Proof of Worth. Part 1
In the absence of malice, a cool-headed clarity often takes its place. Jin Kyung-jun finally asks the question he should have posed earlier.
“If you take over the entire Sunyang Group, I suppose everyone will have to obey you without question, just like no one ever defied Grandfather.”
“That’s right.”
Satisfied with my confident demeanor, he continued.
“So the rumors are true. Miracle is yours, and you’re the real power behind HW Group too…”
I neither confirmed nor denied, offering only a vague smile. People believe what they want to believe—it’s human nature. Their belief is my answer.
“But I can’t make decisions based solely on your word. You know as well as I do that the chairman’s seat at Sunyang can’t be bought with money alone.”
Reality seems to be sinking in for him.
“Are you looking for insurance?”
“Insurance?”
“Yes. To avoid being left with nothing if I don’t manage to take over Sunyang.”
“Exactly. Insurance is the right word. Is it possible?”
“How about trying your hand as CEO of the construction or heavy industries division? Or maybe HW Motors? But are you confident you can handle it? As I’ve said, if your performance is lacking, you’ll be dismissed. I’ll be more lenient than with others, but still.”
“Insurance is one thing… but first, you need to give me some assurance.”
“Assurance, huh…”
He wants assurance that I can wrest the group away from his father and brother.
“Do you know why I want you by my side?”
“I was going to ask that too. If you’re confident, you wouldn’t need me.”
“The first reason might not be necessary, so I’ll tell you later. The second is more important—I need you to be a supporter.”
“A supporter?”
“Yes. I’m the youngest in this family. Historically, when the youngest ascends to the throne, they need a certain level of support. It’s not about shares. I want everyone to acknowledge that I’m the only one fit to be chairman.”
“You want all the family to support you?”
“Exactly. It looks quite convincing when a cousin is supported over an older brother.”
When Prince Chungnyeong ascended, he had the formidable power of King Taejong behind him. Instead of a king, I want the support of the entire family.
It’s a picture I want to show not just within the group but to the political world outside as well.
“But that’s not enough for me to be sure.”
“You already believe I’ll take the chairman’s seat at Sunyang. Otherwise, you wouldn’t have come to me. Why approach someone who can’t give you what you want, right?”
It’s just a pretext to justify betraying his father and brother. A process of convincing himself that he’s in the right with all sorts of reasons and excuses.
“Watch me. If you think it’s not working out, you can always go back to your family.”
“Once I take the first step, there’s no turning back.”
“That first step isn’t difficult. Your family will welcome you with open arms.”
Jin Kyung-jun’s expression changed again. It was the look of someone who had found a lighthouse in the fog, unsure of what to do next.
“Uncle’s decision is firm. No matter how much my brother pleads, it won’t change. All the group’s shares will go to Young-jun.”
“So? Are you telling me to give up?”
“You should. There’s no other way. Instead, take everything else you can.”
“Everything else?”
“Born as the eldest son of Sunyang, he’s almost seventy. Do you think shares are all he has? Real estate, securities, savings, gold bars… Get as much as you can. Now’s the time. You need to get it while Uncle still feels guilty towards your brother. That guilt will fade over time. Any emotion does.”
“Are you suggesting I officially announce my withdrawal from the group?”
“Don’t regret stepping down. Just focus on how much you can get.”
Jin Kyung-jun fell silent, lost in thought.
The moment he says he’ll give up his shares, the future changes. It seems he’s already made up his mind and is planning his next move.
“Pack your bags and come back to Korea. Tell them you want to help Young-jun.”
I said this to give him less time to think.
“What? Are you telling me to be my brother’s lackey? Or your spy?”
“Don’t misunderstand. You want to be the president of Electronics, right? At least the president of Trading, don’t you? But you’re eyeing that position without any preparation? I guarantee that if you approach it like that, even if you get the position, you won’t last six months. Didn’t I say? My policy is to cut anyone without ability immediately.”
He looked a bit shocked.
He should feel a little ashamed of himself for whining and complaining.
Whether he can shed the immaturity of a third-generation chaebol who only knows greed without developing ability will be decided now.
If he doesn’t realize that his future is as a salaried professional manager, he’ll forever remain a spoiled young master.
Jin Kyung-jun stood up with a groan.
“Make sure I don’t regret my choice. Otherwise, I’ll stand by my brother’s side anytime.”
“You’ll soon see what kind of person I am.”
Jin Kyung-jun didn’t refuse the hand I extended and shook it firmly.
“What… what can I say? Thank you, my son.”
“No, Father. I’ve realized that protecting the company is the same as protecting you. I’m sorry for causing you worry all this time.”
Vice Chairman Jin Young-gi patted his second son’s back as he bowed his head.
“What can I do for you now? Tell me what you want, and I’ll give you everything.”
Jin Kyung-jun cautiously spoke, watching his father’s reaction.
“I’ll help until Young-jun is firmly established in the group.”
“Oh, really?”
Vice Chairman Jin Young-gi’s face brightened even more. Seeing his sons unite is a sight any father would be proud of.
“But once Young-jun is on solid ground, I plan to step down.”
