Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 134

134. 39th. Start of Settlement (3)

Seon Hae-cheol took a sip of his tea and said to Jang Ho-min.

“Let me say it again, hand over Shinseong Oil, Shinseong Petrochemical, and Shinseong Steel altogether. If you hand them over, I’ll overlook the slush fund issue and give you an additional $300 million.”

Jang Ho-min’s eyes gleamed. It was already a tempting deal to get rid of the two most serious problems, and now he was being offered an extra $300 million?

“Representative Seon?”

“Vice Chairman Jang Ho-min needs to get something out of this deal too. Our Standard isn’t such a heartless company, haha.”

For Standard to establish itself in Korea, reputation management was a reality they couldn’t ignore.

[Lee Seong-min is planning to devour Shinseong, so he wants to build a good reputation beforehand.]

Lee Seong-min, the owner of Standard and the eldest grandson of the Haedong Group’s arch-rival, had given a very reasonable order, so Seon Hae-cheol agreed to bear the immediate losses.

At Seon Hae-cheol’s smile, Jang Ho-min’s expression softened.

It was a shame to lose the petrochemical division, but he could sell the steel mill, which didn’t even have a blast furnace, pay off his debts, and receive $300 million, which would be as good as gold. There was no reason to refuse.

“If Representative Seon is willing to do that, I have no reason to refuse. Let’s write up the contract as soon as it’s ready.”

Jang Ho-min looked at Seon Hae-cheol with a slightly relaxed expression and extended his hand. Seon Hae-cheol also took his hand, wearing the smile of a victor.

***

After Jang Ho-min left, Seon Hae-cheol came into the office.

“He must have been sweating bullets. He’s so eager to hand it over since we said we’d throw him $300 million? Hehe.”

“That’s great, hehe.”

Seon Hae-cheol stopped laughing with me and asked cautiously.

“Still, aren’t we losing too much? What if that Jang Ho-min guy makes a profit from the exchange rate?”

It seemed like Seon Hae-cheol was testing me, but I waved my hand.

“It’s okay, Uncle. That $300 million is just bait to get the rest. If we give him collateral instead of cash and even throw in $300 million, he’ll never be able to blame us.”

For a bigger deal, $300 million was worth throwing away. If you have a lot of capital, isn’t the way to invest to put in more money and make even more profit?

Seon Hae-cheol shook his head, looking at me.

“You’re ruthless; you’re really planning to do it. Dismemberment.”

“Of course. We’re going to devour Vice Chairman Jang Ho-min’s company, whenever that may be.”

“And you’re going to hand over all the companies you gobble up to Myeongjin?”

“That’s right. We’ll collect every single bit of the overdue interest from the 8.3 loan freeze [a government measure in the early 1970s to alleviate corporate debt]. Chairman Jang Ho-kyung and Uncle Ho-gun too.”

The dismemberment that will follow my revenge will be unlike anything before, now, or in the future.

I’m going to swallow the Jang family’s companies one by one, increase our stake, and carve sashimi from their flesh.

“You look scary today.”

“There’s nothing to be scared of, Uncle. This is just the beginning.”

I replied nonchalantly to Seon Hae-cheol, who was shuddering, took a sip of tea, and said,

“The first settlement is over… shall we start the second settlement?”

“The second settlement…”

“Uncle Ho-gun. We need to make him pay a fair price for providing the justification for the acquisition of Ado Motors, hehe.”

I smiled with the most wicked expression in the world, enjoying the pleasure of the moment while drinking my tea.

***

While Lee Seong-min, with Standard Capital and Seon Hae-cheol at the forefront, was finishing the settlement with Jang Ho-min, Seong-ui-won was filled with dark clouds.

“The foreign currency received from exports is being used to repay hot money [speculative capital] or is being stockpiled, and domestic payment is being resolved with bank loans. Looking at the exchange rate trends, we need to hoard every bit of foreign currency we can.”

“The foreign currency currently in circulation is only $300 million. At this rate, we won’t have enough money to use for export guarantees, let alone repay hot money.”

