The Conglomerate Family Became A Villain [EN]: Chapter 188

188. Victoria Fund (2)

The face of Jeong Min-seok, president of Daewoon Construction, was grim.

“Another delay?”

“Their circumstances have been difficult recently…”

The one trailing off was Kang Hyung-taek, the executive director of Daewoon Construction, responsible for projects in the Middle East, including Qatar.

“How long are we going to keep waiting? It’s already October.”

Jeong Min-seok’s 1985 had looked promising. He believed he could secure the position of chairman of the Daewoon Group if he finalized a contract with either Qatar or the United Arab Emirates.

But ten months later, neither deal was close to being signed.

‘We signed a memorandum of understanding, but at this rate…’

If he couldn’t finalize the main contract, the project would remain in limbo.

Moreover, he had another piece of bad news.

Jeong Min-young’s Daewoon Corporation, which had seemed unstable, had seen a sharp increase in profits.

“I’ll reschedule the meeting.”

Jeong Min-seok frowned and said,

“Make it as soon as possible. We need to get the main contract signed before the end of the year.”

“Understood.”

After Kang Hyung-taek left, Jeong Ki-seok, another executive director of Daewoon Construction, entered.

Executive Director Jeong Ki-seok was mainly in charge of government-ordered projects.

“You called for me?”

Jeong Min-seok nodded and said,

“How is the highway project going?”

“The construction of the Jungbu Expressway is proceeding smoothly.”

Daewoon Construction had been selected as the contractor for sections 2 and 3 of the Jungbu Expressway last year.

“How about other projects?”

He was asking if there were any new bids.

‘Even if it’s not the Qatar project, I can still achieve results.’

If he could win a major domestic construction project, he could still claim a significant accomplishment.

“There is information that the Ministry of Transportation is planning the Jungang Expressway.”

“The Jungang Expressway? Which route is that?”

“It’s a route connecting Chuncheon to Daegu.”

“Connecting Chuncheon to Daegu?”

If it connected Chuncheon to Daegu, it would likely be over 200km long.

‘It might not be as big as the Gyeongbu Expressway [major highway connecting Seoul and Busan], but it’s still a significant project.’

Executive Director Jeong Ki-seok replied,

“I understand that it will eventually connect from Chuncheon, past Daegu, to Busan.”

“Then the route would be close to 300km.”

“Probably.”

Jeong Min-seok asked,

“Has the feasibility study started?”

“I believe it started this summer.”

The feasibility study had already begun, meaning the government was committed to proceeding with the project.

“When will the results be out?”

“It could be as early as the end of the year.”

Jeong Min-seok narrowed his eyes.

‘The end of the year is not good.’

If the feasibility study came out at the end of the year, the selection of contractors would have to wait until next year.

‘Only three months left.’

He had to produce tangible results within three months.

“Are there any other projects?”

“Well…”

Hesitation meant there were none.

“I understand. You can go back.”

After Executive Director Jeong Ki-seok left, Jeong Min-seok let out a long sigh.

“Haa… Am I in a desperate situation?”

It felt like a dark shadow was looming over him.

‘Not yet, it’s not over yet.’

Jeong Min-seok clenched his fist tightly.

At the same time.

Jeong Min-young’s face was beaming.

“We’re seeing results from the Japanese business.”

As the value of the yen soared, the profit margin for goods exported from Korea to Japan greatly improved.

“I think exports are better than imports after all.”

Executive Director Go Hyun-moo of Daewoon Corporation also looked relieved.

“I was really nervous when Samjung Corporation came in with dumping prices.”

For Daewoon Corporation, Samjung Corporation’s dumping was a major crisis.

Jeong Min-young knew he had overcome that crisis thanks to Jeong Hyun-woo.

‘If Hyun-woo hadn’t helped, we might have collapsed then.’

He had not forgotten the advice Jeong Hyun-woo had given him. At the time, Jeong Hyun-woo had advised:

– Samjung Corporation may return at any time. It might be better to focus on growing other areas, such as exports to Japan, rather than textiles.

Jeong Min-young was increasing exports to Japan and reducing the textile business, following Jeong Hyun-woo’s advice.

“It seems the rise of the yen will continue for the time being, so don’t exchange the yen; keep it as is.”

“Then what should we use to pay…”

“Exchange dollars and pay with those.”

Jeong Min-young decided to accumulate yen and spend dollars.

This was also an action based on Jeong Hyun-woo’s advice.

‘Hyun-woo is like a sage who knows the future.’

He was benefiting greatly in many ways thanks to Jeong Hyun-woo’s advice.

*Beep. Beep.*

At that moment, the intercom rang, and Jeong Min-young immediately reached out his right hand.

*Beep.*

“What’s the matter?”

“The Chairman is calling for you.”

“Understood.”

