Bowing the Head, Part 4
“Are you serious? Is this the official stance of Sunyang Group, or just something the construction team cooked up to look good?”
“This is Vice Chairman Jin Dong-ki’s decision.”
“Is this a consortium or just subcontracting? This is ridiculous!”
“Calm down and hear us out.”
The representatives from the three companies that had already formed a consortium erupted in protest as soon as they heard Sunyang Group’s terms.
“What’s there to hear? It’s clear as day. Sunyang’s just throwing its weight around!”
“Isn’t this just saying, ‘Take the money and follow orders because we won’t sit at the same table with small fry’?”
As the three companies voiced their dissatisfaction, the Sunyang representative cut in.
“Everyone in the industry knows the two trillion won figure the media’s throwing around is inflated. At best, you’ll secure half of that.”
“So what? Doesn’t Sunyang also embellish announcements to boost stock prices? It’s nothing new.”
“I’m just asking you to be realistic. Even if the three of you win the Dubai contract, you’ll still be subcontractors. European firms will handle the design and technology, and you’ll just be the foremen.”
The Sunyang representative’s blunt assessment left the others red-faced and speechless.
“Whether you get your wages from Europeans or from us, what’s the difference? Wouldn’t it be better to get paid generously by us?”
Choosing between pride and practicality is the fate of the weak, and most choose the latter, clinging to the last shred of dignity.
“I’ll pass this up the chain, but don’t hold your breath. We might just split it among ourselves without Sunyang.”
As the others stood to leave, the Sunyang representatives bowed, acknowledging their last bit of pride with the grace of the powerful.
“Please, do your best to make this happen. Our necks are on the line too.”
But once their counterparts left, their faces twisted into smirks.
“How much more did we offer them?”
“An extra 2%.”
“They should be grateful for that.”
“Give them three days to pretend they’re thinking it over. They’ll be back.”
The pretense of deliberation by Seongho Construction and Namgwang Development didn’t last long. HW Group’s bold proposal had them grinning.
“Sunyang will just keep throwing us promissory notes until the Dubai project wraps up. That extra 2% doesn’t even match bank interest.”
“If we support them, Sunyang’s contract figures will double, and their stock will soar. We do the work, and Sunyang reaps the rewards.”
In their complaints, they forgot the advantages. Chairman Lee Hak-jae listened quietly before pointing out what they missed.
“But won’t the contract value be twice as large as if we did it alone?”
“So what? It just means more financial strain for us.”
As their grumbling grew, Chairman Lee offered a sly smile, suggesting a more favorable arrangement.
“How about this?”
The eyes of the two chairmen lit up.
“HW will take on all the promissory notes from Sunyang. That should solve your funding issues, right?”
“Are you saying HW will discount the notes for us?”
“Yes. Sunyang’s notes are as good as cash. The bank would discount them immediately, but you want minimal interest, so we’ll offer a better rate.”
“How much better?”
“Half the bank’s rate.”
The two chairmen beamed.
“We might be reduced to Sunyang’s subcontractors, but I’ll ensure the payments. It’s dirty and unpleasant, but we need to grow too. We can’t miss this chance.”
“You’re bold, Chairman Lee.”
“If you do that for us, we couldn’t ask for more. HW Group is thriving. Are you struggling to manage all that money? Haha.”
“No company just sits on cash. Our major shareholder is Miracle Investment. With so much foreign capital, we’re just putting it to use. Using foreign money is patriotic, you know.”
The two chairmen nodded, envious of Lee Hak-jae.
With a reliable backer like an endless well, how reassuring it must be. Though Lee was a salaried professional manager, unlike them, he seemed far better off than most group chairmen.
“Then I’ll proceed, assuming there are no objections. Let’s work hard together.”
As the two chairmen left with laughter, Lee Hak-jae’s expression hardened.
“Do-jun, if your predictions are wrong, you’ll see what happens.”
If Dubai doesn’t falter, Sunyang, Namgwang, and Seongho will sing praises, while HW barely breaks even.
He could almost hear the industry mocking him as a fool.
“Are you upset?”
“No.”
“Your forehead says otherwise. Haha.”
Jin Dong-ki chuckled, looking at his son with pride.
“Everything Do-jun said was spot on. It’s only natural for you to meet with someone like Vice President Jang Do-hyung. You’re not out of your league there.”
“I think so too. But…”
“But? Because he’s your cousin, you thought you were equals?”
“Yes. I underestimated him.”
“No one at Sunyang takes Do-jun lightly. Some even think if he were older, he’d inherit everything. I think so too.”
“Father…”
“It might hurt your pride, but learn from him. Even if you have to bow your head, follow his lead.”
Jin Dong-ki patted his son’s shoulder.
