Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 176

176. 50th. The Inevitable Big Deal (2)

Yoo Seong-hak returned to the Daeju Group headquarters near Seoul Station from the Hilton Hotel, where Hwang Byeong-sik and Kang Oh-jung had their offices.

“I’m sorry, Chief.”

Hwang Byeong-sik smiled as he looked at Yoo Seong-hak, who was bowing his head.

“What are you sorry about? We should help each other when things are tough.”

“Still, merging Daeju Electronics’ domestic sales network with Daehan Credit Distribution and selling the shares was your idea, Chief. I feel bad that I’m causing you trouble…”

Yoo Seong-hak couldn’t continue speaking and bowed his head to Hwang Byeong-sik again. It felt like he was stealing the credit of his senior, who was working hard to save the group.

“It’s okay, Yoo. Consider this a debt, so work hard, haha.”

Hwang Byeong-sik waved his hand dismissively and chuckled, patting Yoo Seong-hak on the back, but Yoo Seong-hak’s face remained shadowed. Seeing this, Hwang Byeong-sik stopped laughing.

“You seem very frustrated, Yoo.”

“…I’m sorry, Chief.”

Hwang Byeong-sik stared intently at Yoo Seong-hak, who had raised his head, and said,

“Why is someone who used to jump into a fire if the Chairman ordered it acting like this? You weren’t yourself today.”

Despite Hwang Byeong-sik’s rebuke, Yoo Seong-hak poured out what he couldn’t say at the Hilton Hotel office.

“The situation is different now, Chief. The IMF [International Monetary Fund] and the government are urging us to reduce debt, but how can we handle it? The Chairman secured $4 billion, but we need to focus on repaying debt to eliminate window dressing. But issuing CP [commercial paper, a short-term debt instrument] and corporate bonds?”

“Yoo.”

Hwang Byeong-sik’s face hardened, but Yoo Seong-hak didn’t stop.

“Other groups are also reviewing investment plans or even selling existing businesses to reduce debt. They’re also filling holes in their books.”

“Who doesn’t know that? But if we hold on a little longer, won’t we see a way out?”

“As you know, Chief, there’s a limit to loans and window dressing. If we continue like this, it may be irreversible. We need to sell what we can sell and save what we can save, even now.”

Yoo Seong-hak had been in this industry for a long time, so he had many acquaintances in other groups and was hearing a lot. Not only the top 5 groups that rivaled Daeju Group but also other groups were busy restructuring, so Yoo Seong-hak’s words were filled with desperation.

“Listen, Yoo. Daeju has always added family members, never kicked them out. You moved from Haedong Corporation to our company because you liked that, didn’t you? But you’re saying we should kick out family members?”

Yoo Seong-hak bit his lip at Hwang Byeong-sik’s scolding.

Even labor disputes, which often resulted in bloodshed in other groups, were resolved with mutual concessions in Daeju Group, unlike other top conglomerates. Wasn’t that how they had climbed to where they were now?

He knew that his attitude was contradictory because he had burned his youth for Daeju Group, liking the fact that it was different from his previous company, Haedong Group, which had embraced fewer people compared to its potential.

“I know that too. I’ve worked hard until now because I liked that we could achieve both warmth and challenge. But…”

Yoo Seong-hak trailed off and stood up.

“Would you like some water?”

“Just a glass of cold water.”

Yoo Seong-hak filled two glasses with water, handed one to Hwang Byeong-sik, and emptied the remaining glass in one gulp.

“If we try to take care of everyone, we’ll all die. We need to find a way to survive, even if it means handing over our family members to other houses.”

Yoo Seong-hak had never been so afraid during his 20-plus years at Daeju Group. If he were Kang Oh-jung, he would cut off an arm to strengthen the foundation and plan for the future.

Hwang Byeong-sik sighed as he looked at Yoo Seong-hak’s face, which was clouded with worry, and opened his mouth.

“It can’t be helped. We don’t have the authority to decide, so what can we do?”

“Chief?”

“We’re salarymen. We have to follow the person who pays us; there’s no other way, is there?”

Hwang Byeong-sik looked at Yoo Seong-hak and drank his water after a self-deprecating remark. Hwang Byeong-sik said to Yoo Seong-hak, who roughly put down the empty cup.

“You, step away from issuing CP and corporate bonds.”

“Ch, Chief?”

“If you can’t do it, I’ll have to do it myself; what else can I do?”

“Ch, Chief! That’s not what I meant…!”

Yoo Seong-hak, who was trying to explain urgently, was cut off by Hwang Byeong-sik and couldn’t say anything.

“…I’m sorry.”

“What are you sorry about? If this goes well, I might be able to climb higher, right? Haha.”

