Is it possible to trade flesh for bones? 2
When someone pushes through such a risky endeavor, there’s no such thing as a free lunch. Jin Young-jun’s side must have promised something monumental in return.
When Vice President Jang Do-hyung cautiously inquired, Director Hyun Wan-joo lowered his voice significantly.
“I only heard it in passing, so I can’t be sure. But I heard Jin Young-jun is planning to acquire a mid-sized construction company… and that they’re going to split the shares. That’s all I know.”
Creating a new construction company to replace the one Jin Young-jun lost was an inevitable step.
Even just handling the group’s internal projects would keep it running smoothly, and it’s crucial for generating slush funds, isn’t it?
Though he claimed ignorance, Director Hyun didn’t hesitate much before revealing the backdoor dealings. In a low voice, Vice President Jang asked him,
“Director, or rather, Senior Hyun, are you thinking of quitting?”
“The person attending the shareholders’ meeting will be my successor. If they leave someone like me, who finds this deal unsettling, in place, the carefully built tower might collapse.”
Despite being in a position to manage hundreds of trillions, he works for a mere two billion won salary. Considering the responsibility of managing such vast sums, it’s an absurdly low compensation.
Without a sense of public duty, it’s a position hard to fill. That’s why the National Pension Service always struggles to recruit an external director for the investment division.
Yet, this director is under such undue pressure that he’s considering resigning.
Chaos often harbors opportunities for reversal deep within.
Jang Do-hyung’s mind began to race.
What would Jin Do-jun have done?
After organizing his thoughts, Jang Do-hyung said something he thought Jin Do-jun might have said.
“Senior Hyun, how about we make a deal?”
“A construction company? You mean they gave up control of a company worth tens or hundreds of trillions for just that? No way.”
Returning from his meeting with the director of the investment division, Vice President Jang Do-hyung looked perplexed.
“That’s probably all Director Hyun knows. There must be more going on behind the scenes.”
“Damn, I could give them whatever they want, but they chose to deal with my uncle.”
Even though he understood why, he couldn’t help but grumble. His uncle, who had spent much more time with them, was likely seen as more reliable for such shady dealings than someone from a completely different generation like himself.
“Director, that’s why I proposed a deal.”
“A deal? With Director Hyun Wan-joo?”
“Yes. He doesn’t want to ruin his career over this merger. He’s planning to step down before the shareholders’ meeting.”
“Smart man. So, what did you propose?”
“I told him not to resign voluntarily but to hold his ground and oppose the merger until he’s forced out.”
If the National Pension Service’s investment division doesn’t unanimously support the merger, the only option is to replace the board members. The director is no exception.
“And then?”
“I asked him to document the entire process until he’s ousted.”
“You mean record it?”
“Whether it’s recordings or written records, it should be substantial enough to serve as useful evidence.”
“To see it through to the end…?”
“The only way to stop this is through a lawsuit. While the shareholders’ meeting is a legitimate procedure, the merger ratio between the two companies violates securities disclosure regulations. The valuation methods for assets, earnings, and relative value all breach the rules, so we have a chance.”
“Do you really believe that, Vice President?”
“Well, that is…”
He stammered, finding it difficult to answer.
Those involved in this battle, disguised as a merger, are people who exist above the law.
No matter how much noise is made through lawsuits or the media, the world will continue to turn according to their script.
A battle among those who hold the law in their grasp.
The winner of this fight is always the side the regime supports, as the regime is the executor of the law.
“I’m not criticizing you. You did well. So, what does Director Hyun want?”
“For now, nothing. He said he wants to take a break if he’s ousted from his position.”
“Tell him to take a good rest. Assure him that we’ll offer him a position whenever he wants. His records should be enough to tighten the noose around someone’s neck. That’s sufficient.”
Once he confirmed who was pulling the strings from behind, he felt a wave of exhaustion.
As he leaned back on the sofa and closed his eyes, Vice President Jang quietly got up and left the room.
After a long moment of blank contemplation, he called in the lawyers. He needed to know exactly what he could achieve legally.
“First, you need to disclose your holdings in Sunyang Corporation shares for the purpose of participating in management.”
“Also, we need to initiate legal proceedings to file an injunction against the shareholders’ meeting resolutions for Sunyang Corporation and its board members to try and block the meeting.”
“There’s one more thing. The asset value difference between Sunyang Admires and Sunyang Corporation is too great, so Sunyang Corporation will likely sell its treasury shares. They’ll probably transfer them to a reliable place and buy them back once they secure management control, possibly through another subsidiary or affiliate.”
After listening to the lawyers’ opinions, he asked,
“Do we have a chance?”
“According to our calculations, the unfair merger ratio effectively transfers Sunyang Corporation’s book value of 7.8 trillion won to Jin Young-jun personally. We need to emphasize this.”
“And what argument do you think they’ll use?”
“They’ll likely emphasize the synergy effects of the merger. Although Sunyang Admires is smaller, its net profit margin is substantial. They’ll also mention the other affiliate shares Sunyang Admires holds, highlighting the value gained from smoother business connections with those affiliates, and so on.”
The lawyers’ words were just empty number games that would echo in the courtroom. This alone wouldn’t be enough to defeat the executors of the law.
