Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 118

118. 34th. Underwater Competition (3)

Next day, afternoon.

As usual, Lee Dae-soo attended Sunday Mass and finished lunch. And as always, he was playing Go with his Go friend, Geum Seok-ho, whom he had made an appointment with the day before.

“The large group is dead.”

Lee Dae-soo, sitting on the sofa, made a clicking sound, placed a stone on the Go board, and spoke with an indifferent expression.

Geum Seok-ho, who was playing Go across from him, couldn’t say anything.

“That’s not like you. You usually win so well, but why are you losing three times in a row today? Are you making fun of this old man?”

“Ah, no, Chairman. It’s hard to keep up with you today, haha.”

At Geum Seok-ho’s awkward laughter, Lee Dae-soo narrowed his eyes and did not hide his unpleasant feelings.

Lee Dae-soo would have been happy to beat Geum Seok-ho in Go for the first time, but he knew why he was winning three times in a row. Geum Seok-ho was deliberately giving him openings that he would never normally miss, all while subtly watching Lee Dae-soo’s face.

“Is that the truth or a lie?”

Lee Dae-soo couldn’t stand it and snapped, and Geum Seok-ho surrendered.

“Please save me, Chairman!”

With a thud, Geum Seok-ho knelt on the floor. Lee Dae-soo looked down at Geum Seok-ho with an indifferent expression.

“Save you? Who? You?”

“Chairman, you are the only one who can save Geum Seok-ho and Ado [Ado Group]. Please, Chairman! Please save me!”

Even with Lee Dae-soo’s sarcastic voice, Geum Seok-ho shouted loudly, even bowing so deeply that his forehead touched the floor. Lee Dae-soo was the only one who could save Ado Group from the attacks of Taehyun Group and Shinseong Group. Lee Dae-soo clicked his tongue as he looked at Geum Seok-ho.

“Chairman Geum.”

“Yes, Chairman!”

“What did I say? Didn’t I tell you to do it moderately?”

Lee Dae-soo had advised Geum Seok-ho to reduce his debt and focus on internal affairs every time they played Go. He couldn’t bring himself to say nice things to Geum Seok-ho, who ignored his advice and was busy increasing his company’s size and creating slush funds [secret funds for illicit purposes].

“But other groups are also…”

“Shut up and listen, Chairman Geum.”

An unprecedented chill flowed from Lee Dae-soo’s voice. Geum Seok-ho quickly shut his mouth, and Lee Dae-soo glared at him with cold eyes and said.

“A crow-tit will tear its legs trying to follow a stork. Look at the guys who don’t know their place and borrow money to throw around, falling one after another, and you’re still saying that!”

“Ah, no, Chairman! But…”

Geum Seok-ho, who was trying to make excuses urgently, couldn’t continue speaking after seeing Lee Dae-soo’s sharp eyes.

“I’m sorry, Chairman.”

“I understand that you tried to protect a company without an owner. But, you should have done the accounting fraud moderately, even if it was debt! What is 3 trillion! 3 trillion won! [approximately $2.2 billion USD]”

“Ch, Chairman?”

Geum Seok-ho stammered at Lee Dae-soo’s thunderous shout. How did Lee Dae-soo know the scale of the accounting fraud that he had hidden so secretly? Lee Dae-soo looked at Geum Seok-ho coldly and sneered.

“My eyes and ears are spread all over this country. You know that better than anyone else, right?”

Hae Dong Group and Lee Dae-soo’s connections were connections that had been accumulated since before liberation [referring to the end of Japanese colonial rule in Korea]. Geum Seok-ho realized that Lee Dae-soo’s intelligence network, which was spread all over the country, was alive and well, and he lowered his head.

“I’m sorry, Chairman.”

“That’s enough. I’m embarrassed to say it myself.”

Lee Dae-soo looked at Geum Seok-ho, who was bowing his head, and fiddled with the Go stone in his hand.