“The problem is import payments. Companies including Stella Chemifa, Morita, and Hitachi Chemical have notified us that they won’t hand over goods unless we pay in yen or dollar cash.”

Jang Ho-gun’s face was stiff as he received reports from the heads of key affiliates and executives from the group’s secretariat. Even in the midst of all this, he looked at Lee Soo-han with desperate eyes, as if not wanting to let go of the last thread.

“Chief Lee.”

“Yes, Chairman.”

“How did it go with contacting the Ministry of Economy and Finance?”

“I’m sorry, Chairman. I’ve called several times, but they’re not answering.”

Even Lee Soo-han, who had been the chief of staff for 10 years, was experiencing this for the first time.

It wasn’t just the foreign exchange crisis, but the fact that the guys who used to eagerly answer his calls, even if they were in the middle of defecating, were now not answering no matter how many times he called, to the point where he was grinding his teeth.

Bang!

“Those bastards, how much have they taken from us until now!”

Everyone swallowed hard at Jang Ho-gun’s rough curse as he slammed his fist on the desk, but their faces turned pale at his subsequent instructions.

“Don’t use a single penny of dollars, yen, or marks, and manage them thoroughly. If the money runs out and the group goes bankrupt, everyone here will lose their jobs!”

Jang Ho-gun chased the executives out with a loud voice and then asked Lee Soo-han.

“The acquisition of Ado Motors, it’s impossible, right?”

“I’m sorry, Chairman. We have a lot of won, but we need to save it for possible dollar purchases.”

Seeing Lee Soo-han’s dark expression, Jang Ho-gun sighed. If even that smart guy was showing a pessimistic outlook, then he had to give up on Ado Motors.

“I’m going crazy. Why at a time like this…!”

Jang Ho-gun couldn’t even finish his sentence and slammed his desk. The acquisition of Ado Motors, which he had wanted so badly, was right in front of him, but why a foreign exchange crisis?

While Jang Ho-gun and Lee Soo-han were struggling to find a solution, the phone rang.

[Hello, Chairman Jang Ho-gun.]

“What’s going on, Representative Seon?”

[I’m calling about adjusting the acquisition price for Ado Motors. How is it, is it possible?]

Jang Ho-gun frowned at Seon Hae-cheol’s light voice.

“Are you making fun of me right now?”

[Do you think I’m rushing you to make fun of Chairman Jang right now? Isn’t it about paying the money quickly and making cars properly?]

Jang Ho-gun’s frown deepened at Seon Hae-cheol’s straightforward words. Wasn’t it obvious that he was trying to tease him?

[I told the chairman, but he told me to contact you after deciding on Chairman Jang’s share. He said that Haedong Group would pay half of the amount left over after Shinseong Group’s share.]

Jang Ho-gun knew exactly why Lee Dae-soo could show such confidence. Didn’t Haedong Group have more than several billion dollars in its own cash?

He wanted to borrow dollars from Haedong Group, but he couldn’t ask for more help. Even if Lee Dae-soo didn’t give him a look, wouldn’t his daughter, who was about to be married off, be mindful of her in-laws on her own?

Jang Ho-gun opened his mouth after a moment of silence.

“I understand. I’ll go directly.”

[Alright.]

The call ended, and Jang Ho-gun slammed the phone down roughly.

“Damn it…”

To think that the chairman of the great Shinseong Group had to bow his head to guys who were playing with money… Jang Ho-gun had never felt so resentful as he did today.

***

Jang Ho-gun entered the Standard Capital office with Lee Soo-han. The two entered the reception room, exchanged brief handshakes with Seon Hae-cheol, sat down, and drank tea.

“The acquisition price, what are you going to do?”

Jang Ho-gun and Lee Soo-han’s eyes sharpened at Seon Hae-cheol’s attitude, which was like a debt collector. How dare a guy who was acting as a dog for foreigners!

“What are you going to do, Representative Seon?”

“We also have to split the remainder that Chairman Jang Ho-gun will bear in half with Haedong Group. However, if Chairman Jang’s share doesn’t exceed 1 trillion won [Korean currency], we will never agree to the plan to merge Ado Motors and Shinseong Corporation’s automobile business division.”

