Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 101

101. 30th. Ostrich Eggs in Panama (3)

I wondered what was going on with this guy. Even though I told him to stop by for breakfast whenever he could, he always waved his hands, saying he didn’t want to burden his nephew. So why was he here?

While I was racking my brain, Sun Hae-cheol told an employee to escort Lee Myung-jin to the reception room and then tilted his head.

“What’s up with Myung-jin? It can’t be about the financial problems of the heavy industry sector, can it?”

“I heard from the finance team in the secretary’s office that construction, steel, heavy industry, and cement all have no money problems, *hyung-nim* [term of endearment used by a younger man to an older man]. It seems like he came for another reason.”

As Park Tae-jin said, Lee Myung-jin’s heavy industry affiliates were working hard to secure cash by reducing debt and clearing accounts receivable, even to the point of slightly reducing new hires this year. No matter how I thought about it, it didn’t seem like he came because of money problems.

“Let’s meet him and find out.”

“Let’s do that.”

“Indeed.”

The three of us left the office and entered the reception room, where we greeted Lee Myung-jin. Sun Hae-cheol, who would normally have been joking around, simply shook hands and sat down, seeing Lee Myung-jin’s stern face.

“Is something wrong with the company?”

“No, *hyung-nim*. You know our group is all tightening its belt, don’t you?”

Sun Hae-cheol tilted his head, looking at Lee Myung-jin waving his hand.

“Then what’s wrong? You’ve never come here because you didn’t want to burden Sung-min, right? You bad guy.”

“I’m sorry, *hyung-nim*. But how could I set foot in a company where my nephew sold his body to get money?”

Sun Hae-cheol, who had been expressing his disappointment half-jokingly, leaned forward and reached out his hand when Lee Myung-jin lowered his head.

“Aigo [expression of frustration or annoyance], can’t I even make a joke? The head of the headquarters is going to be your *hyung-soo* [wife of an older brother or close male friend]. She’s younger than Tae-jin, though, hehe.”

“Still…”

Sun Hae-cheol smiled, watching Lee Myung-jin trailing off.

“The headquarters judged that Haedong Group bonds are safer than Korean treasury bonds and invested in them.”

“Really?”

It was a prearranged lie, but I couldn’t laugh seeing Lee Myung-jin’s face brighten up. Only the amount was different, but isn’t money a problem for both self-employed people and *chaebol* [large industrial conglomerate] owners?

“That’s right, isn’t it? We traded because everything aligned, so don’t feel burdened and be comfortable.”

Lee Myung-jin nodded at Sun Hae-cheol’s comforting words.

“Thank you, *hyung-nim*.”

“What did you come here for? It doesn’t seem like you came because of group matters.”

“That’s… it’s related to the group.”

Our expressions all hardened at Lee Myung-jin’s words. I wasn’t in a position to talk to Lee Myung-jin in this setting, so Sun Hae-cheol asked instead.

“What are you talking about? The group’s financial problems…”

“It’s not a financial problem, *hyung-nim*.”

“Then?”

“It’s about the Panama copper mine.”

The more I heard, the less I understood. The data Gong Sung-pil sent me clearly showed potential, didn’t it?

Seeing our hardened expressions, Lee Myung-jin sighed.

“Jang Ho-min knows about that mine.”

“Jang Ho-min?”

Park Tae-jin’s eyes widened as Sun Hae-cheol frowned as if he was hearing the name for the first time.

“Are you talking about Vice Chairman Jang Ho-min of Shinseong Heavy Industries, *boo-hwe-jang-nim* [Vice Chairman]?”

Lee Myung-jin nodded, looking at Park Tae-jin. In the meantime, my eyes widened as I was racking my brain.

What came to my mind was Park Byung-joon. He was originally the one who gave Jang Ho-min strength, so it seemed like he couldn’t stand Gong Sung-pil’s insults and sided with Jang Ho-min.

Sun Hae-cheol also grasped the situation and asked Lee Myung-jin with a stern expression.

“Why is that bastard doing that? Is he threatening you with it? Is he going to tell his *hyung* [older brother or close male friend] to you?”

“Or did he say he would cut off trade with steel or cement, *boo-hwe-jang-nim*?”

