Splitting the Difference? 8
I couldn’t help but let out a sigh.
“Well… it wasn’t exactly easy. My grandfather built quite the fortress. Without me, no one could have taken over Sunyang.”
Realizing I might have sounded a bit too full of myself, I quickly added, “Oh, I mean, I was just lucky, really.”
But there was no need for further explanation. Vice Chairman Jin Dong-ki seemed lost in his own thoughts, barely registering my words.
I could guess the shock he was experiencing. I waited quietly for him to process it.
“So, it was you who requested dollar support from Miracle’s headquarters in the U.S.? To tighten the banks?”
After a long pause, he finally spoke, unable to connect the dots between me and the U.S.
“It wasn’t a request; it was an order.”
“What?”
“I’m the largest shareholder of New York Miracle Investment, and most of the operating funds are mine. To put it simply, it’s a company I set up to manage my money. Do you understand now? The Korean branch is just a local office.”
He was speechless again.
He seemed to have forgotten even that his son was summoned by the prosecution. I spoke patiently, waiting for him to come to terms with reality.
“With the money I have now, there’s no company I can’t buy. Even Apple, which reclaimed its top spot with smartphones, wouldn’t be hard to acquire more than half of its shares.”
I didn’t care if he was listening or not. I just needed to say my piece.
“Sunyang Electronics? Its market cap is just over 100 trillion won. If I pool all my resources, it’s doable. But buying Sunyang Group’s shares is harder than acquiring Apple or Microsoft, isn’t it?”
Seeing my uncle’s eyes widen at the mention of 100 trillion, it seemed he was listening after all.
“I understand. Steve Jobs of Apple is just a wealthy, respected entrepreneur, but he has no power. Sunyang, however, wields power over our country, which ranks in the top ten of the global economy. Sunyang isn’t just a company; it’s a fortress of power that must be protected from intruders.”
“Is it true? Do you really have all that?”
“Yes.”
“Why on earth…?”
“Sorry?”
“Why are you so obsessed with Sunyang when you have such immense wealth? Couldn’t you just expand HW Group with that money? Power? Don’t you know Sunyang’s power comes from money? With that money, you can buy power and companies. You could have more influence than Sunyang.”
Indeed. If it weren’t for the grudges from my past life, I might have done as you suggested.
Building a network as intricate as my grandfather’s in a short time would be challenging, but money makes it possible, and expanding subsidiaries to Sunyang’s scale is even easier.
But my goal is to take over Sunyang and have you all under my feet.
I couldn’t say that, so I offered another reason, which was also true.
“I want the legacy my grandfather left behind. I share his blood, after all. Without Sunyang, it means nothing to me.”
I spoke to him, half-dazed.
“Give up now. Once the shares held by the subsidiaries transfer to HW Group, your influence will diminish significantly. It will be hard to secure a position within Sunyang Group.”
“So, you’re telling me to just walk away?”
“No. Look at Aunt. She’s still in charge of the department stores and hotels, isn’t she?”
“What?”
“Feel free to ask her. I’ve never interfered in the management of the department stores. I’m not interested in management. I just want to own it.”
“Are you telling me to be your servant?”
“I’m not asking or demanding. It’s just a suggestion. If you don’t like it, step down.”
Perhaps my calm tone helped him regain some composure.
“It’s all over. All that’s left is for you to accept reality. Take your time and let me know your decision.”
It would be hard for him to walk out of my office, drained of energy. Giving him space was my final act of mercy.
“Daehyun is sorted. Chairman Joo Tae-sik gave his brother a little nudge and sorted out the shares.”
Chairman Lee Hak-jae handed over some documents.
“We’re taking over Daehyun Construction, Rail Vehicles, and Daehyun Machinery. The machinery and rail vehicle divisions will merge with HW Automotive. Construction will be merged.”
“When will you announce it to the media?”
“We’ll do it all at once after sorting out Sunyang. How’s Jin Dong-ki?”
“Resigned and compliant. All that’s left is his decision.”
“Decision? What decision?”
“Whether to become a professional manager or retire.”
Lee Hak-jae frowned.
“Don’t pretend to be nice. Trust the lessons history teaches us.”
In a coup, it’s exile followed by poison. Since poison isn’t an option now, exile will have to do.
“Should we make sure he can’t set foot here again?”
“Of course. If he lingers around Sunyang, who knows what he might plot. Jin Dong-ki is your blood. Even without power or money, there will be people willing to help him.”
“What can someone without shares do?”
“He has a brother. Wouldn’t Jin Dong-ki side with his older brother Jin Young-ki over you? Don’t do anything foolish to empower him.”
Our chairman learned well from my grandfather. He knows not to create future problems out of sentimentality.
But I’m not keeping Vice Chairman Jin Dong-ki around out of sentiment. I want to enjoy watching him bow to me.
“I’ll keep that in mind.”
For now, that seemed like the right response. Then I quickly changed the subject.
“How did the prosecution’s investigation go?”
