[087] The Bad Guy, The Ruthless Guy 4
As soon as he got into the car, Oh Se-hyun opened his notebook.
“That old bastard. Must’ve been really precious to him, huh? Even shed tears. Unbelievable.”
Tear stains were scattered across the pages.
The thought of all the money he had painstakingly hoarded slipping away must have been so infuriating and unjust that he cried tears of blood.
“How much are we talking about?”
“Roughly, I’d say about 80 billion won.”
“So, if we take half, it’s at least 150 billion won.”
“I’d say at least 200 billion. The 80 billion is probably just what he’s been skimming since last year… He’s been at it his whole life, hasn’t he?”
Big thief, small thief. The world is full of thieves, just varying in scale.
“We need to recover it all…”
Oh Se-hyun’s uncertain words prompted me to encourage him.
“We will. We can find it. We just need to make that old man realize he has to trade his remaining years for money.”
I’ve seen it before—squeezing money out of someone by exploiting their weaknesses. Jin Young-ki did it, and so did Jin Young-jun. Of course, they probably learned it from Chairman Jin Yang-cheol.
“Let’s secure the stocks first.”
“Damn, just thinking about that scumbag enjoying his retirement with the money from selling stocks makes my blood boil.”
“That won’t happen. We’ll make sure all the stock proceeds go back to the company.”
“Is that even possible?”
Oh Se-hyun asked, eyes wide with surprise. Wasn’t that essentially turning him into a pauper?
“That’s why it’s important to have the right family connections. Thanks to having a grandfather who can bend the law, I can talk big. Heh.”
Life is funny. The world moves as you will it. For those with wealth, the world is a playground; for those without, it’s hell.
“Alright, let’s make introductions. This is Oh Se-hyun, the head of Miracle Investment. And this handsome guy here is my youngest grandson. Some of you might be meeting him for the first time.”
In a spacious private room at a traditional Korean restaurant, we met with the people who would be taking over Daehan Construction for the first time.
We had already rehearsed how to introduce me, so I could greet them with ease.
“This kid has a keen eye for money. That’s why he’s learning investment under Director Oh. You should trust him with your money later; he’ll multiply it for you.”
“Ah, the prodigy from Seoul National University’s law school.”
They were indeed sharp. They knew exactly what kind of talk would please their superiors.
“Yes, you’ve read the papers, I see. Haha.”
“Such a talented prodigy, he excels at everything.”
Only after a storm of compliments about me swept through could I finally pick up my spoon.
“Director Oh, how’s the progress?”
“Yes, we’re just waiting to sign the contract for the shares owned by Kang Moo-sung’s family. The payment will be made in installments.”
“Installments?”
“Yes, we’ll pay as we recover the company funds that President Kang embezzled. You never know when he might change his mind.”
“Then why hasn’t the contract been signed yet?”
“We still need to negotiate with the main banks. Although it’s unlikely, if negotiations with the banks fall through, we’ll have to give up on Daehan Construction.”
At the mention of giving up, people murmured quietly, but Grandfather clapped his knee.
“Of course, that’s the way it should be. How can you run a business if you give away everything? You need to have debts forgiven and interest waived to revive a failing company, right?”
That’s our grandfather for you!
He grasped the situation in an instant.
“Alright, the acquisition of Daehan Construction is not a variable. It’s a certainty. That’s why I called you all here. Director Oh, please explain.”
Oh Se-hyun took out a bound file and distributed it to the people who would become the management of Daehan Construction.
“This will be the first project of the new Daehan Construction.”
The file he handed out was about the DMC project.
“Listen carefully and prepare thoroughly. It will be a grand undertaking. And Do-jun, come with me.”
I followed Grandfather out to a separate room.
The area around the private room was arranged as a small garden, and Grandfather and I strolled through it slowly.
“Did President Kang hand over the embezzled assets willingly?”
“He disclosed 80 billion won himself. And now, the Sunyang audit team and Yeouido accountants, with help from the prosecution and Daehan Construction employees, are thoroughly investigating the past ten years. I expect more to surface.”
“Are you planning to pay for the shares once you receive them? It must be a considerable amount.”
“The embezzlement has already been exposed. I plan to have the stock payment revert to the company in exchange for avoiding a prison sentence.”
“Haha. President Kang will end up penniless.”
“I can’t forgive him.”
“What made our Do-jun so angry?”
Grandfather chuckled.
“If he had at least paid the employees’ overdue wages, I would have given him enough to live on. Over two thousand employees have been left with nothing for over three months. With bank loans completely blocked these days, many have resorted to loan sharks just to cover living expenses. President Kang needs to experience the despair they felt.”
Grandfather stopped his slow steps.
“Well, well, it’s hard to say. How can you understand the hearts of salaried workers?”
Because I was once a salaried worker myself. I know all too well how a paycheck that barely brushes past your bank account can, if missed for just a month, cast a shadow over a family and drag them into the mire of debt.
But instead of saying that, something else came out of my mouth.
“I can’t forget the shadowed faces of the employees when I first visited Daehan Construction.”
Grandfather looked at me for a while before patting my back.
“Yes. Don’t forget that feeling. No matter what happens, you must feed your employees. There’s nothing more sorrowful than going hungry.”
Was this side of Grandfather always there? Wasn’t he known as a cold-hearted man who saw workers who died on the job as mere costs?
