Mining And Construction Tycoon [EN]: Chapter 222

222. The Fateful General Shareholders Meeting (4)

In that situation, Jungwoo Ahn directly asked Taesu.

“What were you discussing?”

“We were talking about dismissing the chairman of Cheongil Group.”

“I’m just in time, then. But does it take this long to discuss that?”

Jungwoo Ahn looks at Ilgwon Han.

Jungwoo Ahn slams the document envelope down with a thud.

“Allegations of drug smuggling originating from the president of Cheongil Construction, stock price crashes, massive government debt, poor management, and failed restructuring.”

It was the same reason the Cheongil executives were clinging to.

Even the right to speak with just one share should be insignificant compared to them.

“Someone has to take responsibility.”

However, the weight and pressure from Bongnam Kim’s words were different.

The general shareholders meeting was said to be where the person with the most shares was the powerful one, but who would dare to take the president-elect’s words lightly?

The general shareholders meeting itself is held because of the company, and the reality is that the company cannot be free from the president’s influence.

‘Damn it!’

Ilgwon Han bit his lip.

Ilgwon Han holds a whopping 56% of Cheongil Construction’s shares.

It was a sufficient stake to defend his management rights.

So, even if Cheongil’s loyalists turned their backs, he could scoff at them.

‘Isn’t it foul play for the next president and the prosecutor general to come out like this?’

He felt wronged.

However, he couldn’t protest.

For the first time, Ilgwon Han felt suffocated.

Barely swallowing the curse that rose to his throat, Ilgwon Han picked up the microphone.

“Even if you are the president-elect, I hope you remember that this is a general shareholders meeting. The shares I hold are more than half…”

“What are the prosecutors doing outside!”

Even without using a microphone or megaphone, his voice echoed loudly throughout the conference room.

Prosecutor General Chayeol Kim interrupted Ilgwon Han’s words again and shouted towards the outside of the conference room.

“Come in and stand by! We need to drag the suspect away as soon as the general shareholders meeting ends!”

A group of prosecutors rushed into the conference room as if they had been waiting.

As the prosecutors walked towards Ilgwon Han, Ilgwon Han gritted his teeth.

“What is the meaning of this? We are in the middle of a general shareholders meeting.”

“Who told you not to have the meeting? You do your job. I’ll do mine.”

“Ha…! Your job? Calling in prosecutors and dragging me away out of the blue?”

“Then what else would I be here for?”

He doesn’t even hide his true intentions.

Prosecutor General Chayeol Kim waved the warrant in the air a few times.

“You are under strong suspicion of being involved in drug smuggling. You are a subject of investigation.”

“Do you have any evidence?”

That kind of talk might work with ordinary people, but it wouldn’t work with the prosecutor general.

“It will all come out during the interrogation.”

Ilgwon Han was indeed deeply involved in the Japanese smuggling route.

Hadn’t his father opened the Japanese smuggling route, Jeonghwan Park protected it, and Ilgwon Han put in the effort to maintain exchanges?

Now that his backing is gone, the more they dig, the more disadvantageous it becomes.

‘Damn it! Damn it!’

Only curses came out.

He felt like he was suffocating from the pressure.

Ilgwon Han roughly pulled down his tie and panted.

Jungwoo Ahn silently raised his hand.

Then the prosecutors stopped moving near Ilgwon Han.

“President-elect Jungwoo Ahn.”

Ilgwon Han finally had no choice but to ask Jungwoo Ahn like this.

“What exactly do you want?”

“Do you need to ask?”

There was no way he didn’t know.

But he didn’t want to admit it.

He didn’t want to accept it.

He felt very wronged, resentful, and aggrieved by the current situation.

“Right now, you are using your power to interfere with the management rights of Cheongil Group.”

“I’m doing things according to the law.”

No matter how much Jungwoo Ahn would become the next president, he couldn’t arbitrarily take away the management rights of Ilgwon Han, who held a majority of the shares.

That would be a clear overreach of authority and would tarnish the president’s name later on.

That’s why Ilgwon Han had to give up his management rights himself.

That was according to the law, according to procedure.

“According to the law? Bringing the prosecutor general and prosecutors to the general shareholders meeting and causing a ruckus…!

“Watch your mouth.”

Jungwoo Ahn scoffed.

“A ruckus, you say?”

Jungwoo Ahn shook the document envelope containing only one share of Cheongil Construction.

“As a shareholder, can’t I even ask you to take responsibility for the problems that have occurred in the company’s management?”

