Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 63

63. 20th. Without Speaking… (2)

While Lee Sung-min was plotting his plans after inheriting Haedong Merchant Bank, Sun Hae-cheol was meeting with Ko Seung-ju at a Japanese restaurant.

“You’re saying you’ll return it with bond acquisitions?”

“I don’t think it’s a bad idea, *hyung-nim* [older brother or respected male figure]. Business is good, but you need to keep some liquid funds. And doesn’t Chairman Lee have slush funds in Standard as well?”

Unlike Sun Hae-cheol, who was chewing on sashimi, Ko Seung-ju didn’t answer and emptied his glass.

Being reinvested with won-denominated bonds that would repay the full amount of the sale proceeds at maturity was a very good offer. It would save the company’s internal dollars in preparation for the coming storm, and it would also increase the slush funds in Standard and Triumph.

However, even if the source was Lee Dae-soo’s slush fund, the $300 million entrusted to Standard was virtually Lee Sung-min’s money.

Considering bringing in Standard Capital to weather the storm looming over the Korean economy, Haedong Group would be at a disadvantage in the exchange, so Ko Seung-ju was not pleased.

Seeing Ko Seung-ju unable to make a decision easily, Sun Hae-cheol clicked his tongue.

“*Hyung-nim*, I heard from Claire that Sung-min made $4.9 billion from Mexico and Japan alone, thanks to him. Do you think all the debt will be paid off just by doing that? But it’s not like you’re losing money either.”

“F, forty-nine billion dollars?”

Unlike Sun Hae-cheol, who asked in an indifferent voice, Ko Seung-ju’s voice trembled. How could a guy who’s only twenty-five years old make so much money?

“Ho, maybe that money…”

“*Hyung-nim*, come on. How is that all Sung-min’s money? It’s the investors’ money. Well, Sung-min invested in the early stages and is the biggest contributor to this, so he probably got a good share, hehe.”

While Ko Seung-ju trailed off, Sun Hae-cheol waved his hand and chuckled. Who would have thought that the always calm and serious Ko Seung-ju would show such a flustered *moseup* [appearance/demeanor]….

“I understand. Tell Lawrence and Mr. Royce. How long do you think it will take?”

“To gather all the *mullyang* [volume/quantity of stocks] while managing the stock price as much as possible with paper companies… it will take about a year. I’ll finish it by June next year at the latest, haha.”

In this case, Haedong Corporation’s $2.2 billion earned from the *engo* [strong yen] speculation, which was left over after expanding the business, would be idle for a year. Ko Seung-ju, who had become accustomed to playing with money under Lee Dae-soo and the three veteran CEOs, couldn’t stand to see that.

“What do you think will happen to the Korean economy?”

“Why are you asking something you know better than I do? You know it’s dangerous in the long run, *hyung-nim*, don’t you?”

“I guess so?”

“How many of our export items can compete with Japan? Except for semiconductors, everything else, from automobiles to steel, is losing out. If the reverse Plaza Accord takes effect and the *en-jeo* [weak yen] starts, Taehyun Motors will be in trouble first, right? I heard Ado Motors is already rotten to the core?”

Ko Seung-ju nodded at Sun Hae-cheol’s question.

Not only Lee Dae-soo and himself, who are the most cautious in the business world, but also Sun Hae-cheol, who was trained on Wall Street, agreed that there was a high possibility that dark clouds would gather over the country’s economy in the future.

“I understand. I’ll tell Chairman Lee about your proposal and start.”

Ko Seung-ju clinked glasses with Sun Hae-cheol, but even while drinking, he was busy researching the best way to manage the money, so he didn’t have time to enjoy the taste of the *sul* [alcohol].

###

After finishing the *suljari* [drinking session] with Sun Hae-cheol, Ko Seung-ju went straight to Samcheong-dong and reported what they had just discussed.

“*Euhahaha*! My boy has become the pillar of that company!”

Lee Dae-soo laughed heartily, pounding the desk. Even though he had made money for others, he couldn’t help but laugh at his grandson’s skill in earning so much money with his insight and decisiveness.

After laughing for a while, Lee Dae-soo took a breath and said.

“So, you’re saying we should manage the $2.2 billion that will be idle until then?”

“It’s been a year since the equity investment. In that one year, the bank interest alone is over 100 billion won, so we can’t just hold onto it, Chairman Lee.”

“You’re just like me, *heuheu*.”

Lee Dae-soo chuckled, seeing Ko Seung-ju’s expression as if he was really regretting it. He would have done the same, so there was no reason to stop him.

“The problem is the method… what do you think we should do?”

“In my opinion, it would be good to entrust it to Sung-min as soon as the equity *jeongni* [settlement/arrangement] is completed. We can’t let Chairman Lee’s eldest grandson only make money for a company that might not even be his, can we?”

Lee Dae-soo laughed at Ko Seung-ju’s fluent question.

“*Heo-heo*, you’re reading my mind.”

“There’s that, but among the group’s affiliates, only Haedong Merchant Bank is maintaining the status quo. It’s not that CEO Cho didn’t do well, but Sung-min is just so good at producing *output*… haha.”