“What?”
“I’m your son too, Father. There’s always a chance of division. If I establish myself in the group, executives will line up behind me, whether I want them to or not. You know how it is with salaried workers—they’re always looking for a superior to latch onto.”
“You’ve thought that far ahead?”
His father’s heart swelled with pride at his deep-thinking son, regretting not having noticed such a steadfast character before.
But it was too late to turn back now.
Seeing his father’s expression, Jin Kyung-jun knew his strategy had worked and spoke with a bit more confidence.
“I’m okay with leaving the group, but I thought about the kids. They’re still Sunyang’s bloodline…”
“You fool. Did you think I’d let my grandchildren live without a care in the world? Don’t worry. In the old days, parents left the house to the eldest and money to the second son. Isn’t Sunyang Group our family’s house? Even if your brother takes the group, I’ll give you all my personal assets. You’ll live comfortably for generations.”
Watching his father boast, Jin Kyung-jun felt relieved.
He had managed to extract a promise from his father to give him everything without having to beg for more. That was a success, wasn’t it?
When Vice Chairman Jin Young-gi informed his eldest son of his brother’s decision, Jin Young-jun couldn’t have been happier.
“Kyung-jun, thank you so much. I know you’re making a big sacrifice. I’ll never forget it.”
Sometimes, a stranger is better.
When you sacrifice for others, at least you’re praised as a righteous person. Hearing the word “sacrifice” from the brother who gets everything was just annoying.
A promise to concede something would have been more sincere than empty words. Seeing Jin Young-gi’s insincerity made him think his cousin was a better option.
At least that cousin had promised him a couple of mid-sized subsidiaries.
“You said you’d help, so come back as soon as possible. Father, don’t you agree?”
“Of course. Even if it takes time to find someone for that position, we should prepare a place for Kyung-jun right away. I’ll make the arrangements, so bring your family back quickly.”
“No, I plan to come back alone.”
“What? Why?”
“Because of the kids. Once they graduate in Australia, I plan to send them to the UK. There’s no need to bring them back.”
“Alright. That’s not a bad idea. They’re your family, so do as you see fit.”
He felt a pang of guilt towards his father, who took everything positively.
Jin Kyung-jun wanted to spare his wife and children from the harsh battles ahead.
It might not be the ability Jin Kyung-jun wanted to see, but an opportunity to enhance my image has arisen. Or rather, it’s about to.
After checking an email, I immediately picked up the phone.
“Rachel, I just checked the email. Is this information reliable?”
—It’s not confirmed. It came from the Hong Kong branch… Since it’s not verified, it wasn’t posted in the public notice. It was sent to me personally. Some facts are confirmed, some aren’t. The decision is in your hands. OK?
As soon as the call ended, I summoned Vice President Jang Do-hyung and all the securities firm executives.
They couldn’t hide their tension. Every time I called a meeting, it meant something big was happening.
“Find out the exact status of the stocks and financial products Deutsche Bank holds in our country. Also, determine the total amount of their futures investments.”
“Do you mean Deutsche Bank’s Korean branch?”
“No, you need to assess the holdings of the headquarters and all global branches. I assume you won’t ask how to find out?”
No one frowned or complained about the difficulty.
They all showed signs of fear, wondering if the aftershocks of the U.S. financial crisis were about to hit Korea again.
Deutsche Bank is a global investment bank, on par with Goldman Sachs, Morgan Stanley, JP Morgan, Citigroup, and UBS, part of the so-called Bulge Bracket.
The Bulge Bracket refers to top-tier investment banks that serve clients worldwide, offering services like securities underwriting, capital raising, and M&A advisory.
Once bitten, twice shy. Just hearing the name of a Bulge Bracket bank makes everyone’s heart skip a beat. The financial crisis isn’t over yet.
“I understand what you’re all thinking. We don’t have all the details yet, so let’s focus on assessing the situation first. Be thorough and precise in your investigation.”
“Understood.”
“And make sure to look into the Sunyang Financial Hong Kong branch as well. I’ll inform the Miracle Hong Kong office, so instruct them to meet directly and gather information.”
“Did Miracle inform us of something?”
Vice President Jang Do-hyung asked cautiously.
“Yes. It seems the Hong Kong branch has caught wind of some rumors. You all know that rumors rarely remain just rumors, right? We need to check everything thoroughly.”
As the meeting concluded, Vice President Jang Do-hyung, left alone, spoke with concern.
“Is there a rumor that Deutsche Bank might go bankrupt?”
“No. It seems they’re targeting the Korean stock market.”
“What?”
“They might be planning to shake up the market to recoup the losses from the subprime crisis in the U.S. We need to find out what methods they’ll use.”
“Why us, of all places…?”
Every time foreign capital disrupts the Korean stock market, tens of trillions vanish. Most of this money belongs to small investors, leading to the downfall of countless families.
“Doesn’t this imply that Korea is still vulnerable to external manipulation, like a financial backwater?”
It’s clear they see the Korean financial market as an easy target.
Surely, they aren’t holding a grudge just because I siphoned a bit of money from Deutsche Bank through credit default swaps.