Jeong Min-young got up from his seat and headed to the Chairman’s office.

Go Hyun-moo watched Jeong Min-young’s light steps and thought.

‘The succession battle seems to be over.’

At the beginning of the year, he had advised Director Lee Mu-ho of Daewoon Corporation to remain neutral.

But now, it seemed there was no need to do so.

* * *

Jeong Hyun-woo was talking to Chief of Staff Hong Won-ik, not Choi Kyung-min, for the first time in a while.

“How have you been?”

“I’m doing okay, thanks to you.”

“It doesn’t sound like you’re completely better.”

Chief of Staff Hong Won-ik sighed briefly and said,

“I think I can relax a bit once the succession competition is over.”

“Is it still going on?”

“Still?”

“I thought it would be over by now.”

Hong Won-ik shook his head after hearing his words.

“Min-young has achieved some results recently, but you can’t call it a reversal with just that.”

“Does that mean my great-uncle has a trump card?”

“That’s right.”

If a contract with Qatar or the United Arab Emirates materialized, the tide would suddenly turn in Jeong Min-seok’s favor.

“You don’t have to worry about that.”

Hong Won-ik tilted his head and asked,

“Did you hear about it from the Chairman?”

“Not from the Chairman, but from the Blue House [Korean presidential residence].”

The one who conveyed the story to Jeong Hyun-woo was Senior Secretary for Civil Affairs Heo Moon-young. He said that the contract with Qatar was becoming difficult and added that the situation in the Middle East was unusual.

“The Blue House, huh.”

“Can’t we trust it to some extent?”

Hong Won-ik narrowed his brow.

“If the Middle East project falls through, it’s not just a problem with the succession.”

If things went wrong, Daewoon Construction could be shaken.

‘Daewoon Construction is one of the core affiliates that form the foundation of the Daewoon Group.’

The crisis of Daewoon Construction was also the crisis of the Daewoon Group.

“Since the project hasn’t started yet, I don’t think there will be such a big crisis.”

Jeong Hyun-woo thought it was better to fail to win a contract than to start a project and have it run aground.

“Listening to you, it seems like the world is easy.”

Jeong Hyun-woo shrugged his shoulders.

“The world is never easy.”

Hong Won-ik had no idea about the difficulties Jeong Hyun-woo had recently experienced.

“It doesn’t feel real when you say that.”

“I’ve suffered in my own way.”

“In America?”

“Koreans are always outsiders, no matter what.”

The center of America was, no matter what anyone said, WASP (White Anglo-Saxon Protestant).

“Is the business in America difficult?”

“Rather than difficult, I’d say there are various problems.”

“Hmm, I thought it was on track, but I guess not.”

Jeong Hyun-woo responded to his words in a soft voice.

“I thought similarly, but sometimes there are sections where the track are broken.”

Sections where the track are broken.

This encapsulated the difficulties he had experienced during the past summer.

“I’m glad you seem to be doing well anyway.”

“How is grandfather?”

He could find out about the atmosphere inside the group through Choi Kyung-min, but he couldn’t find out anything about Chairman Jeong Woo-sun’s well-being through Choi Kyung-min.

“The Chairman is doing well. He’s been going to the hospital more often recently, but I don’t think it’s anything to worry about.”

Since the death of Chairman Shin Byung-cheol of Samjung Group, Chairman Jeong Woo-sun had been visiting the hospital more frequently.

“Grandfather seems to be in good health. Please tell him I’m doing well.”

“Okay.”

Jeong Hyun-woo exchanged some pleasantries and hung up the phone.

*Click.*

“Haa… The Plaza Accord [agreement to depreciate the US dollar in 1985] is over, so is all that’s left is the bubble burst?”

He turned his head to check the time.

‘Has it gotten this late already?’

The time to go to work was approaching.

“I need to wash up and go to work.”

As he went up to the second floor, he saw Sarah coming out of her room.

“Charlie?”

“I made some calls.”

“Calls? This early in the morning?”

“I had something to talk about with people from my hometown.”

Sarah nodded, thinking about the time difference.

“I think you said that when it’s dawn here, it’s daytime there?”

“When the sun rises here, it sets there.”

“I see.”

“Sarah, you have a business trip today, right?”

Sarah nodded and replied,

“I’m just doing an interview. I’ll be back by tonight.”

A day trip to New York.

“Then we can have dinner together.”

It was the two of them enjoying a brief period of peace after the crisis of summer had passed.

“Shall we?”

“Let’s do that.”

After making plans with Sarah, Jeong Hyun-woo went back to his room, thinking.

‘Nothing will happen here, right?’

If something did happen, it would be a reaction to the fact that he knew the future.

* * *

New York, Wall Street.

The New York branch of Victoria Corporation.

Not only economic magazine and newspaper reporters, but also reporters from major newspapers flocked to the small conference room.