I never imagined such words would come from him.
“When people are hungry and starving, they betray or defect. Just look at Daehan. Aren’t all the employees who used to handle the accounts now helping to find the money President Kang stashed away?”
Ah, of course.
The warning not to let employees go hungry had a completely different meaning.
“The ones who will betray you fall into two categories: those who are too hungry to endure and those who never know when they’re full. The former is your fault for not feeding them, and the latter is your fault for not judging people well. Remember that.”
It wasn’t sympathy but caution.
Grandfather starts from a different point than most people.
On February 25, 1998, the President of South Korea was inaugurated.
His voice trembled as he delivered his inaugural address.
My respected and beloved fellow citizens!
Today, I am inaugurated as the 15th President of the Republic of Korea.
…Unfortunately, at this critical time, we are faced with the greatest national crisis since the Korean War, the foreign exchange crisis.
…We are on the brink of national bankruptcy. We are struggling daily to cover the maturing foreign debts with our massive liabilities.
…Throughout this year, prices will rise, unemployment will increase, incomes will fall, and corporate bankruptcies will surge. We are all being asked for sweat and tears.
…When I think about how the innocent citizens suffer the pain and resentment caused by the mistakes of the leadership, I cannot help but feel endless sorrow and anger.
“The President’s inaugural address is exactly what we want to say.”
Oh Se-hyun remarked as he turned off the TV.
“What do you mean by that…?”
“The innocent employees of Daehan Construction. If the creditors could show a little leniency, they wouldn’t be driven out onto the streets.”
The bank executives cautiously observed Oh Se-hyun. After all, he was the one who had appeared to save Daehan Construction, a headache for the banks, and he was from a foreign investment firm that had acquired Ajin Group.
Their eyes were a mix of hope and concern.
“What kind of leniency are you asking for?”
“First, I’d like to show you this.”
The creditors carefully examined the organizational chart we presented.
From the CEO to the auditor, the list of over twenty names clearly surprised the creditors, though they tried not to show it.
“This is quite unexpected.”
“As you can see from the organizational chart, we have a close relationship with Sunyang Group. I believe this should dispel any doubts about how a group of investors, who only deal with money, will manage a construction company. Don’t you agree?”
“We acknowledge that the management team is excellent.”
As Oh Se-hyun flashed a confident smile, the creditors nodded.
“Then please tell us frankly what you expect from us.”
“You can probably guess. First, we ask for an extension of at least one year on the loan repayments.”
“And?”
Judging by their expressions, the loan extension doesn’t seem to be an issue. If the company goes under, they won’t be able to recover anything, so there’s no loss for them.
“Second, we request a reduction in overdue interest, debt forgiveness, and that you entrust us with the voting rights of the Daehan Construction shares you hold.”
They likely anticipated the conditions regarding interest and debt, as they are customary. However, the request for voting rights seemed to catch them off guard.
“Shares are the only means to check the debtor’s management, and you want to take that away?”
“What is there to check in a company as sick as Daehan Construction? Once it regains its strength, we’ll return the voting rights.”
“We’ll need time to discuss that matter. Is there anything else?”
When Oh Se-hyun shrugged, indicating he had said all he needed to, I spoke up.
“Do you remember what the government announced at the start of the new year?”
My unexpected question seemed to surprise Oh Se-hyun more than the bank executives. His worried look seemed to ask what kind of trouble I was about to cause.
“Well, there have been so many announcements…”
“I’m talking about the plan to sell two commercial banks.”
“Ah, of course. It was a huge shock in the financial sector.”
“I’ve heard that, in terms of financial stability, Seongdong Bank is quite capable of recovery.”
“That’s right. In fact, there are banks in far worse condition. Seongdong Bank is just smaller, which is why it’s up for sale.”
“The government is pushing for an overseas sale, so isn’t this a good opportunity?”
“What do you mean?”
This conversation doesn’t concern them.
Or rather, they don’t have the luxury to look elsewhere.
“I’m talking about Mirae Miracle Investment. It’s a legitimate foreign investment firm based in New York.”
Judging by their expressions, Oh Se-hyun was the first to catch on to what I meant. He looked visibly flustered, shifting in his seat.
The eyes of the bank executives widened in realization.
“Are you suggesting you might acquire Seongdong Bank?”
“Exactly. Use us. We’ll acquire it and hand it over to you. Or we could form a consortium with Mirae Miracle.”
“Th-that’s…”
They stammered, unable to respond to something they’d never considered.
“Let’s wrap it up here for today. We hope to hear your response to our proposal soon.”
I gave Oh Se-hyun a nod and stood up.
As expected, the moment we left the bank, Oh Se-hyun burst out.
“Hey! What was that about? Buying a bank?”
“Uncle, when you see a whale, all the other fish look like minnows.”
“What?”
“By proposing to acquire Seongdong Bank, our actual demands will seem trivial in comparison. Won’t they easily agree to something so minor?”
Oh Se-hyun slapped his forehead.
“Wow, you really are something. Your strategy is as sharp as Chairman Jin’s. That’s a brilliant move. Ha ha.”
Watching Oh Se-hyun laugh heartily, I couldn’t help but smile too.
I wonder what expression he’d make if he knew I was serious about acquiring Seongdong Bank.