[045] The Hunt Begins 1.
“Do-jun.”
“Yes.”
Jin Young-jun, his face flushed from the alcohol, leaned in and whispered quietly.
“Out of all our brothers, you’re the only one who can actually make something of himself. The rest of them? They’re hopeless. Even if they grow up, they won’t have what it takes to run the company.”
I couldn’t even muster a laugh at the absurdity. My cousins now are no different from how Jin Young-jun was in his twenties. And even now, I don’t see much promise in him.
As soon as he returned to Korea, he started hanging out with celebrities. Just thinking about what the ad model said earlier, it seems like he was partying even when he was abroad.
“Honestly, I don’t care if you pass the bar exam or become a prosecutor. I want you by my side, using that brilliant mind of yours. You could be the number two at Sunyang Group.”
Is he wary of me? Or is he genuinely looking for a trustworthy right-hand man?
“Oh my, a handsome oppa who’s also smart? Then from today, you’re my boyfriend.”
A pretty girl clung to my side, interrupting our conversation.
“You’re quick on the uptake. If my brother likes you, you’ve landed yourself a real sponsor. That high school senior has assets worth hundreds of billions.”
The mention of hundreds of billions made the girl’s eyes sparkle, and Jin Young-jun patted my shoulder before heading upstairs, two women on his arms.
“Life’s so unfair. A third-generation chaebol who’s also smart, tall, and handsome. It’s like the perfect ideal type.”
“You’re pretty too, which is why you’re here.”
I gently removed her hand from my waist.
“Just one question. How do you know my brother?”
“You’re more curious about that than who I am?”
“You’re probably an entertainer, or an aspiring one. Just answer the question.”
“This world is small. Once you know one popular person, it’s all introductions from there. You exchange numbers, meet up, and get introduced to more. Soon enough, your phone’s full of female celebrity names. But you need money to back it up.”
From the way she casually mentioned it, it seemed Jin Young-jun didn’t need a separate matchmaker. Maybe because he’s still young?
“And I’m not an aspiring artist. I’m debuting soon. Working on an album.”
“A singer?”
“Yeah. You know H.O.T, right? The group that debuted this summer.”
“Yeah, I know.”
“That’s the concept. But with cute girls like me as members.”
A girl group? Could it be…?
“How old are you?”
“Seventeen.”
Good grief! She’s just a high schooler!
“Get a grip. Don’t follow people to places like this. Value yourself.”
”…?”
Seeing her blink those big eyes at me, I realized my mistake.
What am I doing, acting like an old man with unsolicited advice?
Trying to hide my embarrassment, I stood up from the table.
“There seem to be plenty of empty rooms, so get some rest. Make sure to lock the door.”
Before she could say anything, I stepped outside.
Thank goodness. If she had been an adult, I might not have been able to let go so easily.
The cold winter air cleared my head.
Seeing the man dozing in the driver’s seat with the engine running tugged at my heart.
He might have a family. Leaving a warm home for this kind of hardship? Making a living is tough.
I opened the passenger door and sat down, causing the man to jolt awake.
“S-sorry, I dozed off.”
“It’s fine. Sorry for keeping you waiting so long.”
“Oh no, it’s nothing. But why don’t you sit comfortably in the back seat?”
“I’m neither a master nor a boss, so the back seat feels uncomfortable. Let’s just go.”
The car started, and silence filled the air for a while. The driver, perhaps feeling uneasy, spoke cautiously.
“Would you like to listen to the radio, sir?”
“No, it’s fine. But why call me ‘sir’? It’s cringeworthy.”
When I spoke politely, the driver glanced at me, seemingly surprised.
“Do you work in the group’s strategy office?”
“Yes, how did you know?”
“I often talk with the chairman, your grandfather. So I know the planning office is divided into two parts. One part is made up of elite university graduates who actually strategize for the group. And then there’s…”
I noticed his hands trembling slightly on the steering wheel.
“The other part, made up of people from less prestigious schools, who do errands and clean up messes for the spoiled brats of the family. You’re in the latter, right?”
The veins on his hands bulged, and his tightly pressed lips quivered.
Shame, humiliation. I know those feelings well.
“You’re luckier than those elite strategists.”
“M-me?”
“Think about the chairman’s age. He’s almost eighty. How much longer can he live? When he passes, my three uncles and an aunt will be fighting over Sunyang Group like vultures. The vice chairman will be dancing with knives to take it all.”
His face, once filled with shame and humiliation, was now only shocked.
“That’s when the secrets you know about this family will be worth a fortune. You’ll make more in one go than those office strategists could in a lifetime.”
“You… who are you? What are you talking about?”
“The term ‘sir’ is cringeworthy, but being spoken to informally is infuriating. Let’s be careful.”
Our eyes met. Did he understand?
“I’m tired, so I’m going to get some sleep. Wake me when we get home. Brother.”
Without a word, he just increased the car’s speed.
January 22, 1997. The presidents of Han-do Group’s main banks, including Jeil Bank, Industrial Bank, Foreign Exchange Bank, and Choheung Bank, spent an entire day trying to persuade Chairman Jeong of Han-do Group.
“Chairman, if things continue like this, we’re all doomed. The government is worried about accusations of favoritism with the presidential election coming up.”
“You couldn’t even cover the 15 billion won promissory notes since the 18th. You’re practically bankrupt! Don’t you see the reality?”
“Think of the 850 subcontractors and partners. Over a hundred thousand breadwinners will be out on the streets.”
“Just give up your family’s management rights. Then the Blue House will allow it. It gives them a reason to support Han-do. The government wants to prevent Han-do’s bankruptcy. If you give up management rights, there will be emergency financial support, and the banks will jointly manage the funds.”