Hwang Byeong-sik’s smile and the laughter he heard seemed somehow pitiful and mournful to Yoo Seong-hak. Hwang Byeong-sik smiled as he looked at Yoo Seong-hak, who was feeling sorry for him.

“If things go well, I’ll talk to the Chairman about you. Don’t worry.”

With those words, Hwang Byeong-sik got up from the sofa and left the office. Yoo Seong-hak also stood up, but he couldn’t stop Hwang Byeong-sik and just stood there, watching his back.

***

After seeing the news of Daeju Group’s $4 billion investment, we immediately contacted the group’s elders and checked the details using all available channels.

“Did you get everything?”

“Okay.”

“Let’s go, Director.”

I, Seon Hae-cheol, and Park Tae-jin took a car and went to the Haedong Group headquarters in Gangnam. We entered Bae Jae-hoon’s office and greeted the five vice chairmen sitting at the conference table.

“We’re sorry for being late, Vice Chairmen.”

“It’s alright. We just arrived too. Sit down.”

We handed out the prepared documents and sat down at the table to start the meeting. Go Seung-ju, who was in charge of the group’s control tower, started first.

“According to Standard Capital and the General Strategy Division’s joint investigation, Daeju Group called the President on the day they secured $4 billion and proposed a government-led Big Deal [a restructuring initiative].”

“I knew it. Chairman Kang has been giving political funds to the current ruling party since they were in the opposition, and Daeju Group has also increased its capital, so the President must have agreed.”

Bae Jae-hoon said with a stern expression, and then I took over.

“Above all, the current President criticized the chaebols’ [large South Korean business conglomerates] reckless expansion in his inauguration speech. The Big Deal was as good as predicted from then on, and Chairman Kang seems to have exploited the gap well.”

“You’re not just going to praise Chairman Kang, are you, Director Lee?”

Unlike usual, Tae Jae-ho asked in a stiff voice. Of course, I wasn’t just going to end with commentary.

“Of course not, Vice Chairman. According to what CEO Seon and Executive Director Park have found out, the aerospace sector will be funded by the government and made into a semi-state-owned enterprise, and the railway vehicle sector will be merged around Taehyun Railway Vehicles.”

Up to this point, history was flowing the same way. It was the creation of Korea Aerospace Industries and Taehyun Rotem.

“That’s not related to us, Director Lee. Is there anything else?”

“Yes, there is. I heard that there will be no Big Deal in the automotive sector. Chairman Kang tried to probe it, but the fact that Standard Capital is behind Haedong Motors played a big role.”

In fact, government officials and politicians were aware of this, and they shook their heads and said this at a drinking party with me, Seon Hae-cheol, and Park Tae-jin.

[If we touch Haedong Motors, wouldn’t we become enemies with Standard? There’s no other place that saves domestic companies with such good conditions; who would do such a crazy thing as to make them an enemy?]

[I heard that the President rejected it outright. So don’t worry about the automotive sector, haha.]

[Considering that Haedong Group helped us during the last presidential election, we can’t do that. Don’t worry, Director Lee.]

Jo Young-chan chuckled as we told him the stories we heard at the drinking party.

“The world is a strange place. Chairman Kang’s teeth aren’t working, hehe.”

“In addition to automobiles, they said that our group’s affiliates will never be subject to the Big Deal.”

“Director Lee is right, Vice Chairman. Our financial structure, stock price, and business competitiveness are all superior to our competitors in the same industry, so they asked us to be the subject of the Big Deal instead.”

Lee Myung-jin chuckled at the trends in the political and banking sectors that Park Tae-jin and I told him.

“Daeju Group’s Chairman Kang must be very upset. Haha.”

“I think so too. With that man’s personality, he would have wanted to swallow Haedong Motors, hehe.”

Bae Jae-hoon, who was chuckling, opened his mouth and exclaimed.

“Look at my mind. Director Lee.”

“Yes, Vice Chairman.”

“I heard from the Strategy Office of the Trading Division that GK Group is going to be the biggest victim.”

‘What’s coming has come.’

In the past, my maternal family had to give up the semiconductor business by handing over GK Semiconductor to Taehyun Group.

Knowing that the core of the semiconductor business, memory semiconductors, was doomed from the start, the consensus within the maternal family was that they sold it well, but they created public opinion that they were wronged externally because of their pride and profits in other businesses.

Seeing my calm expression because I knew all the facts, Bae Jae-hoon opened his mouth.

“Taehyun Group is lobbying the ruling party to take GK Semiconductor. As you know, Chairman Myung Jin-ho is cooperating with this government’s North Korea project, so it will be favorable.”

“I see.”

Taehyun Group’s North Korea project would be a plus factor, but it was clear that Taehyun Electronics’ semiconductor business was better than GK Semiconductor’s. I nodded calmly, but I couldn’t maintain my composure at the news that Bae Jae-hoon continued to tell me.

