Mining And Construction Tycoon [EN]: Chapter 224

The Fall of Han Il-kwon (1)

Silence blanketed the hall.

The Cheongil loyalists were lost in thought, each grappling with their own dilemmas.

‘Han Il-kwon or Kang Tae-soo?’ they wondered.

‘If I yield, can I even keep my position as president?’

‘What if the bank and Han Il-kwon join forces? Will I be left out in the cold?’

These men, who prided themselves on being among the elite, were racking their brains, their minds racing at top speed.

In the midst of their calculations, they stumbled upon a critical problem.

‘We don’t even know how many shares of Cheongil Motors each of us holds!’ one realized.

‘Even if Han Il-kwon and Kim Bong-nam join hands, and we combine all our shares…’

They had been so consumed by internal power struggles that they had neglected to verify the basic facts.

Finally, someone mustered the courage to speak.

“Let’s disclose the information transparently!”

“That’s right. Let’s reveal which affiliate holds how many shares of Cheongil Motors.”

“And let’s confirm whether Chairman Kang Tae-soo really owns 49% of Cheongil Motors shares.”

Their intentions were clear: they wanted to make a decision based on verifiable information.

From their perspective, it seemed like a perfectly reasonable and justifiable request.

But to Tae-soo, it sounded like utter nonsense.

“Why should I do that?”

“Hey, Chairman Kang!”

“Shouldn’t you at least make an effort to persuade us?”

“Do you realize that we are also in a difficult position? If you just push forward forcefully, the relationship will only deteriorate.”

But such appeals had no effect on Tae-soo.

“Persuasion is what the weak do to the strong. I’ll ask again: why should I do that?”

Silence descended once more.

Tae-soo was currently in a position of absolute power. He possessed the information, the shares, and the influence.

*Clack.*

Tae-soo picked up a document envelope and tossed it onto the table in front of the Cheongil Group executives.

The Cheongil loyalists scrambled to examine the contents.

“This can’t be! He really secured 49% of Cheongil Motors shares?”

“It wasn’t a lie?”

The conference room erupted with exclamations of astonishment.

Lee Chang-won, the former president of Cheongil Heavy Industries, and Noh Il-guk, the former president of Cheongil Oil Refinery, exchanged complicated glances.

‘The true colors of those who claim to be loyal to Cheongil are truly ugly,’ one thought.

‘I’ve been pushed around by these guys for so long; it’s been tough,’ another reflected.

‘Damn bastards. They’re still fighting like dogs even in this situation.’

‘I made the right choice to leave the cesspool that is Cheongil and bask in the sun [a metaphor for joining a more promising venture].’

Tae-soo glanced at his wristwatch and announced, “I’ll give you one minute to make your decision.”

“Wait a minute! We need time to think…!”

“40 seconds left.”

Someone shouted, “I’ve made up my mind! How should I express it?”

“Sit in your seat.”

It was difficult to tell who was sitting where, as everyone was standing and grabbing at each other’s collars.

The executives of Cheongil frantically checked the temporary nameplates that had been specially provided to the major shareholders of Cheongil Construction, the holding company.

“15 seconds left.”

They all sprinted.

There was no time to pick up fallen glasses or fix shoes that had come off.

To avoid being left out, there was no time to weigh the pros and cons.

They instinctively chose to stick with the strong.

‘Since I’m going to be kicked out anyway, I should at least take a gamble,’ one thought.

‘Does Cheongil even appreciate loyalty? Loyalty is only valuable when there are crumbs to be had.’

‘There’s no such thing as loyalty in this industry.’

The conference room cleared in an instant.

Once everyone was seated, the only people left standing were Han Il-kwon and Kim Bong-nam.

Han Il-kwon clenched his fist and growled, “Those who claim to be loyal to Cheongil! They betrayed me without a moment’s hesitation?”

Kim Bong-nam closed his eyes tightly.

‘I never imagined that they would all side with Kang Tae-soo.’

With only 15% of the shares between them, they could be considered major shareholders, but they couldn’t effectively interfere with management.

Revival was impossible.

“3, 2, 1. Time’s up.”

Tae-soo looked up from his wristwatch.

He calmly addressed Han Il-kwon and Kim Bong-nam, who were standing alone: “I understand your intentions. But since the two of you are major shareholders of Cheongil Motors, which has become the new holding company of Cheongil Group, I won’t kick you out of the conference room.”

It was a seemingly generous declaration, but its meaning was clear.

*Watch closely. I’ll take everything away from you right before your eyes.*

It was a message to stay and witness their downfall.

Han Il-kwon’s face contorted with humiliation.

Blood trickled from his tightly clenched fist as his fingernails dug into his skin, but he didn’t even feel the pain.

Han Il-kwon gritted his teeth. “Kang Tae-soo, you really…!”

