Is it possible to trade flesh for bones? 3
The year 2012 was set to be a year of elections, with countries around the globe, including ours, gearing up for major political contests. While Korea was preparing for both general and presidential elections, nations like the United States, Russia, Mexico, Spain, and France were also anticipating their own presidential races.
However, in Korea, the new year was overshadowed by a single lawsuit that consumed all other issues and stirred up a storm. The media sensationalized the injunction against the shareholders’ meeting resolution with headlines like “The Youngest’s Rebellion” or “The Youngest’s Counterattack,” driving clicks and raking in substantial advertising revenue.
In the courtroom, Korea’s top two law firms were locked in a fierce battle, while outside, a one-sided fight unfolded. From the media’s perspective, both Young-jun and I were major advertisers, so they covered both sides equally. Yet, whenever my photo appeared, the clicks and comments surged, leading to an overwhelming victory in the court of public opinion.
“Corporations aren’t dynasties. Does the principle of primogeniture make any sense in modern society? Especially when underhanded tactics are involved.”
“But isn’t Jin Do-jun also part of the family? From an outsider’s perspective, it looks like a battle between the princes of a dynasty. There’s no real difference between Jin Young-jun and Jin Do-jun.”
The question seemed to hit the mark, but interviews are often just a game of pretense.
“I never said I wanted that position. I’m merely opposing a merger that’s borderline illegal, as a shareholder of Sunyang Corporation.”
“You’re the only Sunyang shareholder willing to go to court. Can you really say this has nothing to do with the succession of the group?”
I paused, considering whether to stir the pot a bit more.
“Why do you think I want Sunyang Corporation?”
Even in a staged game, sometimes you play the wrong card. In such moments, quick thinking is essential. Fortunately, the interviewer was quick on their feet.
“Well, isn’t it because acquiring Sunyang Corporation would give you control over Sunyang Electronics, thanks to the circular shareholding structure? Plus, you’d secure stakes in other subsidiaries, like hitting the jackpot.”
“So why do you assume I want Sunyang Electronics? I have no desire for the Sunyang Group.”
The unexpected answer seemed to provoke the interviewer, sharpening their questions.
“Really? If you don’t want it, why go through the trouble of a lawsuit?”
“Reporter.”
I smiled, meeting the reporter’s gaze.
“There’s something the world is very curious about. They call me an investment genius, but how much wealth do I really have?”
The reporter swallowed hard.
If I were to reveal my wealth, it would be an exclusive scoop of epic proportions.
“Have you ever seen a billionaire listed in Forbes sue to take over another company?”
“No, I haven’t.”
“Acquiring a company can have many reasons, but ultimately, it’s business. To put it bluntly, it’s about making money. Global billionaires acquire companies for investment, not just to expand.”
“Are you saying you’re as wealthy as Warren Buffett or Bill Gates?”
“If I were to liquidate all my investments and compile a list of my assets, every billionaire on the Forbes list would drop a rank. Without exception.”
“Are you saying… you’re the richest person in the world?”
The reporter stammered, unable to hide their excitement. It was the scoop of a lifetime.
“Absolutely. Probably about twice as much as the current number one.”
The reporter’s face showed their frustration. They didn’t know the current wealth of the world’s richest person.
“The conversation has veered off course… Let me get to the point. I have no reason to covet Sunyang Electronics or Corporation. I simply oppose backward methods of seizing a globally competitive company through underhanded means. Even if it involves family…”
“That guy always flaunts his wealth so publicly.”
Chairman Lee Hak-jae turned off the TV and picked up his teacup.
“Did you turn on the TV just for me?”
“Why else? I already know all this.”
Chief Baek Jun-hyuk chuckled, lighting a cigarette.
“So what? What does Jin Do-jun’s wealth have to do with me?”
“I wanted to show you how predictable this fight’s outcome is.”
“Predictable? We’re going to win. We wouldn’t have started if we didn’t have a chance.”
“Are you sure you’re not mistaken?”
“Mistaken about what?”
“It’s like a wolf hunting a fleeing deer. If the deer is lucky, it survives, but one misstep and it’s caught. Even if the hunt fails, the wolf doesn’t die. Is that what you call a fight?”
Chief Baek lit his cigarette.
“Mr. Lee, stop imitating Chairman Jin and get to the point.”
“I’m saying this as a fellow subordinate. When the master changes, the subordinates retire too. You know that, right?”
“Are you trying to recruit me? Telling me to join you to avoid being discarded?”
Chief Baek glared, but Chairman Lee just nodded with a smile.
“You catch on quickly.”
“Mr. Lee!”
“I’m not asking you to join me, so don’t shout. I’m just making a proposal.”
“What kind of proposal?”
“When Chairman Jin passed away and distributed his shares, do you know what Jin Young-gi first said to me?”
”…?”
“He told me to breathe quietly and live as if I were dead. Not to get involved in any group affairs or external matters. It wasn’t retirement; it was a command to be buried alive.”
A servant buried with their master. That command came from the master’s son.
Chief Baek thought of Jin Young-gi’s son, who had already retired. What orders would he give? He wanted to stop, but the question lingered in his mind.
