“Splitting it evenly? 7
“Anyway, keep a close eye on how the other side reacts. While they’re making noise, we need to solidify our subsidiaries.”
“Father, if we split the group, it will drop to less than half. What’s the point of being chairman of a halved company?”
After issuing new orders, when only the father and son were left, Jin Young-jun couldn’t hold back his frustration any longer.
“Sometimes you have to take a step back. Now is that time.”
Vice Chairman Jin Young-ki didn’t get angry or scold his son’s grumbling.
“HW has become the largest creditor of Sunyang Construction, backed by Miracle’s enormous funds. I think Miracle, HW Group, and Do-jun are teaming up to pressure the construction sector. We can’t hold onto construction.”
Even at over forty, Jin Young-jun understood what it meant not to hold onto construction. It meant losing the shares in heavy industries held by construction, and subsequently, the shares in precision machinery and chemicals held by heavy industries.
The circular shareholding structure, which is ideal for controlling the group, is the same for anyone.
If you hold construction and heavy industries, other subsidiaries will follow like a chain reaction.
“I’ve confirmed that HW has poured in a staggering 10 trillion won to acquire Sunyang Construction and Daehyun Construction.”
“Ten trillion?”
“That’s not all. They’ve brought in 10 billion dollars in emergency foreign exchange to turn the banks into their obedient dogs. That’s why the banks bowed their heads, and the government is siding with them.”
It’s understood without saying that it’s not HW Group’s money but Miracle’s.
“There’s more. Do-jun has deposited a huge amount of Sunyang Financial’s money in the bank. Not as an investment, just as a deposit.”
“If he withdraws it all at once…?”
“Exactly. The banks would be in chaos. That’s why he’s teamed up with Miracle.”
Jin Young-jun understood why his father mentioned Jin Do-jun’s name.
Jin Do-jun is the face of Sunyang, HW Group is the action plan, and Miracle is the financial backer.
It was a perfect alliance of the three to seize a part of Sunyang, and they succeeded by leveraging the financial crisis in the US and the Middle East.
“Do you understand why I’m rushing the separation of subsidiaries? It’s to secure the company I’m going to pass on to you. If even one of our subsidiaries falters, I can’t guarantee it won’t end up like construction.”
The son couldn’t argue against his father’s plan to lock down the subsidiaries they already held.
“Electronics and trading are practically holding companies. These two must remain unscathed no matter what. We’ll solidify them now, and then expand again like Daehyun Auto Group. In ten years, when you’re over fifty, it’ll be your job to restore the group to its current size.”
The number of subsidiaries isn’t what’s important. Securing a few key subsidiaries is crucial, and the father and son already held the core of the group.
In the frequent push-and-pull of a chess game, they were prepared to sacrifice a few pieces for ultimate victory.
“Vice Chairman! The prosecution is here with a search warrant!”
“What?”
“It seems they’re targeting the Management Support Division. They’re heading there now!”
Vice Chairman Jin Dong-ki, who was discussing recovery strategies with his son, jumped up and ran out, with Jin Tae-jun quickly following.
The Management Support Division office was already overrun by prosecution staff, who were sweeping up documents and computers.
“You scoundrels! Stop this at once! Do you know where you are?”
As Vice Chairman Jin Dong-ki shouted, trembling with anger, a young man stepped forward.
“Someone of your stature acting like this must mean you’re quite anxious, right?”
“Who are you?”
“Oh, my apologies. I’m Prosecutor Kim Ji-hoon from the Seoul Central District Prosecutors’ Office, Financial Investigation Division.”
“Did the chief prosecutor send you? Is this a shake-down to make me surrender quickly?”
“Are you Vice Chairman Jin Dong-ki?”
Prosecutor Kim Ji-hoon tilted his head as if he didn’t understand.
“What is this? What nonsense are you spouting?”
“Vice Chairman Jin Dong-ki isn’t the target of the investigation. The prosecution isn’t interested in people who ruin companies. It’s not our jurisdiction. So, our chief prosecutor isn’t trying to make you surrender.”
“You…!”
Jin Dong-ki, thinking the smirk was directed at him, was so furious he couldn’t speak.
“Ah, there he is.”
Prosecutor Kim Ji-hoon pointed to Jin Tae-jun standing behind Jin Dong-ki.
“You’re Jin Tae-jun, right?”
”…Yes.”
“We have some questions for you. Would you come with us? It’s a voluntary accompaniment, so you can refuse. But next time, we’ll come with an arrest warrant. So, wouldn’t it be better to avoid unnecessary trouble?”
As the prosecutor pointed to his son, Vice Chairman Jin Dong-ki turned his head. He saw his son’s eyes trembling with anxiety and fear. Then, he heard Prosecutor Kim Ji-hoon’s voice, which sounded like a threat.
“When we come with an arrest warrant, we’ll bring a bunch of reporters. You know, when we arrest someone, we use handcuffs. If you want to see that on the news or in the papers, you don’t have to come now. What do you think?”
“Why? Why my son?”
Jin Dong-ki shouted as he turned back.
“It seems he invested 60 billion won of company money in derivatives and lost it all. The father recklessly poured borrowed money into failed projects, and the son used a fortune to fill his own pockets. No wonder the company is in shambles.”
At the mention of 60 billion won, Jin Tae-jun’s face turned ashen.
Seeing this, Jin Dong-ki closed his eyes tightly.