“CEO Cho must be very disappointed. Lending money to a food company is a waste of money, and if I had stepped in to expand the branch this time, it would have been done a long time ago.”

Ko Seung-ju smiled awkwardly, as if he was embarrassed himself, but Lee Dae-soo also agreed. Considering the morale of CEO Cho Young-chan and the employees of Haedong Merchant Bank, who have been silently managing the group’s coffers while the five affiliates have been growing rapidly, he couldn’t just leave them alone.

“I’ll call Sung-min and talk to him when the equity *jeongni* [settlement/arrangement] is done.”

“Yes, Chairman Lee.”

Ko Seung-ju bowed his head at Lee Dae-soo’s instruction, who had taken a breath.

***

A few days later.

Called to Samcheong-dong, I received a file from Ko Seung-ju in the reception room.

“Sign and stamp the seal on each contract inside.”

“Yes, *baekbu-nim* [uncle].”

I opened the file, looked at the two copies of the stock exchange agreement, signed them, and pressed the seal with ink. Seeing that my grandfather and Lee Myung-jin’s signatures and seals were already on my signature line, it seemed that they had already reviewed them.

After signing and sealing, I handed over the file with the cover closed, and Ko Seung-ju inserted the two copies of the contract that I had to take into a prepared empty file and handed it to Park Tae-jin. As Park Tae-jin sat down and put the file in his bag, my grandfather said.

“From now on, Haedong Merchant Bank is Sung-min’s company.”

“Thank you, Grandfather.”

In this way, within the group, I became the *siljiljeokin* [de facto] leader of Haedong Merchant Bank, and Lee Myung-jin became the *siljiljeokin* [de facto] leader of the heavy industry affiliates. If I pay the taxes according to the stock price exchanged today, the affiliate separation will be completed neatly without any talk of illegal methods.

Some of my Haedong Corporation shares were transferred to my grandfather to match 50 percent of Haedong Merchant Bank’s shares, but it didn’t matter. Thanks to the fact that Haedong Corporation’s value had increased so much due to the *engo* [strong yen] speculation, the amount reduced by the stock exchange with my grandfather was not that much.

While I was organizing what to do in my head, my grandfather said in a stern voice.

“From now on, you have to fill in any holes in the Merchant Bank as much as your share. You have to manage it with a sharp mind.”

“Yes. I will not disgrace my grandfather and the group.”

Listening to my grandfather’s order, I felt that I had become the owner of Haedong Merchant Bank. Others may say that my grandfather is stingy, but isn’t the owner responsible for the company as much as he owns it?

Shinsung Group, where I had worked like a dog, was not mine, so I had no qualms, but Haedong Merchant Bank, which I have now inherited, is mine. Of course, I will take care of the company like my own body, as my grandfather said.

Satisfied with my cool answer, my grandfather looked at me with a pleased expression.

“Now our eldest grandson will properly increase the family’s wealth, *euhahaha*.”

I was grateful and sorry to my grandfather, who was pleased. One way or another, I had been going in and out of the house to increase my wealth, but he had silently watched over me.

While we were looking at each other affectionately, my grandfather cleared his throat and straightened his voice.

“So, about that… I want you to manage the $2.2 billion that Haedong Corporation earned and left over for three years.”

“Yes… yes?”

While I was answering like a *makdung-i* [youngest child] because I was so happy, I wondered if I had misheard. He wants me to manage Haedong Corporation’s $2.2 billion? There are plenty of talents in the group’s secretariat, including Ko Seung-ju and Haedong Corporation’s international finance department, who are like snowballing money, so why?

My grandfather shouted at me, who was startled.

“What are you surprised about? With your skill in managing money, you’ll never lose it, will you?”

“W, well, it’s a sudden thing….”

“The heavy industry affiliates and the Corporation have grown rapidly thanks to you. I’ve given you a lot of capital for a year, so grow the Merchant Bank’s *sallim* [household/finances] a little. CEO Cho will get along well with you even if you don’t talk to each other, *heo-heo*.”

Looking at my grandfather laughing, it didn’t seem like empty words. CEO Cho Young-chan, will he get along well with me?

***

After saying goodbye to my grandfather, I went to Haedong Merchant Bank’s headquarters in Myeong-dong with Park Tae-jin.

“Hello, CEO.”

“Hello, CEO.”

“Welcome. Everyone, sit down.”

As I bowed my head and greeted him, Cho Young-chan pointed to the sofa with his hand.

“I’m sorry, but please get three cups of milk tea and some *gwaja* [snacks] that I bought from the headquarters last time.”

“Yes, CEO.”

Cho Young-chan politely ordered refreshments on the intercom and then came and sat on the sofa.

“I received a call from Chairman Lee. How do you feel about becoming the owner of Haedong Merchant Bank?”

“Well… I feel like my shoulders have gotten heavier, haha.”

Cho Young-chan looked at me with a smile as I joked.

“You’re just like your father when it comes to *nungchineun* [being sly/cunning]. Myung-woo wasn’t as young as you, but he said that when he came to greet me, haha.”