After sending them away, he was left alone again.
Nothing seemed satisfactory.
Even if he mobilized all his resources and managed to win the injunction lawsuit, maintaining the status quo would be the best outcome. Despite all the chaos, he wouldn’t have moved a single step forward.
It was too inefficient.
The saying “a cow catches a mouse by stepping backward” refers to chance or luck, but his grandfather had a different take.
He used to say that a person who couldn’t even match a cow was useless.
“A cow catches a mouse with every step it takes. So shouldn’t a person achieve something or at least catch one enemy with every move?”
If he maintained the current state despite deploying massive resources and connections, his grandfather would have immediately called him a fool. It was as if he could hear that voice ringing in his ears when he stood up. He needed to take down and seize one of them.
After hearing my plan—no, my thoughts—Chairman Lee Hak-jae didn’t seem surprised but rather wore a serious expression. After a long pause, he spoke briefly.
“Are you confident?”
“I’m not sure. It’s not about confidence; it’s something that must be done. If this situation continues, it will only become more entrenched.”
“Why do you think that?”
Because I have no memory of opportunities like the subprime or Dubai crises in the future, and because Jin Young-jun, backed by the massive Sunyang Electronics, which will double in size in five years, can further solidify his fortress. I couldn’t say this out loud, so I offered a different explanation.
“Because my uncle and Young-jun have no intention of returning once they flee.”
“If things don’t go as you plan and you make even a single misstep, you’ll end up building their fortress for them. You know that, right?”
“Yes. That’s why I can’t say I’m confident.”
Chairman Lee let out a long sigh and asked,
“When do you plan to act?”
“The presidential election is just a year away, right? So I plan to start in the second half of next year. During the regime change, government officials will be too busy watching their backs. There will be many gaps.”
“We’ll need to delay the shareholders’ meeting as much as possible.”
“Yes. We’ll have to go through a legal battle. The shareholders’ meeting they want will only be possible in May or June.”
“That’s quite the tightrope walk. You have to drag out a lawsuit you’re bound to lose.”
If I win the injunction lawsuit against the shareholders’ meeting resolution, it would be a disaster. Just as a murder charge requires a body, the shareholders’ meeting must be held, and the merger must occur.
Only then can the hunt begin.
“This tightrope walk isn’t that difficult. It’s a lawsuit we’re bound to lose anyway. The real challenge comes afterward.”
“A decisive blow…”
“My uncle has used all the cards he can with this merger, so he’s like a toothless tiger. We can render him powerless.”
“A tiger is still a tiger until it dies. Aren’t you underestimating him?”
“He might be able to make a phone call or two in the public sphere, but if personal matters come to light, he won’t be able to use even that weak power.”
“Personal matters? What do you mean?”
Chairman Lee furrowed his brow, finding it hard to understand.
“The group strategy team employees have been my eyes and ears for a long time. I know exactly what our family members are up to.”
“What?”
“Oh, those employees don’t know they’re my eyes and ears. It’s just that whatever they chat about over meals or drinks ends up reaching me.”
Chairman Lee, who had been blinking in silence, let out a groan.
“Ah… Kim Yoon-seok is from that team, isn’t he?”
“Yes. But the real key is Manager Shin Seok-ho. He’s been working for me for over ten years.”
“Shin Seok-ho? That guy is…?”
“Yes. He’s the longest-serving. That’s why he’s in charge of my uncle’s family. There’s a mountain of things they’d rather keep hidden. I’m just planning to secure a few decisive pieces.”
Chairman Lee spoke with an incredulous expression.
“And what about Young-jun?”
“Fortunately, Young-jun took the lead in this merger. If we drag it out with a lawsuit, he’ll step up again. There will definitely be an opportunity.”
“Foolish boy.”
Chairman Lee clicked his tongue.
“Director Baek is like a borrowed sack of barley… He should have just greeted and stepped back, but he went and made a direct request.”
“They don’t see him as one of their own. You know how it is, Chairman. Ever since your grandfather passed, your two uncles have been most wary of you,” he chuckled.
“Then there’s another opportunity for us.”
Chairman Lee smiled slyly.
“What do you mean?”
“That Chief Baek, he’s been cast aside, hasn’t he? Maybe I should scratch that itch of his and see how he reacts.”
“That sounds like a plan. One thing’s for sure, neither the eldest uncle nor Young-jun appreciate the value of people. Chief Baek… he’s probably feeling quite hurt by now.”
Even if Chief Baek Jun-hyuk has been endlessly loyal, it doesn’t matter. He’s never faced an external shock, so he’s just been following the path of least resistance.
To test the strength of untested loyalty, you need to apply pressure.
“When someone like that betrays you, they can become quite dangerous. You know that well, having worked under the Chairman before.”
“People are all the same. They chase after their desires, protect their pride, and if there’s nothing to be ashamed of, they naturally lean towards where their heart takes them.”
There’s one more thing. If there’s a wound, it needs healing, and the best way to heal a wound isn’t to apply balm to your own, but to inflict the same wound on the one who hurt you.
Who has hurt Chief Baek Jun-hyuk the most?