[304] I Have It Too. 1
“It sounds like there are quite a few unfortunate souls among the people you’re talking about.”
Chairman Lee’s face flushed slightly, as if caught off guard.
“You’re quick on the uptake, which makes this easier. Among them are people loyal to both Jindonggi and Chairman Jin. But just because they’ve been around a while doesn’t mean we should keep them out of loyalty. Some of them are too talented to let go.”
“They’re all executives, right?”
“Mostly. The department heads probably just followed the executives’ lead.”
Hoping Chairman Lee wasn’t acting out of personal bias, I asked, “If we let every single one of them go, would the company still function?”
Chairman Lee understood immediately and sighed briefly.
“If a company can’t run without a few executives, is it really a conglomerate? It’s just a business. Got it.”
“If there’s anyone you owe a favor to, let them go first. That way, those who get the axe won’t have anything to complain about.”
“You ruthless bastard. Haha.”
“I’m not done yet. If any of the executives we let go try to join a competitor, I’m thinking of threatening them with embezzlement charges to block their employment.”
“Is that really necessary?”
Chairman Lee’s expression soured. I understood it was hard for him to sever ties with Sunyang, where he’d spent his entire life.
The construction sector is full of holes. The owner made the first one, and the overseers discreetly created more.
Construction companies, which serve as slush fund channels for conglomerates, are like ticking time bombs. When prosecutors decide to go after a conglomerate, they start with the construction companies.
I don’t need to create slush funds. It’s better to cut out any potential Achilles’ heel from the start.
Now is the perfect time.
The leadership has changed. The employees are half-expecting, half-worried about the new direction.
I need to meet their expectations and alleviate their concerns.
If they resign and leave the company, they’ll have new worries, but that’s not my problem. I don’t have the luxury to worry about others.
“Once you cut out the old, new growth will emerge. The survivors will celebrate their promotions.”
“More of a warning than a celebration. Under the HW name, there will be no tolerance for games. Isn’t that right?”
“You should only walk on flower paths from now on, Chairman. No need to plant landmines along the way.”
Chairman Lee shook his head.
“Understood. Let’s have a little dance with the sword.”
“Why should you dirty your hands with such unpleasant tasks, Chairman? Let the newly promoted president dance with joy.”
“Of course. Why would I get my hands dirty?”
Chairman Lee pressed the intercom.
“Call in the presidents. Not HW… Sunyang.”
“Are you sure?”
“The words came straight from the Blue House’s economic advisor. It seems Vice Chairman Jindonggi gave up completely because of this. With 10 trillion won tied up in Dubai, there was nothing more he could do.”
Both Baek Jun-hyuk, the chief secretary delivering the report, and Vice Chairman Jin Young-gi, receiving it, had trembling voices. Jin Young-jun, sitting with them, was too stunned to speak.
“How could this happen… Are you sure it’s not a mistake? Maybe the Korean Miracle fund is his money… That would make more sense. How could it be his money with the amount of capital the American Miracle has?”
“It’s hard to know for sure since it’s not publicly disclosed. But rumors on Wall Street suggest he made nearly 50 trillion won during the U.S. subprime crisis.”
“Crazy bastard. What’s he doing with all that money?”
The first word out of Jin Young-jun’s mouth after regaining his composure was money. Vice Chairman Jin Young-gi’s face twisted.
“So what? Are you envious? Just because he has a mountain of money to spend?”
“Father, that’s not what I meant…”
“You fool. No matter how much money he has, it’s just numbers. To turn that money into bullets, you need to seize the opportunity! Without the subprime and Dubai crises, construction and heavy industries wouldn’t have collapsed, and Jindonggi would still be vice chairman.”
He yelled at his son, but it didn’t make him feel any better.
What if Secretary Baek’s report is true?
Sunyang Department Store, Hotel, and Resort are now Do-jun’s.
He’s taken over the construction and heavy industries, and the financial sector has long been solidified.
Without the massive sales and operating profits of electronics and trading, over 70% would be in his hands.
At least the mainstays of Sunyang, electronics and trading, are still under his control, leaving him with over 40%.
He had suspected that Jin Do-jun was closely tied to Miracle. He was sure that 20-30% of Korean Miracle was Jin Do-jun’s share.
What if Secretary Baek’s report is true?
A chill ran down his spine.
Vice Chairman Jin Young-gi knew Jin Do-jun was formidable and had felt fear before. But now, the emotion rising from the depths was pure terror.
The current Korean economy is inevitably part of the global economy. In the interconnected global economy, if a country collapses, it’s hard to predict how the ripple effects will impact Korea.
The butterfly effect is no longer just about climate. It’s the same with the economy. And with tens of trillions of won, it’s not just a butterfly’s wings but a fierce gale, capable of creating opportunities out of thin air.
Now is not the time to think about how to take back the subsidiaries Jin Do-jun has. It’s time to worry about how to protect the ones he still has.
“Secretary Baek.”
“Yes.”
“Look into it further. You can’t take everything people say at face value. Verify where the economic advisor heard it from.”
“Yes, Vice Chairman.”
Vice Chairman Jin Young-gi hesitated a moment before speaking to his son.
“Young-jun, go see Do-jun and ask how married life is treating him.”