With his hair neatly styled with pomade, round gold-rimmed glasses, a stylishly groomed mustache, and an ascot tie, Cho Young-chan’s *moseup* [appearance] was the epitome of a veteran financier.

While I was smiling humbly, looking at Cho Young-chan laughing, an employee knocked and came in, bringing milk tea and cookies to us.

“Thank you for the drink, CEO.”

As I drank the tea, I felt like I had drunk it a lot before.

“What kind of tea is it? I feel like I’ve drunk it a lot.”

“It’s made from Golden Tips that I bought from the headquarters. People our age can’t handle it if there’s no milk, so please understand, haha.”

Cho Young-chan chuckled, and then stopped laughing and looked at me intently.

“I’ve been waiting for you to come. Myung-jin and my *hyung-nim* [older brother] have all made a fortune thanks to you, but I was so disappointed that you didn’t come to the Merchant Bank, *heo-heo*.”

“I’m sorry I’m late, CEO. But I came with $2.2 billion, so please look kindly on me, haha.”

As I lowered my hand, which had been stroking the back of my head, and laughed, Cho Young-chan also laughed.

“So my disappointment has been completely resolved. I can’t deposit everything in the Merchant Bank, but even half of it would be a great help, *euhahaha*.”

Looking at Cho Young-chan laughing heartily, we talked about what had happened so far, enjoying the fun of finding the soft texture and subtle aroma of milk tea.

Just as we were about to end the fun with the last sip, Cho Young-chan straightened his expression and asked.

“I heard from Chairman Lee and Chief Secretary Ko. They said a wave is coming?”

“Yes, CEO. I realized that politics and money are inseparable while working in New York, and I made that judgment.”

I said that I had just realized what I had been realizing for 26 years, but Cho Young-chan nodded silently.

“When money wields politics, politics wields money… it’s like they’re chasing each other’s tails. It’s an inevitable reality.”

But I didn’t want to be caught by money or politics. It would be okay if I could catch and wield both, but if I was caught and wielded by both, would I be qualified to be the successor of Haedong? Hiding such thoughts, I opened my mouth.

“I will keep that in mind, CEO.”

“Yes. If you’ve experienced the *siljeon* [real battle/experience] in New York, you’ll know how our Haedong Merchant Bank works….”

I don’t know how much Cho Young-chan’s ‘roughly’ is, but I was confident that I could make money for Haedong Merchant Bank. Without making others suspicious.

While I was watching to see what he would say, Cho Young-chan’s voice regained strength.

“How do you think we should manage the funds? I think we need to adjust the CMA [Cash Management Account] portfolio.”

Uh? Did he read my mind? The first thing I was going to do was to fix the CMA portfolio.

Since our intentions matched, it seemed like the conversation would go well.

“I was going to talk about that first, CEO.”

“Oh, really? I’d like to hear your thoughts first.”

“I’d like to increase the proportion of overseas mutual funds in the Merchant Bank’s CMA to the maximum amount that the funds can withstand.”

Cho Young-chan nodded and stroked his mustache.

“Overseas mutual funds….”

Merchant Bank’s CMA mainly invests in bonds or bills of the government or first-tier companies because of its stability. But if you have confidence, you can increase the proportion of project financing or overseas mutual funds as much as you want, and it’s a magical investment product that is even protected by deposit insurance.

Cho Young-chan took his hand away from his mouth and asked.

“Which overseas mutual funds are you talking about?”

“S&P 500 index fund, CEO.”

I said to invest in the most modest index fund among mutual funds, but Cho Young-chan’s eyes shone sharply.

“It’s probably because of the exchange rate, but also because of the growth of the US stock market?”

“C, CEO?”

I got goosebumps at Cho Young-chan’s answer.

The reason I chose the S&P 500 index fund was to take both the capital gains from the index increase and the exchange rate gains. The CMA deposits of customers only need to be paid the agreed interest rate based on the won, so all other excess profits belong to Haedong Merchant Bank.

Cho Young-chan smiled as he looked at me swallowing hard.

“Not only that, but you’ll also be aware of the *bunwigi* [atmosphere/trends] in the business world?”

I was suffocated by Cho Young-chan’s gaze with a mischievous smile.

If Haedong Merchant Bank invests in a specific stock and makes unbelievable profits, the business world will try to find out who’s behind it, so I suggested an index fund that invests in all the stocks included in the S&P 500, but he easily grasped all my intentions….

“It’s nothing. Chief Secretary Ko and your opinions were helpful, but I check the exchange rate every morning to start the day, so I can’t help but know.”

“C, CEO…?”

Cho Young-chan chuckled as he looked at me with my mouth open.

“I’ll raise the CMA annual interest rate to only 12 percent for three years. It’s higher than the interest rate of commercial banks, but there won’t be any problems with the flow of funds. What do you think?”

I couldn’t say anything in front of Cho Young-chan, who was showing a relaxed smile. Now I know why my grandfather said that Cho Young-chan and I would get along even if we didn’t talk.