Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 128

128. 37th. That Summer, When Things Moved Hotly (5)

Seon Hae-cheol hung up the phone with Lee Seong-min and entered the conference room next door.

“Is everyone here?”

“Yes, CEO.”

The men gathered in the conference room were all newly recruited employees. Since the acquisition of Ado Motors was the top priority, they were a dream team recruited from existing chaebol [large South Korean conglomerates] groups, recognized in various fields such as accounting, finance, sales, and planning.

“What’s the situation with Ado Motors?”

“It’s not good. Given the current atmosphere, it’s a great relief that we haven’t reached the stage where executives need to be arrested, CEO.”

Seon Hae-cheol’s eyes narrowed as he listened to the report.

“So, they’re saying they’ll stay within the lines, but Chairman Geum should step down on his own.”

“Yes. Still, Chairman Geum Seok-ho and the executives must have something they believe in, so they’re holding out.”

The Ado Motors executives believed in the ‘grease’ [bribes or under-the-table dealings] that he and Go Seung-ju had poured in, worth 150 billion, but Seon Hae-cheol feigned ignorance and continued to ask questions.

“What’s the chance of recovery?”

“If the government injects as much public funds as possible, recovery is sufficient. If Haedong Group jointly acquires all of Ado Motors’ shares and the headquarters invests additionally, it will change the landscape of the industry.”

Seon Hae-cheol’s eyes flashed at the employee’s opinion that it would ‘change the landscape of the industry.’

“Like the automotive industry consolidation during the Fifth Republic era [referring to a period of authoritarian rule in South Korea]?”

“No, CEO. Instead of dividing by industry like then, we’re seeking a way to consolidate by company.”

“Consolidation by company…”

Unlike his seemingly hesitant tone, Seon Hae-cheol’s expression wasn’t negative, and the employee elaborated.

“Yes. Besides Taehyun and Ado, there are a total of five domestic automakers, including Daeju Motors, Shinsung Corporation’s automotive business division, and Miryong Motors. Considering domestic sales and overseas exports, it’s more efficient to consolidate into two.”

“That’s right. If we integrate models by class and increase production volume, costs will be reduced in all aspects, including design, engineering, parts processing, and assembly production.”

After examining Ado Motors’ value and potential with the employees, Seon Hae-cheol clapped his hands decisively.

“We’ve confirmed the merits of the acquisition enough, so wait a little longer. Prepare for an audit as soon as we acquire Ado Motors’ shares.”

“Yes.”

The employees’ faces flushed with excitement. The thought of exposing the inner workings of the giant Ado Motors was exhilarating.

While the meeting was in full swing, an employee approached Seon Hae-cheol.

“CEO, Shinsung Group Chairman Jang Ho-geon has arrived.”

“The person who was supposed to come has come.”

Seon Hae-cheol, with a smirk, walked to the reception room with the employee who had come to call him.

***

“It’s been a while, CEO Seon.”

“It’s been a while, Chairman Jang.”

Veins bulged in the hands of the two men as they shook hands. Both men gritted their teeth and smiled, enduring the pressure until Seon Hae-cheol chuckled and released his grip.

“You seem to be overflowing with energy these days? Haha.”

Jang Ho-geon wanted to punch Seon Hae-cheol in the face. It was infuriating enough that he was trying to muscle in on his business, but to dare to sneer!

“It’s not energy, it’s anger that’s overflowing, CEO Seon. Give me a cup of tea.”

“Of course.”

The two men, loosening their throbbing hands and sitting down, continued their silent battle while drinking Golden Tips tea.

“Where did Seong-min go?”

“I sent him to Hong Kong. Wouldn’t it be better for him not to know?”

Jang Ho-geon nodded at Seon Hae-cheol’s answer. Since it was almost a foregone conclusion that there was no direct connection between Haedong Group and Standard, it was time to get to the point.

“Are you really going to acquire Ado Motors?”

“Of course, did you think I paid the exchange fee and held a press conference for a fake acquisition?”

“I’m asking because an investment company is acquiring an automaker. What’s your real purpose? If you want to make a profit, I’ll compensate you sufficiently.”

“That’s absurd, haha.”