“Anyway… why did you do 3 trillion won in accounting fraud?”

“Th, that’s…”

Seeing Geum Seok-ho stammering, Lee Dae-soo threw the Go stone he was holding into the container.

“Get out.”

Lee Dae-soo pointed to the door with the hand that threw the Go stone, extending only his index finger. Seeing that hand, Geum Seok-ho’s face turned pale.

“Ch, Chairman!”

“Where are you trying to play tricks? You know better than anyone else that there are no lies in this room, right?”

At Lee Dae-soo’s harsh roar, Geum Seok-ho lowered his head silently. If it’s Lee Dae-soo’s information network spread like a spider web in this country, wouldn’t he be able to figure it out in a few days? Geum Seok-ho’s face revealed regret for hesitating.

In the end, Geum Seok-ho revealed that the accounting fraud was intended to hide the deficit so as not to be taken over by Taehyun Group or Shinseong Group, and also to create slush funds like other chaebol [large Korean conglomerate] leaders. Lee Dae-soo frowned at those words.

“Why did you overdo it, you fool? When you took office as chairman, I told you several times that management is not a ranking game! I told you so many times to strengthen your internal affairs!”

Lee Dae-soo raised his voice to Geum Seok-ho once again. He couldn’t stand the fact that the person who had been sincere and bright until the owner family stepped down from Ado Group had become so clouded in his judgment after taking on the position of chairman instead of the owner.

“You’ve been consumed by the position, Chairman Geum. Like an idiot…”

“I’m sorry, Chairman! Please help me just once! If you help me, I won’t do this again!”

Geum Seok-ho bowed and pleaded to Lee Dae-soo, who was lamenting while looking at him. Lee Dae-soo was the only person he could rely on in this country right now.

“I’m sorry. Hae Dong is holding dollars right now because of overseas business. I can’t move easily.”

Was he going to be abandoned even in Samcheong-dong [an affluent neighborhood in Seoul], where he came for the last time after going around and around? Lee Dae-soo opened his mouth when he saw Geum Seok-ho’s body trembling.

“Instead, I’ll have Hae Dong Securities change the Ado Motors bonds they have into stocks.”

“Chairman?”

“I’ll have to discuss it with CEO Cho or my eldest grandson, but even if you change only that into stocks, you’ll be able to put out the urgent fire. Just give me 5 percent.”

Compared to the total debt of 11 trillion won, it’s not enough, but changing a debt of 250 billion won [approximately $185 million USD] in principal and interest into 5 percent of Ado Motors stock, which is practically worthless, is an undeniable help. If things go well, there is room for other creditors to change their minds.

In addition, from a shareholding ratio of 3 percent, you have the legal right to intervene in the Ado Group situation, such as convening a temporary shareholders’ meeting and auditing. Geum Seok-ho quickly grasped this point and grabbed onto even a glimmer of hope.

“Thank you! Thank you, Chairman!”

“Don’t jump to conclusions, Chairman Geum. Whether 250 billion won will be the beginning or the end will depend on the group’s top management meeting. Go.”

Geum Seok-ho knows that Hae Dong Group’s major decisions are not made by Lee Dae-soo alone, but by the consensus of those sitting at the table in this room.

As Geum Seok-ho got up awkwardly from his seat, his eyes flashed, and Lee Dae-soo did not miss that look and spat out in a cold voice.

“If you try to play tricks on the people sitting at this table, I will cut off your neck with my own hands. Don’t even think about taking out the 548.7 billion won [approximately $406 million USD] in slush funds you made, and leave it as it is. Got it?”

Not only did he realize what he was thinking, but he also knew the amount of slush funds he and his colleagues had created down to the 100 million won unit… Geum Seok-ho’s legs trembled at Lee Dae-soo’s fierce threat.

“…Yes, Chairman.”

Geum Seok-ho, who answered weakly, left the room. Lee Dae-soo only looked at his drooping back with a heavy expression.