“President-elect!”

Even with one share, you are a shareholder.

Even if the right to speak is insignificant, the statement itself is possible.

Jungwoo Ahn was doing this according to the law as well.

“If you didn’t want to see this, you should have run the company properly.”

Jungwoo Ahn had already properly pointed out the reason why Ilgwon Han had to step down.

It was the same reason the Cheongil loyalists were shouting at the top of their lungs.

“Make a decision.”

As soon as those words fell, it felt like a stone was falling in Ilgwon Han’s heart.

Emboldened by those words, Cheongil’s loyalists all raised their voices.

“Chairman Han, resign!”

“Take responsibility!”

“Step down!”

It was the same cry, word for word, as before Jungwoo Ahn entered the conference room.

But Ilgwon Han, who could scoff at it then, was now grimacing.

He pulled down his tie again nervously, but his stuffy breathing didn’t improve at all.

‘Damn it!’

Ilgwon Han pressed his lips tightly.

Jungwoo Ahn drove the wedge in.

“Don’t you still know that the result is already determined?”

“I have 56% of the shares. You can’t forcibly take away my management rights.”

“Who said anything about forcibly taking it away?”

Jungwoo Ahn’s voice was overwhelming the audience.

“Whether you hand it over willingly now, get dragged away by the prosecution and have the news plastered all over the front page, or get a prison sentence and meet the requirements for disqualification and have no choice but to hand it over.”

What method could be used to force it?

“Choose whatever you like.”

But would the result change if the method changed?

Ilgwon Han opened his mouth in a trembling voice.

“If I step down, Cheongil will…”

“I won’t let it come to the point where I have to take down the signboard with my own hands.”

What does that mean?

Doesn’t it mean that if Ilgwon Han doesn’t step down, Jungwoo Ahn will personally take down the Cheongil signboard [company name]?

“Is there no other way…?”

He couldn’t lose his position as the chairman of Cheongil Group like this.

“Is there really no other way to protect Cheongil…?”

He could do anything.

If only he could protect his position as the chairman of Cheongil.

If he had to kneel, he would kneel, and if he had to pledge allegiance, he would gladly pledge allegiance.

“If you, President-elect, would just take a step back… Cheongil will be your loyal dog until the end.”

“I don’t raise dogs like that.”

Instead, Jungwoo Ahn took out a carrot in front of Cheongil’s executives.

“If you willingly step down from that position, I am willing to extend the repayment deadline for the government debt.”

Ilgwon Han closed his eyes tightly.

All the banks in the city were refusing to lend to Cheongil.

Imunbok had run away with everything that could be turned into money right away.

Cheongil’s executives eagerly took the bait of extending the massive government debt.

“Chairman, please make a decision!”

“Cheongil cannot collapse like this!”

“For Cheongil! For Cheongil’s future!”

Everyone gathered in the conference room pressured Ilgwon Han with the same eyes.

‘Damn it all-!’

There was no way out.

Finally, Ilgwon Han had no choice but to say in a trembling voice.

“I will… resign… from the position of chairman of Cheongil Group.”

Finally, Ilgwon Han gave up his management rights himself.

A man who had been watching every single moment of this without missing a thing.

It was the moment when a deep smile appeared on Taesu’s face.

* * *

Jungwoo Ahn said.

“I have no choice. I will accept your intention to step down from the management for the time being.”

Prosecutor General Chayeol Kim glanced at Taesu.

He asked with a look.

‘Ilgwon Han has stepped down from the chairman’s position, should we drag him away like this?’

‘No.’

Taesu shook his head.

Chayeol Kim was puzzled.

‘No, why?’

‘Step back for a moment.’

Taesu waved his hand to convey his meaning.

Then Prosecutor General Chayeol Kim also conveyed his meaning to his subordinate prosecutors with a look.

The auditors who had been waiting near Ilgwon Han nodded and stepped back.

Ilgwon Han glared at Taesu with a constipated expression.

Taesu looked at Ilgwon Han without a word.

‘Because Ilgwon Han has to watch all the situations that will unfold from now on.’

Taesu was planning to show it directly in front of Ilgwon Han.

‘Just because you lost your position as chairman doesn’t mean it’s all over. Watch closely how Cheongil falls into my hands right before your eyes.’

As soon as Ilgwon Han decided to resign voluntarily, Bongnam Kim clenched both fists tightly.

‘Yes!’

He was a major shareholder who owned a whopping 56% of Cheongil Construction’s shares.