“Besides, I heard that Chairman Kang is targeting your maternal family’s affiliates. He’s thinking of absorbing GK Metal and GK Telecom.”

“Yes?”

GK Metal is the largest copper smelting company in Korea, and GK Telecom is also one of the two major players in the industry, comparable to Shinseong Electronics’ telecommunications equipment business. Daeju Group, which is only bloated without substance, is reaching out to my maternal family’s livelihood!

I gritted my teeth without realizing it. The buzzing vibration was transmitted to my brain, causing a headache!

After grinding my teeth for a while, I took a breath and composed my expression.

“…I’m sorry.”

It was only right to apologize for the fact that the youngest person in this place couldn’t control his emotions in front of his elders. I heard Bae Jae-hoon’s voice as I bowed my head.

“We’re not such stingy people, Director Lee. Everyone here knows that you care about your maternal family as much as you care about our group.”

“Thank you, Vice Chairman.”

I raised my head and pondered for a moment without saying a word. After finishing my deliberation, I said to the elders above me.

“I think it would be a good idea for Haedong Corporation to increase its investment in GK Metal.”

“Why?”

Looking at Bae Jae-hoon’s narrowly opened eyes, it seemed that he would never allow it if it was an investment because of personal feelings. Of course, I had a business reason to invest.

“Haedong Corporation’s main business is resource development, especially mining. After the foreign exchange crisis is resolved, we will develop the Panama copper mine, and if the concentrate mined here is processed at the GK Metal smelter, vertical integration from mining to smelting will be completed.”

“Come to think of it, I recently received a report that the Cobre Panama reserves are good and the purity is high. I was planning to develop it as soon as the IMF management system ended, but supporting GK Metal would be a win-win.”

“And I will invest some of my money in Standard Capital in GK Telecom. As the mobile communication market grows every year, the demand for communication repeaters will also increase, so profits will be guaranteed enough.”

I should put my maternal family in debt once again and boost our cooperation.

Separately from that, I will destroy Kang Oh-jung with my own hands. Shouldn’t he pay the price for touching my family?

###

After the meeting, we went straight to Samcheong-dong and reported to our grandfather on the government-led Big Deal and the first countermeasures against Daeju Group’s expansion.

“That guy is going to get into trouble. Even if we can’t help with semiconductors because they’re too big, do as Director Lee suggests for metals and telecommunications.”

“Yes, Chairman.”

Our grandfather, who gave the order with a stern expression, looked at Go Seung-ju and opened his mouth.

“Chief Go, work with Vice Chairman Bae to extract as much information as possible about Daeju Group. If my intuition is correct, the $4 billion that guy attracted is a slush fund that he smuggled overseas.”

“Even before that, Vice Chairman Bae has been mobilizing trading company networks in various regions to collect information on Daeju Group’s overseas corporations since the gold-collecting campaign. The General Strategy Division is also securing information through insiders at Daeju Group headquarters.”

Our grandfather’s experience was sharp, and Go Seung-ju’s work was agile. Nevertheless, unlike usual, our grandfather made a sound of contemplation even at Go Seung-ju’s report.

“Hmm… it won’t be easy. If you can’t see a way, you’ll have to step in; are you okay with that?”

“Yes, Chairman. I’m willing to step in directly if necessary.”

Park Tae-jin, Seon Hae-cheol and I blinked, not knowing what he meant, but the other four vice chairmen just nodded with stern expressions.

“Good. If you can’t avoid it, don’t run away and fight back. Prevent Daeju Group from running wild no matter what. Do you understand?”

“Yes!”

Daeju Group must be stopped. We can’t let them plunge Korea into a quagmire again.

***

A few days later.

“900 billion won from Haedong Corporation to GK Metal and 500 billion won from Standard Capital to GK Telecom should be enough, right?”

“I’ve reviewed it several times, but if that much capital is added, both companies’ debt ratios will fall below 200 percent. It’ll break Daeju Group’s teeth too, hehe.”

Park Tae-jin shook his head as he looked at Seon Hae-cheol, who was chuckling.

“You’re going to be a father of twins in the fall… keep some dignity, hyung [older brother/friend].”

“You take care of yourself, you little rascal. You’re getting married next month, right?”

Park Tae-jin smiled instead at Seon Hae-cheol’s sharp glare.

“Yes. I’ll catch up with you after the ceremony, hyung. Hyun-jung said she wants to have a baby soon, hehe.”

“Okay, okay, there’s no time for this. Let’s go see the maternal family elders quickly, hehe.”

If Daeju Group tries to bite the GK Group that we’re helping, their teeth will be shattered. I smiled at the two and left the office with my briefcase in hand.