Chapter 3: A Family Without Choices
“The companies that submitted bids for the sale of Hando Steel are Soonyang Group, Daehyeon Group, and Miracle Investment. After evaluating both the price and non-price factors, the successful bidder for Hando Steel is…”
Everyone watching the breaking news on TV held their breath.
“Soonyang Group, with a bid of 2.16 trillion won.”
“Yes!”
“Phew—”
“That’s a relief, Chairman.”
The people gathered in the chairman’s office of Daehyeon Group exchanged smiles, watching Chairman Joo Young-il’s expression closely.
Chairman Joo couldn’t hide his smile either.
“Everything went according to plan… But that old fox, Chairman Jin, is as stingy as ever. Why not just bid 2.3 trillion instead of skimping on the last digits?”
“Still, we managed to push the price up quite a bit, didn’t we? If you hadn’t stepped in, Chairman, they would have taken Hando Steel for 800 billion plus 10 billion dollars.”
Despite some regrets, the goal was achieved. Soonyang Group’s coffers were now empty.
“Hando Steel was a decent acquisition, wasn’t it?”
“Yes, Soonyang didn’t lose out. They’re entering the steel industry anyway, and Hando Steel is a good starting point.”
“But who is this Miracle guy? Thanks to them, we ended up looking like the bad guys.”
“They gave the review committee a reason to exclude us, making it easier.”
Chairman Joo still looked skeptical.
“Are we investigating them?”
“Yes. On the surface, nothing unusual. They invest in IT, films, and even spread money in Japan. It’s extensive… but the identity of the investor is hidden.”
“We need to find out who this investor is quickly. If it’s just a private equity fund, that’s fine, but the fact that the representative is Korean is unsettling.”
“I’ll expedite it.”
“Alright, let’s get the main game started.”
As soon as Chairman Joo finished speaking, thick files were placed in front of the meeting attendees.
“In ‘91, if someone hadn’t blown the whistle on the Suseo scandal, Ajin Motors would have been absorbed by Soonyang Motors.”
“Soonyang was unlucky. Of all times, that had to happen then.”
Daehyeon Group couldn’t have imagined that the whistleblower was actually a Soonyang insider.
“Chairman Jin crafted a good strategy. ‘The Need for Restructuring the Domestic Automotive Industry and Government Support Measures’—that’s the report.”
Chairman Joo glanced at the report and set it aside.
“Even though it’s the end of the administration, they’ll give Daehyeon a final gift. Hando, Sammi, Jinro, Samlip—four groups have gone bankrupt. If we claim it’s due to the reckless management of large corporations, public opinion won’t be bad.”
It was a cruel spring, yet it was also a warning signal for the Korean economy that no one noticed.
But the following report brought even more joy to Chairman Joo.
“Ajin is the fourth largest in the business world. It’s the result of reckless expansion. Internally, it’s worse than in ‘91. It gives the administration a reason.”
“Even without us pressuring the banks, Ajin Motors’ main bank is considering recalling loans.”
“Heh heh heh.”
Chairman Joo’s short laugh revealed his true feelings.
“Chairman Jin, that old man… He must be going crazy. Watching me swallow up Ajin Motors, which he coveted so much, without lifting a finger… He might just collapse from the stress.”
“Exactly. He emptied his savings to acquire a steel mill… Heh heh.”
The Daehyeon Group chairman’s office was filled with mocking laughter.
“Start tomorrow. Call in the newspaper and TV folks, wine and dine them, give them money, even women. Shake Ajin Motors to the core so it collapses completely. Make it easy to pick up. Ha ha ha.”
By the time the media’s articles made Ajin Motors the target of public scorn, Chairman Joo Young-il would meet with the Blue House’s economic advisor, the National Assembly’s Planning and Finance Committee, and the financial institutions that had long dealt with Ajin Motors.
Dissecting a live cow into parts was the job of the subordinates. The role of serving the meat on the banquet table would be handled by the political world.
Chairman Joo Young-il just needed to pay them handsomely.
“Chairman, it’s been a while.”
“Ah, Chairman Hong. You’ve aged quite a bit since I last saw you. Seeing you makes me feel better. I’m not the only one getting old. Ha ha.”
“What are you saying? You’re still going strong, Chairman. I’m already relying on a cane, aren’t I?”
Chairman Hong of Hansung Ilbo lightly waved the cane in his hand.
“Come, let’s sit. The young ones are all standing like they’re being punished because the two old men are standing.”
The hotel suite’s living room had been hastily converted into a meeting place for the families, and the elders from both sides began their formal introductions.
It was the best place to avoid prying eyes.
If word got out before the wedding, both families would be embarrassed if the engagement were called off.
Chairman Jin discreetly observed Chairman Hong’s granddaughter, who sat quietly with her eyes downcast.
From years of meeting countless people, he had learned one thing: first impressions, with only slight deviations, often reflect a person’s true nature.
To Chairman Jin, Hong So-young appeared to be a strong woman. Her angular jaw, thick eyebrows, and steady demeanor, unaffected by nerves, couldn’t be hidden even by expert makeup.
‘She seems capable of taming that unruly grandson of mine.’
Sensing his gaze, Hong So-young stood up and bowed.
“Nice to meet you, Chairman. I’m Hong So-young.”
‘She’s perceptive too.’
“Ha ha, why so formal? A granddaughter-in-law should be able to be playful and affectionate with her grandfather-in-law. Relax.”
Chairman Jin’s final approval was given. The marriage would proceed smoothly.
The expression of Hong So-young’s father, the president of Hansung Ilbo, brightened considerably.
“I’m at a loss for words to express my gratitude for seeing my daughter in such a favorable light. Thank you, Chairman.”
