Chapter 52: Confessions, Part 2
“Ah, I’m truly sorry for calling you all here when you’re so busy.”
“Not at all, Chairman Jin.”
As Chairman Jin entered the private room of the Japanese restaurant, the three bank presidents stood up in unison.
“Please, have a seat.”
Once the bank presidents were seated politely, the dishes began to arrive.
“I hear Chairman Song of Ajin has been meeting with you frequently these days… How’s that going?”
The bank presidents, who had just picked up their chopsticks, paused and set them down again. They hadn’t expected the conversation to start so abruptly.
“He’s been visiting Yeouido more often than we have.”
“It seems he’s busy trying to align himself with the next administration.”
“Not that it will do much good. It’s not like it will help his presidential ambitions.”
Chairman Jin nodded, placing a piece of sashimi in his mouth.
Only then did the bank presidents pick up their chopsticks again.
“Do you think the tide won’t change?”
The three bank presidents exchanged glances and set their utensils down. It seemed they would have to forgo eating until Chairman Jin finished speaking.
“Is there something you’d like us to do, Chairman?”
“I just feel a bit sorry for Chairman Song. We’re not strangers, after all. I hope you won’t be too hard on him… What do you think?”
“I’m sorry, but we have our own positions to consider… The pressure from economic officials to resolve this quickly is intense.”
“It seems Chairman Joo has been spreading bait everywhere, even reaching the Blue House.”
Though he referred to them as economic officials, it was clear that Chairman Jin knew exactly how things worked in this field.
“Are you considering Ajin Motors as well, Chairman?”
The bank had no need to get involved in a fight between two giants. The battle was theirs; the bank would simply follow the outcome.
The key was to determine whether the Sunyang Group would join the fray, even at this late stage.
“Let’s not drag this out over dinner. Just one favor: delay as much as you can. Let me know when it becomes unbearable.”
The three bank presidents exchanged looks and nodded. It was the least they could do to enjoy their meal in peace.
Having received the answer he wanted, Chairman Jin beamed.
“Alright, let’s eat. The sashimi seems particularly fresh today, ha ha.”
“I met with Director Lee yesterday. Your grandfather seems quite upset.”
“Because of the Daehyeon Group?”
“Yes. He holds 7% of Ajin Motors’ shares and seems eager to shake things up, using me as a front.”
“How so?”
“There’s a billion won of Chairman Jin’s slush fund in our Miracle. He wants us to buy shares and assert the rights of a major shareholder.”
“You refused, of course? There’s no reason to buy shares that are plummeting.”
Oh Se-hyun nodded lightly.
But he had already read the room. This wasn’t a conversation that would end with a simple refusal.
“Uncle, it seems like you have something to say.”
Oh Se-hyun cleared his throat and looked at me slowly.
“Do you really want Ajin Motors?”
“Yes.”
“It’s a massive conglomerate with over 14 trillion won in sales. Acquiring Ajin Motors means acquiring the entire Ajin Group.”
Oh Se-hyun’s excitement was palpable.
“If… if you were to acquire Ajin, what would you do?”
“What do you think I should do, Uncle?”
“Logically, you’d have to streamline all 28 subsidiaries. Scrap what’s useless, sell what’s valuable at cost.”
“And sell the valuable parts at a high price?”
“To whoever offers even a single won more.”
That’s the gambler’s answer.
“And if it’s not logical?”
Oh Se-hyun’s lips curled slightly, and his face flushed a bit.
“Then you’d try to revive it properly. Cut out the rotten parts, apply some antiseptic, and give it a shot of nutrients.”
“And then?”
“Well…”
His expression turned wistful. It was clear how complex his feelings were.
“That’s as far as I can go. I don’t have the confidence to manage a conglomerate. I’d like to, but it’s beyond my ability.”
“Then why not go that far? We can think about the rest when we get there.”
“The first thing to consider is that even if we enter the acquisition race, our chances of winning are slim. Or rather, nonexistent.”
“Then why the sudden interest? You’re not one to sit at a table with low odds.”
Oh Se-hyun lowered his voice.
“If we get our hands on the 7% of Ajin Motors shares your grandfather holds, we can use that to thoroughly examine Ajin Motors. And…”
“And what else?”
“Your grandfather, Chairman Jin.”
Of course!
Without Sunyang’s power, it would be difficult.
“The acquisition cost of Ajin Motors can be covered with your money. But you know it’s not just about the money. You need influence over the review committee, the creditors, and the political sphere… and only Sunyang can match the Daehyeon Group.”
Oh Se-hyun’s eyes as he looked at me.
They were like a child’s eyes, pleading for a toy.
“Alright. So you’re in favor, Uncle.”
Once the decision was made, Oh Se-hyun seemed calmer.
28 subsidiaries, over 50,000 employees, 14 trillion won in sales.
It’s a massive pot where the winner takes all.
If you’re a soldier going into a war where money replaces bullets and the livelihoods of thousands are at stake, shouldn’t you maintain your composure rather than get excited?
“I’ll meet with Director Lee. You…”
“I’ll meet with Chairman Jin Yang-cheol of Sunyang Group.”
We exchanged smiles instead of a handshake.
“Director, you owe me a big treat.”
“I’ve always wanted to treat you, Mr. Oh, but you always managed to upset me.”
“This time will be different.”
“Well… since you asked to meet first, I’ll look forward to it.”
Director Lee Hak-jae was prepared to meet and persuade as many times as necessary to execute the chairman’s orders. So when I asked to meet first, he came running, and with positive words, he couldn’t help but be hopeful.
