“Is it possible to trade flesh for bones?”
Could it really be so against the public sentiment for the youngest in the family to inherit the wealth? Didn’t we hire a PR expert to craft an image that would prevent such backlash?
The most brilliant and talented manager of the Sunyang family.
We conducted multiple surveys to see how well this image was received.
Who is the most suitable person to lead the Sunyang Group?
The overwhelming answer was my name. The older generation, not knowing who was who, simply answered with the eldest son’s name.
Chairman Lee sighed as he looked at me, bewildered and wide-eyed.
“That offhand comment you made through Rachel, we’re going to use it.”
I understood what he meant.
“Are you talking about patriotism and preventing capital outflow? Do you think that will work?”
“It’ll work on some. But Sunyang Electronics’ stock is more like a savings account.”
Safety is the top priority for savings. The merger of Sunyang Corporation is to defend Sunyang Electronics’ management rights, so Sunyang Electronics remains unchanged.
“If a professional manager takes over instead of the owner family who abuses power, the stock price would double…”
“If the general public knew that, Sunyang Group wouldn’t exist. There would only be independent companies.”
Who can we blame? Because of this public sentiment, terms like Sunyang family and Daehyun family exist, and even if I take over Sunyang Group, everyone will nod in agreement.
“So, individual shareholders will be wiped out… and the three institutions…”
Looking at the documents, I couldn’t help but furrow my brow deeply.
One bank is Sunyang Electronics’ main bank, so that’s understandable, but the other two were puzzling.
“The Industrial Bank and the National Pension Service…”
“Now do you see why they’re so confident about the merger?”
“One thing is clear. Who gave the approval.”
Chairman Lee shook his head.
“It’s not approval, it’s acquiescence. Neither Sejong-ro nor Yeouido said a word.”
“They don’t want to create a situation they have to take responsibility for.”
“Exactly. The Sunyang Corporation shares owned by the National Pension Service belong to the people, and they’re supporting something that would drastically reduce their value. If someone raises an issue, it would be a mess.”
I checked the documents again.
Looking closely at the share structure based on the merger of Corporation and Ad Media, I sighed.
Jin Young-jun will firmly grasp Corporation. That means he will control the affiliates linked to Corporation, and Sunyang Electronics will also fall into his hands.
Of course, all other affiliates linked to Electronics will end up in his pocket.
If he takes over the two main companies and scatters the stocks of Electronics and Corporation by increasing subsidiaries with 100% of his shares, will there be a chance to reclaim them?
Seeing my darkened expression, Chairman Lee spoke with difficulty.
“Should we just disrupt the shareholders’ meeting?”
It’s not hard to call in professional disruptors to nullify a shareholders’ meeting. But it’s just a way to buy more time.
“You know it won’t work…”
“It’s about buying time and putting pressure on those who are acquiescing to the merger. Politicians hate noisy situations, don’t they? We need to make them realize that the merger could trip them up.”
Chairman Lee cautiously spoke again after gauging my reaction.
“Use what you have to reset everything.”
“What I have…? Ah…!”
He was referring to the ledger my grandfather left behind. If I threatened the people listed in that ledger, not only would the merger not happen, but the shareholders’ meeting wouldn’t even take place.
I had considered it. In fact, it was the first thing that came to mind.
But I resisted the temptation.
“That should never be used. It should only exist as a record.”
“If things were this urgent, the chairman would have used it.”
“No. My grandfather would think the same as I do. The moment we use that ledger, Sunyang will no longer be Sunyang.”
“Sunyang will no longer be…?”
“Other conglomerates spread money around too. But while their names frequently appear in the media, the prosecution, and the National Assembly, Sunyang’s name has been absent for quite some time.”
“Is that why it should only exist as a record? Never to be used?”
“Yes. Those who took money from other conglomerates only help as much as they received. But Sunyang is different. The belief that nothing will ever go wrong, the expectation that they’ll be rewarded more than they gave. That’s why they voluntarily help us. Like men offering bouquets to receive a touch from a beautiful woman.”
Chairman Lee nodded.
“I understand what you’re saying, but what’s the point if we lose Electronics and Corporation? Those listed in the ledger don’t see much difference between you and Jin Young-jun. It’s not being taken by outsiders; it’s being shared among the chairman’s bloodline.”
“If taking over the entire group was the end, I would have used the ledger. But we have to think beyond that. Sunyang must remain Sunyang in this country forever. To do that, we must continue to exist as a beautiful woman.”
Finally, a smile spread across Chairman Lee’s face.
“The chairman was wise to pass the ledger to you. If it were Vice Chairman Jin Young-ki or Young-jun, they would have waved that ledger around, making all sorts of unreasonable demands.”
His praise gave me courage, but I still felt stifled.
In times like this, the first step is to confront the issue.
“Shall I go meet him?”
“Who? Vice Chairman Jin Young-ki?”
“No, Young-jun. I need to find out what he plans to do with the two main companies. Is he planning to flee, or is he going to use them as a base to start anew?”
“And what will you do once you find out?”
“I’ll provoke him to stay and start anew. Nothing to lose, right?”
Chairman Lee watched me rise with a smile.
“I’m more worried he’ll just disappear. Take it easy.”
