[080] A Gloomy New Year for Some
The sound of the economy crumbling didn’t stop with the new year.
On January 14th, Nasan Group went bankrupt, followed by Geukdong Construction, ranked 31st in the business world, filing for court receivership.
Geukdong Construction, once a leader in the industry and part of the “Big Five” in construction, had expanded aggressively by acquiring a securities firm, boasting strong financial capabilities. But that very expansion left it vulnerable to the direct hit of the financial crisis.
Rumors were rampant that Daeah Construction, similar in nature to Geukdong, was also on the brink of collapse.
“Have you heard anything?”
Oh Se-hyun couldn’t hide his anxiety.
“Why? Do you think Daeah Construction can hold on?”
“Don’t believe the rumors. They’ve been saying it’ll fall any day now for over a month. I think we underestimated them. They’re hanging on.”
“They say their financial situation is worse than Geukdong’s. How are they managing?”
“Exactly! They said their funds were cut off when they expanded into Southeast Asia and got hit by the financial crisis there, yet they’re still standing.”
“Does the president of Daeah Construction have a lot of money stashed away?”
“Have you ever seen a company owner in this country save their company with personal funds? When it’s time to go under, they’re more focused on siphoning off company money.”
Oh Se-hyun paused and looked at me.
“Hey, could they really be pulling a fast one?”
“Is that even possible? With things in such a state, how could they be embezzling company assets?”
“Juggling. They’re a construction company, so they must have land. They’re probably selling it off quickly to cover promissory notes. I heard they haven’t paid their employees for over three months. They’re just covering urgent notes and pocketing the rest. By the time they go bankrupt, their pockets will be full.”
“Uncle, that’s criminal. They could face charges.”
“These bastards are planning to take the money and say goodbye to Korea. They have no intention of saving the company, even with bailout funds.”
It’s a midnight escape.
The only difference from ordinary people is that the money they’ve pocketed is enough to live comfortably for three generations.
Names of other construction companies flashed through my mind. We can’t just acquire a company that’s been stripped of all its assets, can we?
But no viable alternatives came to mind.
Daeah Construction is the only top construction company in the country that focuses solely on construction without any subsidiaries.
Other construction companies are tied up with subsidiaries, making it difficult to acquire just the construction part.
Unlike me, who was frowning, Oh Se-hyun’s expression brightened.
“These bastards. We’ve got them.”
“Do you have a plan?”
“Let’s call a shareholders’ meeting, charge them with embezzlement, and take over. It might be easier than we think.”
A light bulb went off in my head.
Daeah Construction’s stock is at rock bottom right now. If we buy just 5%, we can call a shareholders’ meeting immediately. It might be easier to pick up the pieces and revive the company than to negotiate with creditors after bankruptcy.
“Let’s double-check and then move in. What do you think?”
“Sounds good. You’re the best, Uncle.”
When I gave him a thumbs-up, Oh Se-hyun picked up the phone.
“When you become a conglomerate chairman, remember it’s all thanks to me.”
After instructing his staff to buy shares in Daeah Construction, Oh Se-hyun put down the receiver.
“By the way, when’s your cousin’s wedding?”
“The day after tomorrow. Just family. They’re keeping it discreet, as you’d expect from a chaebol.”
The wedding was held at Chairman Jin’s mansion.
Given the tough times, only the minimum number of guests were invited, and the media coverage was minimal.
Thanks to Chairman Jin’s request and the influence of the Hansung Ilbo, there were no reporters camped outside the mansion.
Even with the limited guest list, the families involved were no ordinary ones, so nearly two hundred people filled the place.
“Thanks to you, I get to see the home of the Sunyang Group chairman. It’s an honor for our family.”
“All the kids from wealthy families look so handsome.”
“The youngest in this family is twenty-one, right? So you could marry any of them?”
“Wake up, girl. They’re all set for arranged marriages!”
The bride’s friends were chattering away beside Hong So-young, who was dressed in a pure white gown.
Even Hong So-young, usually composed, couldn’t hide her nerves today.
“Where’s your new home? Cheongdam-dong? Hannam-dong? A villa? Or an apartment?”
“Pyeongchang-dong, with the in-laws. The in-law life begins.”
Her friends frowned at the thought of starting married life with the in-laws.
“Rich families still live in the Joseon era, huh?”
“Are you stupid? Even if they tell you to live separately, you should cling on. Have you ever seen a prince living outside the kingdom?”
“Her in-laws are the vice-chairman of Sunyang Group. Will she cook? Do laundry? Clean? All she has to do is smile at the dining table. It’s manageable.”
Her friends, all daughters of wealthy families themselves, couldn’t hide their envy of her marrying the clear heir of such a powerful family.
Though they usually disliked the idea of marrying the eldest son, they couldn’t conceal their true feelings when wealth was involved. Meanwhile, Jin Young-jun was greeting guests in the reception hall.
Aside from family, the guests were mostly key figures from affiliated companies and major figures from the Hansung Ilbo, so he wasn’t too busy.
His friends dragged him to a corner of the spacious garden and offered him a cigarette.
After forcing smiles and handshakes, he felt alive again as he took a drag without worrying about being watched.
“Young-jun’s getting married. Who’s going to lead us now?”
“Come on, man. Marriage is just a formality. Our Young-jun will still hang out with us, right?”
Jin Young-jun, exhaling a few puffs of smoke, smacked the back of his friends’ heads.
“Shut up, you idiots. Married guys acting like bachelors. I’m the last to get hitched, so cut the crap.”