###

Lee Dae-soo sighed as he heard the door close with a click.

“Poor guy…”

Even if other people point fingers, Geum Seok-ho was another sore spot for Lee Dae-soo.

He is a lifelong friend who has been connected through Go since his early days as a director. He has asked me for advice on business, and he took on the position of chairman of Ado Group at my recommendation instead of the owner family who stepped down on their own, and he pushed for collaboration with Hae Dong Group, right?

Lee Dae-soo couldn’t help but feel sorry for seeing Geum Seok-ho being consumed by the position of chairman and becoming deaf and blind.

Lee Dae-soo sighed once again and picked up the receiver.

“It’s me, Seung-joo. Did you find out?”

[Yes, Chairman. There was a reason for Jang Ho-gun to step in.]

Lee Dae-soo gritted his teeth as he listened to Go Seung-joo’s explanation.

“There was a reason why that bastard Ho-gun was acting up. That fox-like guy.”

[It’s not certain yet, but there’s no other way to raise funds.]

“I understand. Find out more.”

[Yes.]

With those words, Lee Dae-soo put down the receiver.

The sound of cracking came from Lee Dae-soo’s hands as he clenched his fists alternately. Like a boxer loosening his hands before a match.

***

A few days later.

I was having breakfast with Seon Hae-cheol with sandwiches and black tea when I received a call from Henry.

[Thank you, Johnny! We were also very interested in Yahoo, but you’re going to give us half of your stock! Thank you so much!]

I could hear the joy overflowing in Henry’s voice in my ear. I also spoke into the receiver in a pleasant voice.

“No, Henry. I should be thanking you for taking all of that stock. Furthermore, you gave me a generous premium, so thank you again, haha.”

[You’re the Ojakgyo [matchmaker] who connected my daughter and son-in-law, so I have to give you that much extra money. Besides, you’ve already made a big deal with the money we gave you, haven’t you? Haha!]

Thanks to Claire, who returned to the United States on the weekend and told us about the situation on our side, Henry offered to trade Yahoo stock, adding $500 million to the $1.5 billion we offered and acquiring 15 percent of Yahoo stock.

I have benefited greatly from Henry and his faction, but I could not simply ignore Henry’s consideration. I once again expressed my gratitude to Henry.

“No, Henry. I will definitely repay the favor you have done me this time.”

[What favor? Isn’t it something we do to help each other? Besides, you and I are in-laws. Don’t feel burdened and do well, haha.]

Seon Hae-cheol smiled at me after I hung up with Henry.

“How is it, nephew? Our father-in-law is the best, right? Hehe.”

“He’s the best, hehe.”

With this, almost all the money to be invested in the Ado Motors acquisition has been prepared. Even after taxes are deducted from the Yahoo sale proceeds, if I take out only about 3 or 400 million dollars from the funds circulating in the US stock market, I can make 2 billion dollars, so there is no problem with liquidity.

“What are you going to do now? Are you really going to tell the truth? To Chairman?”

Seon Hae-cheol, who had been asking carefully, relaxed his stiff expression after hearing my answer.

“Hoo, this is a big deal.”

“Why?”

“The eldest grandson, who is only twenty-six years old, has 10 billion dollars in assets, so what grandfather wouldn’t be surprised? Just in case, take some Woo Hwang Cheong Sim Won [traditional Korean medicine for calming the nerves] with you.”

“Hey, come on? Grandpa is the richest person in Korea…”

I couldn’t believe it, but Seon Hae-cheol waved his hand and cut me off.

“It’s only been four years, including this year. A company that makes 15 billion dollars in just four years, 10 billion dollars of which is your money and 91 percent of that company’s stock is yours. The chairman’s wealth is the family’s wealth that has been accumulated for nearly half a century, so wouldn’t he be surprised?”

“Ah…”

I couldn’t easily answer Seon Hae-cheol’s question.

