The tumultuous times ended as abruptly as a lightning strike.
From evening until dawn, while Jin Young-jun’s bail hearing was underway, hundreds gathered outside the courthouse, holding placards and demanding his arrest. They called for the imprisonment of the man who had squandered seven trillion won of the public’s hard-earned pension funds. Of course, these protesters were actors hired by my father, but they played their parts convincingly.
With public opinion, money, and testimonies from those already detained, there was no escaping arrest.
By dawn, breaking news announced Jin Young-jun’s arrest. This was just the beginning. Although the court’s final verdict was still pending, we couldn’t afford to wait to turn the tide completely.
“We’ll proceed with two lawsuits simultaneously: nullifying the merger of Mulsan and restricting Jin Young-jun’s voting rights on his illegally acquired Mulsan shares. We can’t give them a moment to breathe.”
“Who are you referring to?” asked Vice President Jang Do-hyung cautiously.
“Who else? The executives of Jeonja and Mulsan. We need to ensure they don’t feel guilty about betraying Vice Chairman Jin Young-gi or Jin Young-jun. That way, it will be easier to convene an interim board meeting and appoint me as the CEO.”
“What about the shareholders’ meeting?” The lawyers present seemed more concerned about the shareholders’ meeting than the board meeting. Even if I were appointed CEO by the board, the shareholders could dissolve the board, rendering it meaningless.
“We must prevent any board meeting aimed at ousting me. That’s why the lawsuits are crucial. Do you understand?”
“Yes, Director.”
The lawyers responded with tense expressions. They knew that failure would mean being ousted from Sunyang, but success promised a more glamorous life.
After the lawyers left, Executive Director Woo Byung-jun entered.
“What’s the situation on their side?”
“They’re summoning the executives daily. Vice Chairman Jin Young-gi is definitely trying to secure his position…”
Woo trailed off.
“And? Is there something unusual?”
“The Vice Chairman isn’t dead yet. Government officials are coming and going in droves.”
“Really? Do you have a list of those people?”
Woo handed me a list. I scanned the names and tore the paper. My confidence solidified.
“They’re all nobodies. If that’s the extent of my uncle’s influence, there’s nothing more to see.”
I felt a sense of relief. After all, bureaucrats who survive on their wits wouldn’t fail to read the prevailing winds.
Turning back to Vice President Jang, I said, “Sunyang Electronics is divided into three factions, right?”
“Yes. With Chairman Jin Young-jun arrested, it’s a fierce battle of wits.”
The loyalists of Jin Young-gi, the new power players Jin Young-jun had promoted, and the leaders of the electronics division who spearheaded the mobile phone business.
These groups constantly clashed, keeping each other in check.
“Arrange a meeting. It should be interesting to see them all in one place, growling at each other.”
Mulsan can be taken over through shares, and Jeonja through a unanimous board decision.
“The merger of Mulsan is nullified. Jin Young-jun’s voting rights on his shares will be restricted until the trial concludes. If we hold another interim shareholders’ meeting, who do you think will end up controlling Sunyang Mulsan?”
The three people sitting with teacups in front of them remained silent.
“However, I plan to become the CEO of Sunyang Mulsan through a board resolution, without an interim shareholders’ meeting. If the shareholders dislike me as the CEO, they can hold a meeting to dismiss me. But what do you think? Do you think such a meeting will happen?”
They still said nothing.
“Like Jin Young-jun, I will become the CEO of both Mulsan and Jeonja. On the same day, at the same time.”
“It seems likely,” said the oldest of Jin Young-gi’s men. They knew the tide had already turned.
The media painted Jin Young-jun as a scoundrel who squandered seven trillion won of the public’s pension funds and a shameless man divorced over complicated affairs.
In contrast, I was portrayed as a global leader mingling with the world’s elite, featured as one of the world’s wealthiest by Forbes. With no shareholders opposing me, becoming the chairman of Sunyang Group was only a matter of time.
“But can you hold onto it?”
No matter how weakened, Jin Young-jun would be released on probation. At that moment, he could regain his voting rights and rally his forces, albeit with a slim chance of reclaiming Mulsan.
If that happened, these people would immediately become traitors.
That’s what worried them.
“If I become the CEO of both Mulsan and Jeonja, the first thing I’ll do is sell all the shares they hold in each other.”
The three were startled but quickly caught on to where I was heading.
“Miracle has the financial capacity to absorb it, so it’s possible. Then Miracle will control Jeonja and Mulsan, and they will control the remaining affiliates, establishing a solid governance structure.”
“Exactly. It’s the same structure that controls construction, heavy industries, and department stores.”
Transforming a circular shareholding structure into a vertical one. It’s the structure every conglomerate head dreams of but can’t achieve due to lack of funds.
Now, the three began to exchange glances, each waiting for someone else to speak first. I decided to break the silence.
“Convince the executives to unanimously appoint me during the board meeting. No conditions.”
“What?”
“I’ll decide what positions to give you, or whether to dismiss you entirely, after I take over Jeonja. If you’re thinking of negotiating with me, forget it. Negotiations are proposed by the stronger party. You don’t have that privilege. I’m sure you know who the stronger party is.”
For those who don’t genuinely follow me, I must exert power.
These capable individuals, who have clawed their way to the top through the corporate jungle, neither respect others nor possess loyalty. The only thing they understand is fear.