Lee Myung-jin shook his head at Sun Hae-cheol and Park Tae-jin’s questions. He sighed quietly and revealed the real reason.

“He said he would hand over the data to our group, so he asked me to arrange a meeting to negotiate a $1 billion loan from Standard whenever he needs it.”

“What? $1 billion?”

It was such an absurd request that Sun Hae-cheol raised his voice. To give the Panama copper mine to our family and borrow $1 billion from Standard?

“Yes. He says he will put up 100 percent of the shares of Shinseong Oil, Shinseong Fine Chemicals, and Shinseong Petrochemical as collateral.”

I heard Jang Ho-min’s proposal through Lee Myung-jin and my mouth dropped open.

Those three companies were all created by Jang Ho-min through his own will. Although the refining scale is smaller than SG and GK, and it’s just a petty competition with the Taehyun Group’s petrochemical affiliates, it’s close to $1 billion in current value, and he’s going to throw that away?

It was like Jang Ho-min cutting off one or two of his limbs ahead of the foreign exchange crisis, but I couldn’t understand what he was trying to buy so desperately that he would borrow $1 billion while mortgaging even the companies he cherished so much.

***

After Lee Myung-jin left.

“Isn’t Jang Ho-min crazy? He’s going to put all that up as collateral for a $1 billion loan? There’s no better cash cow than the oil business, is there?”

Like Sun Hae-cheol, who was puzzled, Park Tae-jin was not loosening his thinly opened eyes.

“I can’t understand it. Vice Chairman Jang Ho-min pushed for those three companies about 10 years ago.”

“We need to find out what he’s aiming for with the $1 billion loan.”

I took a look one by one after hearing Park Tae-jin’s words.

My memories of Jang Ho-min, and what he would have to acquire with $1 billion to create the greatest synergy….

I lowered my head and pondered, and my mouth dropped open. Could it be?

“Do you have any idea?”

“Anything is fine, *doryeon-nim* [young master]. Tell me.”

I opened my mouth, which had been closed, looking at Sun Hae-cheol and Park Tae-jin.

“Hango Steel.”

Sun Hae-cheol’s eyes widened at the four letters that came out of my mouth.

“Hango Steel? That garbage company?”

Sun Hae-cheol frowned, but I didn’t back down either.

“I can’t think of anything else. There are no competitors, so he’ll try to attract the people’s taxes and eat it raw.”

That bastard Jang Ho-min is definitely trying to swallow Hango Steel raw.

Among the *chaebols* in this country who handle iron, Taehyun Group is building the Hadong Steel Mill, and Daeju Group is so obsessed with Daehan Steel that it’s not enough to call them Daehan Steel enthusiasts.

Even based on financial power, Jang Ho-geon won’t even look at it because of the Yeongdeungpo redevelopment and the super-gap strategy, and my maternal family, GK Group, is not suitable for a rough and rugged steel mill due to its delicate and conservative corporate culture, and the spin-off comes first.

In other words, since there are no competitors, he will win over politicians, high-ranking officials, and bank presidents with alcohol, women, and money, and then attract all the people’s taxes packaged as public funds and acquire it at a bargain price. He wouldn’t have dragged us in if dollars weren’t the answer.

The next step is obvious.

The real estate excluding the Hango Steel Dangjin Steel Mill will be sold to Shinseong Construction at a bargain price, and construction of blast furnaces and hot-rolling mills and cold-rolling mills will begin.

Others may say he’s crazy, but Jang Ho-min has been looking at the Chinese market since he was young.

When molten iron comes out of the blast furnace at the Dangjin Steel Mill, it will lay the foundation for basic sales with the steel demand of Shinseong Heavy Industries, and it will be exported to China, which is growing day by day. Only I know how futile that dream is.

I only revealed as much of my thoughts as I needed to.

When my explanation was over, Sun Hae-cheol stopped making noises and asked me.

“In the end, he’s going to screw over Haedong Steel?”

“If you only have a blast furnace, you only need to have the process to produce heavy plates needed for shipbuilding or large structures. Vice Chairman Jang Ho-min is probably trying to vertically integrate by placing an integrated steel mill under heavy industry.”