Jang Ho-geon’s hand, holding the teacup, trembled at the sound of Seon Hae-cheol’s laughter. He wanted to smash the tea in his hand on Seon Hae-cheol’s face, but Jang Ho-geon gritted his teeth, suppressed his anger, and put the cup down.

“Absurd… How much do you want?”

“Chairman Jang Ho-geon, we are trying to acquire Ado Motors to build a truly proper company. If public funds are injected on a large scale, it’s definitely a company that will survive, and if we acquire such a company and grow it even bigger, wouldn’t it be a much more profitable business?”

“You want me to believe that now? You’ll recover it someday, won’t you?”

“That’s up to our headquarters’ board of directors and investment committee, Jang. Ho. Geon. Chair. Man.”

Jang Ho-geon’s eyes blazed as Seon Hae-cheol called him, deliberately emphasizing each word in a hateful manner. Seon Hae-cheol looked into Jang Ho-geon’s eyes and said directly.

“Standard has brought a total of 15 billion dollars into Korea, including assets managed in the United States. Public funds are inevitable, but if we acquire it, we can invest our own money and grow it, instead of borrowing money like you guys.”

Seon Hae-cheol openly rebuked Jang Ho-geon. Wasn’t Jang Ho-geon trying to stab Lee Dae-soo, whom he served like a father, in the back?

“What, what?”

“For your information, Yahoo, which is currently listed on the US stock market, is a project we created with hundreds of millions of dollars in initial investment. Do you think we can’t do manufacturing?”

“Manufacturing with the skills you used to manage dot-com companies? That’s ridiculous!”

Jang Ho-geon, retorting with a hollow laugh at Seon Hae-cheol’s sarcasm, jumped up from his seat.

“I don’t think we have anything more to discuss. Let’s see this through to the end!”

“Good, Chairman Jang. But instead…”

Seon Hae-cheol, who had risen from his seat to speak, continued.

“Since public funds are a must for both of us, let’s compete with acquisition price and vision. Whoever acquires it, the company, the employees, and their families must be saved, right? And the banks too, hehe.”

Seon Hae-cheol, smirking, revealed more conditions as he looked at the fuming Jang Ho-geon.

“One more thing. Don’t even think about using our SoftBank stake against us. That man is a Korean-Japanese, so he can easily retaliate.”

Jang Ho-geon bit his lip. To think he would reveal the card he was going to use when things got dirty?

“If you bring up the SoftBank issue, I’ll expose all the money you or Taehyun Group invested in currency speculation when I was at Triumph, so keep that in mind.”

“What, what?”

Jang Ho-geon stammered. To think he would dig up his most fatal weakness? Seon Hae-cheol smiled slyly as he watched Jang Ho-geon’s flustered expression.

“Wouldn’t it be interesting? If the public questions where the money earned from currency speculation is being used and why so much tax money is being poured in, hehe.”

“Ugh…”

Jang Ho-geon glared at Seon Hae-cheol, his clenched fist trembling.

With the presidential election just around the corner, if that crazy bastard exposes the yen-high speculation, he’ll be a perfect sacrifice for the politicians. The sanctions that Shinsung Group would face, starting with the failure to acquire Ado Motors, were vividly drawn in his mind.

Seon Hae-cheol smiled at Jang Ho-geon’s sharp eyes.

“So, let’s settle this with money and vision by the deadline, hehe.”

“Feel free to try, CEO Seon. I’ll show you the true capabilities of Shinsung.”

With those words spat out, Jang Ho-geon turned sharply and left the office. Seon Hae-cheol, left alone in the room, slumped down on the sofa and sighed.

“One is done… When will the other one come?”

***

Jang Ho-geon ground his teeth as he left the Standard Capital office.

“That son of a bitch…”

It was the worst humiliation he had ever suffered. Lee Dae-soo was an elder in the business world with whom he had dealings, and he was going to be his in-law, so it was okay to be insulted, but he couldn’t understand what Seon Hae-cheol was relying on to act like that.

As Jang Ho-geon went down to the underground parking lot, he saw a familiar face.

“Chairman Myung?”

“Chairman Jang?”

Jang Ho-geon and Myung Jin-ho were both taken aback to see each other.