The table quickly filled with dishes, and the atmosphere was lively, though everyone only sampled the food, focusing more on conversation.
“Congratulations on acquiring Hando Steel.”
“Oh, there’s nothing for me to be congratulated on. The vice chairman and our Young-jun handled everything.”
Chairman Jin glanced at his son, prompting Jin Young-gi to speak.
“It was Young-jun’s first major task for the group, and he managed it well. I’m relieved.”
Jin Young-gi subtly praised his son.
“I see. I heard he studied management abroad for a while. Now he’s taking on big projects and learning the ropes as a successor. Ha ha.”
President Hong, as if in agreement, showered praise on his future son-in-law, Jin Young-jun.
But Hong So-young didn’t miss the moment.
When the word “successor training” came from her father’s mouth, she noticed the slight twitch of the old Chairman Jin’s eyebrows, the master of this gathering.
As the meal concluded, Chairman Hong discreetly signaled to Chairman Jin.
Chairman Jin thought it was a suggestion for the grandfathers to step out of the grandchildren’s meeting. But Chairman Hong quietly entered the bedroom adjacent to the living room.
The hotel manager, observing their cues, promptly prepared and served tea.
“Chairman, there’s a strange rumor going around these days.”
“What…?”
“It’s exactly like six years ago. Stories are piling up around Ajin Motors.”
“Six years ago…?”
Chairman Jin’s eyes widened as he slammed his teacup down.
“Are you saying someone is targeting Ajin Motors?”
“It’s not certain, but the current situation is eerily similar to back then.”
“Is Hansung Ilbo preparing to release an article?”
“I’ve blocked the desks for now. I thought it best for you to verify it yourself, Chairman.”
Despite his parched throat, his trembling hands made it impossible to drink the tea.
“Is anyone out there? Bring me a bottle of water!”
When an employee entered with a crystal cup on a tray, Chairman Jin threw the teacup from the tea table.
“Can’t you understand plain words? I said a bottle! Bring me a bottle of water!”
The conversation in the living room halted at Chairman Jin’s outburst.
Another employee quickly brought a small bottle of water, which he drank without pausing for breath.
“Chairman Hong, can you delay the article?”
“Of course.”
“I feel embarrassed to ask a favor before the marriage is even settled.”
“Don’t mention it, Chairman. It’s only natural.”
“And could you find out where the article sources originated?”
“I’ll have the reporters do some digging.”
This was no longer a conversation between in-laws.
It was a discussion between an advertiser and a newspaper owner.
“Next week, could you run a full-page ad for three or four days? Something about Hando Steel being reborn as Soonyang Steel.”
“Don’t worry. I’ll keep the space clear.”
“Then I’ll trust you and take my leave. It seems it’s time for me to sweat a little.”
As Chairman Jin left, Chairman Hong’s lips curled into a smile.
If he could trip up Daehyeon Group, his in-laws would surely take good care of his eldest granddaughter, who was to become their daughter-in-law.
“Uncle, have you heard any rumors in Yeouido? About Ajin Motors?”
“Aren’t you supposed to be in school? How do you manage to get here before me?”
“Don’t you read the papers, Uncle? The country’s in turmoil. There’s no time to bury my head in law books at school.”
Oh Se-hyun’s expression hardened slightly as he sat down across from me.
“Why? Are you worried about the Southeast Asian financial crisis? Or are you thinking of using this chance to scoop up their currency with the dollars you’ve stashed in the U.S.?”
“Why would I waste dollars on something as worthless as toilet paper?”
“Hmm, so the financial crisis is on your mind.”
It’s about time to drop a hint. How will he take it?
“Southeast Asia is practically in ruins, and by April, four major companies in Korea have already collapsed. Yet, we’re busy patting ourselves on the back, calling ourselves the ‘Four Asian Tigers.’ Is it really a bad idea to prepare for a storm?”
“Preparing for a storm that might not come still costs money.”
“No, the storm is coming, but we’re too distracted to notice.”
“The presidential election?”
“Yes. They started a pro basketball league to win votes and arrested cartoonists to appeal to mothers. Do you think our country is in its right mind?”
“So you’re certain a storm is coming.”
“Uncle, you’re uneasy too, aren’t you?”
Oh Se-hyun said nothing. He’s someone who constantly monitors global financial trends. He couldn’t possibly be unaware of the storm brewing.
“There’s a rumor that Daehyun is targeting Ajin. Ajin’s cash reserves are nearly depleted. If a few powerful players squeeze them, it’s over.”
Thank goodness.
History hasn’t changed.
Six years ago, I stopped my grandfather from swallowing Ajin Motors, so history remained the same. But now, six years later, it’s time to change it.
Instead of Daehyun Group absorbing Ajin Motors, history will be rewritten with Miracle Investment, a foreign investment firm, acquiring Ajin Motors.
Suddenly, my phone rang.
“Hey! Are you really not going to do the group project? And more importantly, you might fail due to lack of attendance, you know.”
“Failing wouldn’t be so bad. I could enjoy college life a few more years.”
“Are you serious? Fine, let’s say you fail. What about the group project? Should we just do it ourselves?”
“Listen carefully. When I give you a chance, make the most of it.”
“What? What nonsense are you talking about?”
“If Min-young and I were to team up, do you think you’d get a chance with someone tall, handsome, smart, and rich like me showing up regularly?”
Silence lingered on the other end.
“Should I come?”
“Uh? No, no. We’ll handle it ourselves, so don’t worry about the project. But do pay attention to your attendance. I can’t cover for you forever…”
I closed the phone, listening to my excited classmate’s voice trail off.