“You must be anxious if you’re coming to see me yourself.”
Jin Young-jun smirked as soon as he saw me.
He looked like a victor, satisfied with his shrunken state.
“I didn’t know you were so quick. If I’d known, I would have tied you down first.”
“If you’re just going to talk nonsense, I’m leaving. Get to the point.”
“Are you really satisfied with just Corporation and Electronics? You must know that this approach is like building a wall at the border.”
“Don’t worry about me. I’m content. Especially seeing you come to provoke me confirms my choice was right. You always had a reason when you provoked others. Heh.”
Not this time.
I just wanted to rile up this cunning guy.
“I heard you did your job well this time, meeting everyone involved and persuading them?”
“Easy enough. When I said you’d have the financial group, department store group, and construction and heavy industries group, and I’d have the electronics and corporation group, everyone nodded. I look like the ousted eldest son to them. Which, well, is true.”
He’s changed a lot. He seems much more relaxed.
“Don’t bother running around trying to overturn things. They’ll all say the same thing: you’ve got enough, so stop being greedy.”
“That’s fine for me, but you seem content with just Electronics and Corporation. Aren’t you interested in what I have?”
“Not really. Heh.”
He didn’t take the bait. His expression showed a hint of regret rather than a bitter smile.
“I’m a bit interested in the automotive sector, but the rest can be easily filled. Construction, heavy industries, securities, department stores, hotels… there’s plenty of mediocre stuff. I can acquire and grow them. But you? There’s nothing like Sunyang Electronics and Sunyang Corporation in this country. You’ll have to start from scratch. Do you think you can do it? I’m genuinely advising against it. You’ll just waste money.”
Now he’s giving advice?
This guy and I are looking at different things.
My goal is to take everything he has and throw him into the gutter, but his goal is to protect and grow what he has. Jin Young-jun has left me alone in the ring, changing weight classes and sports. He won’t set up the board again.
“Thanks for the advice, but shouldn’t you focus on getting through the shareholders’ meeting first?”
“Why? Are you going to try and stop it?”
“I have too many weapons in my hand to just sit back and watch.”
“Do what you want if you’re confident. If you knew how much effort my father and I put into the shareholders, you wouldn’t say that… But I won’t stop you. If doing something makes you feel better, then go ahead.”
Suddenly, Jin Young-jun had become a difficult opponent.
Grabbing and shaking someone who has no intention of fighting back is just exhausting. He’s not the one I should be fighting.
“Thank you for making time for me, Director.”
“Not at all. When someone as influential as you in the Sunyang Financial Group asks to meet, I must come running. Haha.”
Hyun Wan-joo, the head of the National Pension Service’s Investment Management, took a seat, acknowledging Vice President Jang Do-hyung’s polite greeting.
Though his words seemed courteous, his expression and demeanor were the opposite. In a world where money is power, he was the head of one of the world’s top three pension funds, managing nearly 600 trillion won. No wonder they call him the “President of the Capital Market.”
With over 100 trillion won in domestic stocks and the same amount in foreign stocks, 300 trillion in bonds, and 100 trillion in other investments, when Hyun Wan-joo visits a foreign country, he’s received at least at a ministerial level, and meeting the head of state is not difficult if he wishes.
Even for Sunyang, there was no reason for him to bow to Vice President Jang Do-hyung.
Over a drink and a meal, as they lightly discussed the state of the world, Vice President Jang cautiously broached the subject.
“The stock market is buzzing. You know why, don’t you?”
“Why all the fuss? Sure, it’s a big deal for the Sunyang Group, but mergers and splits are just another day in the life of private companies, aren’t they?”
“It’s because this merger is so bizarre. It’s like trying to combine an aircraft carrier with a rowboat—or rather, a mere raft. I can’t believe the National Pension Service, holding 15% of Sunyang Corporation’s shares, would agree to this.”
“Agree? Who said that?”
“Isn’t it true?”
“We haven’t made any decisions yet. We’ll reveal our stance at the shareholders’ meeting.”
Hyun Wan-joo, the head of the department, tried to keep a straight face, but his expression hardened.
“Why are you playing games with me? If the National Pension Service opposes it, the proposal is dead in the water. The fact that Vice Chairman Jin Young-ki is pushing it means he’s confident, doesn’t it?”
The head of the fund management department, responsible for investments, came from the financial sector. The two shared a history in this field.
“Why are you acting like this, Vice President? Isn’t it obvious? There’s someone pulling the strings, and I’m just dancing to their tune. You know that, right?”
The department head’s raised voice indicated his disapproval of the nonsensical merger. But as a civil servant, he had to follow orders.
“So, who exactly are you dancing for? Enlighten me.”
A heavy silence hung in the air.
Unable to hold back any longer, Vice President Jang Do-hyung spoke up.
“Is this a directive from the Blue House?”
“Do you really think the VIP would give such orders? It’s the inner circle that’s moving things.”
“The inner circle?”
There was only one person who could be considered the VIP’s confidant: the President’s brother, a member of the National Assembly.
“He’s the one orchestrating this. The Ministry of Strategy and Finance and the Ministry of Health and Welfare are just following his lead.”
With the President’s confidant and key ministries involved, there was no need to ask further. The merger would go through.