No one could threaten his management rights in front of his shares.

To think that Ilgwon Han would step down from the group chairman position on his own.

‘Kang Taesu, you’re really amazing. To think you’d actually pull this off!’

Bongnam Kim turned his head and looked at Taesu.

‘I didn’t think even Kang Taesu could do this, but to think he’d push Ilgwon Han out using this method.’

Ilgwon Han, who was firmly defending his position as chairman on top of the castle built with 56% of the shares.

Now that he had stepped down, the position of Cheongil chairman was vacant.

It was the seat he would sit in.

“Then let’s immediately elect the next Cheongil Group chairman…”

“Wait a moment.”

Taesu raised his hand and cut off Bongnam Kim’s words.

Bongnam Kim tried to finish his words without paying attention, but Jungwoo Ahn intervened.

“What is it?”

“What about the Cheongil Construction issue?”

The important issue had not been resolved.

“The chairman of Cheongil Group has resigned, feeling responsible, but the massive deficit accumulated in Cheongil Construction has not disappeared yet, has it?”

“That’s right.”

“You said you would extend the repayment deadline for the government debt, how many years will you extend it for?”

“Wouldn’t one year be enough?”

The faces of Cheongil’s executives instantly turned sour.

“How can we repay that much money in just one year? It’s impossible.”

“President-elect, the chairman of Cheongil Group has taken all responsibility and stepped down from the front lines.”

“Cheongil is the 13th largest conglomerate in the business world. If Cheongil goes bankrupt, it will have a huge negative impact on the Korean economy.”

“Please reconsider. Please extend the deadline further.”

Jungwoo Ahn looked at Bongnam Kim.

“I heard that you have a brilliant idea to overcome the current situation even if I don’t extend the deadline?”

“Please listen to me.”

All the shareholders and executives looked at Bongnam Kim.

The people who shared their intentions with Bongnam Kim at Daeungak [a private club or meeting place] nodded silently.

Receiving the pouring gazes with a happy heart, Bongnam Kim said.

“Due to the deficit that started in Cheongil Construction, even the affiliates are faltering, aren’t they? There are no holes to get money out of, but the deficit is too large to handle.”

Everyone knows the situation.

“But isn’t Cheongil Construction the holding company of Cheongil Group? If Cheongil Construction collapses, the entire Cheongil Group will collapse.”

“So what are you suggesting?”

“Let’s change the holding company.”

Bongnam Kim said confidently.

“If we change the holding company, even if Cheongil Construction collapses due to the deficit, the entire Cheongil Group will not collapse, right?”

“Are you saying you’re going to bankrupt Cheongil Construction now?”

“There’s no other way, is there?”

In short, it was a suggestion to abandon Cheongil Construction and save Cheongil Group.

But no one criticized him.

‘We only got one more year. There’s no other brilliant way.’

‘We have to sacrifice the small for the sake of the big. There’s no other way.’

Everyone nodded in agreement.

“So where are we going to make the new holding company?”

“You’re not suggesting Cheongil Chemical, where you’re the president, are you?”

“How about Cheongil Motors?”

The story that Bongnam Kim had been persuading the executives at Daeungak came up again.

Then everyone nodded.

‘Certainly, if it’s Cheongil Motors…’

‘The owner family won’t be able to wield Cheongil Group with their shares like this time.’

The shares of Cheongil Motors are unusually scattered.

So it is difficult for the group chairman to defend, and it is good for the executives to attack.

This also means that it is good for the executives to voice their opinions.

Ilgwon Han shouted.

“You’re going to change the holding company to Cheongil Motors? Who said you could!”

The owner family only holds 15% of Cheongil Motors’ shares.

The more it was like that, the more Bongnam Kim smiled with satisfaction.

The position of Cheongil Group chairman was right in front of him.

“Those who agree to switch the holding company to Cheongil Motors, please raise your hand.”

“Good!”

“Let’s change the holding company to Cheongil Motors!”

Everyone except Ilgwon Han raised their hands.

Jungwoo Ahn and Taesu were the same.

* * *

“With this, the holding company of Cheongil Group has been changed to Cheongil Motors.”

A loud applause echoed through the conference room.

Bongnam Kim looked around the audience and smiled contentedly.

“Now, shall we elect a new Cheongil Group chairman?”

“Do you know what?”

Taesu stood up slightly from his seat.

“I have secured 49% of Cheongil Motors’ shares.”

“T, that can’t be! It can’t be!”

Everyone gathered in the conference room opened their mouths wide.