Both men instantly realized why the other was in the building and stared intently at each other.

“You’re here because of Ado Motors.”

“Looks like you are too, hehe. Judging by your face, you were rejected. How did it go?”

“See for yourself. That’s all.”

Jang Ho-geon nodded curtly and got into his car. Myung Jin-ho frowned as he watched Jang Ho-geon’s limousine speed away from the building.

“That arrogant bastard… I’ll repay you for what your father did to me.”

Myung Jin-ho recalled how Jang Byung-ho had prevented Taehyun Electronics from entering the home appliance business as he headed to Standard Capital’s office.

“Is CEO Seon Hae-cheol here?”

“I’m sorry, but who… are you…?”

Myung Jin-ho handed the employee at the desk a business card.

The card simply read ‘Myung Jin-ho, Chairman of Taehyun Group’ and a phone number.

Nevertheless, knowing the name, the employee’s face turned pale.

“I-I’m sorry, Chairman!”

“No need to apologize. I should apologize for coming without notice. Where is CEO Seon Hae-cheol?”

“He’s in the reception room. Please wait a moment.”

Before the employee could get up, Myung Jin-ho strode towards the reception room on his own.

Seon Hae-cheol jumped up from the sofa upon seeing Myung Jin-ho enter the reception room.

“Who are you?”

“I’m Myung Jin-ho from Taehyun Group. The elder you’ll be dealing with this time. What kind of tea is good here?”

Seon Hae-cheol narrowed his eyes at Myung Jin-ho’s question. Was he treating his company like a tea house?

“You might have heard of Golden Tips.”

“Golden Tips?”

“It costs about 50,000 to 60,000 won [approximately $40-$50 USD] per cup, but our desk staff drink it like water. That’s all we have here. Is that alright with you?”

Myung Jin-ho’s eyes turned upward.

Was he implying that he was confident he wouldn’t be pushed around even if the Ado Motors acquisition bid turned into a money-wasting game? On top of that, he was even being condescending by offering him tea that even the lowest staff members drank.

Forcing down his anger, Myung Jin-ho chuckled.

“You’re an interesting fellow. I can’t tell if you’re being respectful or condescending.”

“I’ll leave the judgment to you, Chairman. Please, have a seat.”

“Alright.”

Myung Jin-ho sat across from Seon Hae-cheol and drank the black tea the employee brought.

“The aroma is good. The taste is good too.”

“It’s all worth the money, isn’t it? Ado Motors will be the same.”

“That’s right. There’s nothing as worthwhile as Ado Motors, which will recover after guzzling up the people’s taxes, hahaha.”

Setting down his cup, Myung Jin-ho asked Seon Hae-cheol.

“How much will it take?”

“What are you talking about?”

“How much to back out of Ado Motors?”

Myung Jin-ho took another sip of tea and said to Seon Hae-cheol.

“I’m not one for beating around the bush. An investment company trying to grow an automobile company… It was amusing trying to scam people by pretending to take a cut, hahaha.”

Unlike the laughing Myung Jin-ho, Seon Hae-cheol tilted his head.

“I think you’re mistaken… We didn’t announce the acquisition bid to take a cut, Chairman Myung Jin-ho. Don’t you know that we’ve already exchanged 2 billion dollars into Korean won?”

Even as Seon Hae-cheol playfully called him by his full name, Myung Jin-ho remained composed.

“I know. But can you, a man who only looked at numbers, handle those unruly workers?”

Seon Hae-cheol shrugged at Myung Jin-ho’s bulldozer-like directness and sighed.

“When I was studying for my MBA in the United States, there was a course called Labor Relations. I learned that a company can only grow if management, shareholders, and workers work together for the company. When I worked in the M&A division at Triumph after my MBA, I kept that in mind when I restructured, and every time we resold, we made a lot of profit. The acquired companies and their employees were also satisfied, hehe.”

What Seon Hae-cheol said was true, but Myung Jin-ho’s face turned red.

Was he mocking him for taking the lead in crushing the labor union during the Great Labor Struggle of 1987 [a period of intense labor activism in South Korea]? In the end, he ended up fostering a strong labor union.

Even as Myung Jin-ho’s breathing became rough, Seon Hae-cheol did not lose his smile or composure.