“We’re just worried. How many of our friends started tiptoeing around their wives after marriage? We’re just saying don’t be like them.”
“Idiot. That’s because their in-laws are wealthier. Young-jun doesn’t have to worry about that.”
“Anyway, once I’m married, I have to buckle down. The old man wants me to start working seriously. I might not have to worry about my wife, but I do have to worry about him. We have to play it smart.”
“Of course. Where else would our Young-jun go? Got it. Heh heh.”
“I’m heading back. Let’s grab a drink after the honeymoon.”
Jin Young-jun stubbed out his cigarette.
“By the way, where’s the honeymoon?”
“Prague. And hey, come here for a second.”
Jin Young-jun pulled one of his friends aside, back toward the reception hall.
“Remember that girl from yesterday?”
“Who? Oh… the one from Hanyang University’s Theater and Film Department?”
“Yeah. The one who’s a supporting actress or whatever.”
“Why? Didn’t you have enough fun last night? Planning to take her on the honeymoon? Heh heh.”
His friend grinned slyly, then his jaw dropped.
“Hey! Seriously? Are you nuts?”
“Shut up, man.”
Jin Young-jun glanced around to make sure no one was listening before relaxing.
“Put her on a plane two days from now. I’ll give you the hotel details, so you make the reservation and handle the contact here.”
“You’re something else, Jin Young-jun. Heh heh.”
“When else can I have fun without worrying about what people think? The honeymoon’s ten days. How can I spend ten days alone with a woman I barely know? I’ll go crazy. I need to enjoy myself.”
“You must really like her, huh?”
“It’s hard to find a body like hers. She’s mine for now. Tell her I’ll get her a lead role in a drama. She knows one of our company’s TV ads will get her noticed instantly.”
His friend chuckled.
“Okay. Leave it to me. I’ll set the table, and you just enjoy the meal. Consider it a wedding gift. Heh heh.”
Thinking about spending over a week with last night’s girl made Jin Young-jun eager to start his honeymoon as soon as possible.
While the grandson getting married was lost in his own fantasies, Chairman Jin was making his rounds, receiving congratulations from the guests in the reception hall.
Whenever Chairman Jin appeared, people at the tables would stand up to offer their congratulations, and he would pat their shoulders a couple of times.
“Chairman. No, in-law. This reception hall is a bit too grand for a modest wedding. Ha ha.”
Chairman Hong of the Hansung Ilbo approached Chairman Jin with a broad smile.
“Oh, in-law. I’m just worried that our precious granddaughter will be comfortable in our family. Ha ha.”
The two men shook hands.
“Could we have a word in private?”
Chairman Jin signaled to his aide and moved to a private room in the reception hall.
The quiet room was furnished with a tea table and comfortable chairs.
“Please, have a seat.”
After a brief, awkward silence, Chairman Jin took a sip of tea and spoke first.
“Chairman Hong.”
“Yes, please go ahead.”
“Now that we’re family, it’s time to stop.”
Chairman Jin’s voice was gentle, but his gaze was sharp.
“What do you mean?”
It wasn’t a feigned ignorance; Chairman Hong genuinely seemed unaware of what Chairman Jin was implying.
“With such poor intuition, how did you make a living as a writer? Tsk tsk.”
Chairman Jin clicked his tongue lightly.
“I’m talking about the people you’ve had tailing our family. It’s time to stop that.”
“In-law.”
Chairman Hong’s face, lined with wrinkles, couldn’t hide his surprise.
“The apple of your eye, your granddaughter, is getting married, and as her grandfather, you probably want to know what kind of people her in-laws are. At least, that’s what I assume.”
“That’s not exactly—”
“Just keep quiet and listen to me.”
Despite the harsh words, he couldn’t muster any anger. Instead, he found himself bowing his head. The man was older and held a higher status.
Arranged marriages are formed out of necessity, but the hierarchy remains.
If one side is desperate for the marriage, equality between the families is impossible.
“Don’t get all worked up as if slipping your granddaughter into our family is some grand achievement. The girl seemed bright and confident, and that’s why I liked her. That’s all there is to it.”
Chairman Jin took a sip from his teacup.
“Our Young-jun is still immature. He’s thirty, but he still loves to play like a child. He enjoys drinking and chasing women. Maybe you thought he’d be easy to control, to mold into a puppet husband. But let me tell you—”
“No, Chairman, I never thought—”
Somehow, the title had shifted from “in-law” to “Chairman.”
“But it’s fine for him to be that way. He’s my grandson. He can carry all the world’s faults on his shoulders, and it wouldn’t matter. Because he’s my grandson! No matter how much the world points fingers, they can’t cross our threshold!”
Chairman Jin’s voice grew louder.
“If you have even the slightest thought of using him as a figurehead to get your hands on Sunyang Group, think again. It’s not too late. If you don’t want your granddaughter to end up as a discarded daughter-in-law, erase that thought completely.”
Chairman Jin stood up, but Chairman Hong’s legs trembled too much to follow suit.
“Just because the wedding is over doesn’t mean it’s all settled. Don’t order my grandson around like he’s your son-in-law. He won’t be meeting your family. If you want to see your granddaughter, call her over. Today is the last time Young-jun will see anyone from your family. If they meet again, it’ll be business. Only when handing out advertisements. No one with the Hong surname will set foot in a building with the Sunyang name.”
Chairman Jin’s final warning echoed in Chairman Hong’s ears as he left the room.
“The pen of the Hanseong Daily can be broken by the power of Sunyang Group’s money. Don’t take my words lightly.”
Chairman Hong sat alone for a long time in the private room after Chairman Jin had left.