Tae-soo rose from his seat and strode forward.

Tae-soo settled into the chairman’s seat that Han Il-kwon had occupied.

He surveyed the attendees and announced, “From now on, we will elect the next chairman of Cheongil Group.”

“Hey, Kang Tae-soo!”

“Due to the excessive delay of the meeting, we will proceed as efficiently as possible.”

“Kang Tae-soo! What right do you have to discuss the next chairman of Cheongil Group?”

Han Il-kwon lunged at Tae-soo, attempting to grab him by the collar.

But Tae-soo slapped Han Il-kwon’s arm with enough force to produce a cracking sound.

Han Il-kwon groaned, clutching his arm and staggering backward.

Kim Kwang-rok, who had appeared unnoticed, was now dangling Han Il-kwon by the scruff of his neck.

“Let go of me! Won’t you let go?”

No matter how much Han Il-kwon struggled, Kim Kwang-rok didn’t budge.

“Don’t worry about this side; continue,” Kim Kwang-rok said, grinning and revealing his gums. He gestured for the meeting to proceed without interruption.

Tae-soo continued the meeting. “Those who want me, Kang Tae-soo, to be the next group chairman, raise your hand.”

Han Il-kwon, still struggling in Kim Kwang-rok’s grasp, screamed, “The chairman of another group cannot become the chairman of Cheongil Group! That’s absurd!”

Tae-soo scoffed. “I don’t believe there’s such a clause in the articles of incorporation?”

“Are you saying that every single thing that doesn’t make sense should be written down in the articles of incorporation?”

“You should have written it down then. I’m doing things by the book.”

Tae-soo returned Han Il-kwon’s own words.

*By the book.*

Isn’t it a convenient phrase?

“Kang Tae-soo! This isn’t right! How dare you covet the position of chairman of Cheongil Group?”

Han Il-kwon shouted, his heart filled with resentment.

“Loyalists of Cheongil! Is this what you wanted when you kicked me out? Are you all selling out Cheongil as one? You bunch of traitors!”

Silence descended.

Those who claimed to be loyal to Cheongil all turned away from Han Il-kwon.

Tae-soo said, “Those who agree, raise your hand.”

The executives of Cheongil did not raise their hands.

But Kang Tae-soo, Lee Chang-won, and Noh Il-guk raised their hands.

The Cheongil executives, unable to touch Tae-soo, turned their anger towards Lee Chang-won and Noh Il-guk.

“Why are you guys raising your hands here?”

“You left Cheongil, so you don’t have the right to interfere in Cheongil’s affairs!”

Lee Chang-won and Noh Il-guk shrugged simultaneously, like twins.

“You seem to have forgotten.”

“We are also major shareholders of Cheongil Motors.”

“Don’t you know that when I was the president of Cheongil Oil Refinery, I was paid with Cheongil Motors shares instead of an annual salary?”

“Don’t you remember that when Cheongil Heavy Industries was acquired, the Cheongil Motors shares held by Cheongil Heavy Industries were also transferred entirely?”

They had forgotten.

Come to think of it, those guys might have Cheongil Motors shares.

Cheongil Motors shares had been evenly distributed among the affiliates.

“So, how much do you guys have?”

“I have 1%.”

“I also have 1%.”

That couldn’t be.

The eyes of the Cheongil executives darted back and forth.

‘Kang Tae-soo has 49%, and if these guys join forces, that’s 51%?’

Kang Tae-soo nodded calmly. “Having obtained the consent of a 51% majority, I declare that I, Kang Tae-soo, have become the next chairman of Cheongil Group.”

This couldn’t be happening!

The executives of Cheongil gaped.

“Ha, hahaha! Hahahahahaha!”

Kim Bong-nam laughed in despair.

His legs gave way, and he collapsed to the floor.

“I cooked porridge and gave it to the dog [a Korean idiom for wasting effort]. Haha.”

The Cheongil executives, who had been tearing each other apart until just moments ago, fell silent.

Kim Bong-nam’s feelings mirrored their own.

It was a miserable feeling.

The Cheongil executives all lowered their heads, their faces gloomy.

Tae-soo didn’t care.

“Lee Moon-bok, who was the president of Cheongil Construction, has been dismissed, and the position of president of Cheongil Construction is now vacant.”

Tae-soo smiled at Han Il-kwon.

“As the chairman of Cheongil Group, I will appoint Han Il-kwon as the next president of Cheongil Construction.”

Han Il-kwon, restrained by Kim Kwang-rok, shouted, “President of Cheongil Construction? You’re appointing me as you please?”

“Refuse if you want. Are you thinking of losing even Cheongil Construction to me?”

“Th, that’s…!”

Han Il-kwon’s face twisted.

‘Even if I have to become a rotten grape clinging to Cheongil Group, I can rot the entire bunch later. If I stand idly by, I’ll lose everything!’