The two were suffocated by Seon Hae-cheol, who had set up a barrier from the beginning. He was going to block the plan to separate Shinseong Corporation’s automobile business division into Shinseong Motors and merge it with Ado Motors?

“Don’t look at it that way, Chairman Jang, Chief Lee. What kind of business ethics is it to try to attach a burden when you’re not even taking a third of the shares?”

Seon Hae-cheol shot out barbed words while looking at the two people’s stiff expressions.

“We did it because we wanted to, but we suffered huge exchange rate losses in the process of participating in the acquisition of Ado Motors. To make up for that loss, we need to grow Ado Motors into a solid company, but if we increase the number of freeloaders who are full of debt, won’t the recovery be further delayed?”

Freeloaders, freeloaders, freeloaders!

He wanted to tear that arrogant Seon Hae-cheol’s mouth apart, but Jang Ho-gun couldn’t bring himself to do it. Didn’t he have something else to deal with besides the acquisition of Ado Motors?

Seon Hae-cheol sighed as he looked at the two people who were only swallowing dry saliva.

“Shinseong Group should withdraw from Ado Motors. What’s going on when we need to acquire and revive it as soon as possible?”

At those words, Jang Ho-gun shouted.

“Hey, Representative Seon! Do you even know who allowed your Standard to get involved with Ado Motors!”

Before Jang Ho-gun could finish speaking, Seon Hae-cheol coldly retorted.

“Then pay the money, Chairman Jang Ho-gun. You have 1.4 trillion won in your hands right now, which is more than enough to cover a third of the acquisition price of Ado Motors, so why aren’t you using it?”

“Th, that’s…”

Jang Ho-gun bit his lip. Wasn’t Seon Hae-cheol holding the knife right now, not him?

Seon Hae-cheol sighed as he looked at Jang Ho-gun and Lee Soo-han and said.

“I’m saying this because you’re the father of Seong-min’s girlfriend, whom I cherish like my own nephew. If you withdraw from the acquisition of Ado Motors, Standard and Haedong Group will provide money to Ado Motors and acquire Shinseong Corporation’s automobile business division. In US dollars.”

Jang Ho-gun and Lee Soo-han’s eyes widened. He was going to take that debt-ridden company even while giving dollars?

“Representative Seon?”

“Is that true?”

“Instead, Chairman Jang will also have to share the debt of Shinseong Corporation’s automobile business division. Isn’t it a business that would be criticized by the headquarters even if you only took on the debt and brought it for 10 won?”

He had a hunch, and it was as he expected. There was no way that sly snake Seon Hae-cheol would willingly play the fool.

Jang Ho-gun, who had been thinking for a while, asked Seon Hae-cheol.

“If we accept Representative Seon’s conditions, can you sell us dollars?”

“What are you talking about?”

“I’ll give you 1,400 won per dollar. Just sell me 1 billion dollars.”

Jang Ho-gun made a big decision and blurted it out, but Seon Hae-cheol scoffed and waved his hand.

“The current exchange rate is 1,100 won, Chairman Jang Ho-gun. There are rumors that it will go up to 2,000 won in the future, and the dollar has dried up in the Myeongdong and Namdaemun private loan markets [areas known for financial activity], so 1,400 won?”

“Then how much should I give you?”

“You’ll have to give me 1,600 won per dollar. You’ll also have to transfer 10 percent of the shares of Shinseong Electronics and Shinseong Corporation through a rights offering [an offer to existing shareholders to buy more shares]. I’ll give you the payment in dollars. At 1,600 won per dollar.”

It was a sound to inject a needle into his two arms at a bargain price and suck him dry, but Jang Ho-gun couldn’t immediately reject Seon Hae-cheol’s offer. He couldn’t even sell the semiconductors he was producing in the factory because he didn’t have dollars to guarantee exports.

After thinking for a while, Jang Ho-gun said to Seon Hae-cheol.

“I want to talk to him alone, can you step aside?”

“Of course.”