“I’ll see you again in the Sunyang Group chairman’s office, the very room my grandfather used. Then, make your requests, not negotiations. I’ll at least listen to what you want.”
I saw the anxiety in their eyes. It was a look I had seen many times before.
The same look they always had in front of my grandfather.
Three days after Jin Young-jun’s arrest, I received a call. It seemed he had realized the shifting tides while consulting with his lawyers.
“Where is Young-jun now?”
“What?”
His lawyer was startled and stammered.
“I know he’s not in the detention center. It’s fine. He’s not the type to sleep on a cement floor. Where is he?”
“Near the detention center… in a motel.”
The lawyer reluctantly admitted.
“You must have bought it in a hurry to avoid prying eyes. Is it under your name?”
“Yes.”
“Let’s go. Lead the way.”
I followed the lawyer’s car. Assistant Manager Kim Yoon-seok couldn’t hide his unease.
“Director, are you sure about this?”
“Why? Do you think he’ll try to stab me in a motel? I’m holding Jin Young-jun’s leash. All he wants is to negotiate a reasonable compromise, so don’t worry.”
Ignoring the concerns of Kim and the aides, I drove into the motel parking lot.
“He’s on the top floor. I’ll take my leave.”
The lawyer bowed and returned to his car.
Inside the motel room, I saw a hastily arranged bed and sofa. Even in this situation, he hadn’t forgotten his comfort.
“Living well, I see. I’ll skip the pleasantries. How much did you give the detention center warden?”
“I slipped him a bit. Sit down.”
If this got out, the warden would be fired. But he must have pocketed several times his lifetime salary and pension, so what did it matter?
“Let’s not complicate things and end this at the first trial.”
“Is that up to me?”
“Your in-laws are quite influential. All the judges’ names start with ‘Seo.’ The prosecutor is your schoolmate. They’ll probably sentence you to three years, and as a first-time offender, you’ll get a year and a half with probation.”
“Let’s say I ask my father-in-law and buy my schoolmate a drink to end it like that. What do I gain? Do you know how much money I’ve burned to get to this point? It’s a long way to break even.”
Jin Young-jun sighed through clenched teeth and spoke slowly.
“You can have Jeonja, the face of the group, and I’ll take Mulsan after a spin-off. Attach five or six affiliates under Mulsan for me.”
This guy had read the situation well.
He knew there would be no dramatic comeback, so he made a big decision.
I could imagine how much effort the lawyers had put into persuading him to reach this conclusion.
“Is that your final decision after three days of thinking?”
“What else can I do? Would you be satisfied only if you took everything?”
“No, that’s not nearly enough.”
“What?”
”…”
“I know Uncle used most of his hidden slush funds to buy stocks this time. Isn’t that right?”
His silence confirmed it.
“Then the stocks you hold are all you have left, right? Of course, you probably thought you could easily recover the invested slush funds once you took over Jeonja and Mulsan.”
“Just say it. What do you want?”
“Hand over all the stocks you hold. Announce it as a donation in the spirit of a public apology, and the court will consider it a mitigating factor. Of course, the donation should go to a foundation I designate. Then we’ll end it with probation at the first trial. Just stay in this motel for a couple of weeks. There are plenty of women to keep you company, so time will fly by.”
“You, you bastard…!”
“The Sunyang Group stocks you hold can’t buy Mulsan or any affiliates. All they can buy is a reduced sentence, with time as a bonus. Remember that.”
I stood up from the comfortable sofa and pointed at the phone lying on the bed.
“In a week, there will be an interim board meeting for Mulsan and Jeonja. I’ll be appointed as the CEO. My offer is valid for only one week. After the board meeting, there will be no more offers. And… talk to me over the phone for things like this. Don’t summon me.”
I left the motel room, watching Jin Young-jun tremble all over.
A week passed, and still, there was no word from Jin Young-jun. He knew, just as well as I did, that it would take time, but he could eventually get out on probation.
He was already caught in a net he couldn’t escape. Once he was out of the detention center, I could deal with him again. For now, I had to focus all my energy on the upcoming emergency shareholders’ meeting.
In the grand conference room of the Sunyang Group, thirty or so board members from the trading and electronics divisions were waiting for me.
Outside, over a hundred reporters were camped around the Sunyang building, eagerly awaiting the outcome, while employees inside waited anxiously.
Posters plastered around the lobby added pressure on the directors.
“We support Jin Do-jun. — From all employees of Sunyang Trading and Sunyang Electronics.”
I hadn’t orchestrated this. It was a spontaneous act by the employees.
Honestly, when I saw those posters as I entered the lobby, I felt tears welling up.
I had finally made it this far.
It wasn’t because I remembered my early days at the company, mowing lawns.
It was because I thought of my late grandfather, who had held my hand so tightly.
“You fool! What are you dawdling for? Get up there already!”
The voice was unmistakable. Only one person could call me a fool like that.
“Uncle!”
Granduncle Joo Byung-hae stood there, leaning on his cane, beaming at me.
“What brings you here?”
“What do you mean, what brings me here? Today’s the day you take over the chairman’s office after my brother, isn’t it? How could I miss that? It’s the moment the official second chairman of Sunyang is announced!”
Indeed.
No one had ever held the position of Sunyang Group chairman other than my grandfather.
Today was the day I would succeed him as the second chairman.