“What? Oh… Alright.”
Jin Young-jun understood his father’s intention.
“Don’t rush it. Be natural.”
At forty, he felt like he was being treated like a child. Jin Young-jun stood up with a loud thud.
“I’ll check without overdoing it. You can always tell by reading between the lines, right?”
“Our newlywed, looking better than expected? Shouldn’t you have sunken cheeks and dark circles under your eyes if you’re really enjoying married life? Haha.”
Jin Young-jun appeared with a sly grin.
Rumor has it that he’ll take down the sign of Sunyang Electronics Vice President next year and lead the group in place of Vice Chairman Jin Young-gi.
The day for the eldest uncle’s seventieth birthday celebration isn’t far off.
When he turns seventy, he’ll step back as an honorary chairman, like a king emeritus, and even if it’s just in name, his son Jin Young-jun will wear the title of chairman or vice chairman.
This guy lives for making grand speeches at Federation of Korean Industries meetings, so he’ll take over electronics next year, if only for the title.
“If I had time to laze around at home like my wife, maybe. Min-young is a judge. She doesn’t have time to roll around in bed.”
“Hey, tell her to quit that judge job. How much does a government salary pay anyway? She should just take off the robe and become a lawyer. With the salary of a lawyer in Sunyang’s legal team, she could earn a lifetime of government wages in one go.”
This guy never listens to others, so even if I say something to provoke him, it won’t have any effect.
“That judge might end up presiding over a case involving our family. You know as well as I do that our family members apologizing in court for causing a public stir is an annual event.”
The smile vanished from his face.
He finally understood that my wife was a powerful weapon.
“That’s good to hear. I’ll have to rely on my sister-in-law someday.”
“That’s the least I can do. I’m sure that day will come.”
The initial tension ended there.
“So, you’re taking over electronics next year?”
“Of course. Smartphones are the main focus now. How can the old folks who don’t even know how to use them lead the charge? Next year, I’ll take over electronics and plan to refresh the executives. I’ll replace them with people in their 40s and 50s. Those over 60 should stay home and watch their grandkids.”
“The world is changing too fast, so those who can’t keep up should step aside.”
I nodded in agreement, and he smiled, pleased.
“Then you’ll restart the succession process? To take charge of electronics and wield the power of personnel decisions, you’ll need some shares to back you up.”
“As long as you don’t get in the way.”
Jin Young-jun glared at me.
“What do you mean? Did I get in the way? The law did. If you pay all the gift taxes, not even the president can stop the succession process.”
“Hey! You can pay all the taxes because you’re swimming in money. If you pay the gift tax properly, the owner of Sunyang Electronics will be the state. Considering the current stock price, how can you pay such enormous taxes?”
Swimming in money?
Why would he say something like that?
Sure enough, the reason for his visit came out.
“By the way, there’s a strange rumor going around.”
“Rumor?”
“Yeah. The rumor that our youngest is the owner of Miracle Investment. Haven’t you heard?”
“Oh, I’ve heard. Ever since HW acquired the second uncle’s company, that rumor’s been floating around. You know those rumors start with the Yeouido tabloids.”
His eyes sparkled. He wanted to hear the truth from me.
“So? Is that rumor… true?”
I answered with a slight smile.
“Only a fool would verify every tabloid rumor. Whether the rumor is true or not doesn’t matter. I just need to think about how to use it. Being rumored to have a lot of money isn’t a bad thing.”
Jinyoungjun let out a frustrated sigh at the vague response, his patience wearing thin.
“You’re dodging the question, so it must be true. Wow, this is incredible. Miracle deals in billions, and all that money belongs to our Dojun…”
“Think what you want. If I were you, I’d be more worried about Miracle using its money to interfere with your succession plans. I’d be making plans on how to counter any sabotage.”
His impatience was written all over his face, his voice rising in irritation.
“Are you lecturing me right now?”
“Consider it advice. Or a suggestion, if you prefer.”
“What? Just because I’ve been lenient, you think you can talk down to me?”
I shrugged nonchalantly.
“If it bothers you, ignore it. If you only want to hear what pleases you, I’ll keep my mouth shut.”
“Even if I filter it, one thing sticks out. Why would Miracle interfere with my succession? Because you’re in charge?”
“Miracle has been slowly devouring Sunyang Group’s subsidiaries. Their target is Sunyang Group, not its owner. Buddha once said, when an arrow is flying at you, the first thing you do is dodge. If you waste time figuring out who shot it or why, you’ll end up dead.”
One of us was smiling, the other fuming. This conversation wasn’t going to last much longer.
Jinyoungjun shot up from his seat.
“Listen up, you punk! You have no idea who you’re dealing with. If you think I’m as easygoing as your uncle, you’re dead wrong. I’ll do whatever it takes to protect what’s mine and take what’s yours. I won’t just sit around like your uncle, pretending to be all dignified.”
As he stormed out of my room, he threw one last warning over his shoulder.
“Don’t mess with me. You’ll see what happens when I turn into a devil.”
Just as he grabbed the doorknob, I called out to him.
“Jinyoungjun.”
“What?”
He turned, his face flushed with anger, and I met his gaze.
“Don’t mess with me. The devil inside me will beat the devil inside you.”