I was a little angry, but I understood.

Isn’t that how our family is, and how *chaebols* can’t stand seeing money going out? If Jang Ho-min knew that Standard Capital was my company, this wouldn’t have happened, so I thought it was a good thing.

“We need to check everything from Hango Steel’s asset status to the scale of borrowing, guarantees inside and outside the group, the amount of promissory notes issued by subcontractors, and the possibility of public funds being invested. We also need to understand the status of other affiliates.”

Hango Steel was originally a company that Taehyun Group, or more precisely, Taehyun Automobile Group, which had spun off from Taehyun Group and was about to recombine the group, should have taken. I know all too well how rotten Hango Group is, but data collection was essential for the two of them.

Sun Hae-cheol got up from his seat as soon as my order was given.

“I need to talk to Seung-joo *hyung-nim* and investigate together. I need to ask my friends at Triumph, too.”

“We need to investigate, but we also need to tell the adults that the work to acquire the Panama copper mine development rights should be put on hold for a while. If we’re not careful, Ho-geon *ah-juh-ssi* [uncle] might find out.”

Park Tae-jin also gave his opinion following my answer.

“We also need to understand the fundraising ability of the Jang Ho-min affiliates, *doryeon-nim*.”

“Let’s do that. Contact their transaction banks and find out all about their cash reserves and credit limits.”

My work increased ahead of my trip to Panama. But I can’t miss the opportunity to naturally eat Jang Ho-min’s petrochemical affiliates.

***

A week later.

After investigating with the help of the group’s secretariat, including Go Seung-joo, and Triumph Capital’s Korean branch, we concluded that Jang Ho-min was aiming for Hango Steel, and we requested a meeting with the group’s top management.

As soon as Go Seung-joo’s briefing began, representing the four of us who had launched the investigation, my grandfather’s eyes narrowed.

“That Jang Ho-min?”

“Yes, *hwe-jang-nim* [Chairman]. As a result of analyzing the data collected by the secretariat and Triumph, he is aiming for Hango Steel.”

“Hmm… continue.”

Go Seung-joo continued the briefing at my grandfather’s direction. Keeping Lee Myung-jin’s face in mind, the fact that Jang Ho-min had asked him to arrange a loan agreement with Standard was thoroughly hidden.

“…If that happens, Haedong Steel is expected to be hit by sales or, in the worst case, withdraw from the heavy plate business.”

It wasn’t the ultimate goal, but excluding Jang Ho-min’s Haedong Steel was an indispensable part of the process. Once the blast furnace is built, shouldn’t we make money by vertically integrating from molten iron to hot-rolled, cold-rolled, and heavy plates?

When Go Seung-joo’s report was over, Lee Myung-jin’s face was red and his cheeks were twitching. While the rest of the people were making noises with hardened expressions or lowering their heads, my grandfather opened his mouth with a hardened expression.

“If Hango Steel goes bankrupt, the Wall Street guys will rush in. If it’s revealed that a company that has been eating more than 5 trillion won by pouring in the people’s taxes is a pile of shit, it will be enough reason to hit this country.”

As long as my grandfather asserted it at this meeting, the foreign exchange crisis was a foregone conclusion for next year, at least for our group’s top management. Next winter will be absolutely difficult, with a series of bankruptcies starting and the exchange rate soaring.

“So, I’m saying… shouldn’t we give out the loan agreement, *hwe-jang-nim*.”

My grandfather’s lips curled up at Sun Hae-cheol’s suggestion.

“You’re thinking of ripping off Jang Ho-min properly, aren’t you? Hehe.”

“I’ll lend you our precious dollars and rip off the petrochemical affiliates and Hango Steel, haha.”

Sun Hae-cheol laughed heartily, and Park Tae-jin and I, who had come with a pre-arranged agreement, also smiled.

“Good. I don’t know whose idea it is, but if you bring it, we’ll take care of it, euhehe.”

My grandfather, who was laughing heartily, said to Lee Myung-jin.

“*Boo-hwe-jang*.”

“Yes, *hwe-jang-nim*.”

“When the Hango Steel bidding comes out, you go in too.”

Lee Myung-jin’s lips curled up slightly.