“If we acquire Ado Motors, we will do our best for the welfare of the workers and increase productivity. We will squeeze out the rotten pus, but we will never cut away the healthy flesh.”

“You’re very confident. I have nothing more to say.”

Myung Jin-ho stared at Seon Hae-cheol and slammed the empty teacup down as if to break it.

“America is America, and Korea is Korea. Let’s have a good fight. Let’s use all the cards we have, hahaha.”

Seon Hae-cheol nodded with a nonchalant expression as he watched Myung Jin-ho laugh heartily.

“Alright. But… let’s not make a mud fight out of the SoftBank deal.”

“What?”

“The owner of that company is a Korean-Japanese, and I heard that the chairman of Roel Group is also a Korean-Japanese? If you say our funds are Japanese, Roel Group will also be involved, so it will be interesting, hehe.”

Unlike the smiling Seon Hae-cheol, Myung Jin-ho’s eyebrows twitched.

The financial power of Roel Group, which is based in Japan, is by no means insignificant. If he made a wrong move, Roel Group could side with Taehyun Group and sabotage the acquisition of Ado Motors.

‘I should just…!’

Seon Hae-cheol launched a counterattack against Myung Jin-ho, who was gritting his teeth, thinking that he should deal with the guy who suggested that he detonate the SoftBank deal as planned.

“Even if you detonate the SoftBank deal, I will hold a public press conference to reveal that Taehyun Group and Shinsung Group were involved in the yen-carry trade [borrowing in Japanese yen at low interest rates to invest in higher-yielding assets elsewhere] when I was at Triumph.”

Myung Jin-ho’s mouth dropped open. Was he going to reveal that case that he had completely forgotten about?

“I’m only saying this because I’m worried that someone who rose from nothing and was respected by the people will be covered in filth. Let’s compete fairly with money and vision, hehe.”

Realizing that he was in checkmate, Myung Jin-ho stood up. His face was red with the humiliation he was experiencing for the first time in his life.

“As much as you want. I’ll show you the power of Taehyun, which grew up eating iron filings and sandstorms [a Korean idiom for enduring hardship].”

“I will also show you the power of Standard, which grew up playing with money on Wall Street.”

Seon Hae-cheol’s face, which did not avoid Myung Jin-ho’s glaring eyes, was full of confidence.

***

The summer of 1997 was a hot season due to the Ado Motors acquisition battle. What was different was that it was a different aspect from the existing M&A competition.

[Taehyun Motors has announced its intention to take over the employment of all workers except for a few when acquiring Ado Motors. In addition, it will support the existing Taehyun Motors technology and Taehyun Group’s funds…]

[Shinsung Corporation promised to guarantee the employment of Ado Motors executives and employees. Punishment for some problematic people is inevitable, but most innocent workers will be employed as they are…]

Taehyun Group and Shinsung Group were full of clichéd rhetoric, but Standard Capital was different.

[Standard Capital met with Ado Motors executives and employees and had in-depth discussions. …The company announced that it would strictly punish corruption within the company, regardless of labor or management, but would implement a 5-day, 3-shift system, 30-year interest-free housing loans, and a new concept of performance-based pay, and publicly disclosed its assets under management. Also…]

Standard Capital’s pledges, published in Dongyang Ilbo [a fictional newspaper] and other newspapers, became a hot topic of conversation.

This was because no other company in Korea, except for Haedong Group, guaranteed a 5-day, 3-shift system, housing fund support, and performance-based pay ranging from 300% to 900% of base salary.

That wasn’t all.

[Standard Capital announced that it would invest 20 trillion won [approximately $16 billion USD] over 10 years to dramatically improve both production volume and quality if it acquired Ado Motors. The exact details are undisclosed, but Standard Capital expressed confidence that it was fully possible.]

No one knew the ‘exact details’.

Only one person knew, me, drinking coffee from a vending machine on the rooftop of the building where the Hong Kong branch office of Haedong Securities was located, looking at a paper printed with domestic news.

“The problem is money.”

Muttering as I crumpled the empty paper cup, I looked at my watch.

“Today is July 15th…”

Not much time left.

It’s time to get the last card for this phase.