“What investigation? I just hinted at the succession process and told them to keep an eye on Vice Chairman Jin Young-ki’s succession to his eldest son. I warned them that if they overlook any more tricks, public opinion will turn against them.”
Thanks to that, the succession to Jin Young-jun has been halted. But not everything is going smoothly. Chairman Lee Hak-jae shared some troubling news with a concerned expression.
“The problem is that Vice Chairman Jin Young-ki is scared stiff.”
“Is that bad news?”
“While the succession process has stopped, he’s accelerating the separation of affiliates. He’s trying to run off with what he has.”
“I was considering separation too, but…”
“Wouldn’t it be better to recalculate the shares and secure a good position this time?”
“Is that possible? Although I’ve secured many affiliate shares, I don’t have much in the electronics, service, and trade divisions of the first uncle.”
“It’s because they’re so large. But if you can get the shares owned by financial institutions and public agencies on your side, it’s not impossible.”
“Is it certain enough to take over the entire group?”
Chairman Lee Hak-jae gave a bitter smile.
“Excluding those who will never side with you and those who will abstain, you can secure enough shares to keep an eye on Sunyang Electronics.”
“Then it might be worth a try. Please prepare a list. I won’t avoid meeting anyone I need to.”
“Alright. I’ll also take care of the people I need to meet.”
As we planned our next steps, Vice Chairman Jin Dong-ki was sinking into the depths of despair.
The heads of the Blue House and financial institutions didn’t want to see headlines about Sunyang Construction entering court receivership.
“Look at Daehyun Construction. They stepped down gracefully, and the media praised them. Not a word about a change in ownership. Everyone’s waiting. All that’s left is for you to make a decision, Vice Chairman.”
“We’ve waited out of respect for the late Chairman Jin Yang-cheol. We also don’t want to tarnish the name of Sunyang.”
“What do you want me to do?”
His tone was one of resignation and defeat, bringing a glimmer of hope to the faces of the creditors.
“First, cancel the construction shares you hold. Turn the heavy industry shares into treasury stock. As for the remaining affiliate shares, dispose of them or keep them as you wish.”
By eliminating his shares, he would distribute their value among other shareholders, showing the responsibility of a failed manager.
“It seems your creditors unanimously decided to entrust my company to HW.”
“It’s not something for a departing person to worry about.”
Vice Chairman Jin Dong-ki glared at the creditor representatives for a while before letting out a long sigh.
“Prepare the documents and come back. I’ll do as you wish.”
The creditors all stood up and bowed.
“Thank you for your decision, Vice Chairman.”
They quickly left after their perfunctory words of gratitude.
Sitting in the empty vice chairman’s office, he realized he would soon have to vacate it.
Jin Do-jun was right.
He occupied this office simply because he was his father’s son.
No special effort was needed. As long as he didn’t do anything incredibly foolish, any son of his father could walk the flower-strewn path straight to the vice chairman’s office.
As long as he wasn’t as thoughtless as his brother Sang-ki or refused the path laid out like Yoon-ki, it was a given.
Once he vacated this office, only his brother and nephew would remain. A fleeing brother and a pursuing nephew… the outcome of that battle was as clear as day.
Now, all he had left were his children.
Though small, leaving them a chance was a parent’s duty.
Even if they were a distant third, to grasp even a sliver of opportunity, there was only one way. To throw a knife into the fight between first and second place… that was it.
Jin Dong-ki pondered how to distribute his remaining shares to intensify the battle between first and second place.
After finishing his thoughts, he slowly stood up.
He left the vice chairman’s office and set his course. He headed towards his final negotiation target.
“You’re here, Uncle. I just got a call from the creditors. They said you’ve accepted all the conditions.”
“Yes. Holding out any longer would just be disgraceful, with nothing to gain.”
“So, you’ve come to this room because you think there’s still something to gain from me, and that I have something to offer.”
“That’s right. But don’t get too excited—what I want isn’t money.”
Not money?
Does that mean he doesn’t intend to hand over his shares?
He’s still as tough as ever.
“Please, speak freely. I’m willing to accommodate most requests.”
My second uncle took a sip from his teacup, moistening his throat.
“You’ll start by replacing the executives, won’t you?”
“Yes. The executives must also bear responsibility for the poor management.”
“As you know, the construction industry is rife with unaccounted money. If you dig into the president and directors, you’ll find some dirt. Just let them go without digging.”
It’s obvious that most of the money the executives pocketed ended up in my second uncle’s hands. The executives only got a few crumbs.
He’s telling me not to expose the money he siphoned off.
“I’ll consider it. What’s next?”
Vice Chairman Jin Dong-ki frowned, clearly displeased with my response.
“You’ve got plenty of money. Are you really going to ‘consider’ something that amounts to mere pocket change?”
The money my second uncle embezzled is criminal.
I can’t just let it slide for free; I’ll cover it up only after I’ve secured what I need.
“I said I’ll consider it. Don’t press me and tell me your second request.”
My assertive stance seemed to remind him of his precarious position, and he let out a sigh.