Chairman Jeong ignored the bank presidents’ desperate pleas, treating it like someone else’s problem.
“Jeil Bank, 1.12 trillion won; Industrial Bank, 890 billion won; Choheung Bank, 500 billion won; Foreign Exchange Bank, 450 billion won. That’s the money I borrowed, right?”
Despite being the one facing bankruptcy, Chairman Choi was more relaxed than the bank presidents.
He knew the rule of “Too Big to Fail” all too well.
If Han-do Group collapsed, the banks would struggle to handle trillions in bad debts. It’s possible to lend another few trillion, but recovering lost trillions is much harder.
Chairman Choi never once considered that the banks would choose mutual destruction.
However, he failed to grasp the severity of the situation.
The next day, on the 23rd, Han-do Steel, which was building a steel mill in Dangjin on the west coast, collapsed. The political and banking sectors had decided to cut off Chairman Choi.
As a result, Han-do Group, ranked 9th in credit management and 14th in assets, with 22 domestic affiliates, faced disintegration.
The main banks were shaken, and over 70 other financial institutions were at risk.
Now, predators eyeing the wounded prey began their game of wits. The conglomerate heads, gathered under the pretext of an emergency meeting due to the Han-do crisis, quickly folded their hands and left the poker table upon realizing that Sunyang and Daehyeon, the top two in the business world, were eyeing Han-do.
“I recently bought an abandoned school to turn into a training center for factory workers. But I hit the jackpot. The trees along the school walls turned out to be incredibly valuable, worth more than double the purchase price.”
Chairman Joo Young-il of Daehyeon Group fiddled with a cigarette as he spoke.
The bankrupt Han-do Steel and soon-to-be-bankrupt Han-do Construction were like abandoned schools. If you wrote off the debts and bought them cheaply, you’d get those valuable trees.
The prime land owned by the two companies. That’s the trees.
“Why are you fiddling with that cigarette? Just smoke it!”
“I quit smoking by resisting the urge even with a cigarette in front of me. Chairman Jin, you quit not long ago, right? Resist it. When you don’t want to smoke even with a cigarette in front of you, that’s when you’ve truly quit.”
Chairman Joo waved a cigarette in front of Chairman Jin’s face, implying he should back out of the Han-do Steel acquisition.
Chairman Jin chuckled and snatched the cigarette, placing it in his mouth.
“Got a light?”
When Chairman Jin extended his hand, Chairman Joo’s face hardened.
“You need to carry a lighter to make the temptation stronger. Anyone can resist a half-hearted temptation.”
Chairman Jin gestured to Director Lee Hak-jae, who handed him a lighter with a bow.
Without hesitation, Chairman Jin lit the cigarette and took a long drag.
Perhaps dizzy from the smoke he hadn’t inhaled in a while, he leaned back in his chair and closed his eyes for a moment.
“Chairman Joo, do you think I quit smoking for my health? As I got older, the old man smell got stronger, so I quit. Health? If I cared about that, I’d have been an athlete, not started a business.”
Chairman Joo’s eyebrows twitched.
It was a declaration that Chairman Jin wouldn’t give up on Han-do Steel. Even if it meant a loss for Sunyang Group, he was determined to proceed with the acquisition.
“Have you finished the calculations? You’ll need to shell out a trillion won and a billion dollars just to get a look at the steel mill’s blast furnace. And if Han Do Construction follows suit, that’s another trillion. If Sunyang tags along with our Daehyeon race, it’ll just end up fattening the banks.”
“If your hands are shaking, feel free to step aside.”
Chairman Jin smirked, causing Chairman Joo to bite his lower lip in frustration.
“Well, it’s been a while since I did something good. A strong bank means a strong economy, right?”
No one could match him when it came to getting under someone’s skin. Not long ago, he had turned things upside down with his grandson’s exam scores, and now he was doing it with money.
Chairman Joo Young-il casually took the cigarette from between Chairman Jin’s fingers and took a drag. It was a gesture to show he was willing to bear the losses himself.
Their eyes locked in a fierce battle in the air.
Pride was now at stake, on top of the goal of acquiring a company that would benefit the group at a bargain.
For a wealthy man, nothing was more humiliating than being outbid and having to fold.
Chairman Joo felt as if he had a mouthful of sand.
The acquisition price he had in mind, a trillion won, might double. Maybe even more…
“Chairman, that was a bit harsh. Chairman Joo will be well-prepared.”
“Did it seem that way?”
“Yes. Judging by how he gritted his teeth, he might spend over two trillion.”
“Ha ha ha! With his temper, I wouldn’t be surprised.”
Chairman Jin laughed, seemingly unfazed by Lee Hak-jae’s concerns.
“This isn’t the time to be laughing. The government is pressuring the creditors to minimize the fallout from the bankruptcy. The bidding for Han Do Steel will start soon. We’ve set aside a trillion won and a billion dollars, but… that’s all we’ve got.”
“What about Daehyeon?”
“Last year, they received a lot of oil money. Since the non-price factors are similar, the one who bids higher will win. In terms of funds, we’re at a disadvantage.”
Chairman Jin rolled down the car window. The icy wind rushed in.
“Is there a game with only one rule? There are many rules in a game. Fouls and bad calls are part of it too.”
“Do you have another plan?”
“Once the bond review committee is formed, let’s arrange a meeting. We should at least buy a meal for those who’ll be working hard.”
Daehyeon could also pass around envelopes to the creditors.
Lee Hak-jae had no idea what Chairman Jin was planning.