The speed at which I increased my wealth far exceeded common sense, so my grandfather might be surprised and collapse. I thought I should prepare some pills as Seon Hae-cheol said.

While I was having new worries about how to tell this fact, the phone rang.

“Yes. Yes, Uncle. …Yes?”

I jumped up from my seat as I answered Go Seung-joo’s call. He found the reason why Shinseong stepped in?.

“…I understand. I’ll see you in the evening and hear the details. Yes.”

Seon Hae-cheol asked me as I put down the receiver.

“What’s wrong?”

“There was a reason why Shinseong stepped in. I have to go to Samcheong-dong in the evening.”

I couldn’t finish my words and put strength into the hand holding the receiver. As expected, did he have something to rely on, Jang Ho-gun?

***

That evening.

Seon Hae-cheol and I, who had left work, went straight to Samcheong-dong. We went into the study, greeted the adults sitting at the table, and sat down in the lower seats.

“Everyone’s here, so let’s start.”

“Yes, Chairman. There was a reason for Jang Ho-gun to attack Ado Group. First, I will hand over the related documents.”

Go Seung-joo took out a bundle of documents from the bag he had placed next to his chair, handed them out to everyone at the table, and sat down.

“The details are in the documents that I have distributed now, so I will omit them. Shinseong Electronics was tying up money with semiconductor production equipment contracts, and Shinseong Corporation was tying up money with semiconductor inventory accumulated in its US subsidiary.”

It was what I had heard in the morning, but it was only frustrating to hear it again. I never thought that they would hide the funds for the acquisition of Ado Motors in the ‘super-gap strategy’… Knowing the future was not always a good thing. This time it was a complete mistake and my defeat.

Even as I was biting my teeth in a terrible sense of defeat, Go Seung-joo’s explanation continued.

“…Therefore, Chairman Jang Ho-gun will be able to secure at least 1.7 billion dollars once the cash recovery is completed, Chairman.”

“Damn… it’s getting complicated.”

The sound of grinding came from my grandfather’s mouth. Everyone’s expression darkened as Go Seung-joo continued his report.

“We are not behind in terms of financial resources either. However, the won held by the group has been earmarked for supporting transactions and internal operating expenses. In the end, we have to use dollars to acquire Ado Motors, and we have to invest at least 1.7 billion dollars or more, Chairman.”

When Go Seung-joo’s report was over, the faces of the adults, including my grandfather, were either frozen like stone statues or crumpled like crushed cans. Weren’t they the leaders of Hae Dong Group who have been hoarding dollars since the early summer of the year before last, waiting only for the time to make a lot of exchange rate profits?

My grandfather looked around the room with a stiff expression and opened his mouth.

“If we don’t acquire it, Jang Ho-gun or Jin-ho hyung [older brother/respected elder] will only get richer… It’s a pain in the ass whether we acquire it or not.”

Everyone nodded at my grandfather’s blunt curse.

If Jang Ho-gun acquires Ado Motors, he will obviously split off the automotive business division, which was a burden to Shinseong Corporation, into a subsidiary and merge it with Ado Motors. Jang Ho-gun, whom my grandfather and I hate, will have another pillar called automobiles following electronics and distribution.

If Taehyun Group, led by Myung Jin-ho, eats it, it will monopolize the automobile market and commit all kinds of atrocities against subcontractors. Furthermore, most of Ado Group’s subcontractors are trading with my grandfather’s private loan organization, so it’s easy to get hit by shrapnel.

Decisively.

No matter who acquires it, Geum Seok-ho, my grandfather’s friend, and his aides will all be fired, and collaboration with Hae Dong Group will be suspended or they will be forced to lower the supply price.

Whether we acquire Ado Motors or not, our family will bleed unconditionally.

I’ll shed all that blood.

If it’s the effort I’ve put in inside and outside of Hae Dong Group so far,

That I am the owner of Standard Capital,

That I am acquiring Ado Motors to properly grow it,

I will convince my grandfather enough.