“I’ve convinced our Miracle’s shareholders and investors. I explained the nature of the money and detailed Sunyang Group’s status in Korea.”
“Are you talking about Ajin Motors shares…?”
“Yes. I’ve secured approval to acquire all the shares and assert shareholder rights.”
He started with the good news. It’s basic to give one and take one, isn’t it?
Oh Se-hyun looked at Director Lee, whose expression had brightened, and scratched his head awkwardly.
“But there’s a condition. It’s non-negotiable, so I hope you’ll understand.”
After all, we’re the ones holding the money. Just because it’s unmarked money doesn’t mean we’ll hand it over without conditions.
Oh Se-hyun is someone whose instinct is to gain and earn more. If he plays his cards right, another fortune could come his way.
“I have a bad feeling about this, especially the non-negotiable part…”
“When determining the acquisition price, they want it to be realistic. They’re against investing a billion in shares of a failing company that might become worthless.”
Director Lee considered his priorities.
The first was to thoroughly examine Ajin Motors and find a way to hinder Daehyeon Group’s acquisition.
Finding slush funds was secondary.
Ajin Motors’ stock price was plummeting daily. Holding onto the shares could result in even greater losses if they became worthless.
“What’s the desired amount?”
“Half, 500 billion.”
Director Lee’s deliberation wasn’t long.
“I’ll accept. But give me some time.”
“Time?”
“Time to report to and persuade the chairman.”
“Of course, that’s only natural. But you should hurry. The rumors in Yeouido are worse than you can imagine. It’s as if Ajin could go bankrupt tomorrow.”
“I’m aware. But we still have time. If time runs short, Sunyang will make more.”
The pride, or rather arrogance, in the mention of Sunyang was evident.
“Chairman Song of Ajin is running around everywhere these days. Our chairman has already made a few calls, asking to consider Song’s requests carefully. The timing to reject his requests will likely be decided by our chairman.”
“Well, in any case, please hurry. Before our investors change their minds.”
Oh Se-hyun didn’t forget his final bluff. Not giving time to think is the best way to maintain control.
“Why aren’t you going to school, you rascal? The president even called me.”
“Getting in was the goal, not graduating. Besides, I’ve been studying all this time; I deserve a break.”
“What? A break? Are you lying to your grandfather now? Did you think I wouldn’t know you’re heading to Yeouido instead of school every morning?”
Oh, I see!
So Kim Yoon-seok’s reports reach my grandfather too.
I thought Director Lee Hak-jae would cut it off in the middle… Is he someone who doesn’t hide anything?
“That’s my idea of fun.”
“I heard you’re at risk of failing due to lack of attendance, so I even funneled money through Sunyang’s scholarship foundation, you rascal. Why is your attendance fee more than your tuition?”
Ah, this is driving me crazy.
I planned to attend university for six or seven years, but my grandfather is unknowingly sabotaging me.
I might have to take a leave of absence after the first semester. From the second half of this year to the first half of next year, I’ll be too busy to breathe.
“Donating scholarships is a good deed.”
Seeing my bitter expression, my grandfather chuckled and prodded me.
“So, what are you doing all day at the Yeouido office? Are you learning something from that Oh Se-hyun fellow?”
“That’s right. I’m currently studying Ajin Motors.”
“What? Ajin?”
It was only natural for him to be surprised. Our interests aligned perfectly.
“Yes. No matter how I look at it, it seems like they’re on the brink of bankruptcy.”
Grandfather looked at me with keen interest and spoke up.
“Really? Why do you think that?”
“Well, for starters, the financial sector has turned its back on them, and with Wuseong Motors doing so well last year, Ajin’s sales have plummeted. Their liquidity must have dried up… and Daehyun Group has started tightening the noose.”
“So, what do you think will happen if they go bankrupt?”
“Someone will swoop in and snatch them up quickly. Just like you did with Hando Steel.”
A slow smile spread across Grandfather’s face. Even if my older cousin Jin Young-jun, who is involved in management, had received similar reports, he certainly wouldn’t have come up with this on his own.
“That’s an 80-point answer.”
“Why not a perfect score?”
“You need to guess who will snatch them up to get a hundred.”
“Well, no one knows that yet.”
“Didn’t you just say it yourself? Daehyun Group is tightening the noose.”
“How many times have people ended up with nothing after chasing shadows? It’s hard to be sure until it’s in your hands.”
Grandfather’s smile faded as he continued questioning.
“Is that so? Even if Ajin Motors goes on sale, there might not be any buyers. You know the current climate is tense, right?”
“Yes, you’re talking about the financial crisis that started in Southeast Asia, right?”
“Exactly. We need to be cautious too. Several conglomerates have already fallen. Everyone’s either out of money or holding onto it tightly. Only companies like our Sunyang or Daehyun have the purchasing power for Ajin… but I’ve already spent my money.”
“Isn’t there always someone lurking beneath the surface? Like me, for instance.”
“Well, there might be… what? What did you just say?”
I should have been more careful. The shock was so great that Grandfather’s jaw trembled.
If he collapses, it’ll be a disaster. I was too rash.
“Grandfather, are you okay?”
“You rascal. This old man is just fine. Now, repeat what you just said. What was it?”
“I said I might be the one to acquire Ajin Group. You didn’t mishear me.”
I tried to speak as cautiously as possible, but it was no use. He even clutched the back of his neck.
“Grandfather, are you alright?”
Grandfather waved his hand dismissively and reached for a glass of water, taking a long drink.