“You’re much younger than me. You’re at the prime of your career. Can you live just breathing?”
“I can’t live like you, wagging my tail under Jin Do-jun.”
It was a mocking remark, but Chairman Lee maintained his gentle expression.
“Is that how it looks? You don’t know Do-jun well. Do you think someone who plays the master can conquer Sunyang alone at thirty and become the world’s richest?”
“Isn’t that the case? You’re just serving Jin Do-jun instead of Chairman Jin. That’s the reality, whether you like it or not.”
“Since I became chairman of HW Group, I’ve never had to get Do-jun’s approval. Well, except when I needed emergency funds and turned to him instead of a bank. Do-jun isn’t interested in ruling. He just conquers.”
“Do you expect me to believe that?”
“Believe it or not, it’s up to you. Anyway, Do-jun is like Genghis Khan. He conquers and then tosses the land to others. Now that I think about it, he is like a wolf. Haha.”
Chairman Lee spoke to Chief Baek, who was frowning.
“You have a lot of connections, don’t you? Ask around. See if I’m lying.”
“I’m not interested. Anyway, I have no intention of blocking the shareholders’ meeting or the merger for Jin Do-jun, so let’s not waste each other’s time.”
“Don’t misunderstand. I’m not interested in Electronics or Corporation. That’s Do-jun’s business.”
“Then why did you want to meet?”
Chairman Lee wiped the smile from his face and spoke seriously.
“Jin Young-gi will try to bury you alive. When that time comes, think carefully about what you truly want to do. If I can help with that, don’t hesitate to ask. I’ll help.”
Chief Baek was frozen by the unexpected words.
“A subordinate knows a subordinate’s heart. You’ll surely find something you want to do. Being a chairman taught me that life isn’t just one path. Haha.”
Chairman Lee found Chief Baek’s frozen expression familiar.
“I checked Forbes, and the world’s richest person is a Mexican. Carlos Slim, a telecom tycoon. 75 trillion won.”
“Really? Not even 80 trillion?”
“Yeah.”
My wife treated the astronomical figures like exam scores, a habit from her days as a studious bookworm.
“But you said your wealth is double that of the number one, so that’s 150 trillion.”
“Well, if you count just my personal assets, it’s over 100 trillion. Including Sunyang Group, it’s different.”
“And yet you want the entire Sunyang Group?”
Was that the question she wanted to ask? Did she pity my relentless pursuit?
“I never saw Sunyang Group as money. It’s more like a life goal.”
She didn’t ask why I made Sunyang Group my life’s goal. Even as a couple, we had different perspectives on external matters. She had her own goals.
“Should we tell the family? Ask them to block the merger?”
She cautiously suggested, watching my reaction.
Once the lawsuit began, the court held the power. It wasn’t a sharp or large sword, but it was a sword nonetheless.
Her family’s connections in the judiciary could exert significant influence.
“No. Just pretend you don’t know.”
“Why? You don’t want help from my family?”
“Not at all. When I need it, I’ll cling to them. The merger is what I want. I’ll need my powerful father-in-law’s help afterward. He’ll pay the price for accepting an unusual son-in-law. Haha.”
“Then why start a lawsuit to block the shareholders’ meeting?”
She was curious about my inscrutable intentions.
“To make the entire nation scrutinize Sunyang’s inner workings with a skeptical eye. That’s enough.”
Since we were on the topic, I asked her.
“Have you heard anything about how the judiciary views this merger?”
“Rumors are flying everywhere. Once the judge is assigned, those rumors will turn into reality. We’ll know which side the judge is on.”
“What are the rumors saying?”
“Eliminate any obstacles to the merger early on. That’s the kind of order coming from the top.”
These are people with the power to pressure the judiciary. If my plan works, a few judges might find themselves out of a job.
“Whatever you do, don’t get involved in this case. Absolutely not!”
“I’m a criminal court judge! Do you even know what your wife does for a living? And you went to law school!”
On June 1st, the Seoul Central District Court’s civil division dismissed the injunction to block the merger. Less than a week later, they also dismissed the injunction to prevent the sale of Sunyang Corporation’s treasury shares. The court ruled that the sale wasn’t significantly unfair or against public order by societal standards.
What was astonishing was that, in less than another week, the Seoul High Court’s civil division wrapped up the appeal. Naturally, they rejected the injunctions to prevent the shareholders’ meeting resolution and the sale of treasury shares. Such swift proceedings are almost unheard of. Vice Chairman Jin Young-ki and Jin Young-jun moved with lightning speed.
As soon as July arrived, Sunyang Corporation held an extraordinary shareholders’ meeting and approved the merger with Sunyang Ad Media. Nearly 70% voted in favor, and the meeting concluded in just 25 minutes.
The head of the National Pension Service’s investment division, the second-largest shareholder of Sunyang Corporation, made an appearance, but it wasn’t Hyun Wan-joo. The new head, swiftly replaced, was merely a planning director from the investment division.
The unprecedented and bold personnel change was likely because the new head was the perfect puppet to cast the vote as instructed. A long sigh escaped when the shareholders’ meeting ended.
We’ve sacrificed the flesh. Now, it’s time to claim the bones.