“There are too many attendees, so we can’t fit everyone in.”

Sarah listened to the story from the New York branch employees and immediately went to find John Pier.

“Ms. Hilton, what brings you here today?”

“I came to ask Mr. Pier for a favor.”

“You’re asking me for a favor?”

Sarah nodded and replied,

“Too many reporters have come, so we can’t hold the event in our conference room.”

Since Victoria Corporation’s New York branch was using the same building as JP Morgan’s headquarters, she wanted to borrow JP Morgan’s main conference room.

“You want to use the main conference room.”

“Is that possible?”

“Let me check the schedule first.”

John Pier checked the availability of the main conference room through his secretary.

“Ms. Hilton, I’m told that the main conference room is scheduled for today.”

“Then…”

“Instead, I’ve arranged for you to use the convention hall.”

Sarah’s face brightened instantly.

“Mr. Pier, thank you so much.”

John Pier waved his right hand and said,

“Isn’t Victoria Corporation the best partner? I don’t think this help is anything.”

Thanks to John Pier’s help, Sarah was able to move the venue to the convention hall.

The reporters took the elevator down as the venue changed.

“It seems the presentation venue has changed because there are so many people.”

“I didn’t expect so many people to come either.”

“It’s Victoria Corporation’s first earnings announcement.”

The reason Sarah had flown to New York was to announce Victoria Corporation’s third-quarter results.

“If the results are good, the stock price will skyrocket, right?”

“Wouldn’t it be difficult for the results to be good because of the labor-management agreement last time?”

“Hmm, cost increase.”

“That’s right.”

The reporters thought that Victoria Corporation’s results or guidance were likely to be the same as or lower than expected.

“The stock price will fluctuate tomorrow depending on today’s announcement.”

“It seems the market has judged it to be not very good.”

“Was the closing price bad?”

“$12.9.”

“$13 has collapsed.”

Listed companies that receive as much attention as Victoria Corporation inevitably see their stock prices fluctuate with each earnings announcement.

*Ding.*

With a short bell sound, the elevator arrived on the 3rd floor, where the convention hall was located.

“Okay, let’s get off.”

Dozens of reporters moved into the convention hall.

At the same time.

Sarah reviewed the materials for the earnings announcement and cleared her throat.

“Hmm, hmm.”

Her secretary, Olivia, stood by her side.

“The announcement is in three minutes.”

Sarah took a deep breath and said to her,

“Let me know again when there’s one minute left.”

“Understood.”

Olivia was a talented graduate of Harvard University and one of the 46 new employees hired by Victoria Corporation this year through open recruitment.

“Hoo… Hoo…”

Last time, Jeong Hyun-woo had announced Victoria Corporation’s vision in front of reporters.

However, since Jeong Hyun-woo was in charge of the development part, he could not fly to New York every quarter to announce the results.

Sarah thought it was right for her to take on this task.

“One minute left.”

Sarah nodded.

“Okay.”

She finally adjusted her clothes and hairstyle.

‘This should be enough.’

The white blouse, black skirt, and golden hair pulled up highlighted her beauty.

“It’s time.”

Sarah nodded and walked to the podium.

*Tap. Tap.*

Was it because she was wearing high heels?

The sound of her shoes was unusually loud today.

‘Haa… I don’t usually wear high heels.’

Her gait was slightly unsteady, but hardly anyone noticed.

“Oh, she’s coming out.”

“It’s Ms. Hilton.”

“Her beauty is amazing.”

Someone was already taking pictures.

*Click. Click.*

Sarah glanced at the cameras pointed at her.

‘Haa… There are so many.’

The number of cameras was twice as many as when Jeong Hyun-woo announced the module system at Citibank.

“Hello.”

Sarah, standing in the center of the podium, began the presentation with a brief greeting.

“I’m Sarah Hilton, COO of Victoria Corporation.”

As soon as her introduction was over, the sound of camera shutters rang out again from all directions.

*Click. Click. Click.*

“Personally, I’m excited to be able to deliver good news to you.”

Sarah’s voice was bright and soft.

The reporters listened to her bright voice and thought.

‘Are the results better than expected?’

Soon, her presentation began.

“I will start by announcing Victoria Corporation’s sales, which you are most curious about.”

Victoria Corporation’s third-quarter sales.

All the reporters’ eyes were on Sarah.

“Victoria Corporation’s third-quarter sales are $750 million.”

Sales of $750 million.

This was a figure that greatly exceeded the market’s expected $420 million.

“Quarterly sales exceeded $700 million?”

“If quarterly sales are $700 million, annual sales will easily exceed $2 billion.”

Some of the reporters were already informing their headquarters of this fact using newly commercialized mobile phones.

That’s how shocking Victoria Corporation’s third-quarter results were.