How could Tae-soo not see Han Il-kwon’s intentions?

‘Your greed will ruin you.’

Cheongil Construction was destined for bankruptcy.

“Han Il-kwon, those who agree to the next president of Cheongil Construction, raise your hand.”

Tae-soo, Lee Chang-won, Noh Il-guk.

Only three members of the Taeyang Group family raised their hands.

But that was enough.

“With this, Han Il-kwon has become the next president of Cheongil Construction.”

*Now, shall we start properly?*

“Next, as the chairman of Cheongil Group, I will decide on the disposition of Cheongil Construction.”

“Disposition of what?”

Han Il-kwon’s voice, representing only 8% of the shares, naturally carried little weight.

The shareholders’ meeting proceeded according to the will of the majority shareholder.

If he didn’t like this outcome, he should have protected his stock from the beginning.

“The part where each affiliate has been taking on the deficit of Cheongil Construction, Cheongil Construction must take responsibility for the debt again. Those who agree, raise your hand.”

Kim Kwang-rok covered Han Il-kwon’s screaming mouth with his hand like a pot lid.

Again, only three people raised their hands.

“Passed. Cheongil Construction is responsible for Cheongil Construction’s deficit by this week.”

The massive deficit that each affiliate had been sharing was now placed squarely on Cheongil Construction’s shoulders.

The executives of Cheongil closed their eyes tightly.

‘How can Cheongil Construction handle all that deficit? Cheongil Construction’s bankruptcy is inevitable.’

‘From the beginning, the reason for converting to a holding company was to end with Cheongil Construction’s bankruptcy.’

‘Seeing the fate of the company being decided in someone else’s hands like this is truly bitter.’

There was nothing they could do.

The entire holding company had been taken over.

They had lost control of the entire group and were left waiting for the inevitable consequences.

Everything was lamentable.

“Also, as the chairman of Cheongil Group, I will put the separation of Cheongil Construction as an agenda item. Those who agree to the separation, raise your hand.”

The meeting proceeded smoothly.

“With this, the agenda item for the separation of Cheongil Construction has been passed. Let’s finish the separation work of Cheongil Construction by this week.”

Han Il-kwon’s complexion turned blue.

“This can’t be!”

He had been trying to become a rotten grape that would spoil the entire bunch.

But Kang Tae-soo was stubbornly cutting off only the rotten grape.

‘No! This is a nightmare!’

Tae-soo didn’t stop there.

He looked around at the attendees and said, “Lastly, I would like to discuss the merger and acquisition of Cheongil Group.”

“Merger and acquisition?”

“I plan to forcibly merge Cheongil Group with Taeyang Group. After the merger, the group’s trade name will be… still Taeyang Group.”

Cheongil Group was ranked 13th in the business world, while Taeyang Group was ranked 163rd.

Usually, in such cases, the merged entity would operate under the name of Cheongil Group, which had greater brand recognition, or a combination of the two names, such as Taechung Group or Taeyang Cheongil Group.

But Tae-soo unilaterally erased Cheongil’s name.

“What? Taeyang Group? Change Cheongil to Taeyang Group?”

Han Il-kwon finally foamed at the mouth.

Tae-soo smiled. “*Cheong* of Han Cheong-ho, *Il* of Han Il-kwon. Do you think I would leave even a single letter of Cheongil Group’s name?”

“Kang Tae-soo!”

“Now get out. I’ve told you everything you need to know.”

As soon as he finished speaking, Kim Kwang-rok grabbed Han Il-kwon by the scruff of his neck and dragged him away.

Han Il-kwon struggled with all his might, but he couldn’t stop Kim Kwang-rok’s advance.

“Kang Tae-soo! Just you wait! I will never forget what happened today!”

Han Il-kwon was dragged out of the conference room.

*Bang.*

The door slammed shut.

Tae-soo looked coldly at Kim Bong-nam.

“Shall we also vote on the dismissal of the president of Cheongil Chemical?”

Kim Bong-nam swallowed hard.

* * *

*Thump, thump.*

Kim Kwang-rok threw Han Il-kwon into the Cheongil Group chairman’s office.

“Damn it-!”

Han Il-kwon rolled around on the floor, making a racket.

Kim Kwang-rok grinned, revealing his gums.

“Clean up your desk.”

“What?”

“It’s where our chairman will be coming, so don’t leave a single speck of dust.”

He was speechless.

He was rubbing salt into his already seething wounds.

“Pack your things and get out of this building right away. I’ll give you 10 minutes.”

“Ha! What if I can’t do that?”

Han Il-kwon glared sharply at Kim Kwang-rok.

Kim Kwang-rok cracked his knuckles and grinned.

“One hit per minute.”

For reference, no one who has been hit by Kim Kwang-rok’s fist has ever had an unscathed bone.