shiage,’ three years had passed. Haha.”
I don’t know what he’s talking about, but he sure likes to show off his field experience.
“Seems like you did well.”
Even though it had been a while since I’d seen him, he was just a cousin I wasn’t particularly close to, so I figured it was time to wrap up the pleasantries.
“But you must have a pressing issue to come by suddenly, right?”
“Ah, you know, right? Dubai.”
Of course, he wouldn’t come all the way here for anything else.
But I can’t cater to every wannabe executive. It’s best to draw the line early.
“Tae-jun, before we talk business, let me ask you something.”
“Sure, go ahead.”
He seemed a bit tense, unsure of what I might say.
“If you want to discuss business with me, don’t say anything you can’t back up. And speak with authority. If you can’t make a decision and need approval, don’t even bring it up. This room is for decision-makers. Otherwise, it’s a place where someone reports to me.”
Jin Tae-jun’s expression hardened. He probably didn’t expect me to so blatantly point out the difference in our positions.
“There are four rooms in the Sunyang headquarters where decisions are made: this room, the two vice chairmen’s rooms, and the vacant chairman’s room. If you’re a decision-maker, state your business. If not, talk to the person in charge. Then that person will report to me, and I’ll make the decision.”
Seeing Jin Tae-jun’s face turn as red as autumn leaves was amusing.
Well, at least the second uncle’s kids have some manners.
If it were the first uncle’s kids, they’d have shouted in indignation.
“Don’t make that face; it makes me feel bad. Anyway, since it’s your first time in my office, feel free to say whatever you want today, without any conditions.”
I wanted to give him credit for not storming out. His patience was impressive.
Was it because he was older? Or was he just that desperate?
“Alright. Just for today, cut me some slack. Next time, I’ll come with decision-making power. Haha.”
Tae-jun forced an awkward smile.
There won’t be a next time. It will take at least ten years for him to gain decision-making power.
“I’ll get straight to the point. The construction division has too many projects going on, and we’re short on funds. It’s the season for sowing, so we’ll pay it back as soon as we harvest.”
“So it’s not relief rice, but a loan with interest?”
“Huh? What do you mean?”
“Oh, nothing. Just thought of it because you mentioned farming. But I’ve already told Uncle. Our financial affiliates don’t have spare funds either. It’s tough.”
“Even your personal money would be fine. It’s my first request, so don’t reject it outright. At least think about it. I’ll give you a generous interest rate. Everyone knows you’re loaded.”
“Alright, I’ll think about it, but don’t get your hopes up. It’s not as great as the rumors say.”
“You’re telling me you don’t have money after donating hundreds of millions to charity? Lower your standards. You’ve got enough to lend.”
“Oh, come on, that was ages ago! Back then, I just happened to make a good return on an investment. Now, I’m just scraping by.”
Jin Tae-jun’s face hardened, sensing a clear refusal.
“Tae-jun, if it’s really urgent, start by using your own stash. You know what lenders are most curious about? Whether you’re borrowing because you don’t want to spend your own money. Are you thinking it’s okay for me to take a loss while you don’t? That’s what it looks like.”
“It’s not like that. I told you! Just consider it.”
“I get it. But if you really think Dubai is an opportunity, go all in. That’s the only way I’ll believe in it too.”
“I don’t have the authority to make that call yet.”
I’ve stirred the pot enough. Now it’s up to them. The allure of Dubai’s dazzling skyline is irresistible.
The global construction industry can’t resist its pull, so why would they be any different?
“I’ll meet with the financial sector. If it’s Sunyang Construction or Heavy Industries, we might be able to increase the credit limit.”
“I already checked. They all shook their heads.”
I smiled and looked Tae-jun straight in the eye.
“If I, who have a firm grip on Sunyang Group’s financial affiliates, say something, it’s hard to ignore. My words carry weight. Heh.”
Jin Tae-jun’s eyes hid his thoughts.
If this was what he wanted to hear from me, then I did pretty well.
He still doesn’t realize he’s digging his own grave.