His son’s expression was undeniable proof of the prosecutor’s words.
“Make a decision quickly. We need to clock out too.”
At the prosecutor’s now-serious tone, Vice Chairman Jin Dong-ki instructed those around him.
“Call the lawyers. Every single one of them.”
“Yes, Vice Chairman.”
As the staff pulled out their phones, Jin Dong-ki spoke to his son.
“Keep your mouth shut. Don’t say a word until the lawyers arrive.”
”…Yes.”
As Jin Tae-jun barely responded, Prosecutor Kim Ji-hoon shook his head.
“Remaining silent is fine. But you know, staying silent is often seen as an admission of guilt. Anyway… thank you for your cooperation.”
Prosecutor Kim Ji-hoon instructed the prosecution staff carrying boxes.
“Let’s drop these off and head home.”
As the prosecution staff carrying boxes left, Jin Tae-jun leaned in to whisper something to his father, Vice Chairman Jin Dong-ki.
Jin Dong-ki’s expression began to twist gradually.
“Did they take everything?”
“Yes, Chief. Executive Director Jin Tae-jun also went along as a witness.”
Assistant Manager Kim Yoon-seok seemed oddly pleased.
“Went along willingly?”
“Yes. The prosecutor threatened to come back with an arrest warrant, so he backed down.”
Kim Ji-hoon seems to be doing a good job. He’s got a knack for handling these arrogant chaebols.
“Good work. Keep monitoring their movements and report back.”
“Yes, Chief.”
“Oh, and prepare two cups of tea on your way out.”
“Two cups?”
“We’re expecting a guest. Let them in when they arrive.”
There was no time to prepare tea or inform anyone outside about the guest.
The guest had already burst through the door, fuming.
“You little punk! How dare you mess with my son?!”
It seemed Assistant Manager Kim Yoon-seok was invisible to my second uncle. He threw decorum out the window and spewed vulgarities without hesitation.
“Kim, you can leave now.”
After gesturing to him, I stood up.
“Please, have a seat. Let’s talk over some tea…”
Family is off-limits. My usually rational uncle grabbed me by the collar.
“You think I’ll just give up because of this?”
I said nothing.
I just looked into his eyes, waiting for him to calm down.
His son’s embezzlement was just the tipping point for his resignation. He had already given up and collapsed. Accepting that reality comes when he realizes he can’t save his son on his own.
He must have made frantic calls, only to be met with avoidance or reluctance, which is why he stormed into my office, demanding I get his son out.
As time passed, the glare in his eyes wavered, and the grip on my collar weakened.
“Please, have a seat. Calm down with some tea.”
Vice Chairman Jin Dong-ki slumped onto the sofa. After sitting there blankly for a while, he gulped down some water, as if his throat was parched.
“First, let’s clear up any misunderstandings. I advised against the derivatives investment. Sure, it could yield a huge profit, but the risk was too high. And to cover that loss, he took 60 billion won of my money. I warned him against it and even lent him money. You might want to blame someone else, but… this happened because of both your and Tae-jun’s greed.”
“You set a trap, and naive Tae-jun took the bait.”
“That’s right.”
“What?”
The once blank expression on Vice Chairman Jin Dong-ki’s face now showed a spark of anger.
“I said it was a trap. I warned him he’d die if he fell in. Yet he jumped in. Is this still my fault?”
“Are you saying he’s not naive but stupid?”
“No. I told you, didn’t I? His greed was excessive.”
My second uncle fell silent again.
Once he asks me to use my power to send his son home, this tedious standoff will be over.
“Do you enjoy handing Sunyang over to others? Or do you just hate me that much? Construction isn’t a lightweight company to be tossed away just because it’s shaky.”
I hesitated a bit but made up my mind.
To make him completely resign and bow his head to me, I needed a stronger blow.
“Why would I give it to someone else?”
”……?”
“Everything my second uncle owns will soon be in my hands. You know how much I respected and loved Grandfather, don’t you? Do you really think I’d let even a single piece of Sunyang slip away to someone else?”
“If the creditors take over the construction and get their hands on the affiliate shares, you won’t be able to get them back. Do you think you can buy those shares back with the money you have? Even if you offered a fortune, they wouldn’t sell because it’s a controlling stake. Lee Hak-jae will never give up that stake. Miracle is targeting our Sunyang.”
Haven’t they realized yet?
Well, expecting someone to see through everything with just a few words in such a tumultuous state is asking too much.
“That’s not the case. I’m the largest shareholder of HW Group. No, it’s Miracle. And I’m the largest shareholder of Miracle. Everything you just said is correct, Uncle. I will never sell the controlling stake to anyone, and yes, I am indeed targeting the entire Sunyang Group.”
Vice Chairman Jin Dong-ki was so shocked he was left speechless, his mouth agape.
Was that a powerful enough blow?
“I didn’t lose Sunyang Motors; I expanded it with my own hands. I acquired Ajin Group and took over Dae-A Construction. All those companies can bear the Sunyang name. Has anyone in our family ever taken something from others like Grandfather did? While everyone else was busy inheriting and preserving, I seized what belonged to others.”
“You… you did…?”
“Grandfather cherished and favored me for a reason. There was no one more suited to the chairman’s position in Sunyang than me. The only thing my two uncles did to become vice chairmen and inherit the company was being born as Grandfather’s sons.”
To the still-dazed man, I imparted an important lesson.
“What comes easily is easily taken away.”