“And maybe because you confided in Do-jun, HW Group accepted all our terms. They’re joining us in Dubai, easing our financial burden.”
Jin Tae-jun asked in surprise.
“Did Do-jun ask Chairman Lee Hak-jae for a favor?”
“I don’t know. But the timing was perfect. Even if it’s a coincidence, people will credit you. They’ll think you negotiated well with Do-jun. The executives are already praising you for putting the company first and bowing to your younger cousin.”
The father and son doubted it was mere coincidence. Jin Do-jun wasn’t known for sentimentality.
“Now that you’re settled at headquarters, take the time to meet Do-jun often. He’s all-in on American financial products. I’ve looked into it, but there are so many derivatives, it’s overwhelming.”
“Why are you looking into financial products when the company has no money?”
“Even if the company doesn’t, I have personal funds. I need to grow them for emergencies. Casually ask him. As his uncle, it’s awkward for me, but you can. If it seems promising, invest your money. You’ll need plenty of capital for future share transfers.”
“Understood.”
There’s nothing easier than riding the coattails of someone who makes money. If you can tap into their success, all the better.
“I’ll arrange more gatherings. Do-jun doesn’t have issues with us like he does with other cousins. Spending time together will bring us closer.”
Jin Dong-ki looked at his perceptive son with satisfaction.
“The consortium terms are great, aren’t they? Seongho and Namgwang will definitely profit, and we’ll be holding a bunch of Sunyang promissory notes. Sunyang will end up bowing to you for help. It’s the perfect scenario, isn’t it?”
“HW Construction might go bankrupt first. We have to pay Seongho and Namgwang regularly, and the amount owed will exceed a trillion won. Can we hold out without going under?”
Unlike my bright demeanor, Chairman Lee Hak-jae’s face was clouded with concern.
“I’ll work hard to fill any financial gaps.”
“HW isn’t a small shop. Our financial plans are tight. Make sure you’re prepared.”
“Yes. That’s why I’m planning a trip to the U.S. To make money.”
“What? The U.S.?”
Chairman Lee’s eyes widened in disbelief.
“Hey! You said the U.S. was going to crash! How are you going to make money there? Are you planning a big blunder?”
“There’s more honor in achieving success in a collapsing system. Similarly, those who find opportunities in crises make enormous profits. Remember the IMF crisis ten years ago.”
I reassured Chairman Lee, who still looked skeptical.
“Oh, if you have any personal investments in U.S. financial products, you should liquidate them. They’ll plummet in the second half of this year.”
“Do I look like I have that kind of money to invest?”
“Who would believe you if you said you were broke?”
“I’m just a salaried man. My salary is fixed, so…”
His flustered expression gave it away.
“Real estate, then. The safest investment. Haha.”
“Stop with the nonsense and focus on your work. If anything goes wrong, it’ll be a huge embarrassment.”
“Nothing will go wrong. So expand the Dubai project as much as possible. This might be our last chance to take over Sunyang’s construction and heavy industries.”
I reminded him again, just in case he became too cautious out of fear, and began preparing for my trip to the U.S.
Jin Tae-jun knocked on my office door early in the morning, holding two takeout coffee cups.
“Tae-jun, you’re visiting more often these days.”
“Don’t worry, I’m not here to ask for a loan. Just thought we could grab a coffee. Oh, and by the way, we’ve formed a consortium with HW Group. Thanks to you, a lot of issues have been resolved. I couldn’t forget to say thank you.”
“Oh, I heard about that. It was Chairman Lee Hak-jae’s decision, not mine. But I’ll pass on your thanks.”
The way he keeps glancing at me suggests he didn’t come just to say that.
“You’re heading to the States, right?”
“Yeah. I’ve got some of our financial group’s funds parked with an investment firm on Wall Street. Just going to check on things.”
“I heard everyone’s pouring money into U.S. financial products. They must be doing well?”
“Why? Thinking of investing there too?”
“Well, I’ve been hearing good things.”
“Don’t just trust what others say. Investment is about making your own judgments. Be careful.”
He’s not here for small talk. He rushed over as soon as he heard I was going to the U.S. He didn’t miss the hint I dropped to my second uncle recently.
“True, but I can’t help being interested. I wanted to hear your thoughts. Can you share?”
Should I give them one last gift before I kick them out of Sunyang?
“The hot derivatives right now are mostly based on U.S. mortgage loans. People pay back loans secured by their homes, or they get kicked out. Even if there’s a default, the house is a solid collateral, so it’s considered safe.”
“So, it’s safe, right?”
“I told you, don’t just believe what others say! You need to make your own judgment. Who knows? A massive wave of bad loans could surface and wreck everything.”
That’s all I need to say.
The word “safe” has already stuck more than “wreck.”