“I’ll grab one side, and Hae-cheol *hyung-nim* will grab the other…”

“Tear Jang Ho-min’s legs apart. So he can’t be rampant again.”

Lee Myung-jin did not lose his smile even at my grandfather’s cold and brutal order.

“Yes, *hwe-jang-nim*. I’ll tear him apart so he can’t even walk.”

My grandfather said that since he was hit in the back of the head, he should be beaten so hard that he wouldn’t even dare to hit the back of the head again, and Lee Myung-jin seems to remember that. I, who was smiling, said to my grandfather for the plan I had decided on a long time ago.

“*Hwe-jang-nim*. There’s something I want to tell you.”

“What is it?”

“Please hand over all the stock proxies of our family members, including those present here, to me.”

The group’s top executives were speechless, but only two people, my grandfather and I, were smiling.

***

A few days after the group’s top management meeting.

“Nice to meet you, CEO Sun Hae-cheol.”

“Nice to meet you, Vice Chairman Jang Ho-min.”

Jang Ho-min contacted Standard Capital and visited the office, where he greeted Sun Hae-cheol in the reception room.

“I’ve heard the story. You want to borrow $1 billion with all of Shinseong Oil, Shinseong Fine Chemicals, and Shinseong Petrochemical shares as collateral?”

“It’s a pity to put everything out, but since it’s a condition to borrow without revealing the purpose, I thought I had to put up that much collateral, haha.”

Jang Ho-min emphasized the value of the collateral while acting relaxed in front of Sun Hae-cheol. All three companies have high debt ratios, but their profits are decent, aren’t they?

Sun Hae-cheol nodded slightly, looking at Jang Ho-min.

“Okay. I’ll give you the loan when you need it. It’s a dollar loan that’s renewed every year, so is that okay with you?”

At Sun Hae-cheol’s cool acceptance, Jang Ho-min wanted to pat the shoulder of the youngest executive who came up with the idea if he was in front of him. But it was too early to pop the champagne, so he didn’t show it and answered with a nonchalant expression.

“Of course. Is the contract ready?”

“The contract is prepared on the table.”

Sun Hae-cheol handed Jang Ho-min one of the two contract files on the table, sat down, and reached out his hand.

“This is the contract prepared by our side. Take a look.”

Jang Ho-min opened the contract file that Sun Hae-cheol handed him and looked at the contents.

“Annual interest rate of 9 percent?”

Jang Ho-min couldn’t believe the contents at the top of the contract. It’s only 1 percent higher than the Bank of Korea’s base interest rate of 8 percent per year?

“Is this real, CEO Sun?”

“The foundation of our Standard is Wall Street in the United States, *boo-hwe-jang-nim*. Today is August 6th, and the Fed interest rate announced in the United States last night was 5.1 percent. Even if we only receive 9 percent, we can make an additional profit of 3.9 percent per year compared to US Treasury bonds.”

Jang Ho-min nodded after hearing Sun Hae-cheol’s words. He also checked the US Fed interest rate for the loan negotiation, and it was falling as expected.

“Still, it’s too friendly.”

“That’s why I cut it off every year, *boo-hwe-jang-nim*. There are more conditions, but it’s written in the contract, so take your time to look at it.”

When Sun Hae-cheol reached out his hand and recommended that he look at the contract, Jang Ho-min looked at the contract again.

“The existing collateral is set at 800 billion won [Korean currency], and additional collateral is provided according to exchange rate fluctuations…”

“My wife is the president of the headquarters, but the investment committee and the board of directors told me to make sure that the usage is unclear. It’s not like Korea is going bankrupt, so I don’t know if they’re trying to do business or not…”

Sun Hae-cheol trailed off and criticized him behind his back, and Jang Ho-min slightly raised the corners of his lips as he watched him. Even if he’s the president of an investment company, he’s just a fund manager, and he doesn’t have the decision-making power like himself, does he?

“You must be tired, CEO Sun.”

“I can’t help it. Isn’t it what we do to make a living? Haha.”

Even if Jang Ho-min looked down on him, Sun Hae-cheol laughed heartily. If that arrogant bastard in front of him is fooled by his acting and stamps the contract, he will cut off one or two of that bastard’s limbs.