Seon Hae-cheol got up from his seat without hesitation and strode out of the reception room. Jang Ho-gun gritted his teeth as he looked at his back.

“I’ll break that bastard’s neck with my own hands someday.”

After finishing his curse against Seon Hae-cheol, Jang Ho-gun asked Lee Soo-han.

“What do you think?”

“The merger between Shinseong Corporation and Korea Hotel will be completed in three days. After that, we need to do a rights offering to defend even one more share.”

Korea Hotel and Shinseong Corporation are both companies in which Jang Ho-gun directly and indirectly holds a lot of shares. Jang Ho-gun nodded at Lee Soo-han’s suggestion to gather the grains of sand to make a rock and then deal with it.

“I understand. Let’s negotiate again after the merger is over.”

“Yes, Chairman.”

Lee Soo-han got up from his seat and left the reception room, and Seon Hae-cheol returned to the room with Lee Soo-han.

“What are you going to do?”

“I don’t think it’s something I can decide on my own. I need to hear the opinions of the senior executives, so let’s think about it for a few more days.”

Seon Hae-cheol listened to Jang Ho-gun’s words and nodded slowly.

“I understand. Then, I’ll assume that you’re withdrawing from the acquisition of Ado Motors and contact Chairman Lee.”

“…Do that.”

He couldn’t bring himself to say it, but Jang Ho-gun ended up seeing the unwanted sight. Swallowing the bloody tears that welled up in his heart, Jang Ho-gun roughly opened the door to the reception room and left with Lee Soo-han.

***

Three days later.

Jang Ho-gun and Lee Soo-han visited Standard Capital again and completed the rights offering and foreign exchange contract with Seon Hae-cheol. After sending the two away, Seon Hae-cheol came into the room and showed me the contract.

“10 percent of Shinseong Electronics shares for $300 million, 10 percent of Shinseong Corporation for $100 million, 1.6 trillion won for 1 billion dollars… that’s good.”

Unlike me, who was lightly whistling, Seon Hae-cheol’s expression wasn’t good.

“His attitude has completely changed from a few days ago. The way he’s acting so high and mighty…”

“Don’t worry, Uncle. Once we complete the acquisition of the shares, Standard’s stake in Shinseong Electronics and Shinseong Corporation will increase to just before 15 percent.”

Until now, Seon Hae-cheol and I had been buying shares of Shinseong Electronics, Shinseong Corporation, Taehyun Motors, Taehyun Construction, etc., up to just before 5 percent at several securities firms.

Money wasn’t a problem, but increasing our stake through open market purchases any further would be a good way to arouse the suspicion of Jang Ho-gun and other chaebols [large family-owned conglomerates]. If we wanted to increase our shares of Shinseong Electronics and Shinseong Corporation more than we do now, a rights offering would be the best way to do it.

“Anyway, the second settlement is over… now where to? Hehe.”

After pretending to think for a moment, I looked at Seon Hae-cheol and said.

“I need to help my uncles a little.”

“Are you talking about GK Group?”

“Yes.”

“They’ll get through the crisis if they work hard, right?”

Seon Hae-cheol tilted his head, but I shook my head.

“The situation doesn’t seem easy. The burden is increasing because of hot money.”

My maternal family, GK Group, didn’t participate in any takeover battles and focused only on reorganizing their internal affairs. Nevertheless, the GK Group executives were going around Namdaemun and Myeongdong to find dollars because they couldn’t export or import without them.

Seon Hae-cheol looked at my dark face and sighed lightly.

“If we attach Shinseong Oil and Shinseong Petrochemical to Haedong Corporation, it will conflict with GK Chemical or GK Oil, so there’s no choice. I understand.”

“Thank you, Uncle.”

Seon Hae-cheol made a condition to me, who bowed my head.

“Instead, we’re going to package the investment proposal to your uncles as if you begged me to do it?”

“Yes?”

“You need to score some points with your maternal family, right? Hehe.”

Even though we’re not blood-related, there’s no uncle like Seon Hae-cheol. I smiled at Seon Hae-cheol.