Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 137

40th. Preparing for the Deal (1)

An hour after ending the call with my grandfather.

Sun Hae-cheol and I were in the reception room of Standard Capital’s office, serving tea to my grandfather, who was seated at the head of the table.

“Haha, the tea is probably more expensive than what you spent decorating this office.”

Grandfather put down his cup filled with Golden Tips [a very expensive type of tea] and chuckled.

“I couldn’t compromise on this, no matter what. You always said that eating comes first, Grandfather.”

Grandfather nodded at my reply.

“Houses and clothes become useless as their brand value increases. But eating and drinking increase a person’s worth as much as the money spent. Others will see you differently.”

Grandfather was right. Wasn’t it thanks to being accustomed to the taste of Golden Tips, which costs tens of thousands of won per cup at current prices, that I was able to lead the conversation during my first meeting with Henry? Real rich people show their difference in what they eat and drink, so I intended to continue doing so.

When we were about halfway through our tea, Grandfather brought up the main topic.

“I’ve brought Taehyun Oil and Petrochemical from Chairman Myung, so now I’d like to take back what you have. I’ll take it all for 2.2 trillion won.”

“2.2 trillion won?”

That was unexpected. Even if the money spent on conning Jang Ho-min was 1.5 billion dollars, calculating the exchange rate when we first started and when we finished a few days ago, it would be 1.5 trillion won at most. And he was offering to give us 700 billion won more?

Seeing Sun Hae-cheol and my dumbfounded expressions, Grandfather scoffed.

“Is that American in-law and the people under him trusting you with their money for you to waste it? I’m not saying you have to give them all of it, but you need to make a good profit so that others will trust your skills and entrust you with their money, right?”

My grandfather was different from other typical conglomerate chairmen. Whether he was trying to lowball or overpay, he would usually bring up family ties, but he was trying to give us more value because of trust.

“This old man lent money to our company under the same conditions. Public matters are public, and private matters are private, aren’t they?”

“Ah…”

As I nodded, letting out a soft exclamation, Grandfather continued to say what he wanted to say.

“If I favor my company and not others, it’s only a matter of time before I lose my reputation as a businessman and lose money. Fairness comes first for a businessman. Do you understand?”

“Yes, Grandfather. I will keep that in mind.”

Seeing me nod with a humble expression, Grandfather wore a mischievous look.

“It’ll be different if you have something rare in your hands like now, hehe.”

“Then…?”

“You and I aren’t desperate for money, so we engage in fair trade, but others aren’t, are they? I’ll have to favor a few… hehe.”

As expected. Grandfather was definitely planning to increase his wealth with this dollar trade. Understanding his thoughts, I told Grandfather my plan.

“That’s why I’m saying this, how about we each sell the 10 billion dollars in Hong Kong, Grandfather?”

At my new suggestion, Grandfather blinked.

“What are you talking about? Are you saying you don’t want to do business?”

“I’m not saying I don’t want to do business. I’m saying this so we can sell it for more.”

“Explain.”

“Standard Capital’s investment in Shinseong and GK is 2.7 billion dollars. All of that money was borrowed short-term from the United States, and the dollars we receive after deducting the 15 percent management fee from the 10 billion dollars will be enough to repay all the principal and interest.”

“Hmm…”

Grandfather stopped humming and opened his mouth.

“If 10 billion dollars is released at once, they’ll try to lowball. It’ll be better for you that way since you need to solve your own pocketbook issues.”

“Thank you, Grandfather. And… I hope you won’t dispose of the 2 billion dollars remaining in the Merchant Bank and the 1.5 billion dollars received as management fees from the Securities.”

Even if I am the largest shareholder of Haedong Merchant Bank and Haedong Securities, preventing the sale of the remaining 3.5 billion dollars is an unreasonable request, even to me. Isn’t Grandfather the head of the Haedong Group? I thought it couldn’t be helped if he refused, but Grandfather went against my expectations.

“I understand. You’ll need capital to practice trading on your own. Just make a lot of profit, haha.”

Looking at Grandfather, who was laughing generously, I nodded confidently. I would use that 3.5 billion dollars to build the foundation of Haedong Merchant Bank and Haedong Securities.

***

Time flowed, and on November 21st, the IMF [International Monetary Fund] management system, which would leave decades of trauma in this country, began.

The Blue House [the presidential residence], the ruling party, and the government became the national scapegoat as the source of this crisis, and the opposition party was gleefully tearing at the ruling party.

Regardless of how the political world was turning out, business leaders were frequenting Lee Dae-soo’s residence in Samcheong-dong to secure dollars.

“Gentlemen, Standard will pay you in won, but do you also want to receive the acquisition price for Ado Motors from our Haedong in won?”

Lee Dae-soo, sitting at his desk, rested his chin on his clasped fingers and asked. One of the bank presidents sitting closely together on the sofa said.

“We apologize, but… we would appreciate it if you could pay us in dollars, Chairman.”

“Dollars… what exchange rate will you offer?”

At Lee Dae-soo’s question, the bank presidents’ expressions darkened. They didn’t know if Lee Dae-soo would be satisfied with the proposal they had prepared, but one of them stepped forward as a representative and said.

“We would like to receive 1.5 trillion won, or 800 million dollars, instead. It may not be enough, but please pay us in dollars, Chairman.”

At the bank presidents’ humble attitude, Lee Dae-soo nodded with an indifferent expression.

They were offering 1,875 won per dollar. Perhaps knowing that the IMF bailout would be delayed and understanding his character, they were trying to please him? However, Lee Dae-soo didn’t say anything and only hummed.

“Hmm…”

Lee Dae-soo, who was humming, took out a file from his desk drawer and handed it over.

“Let’s talk about the amount after looking at this.”

“Yes…”

The bank president, who was acting as the representative, got up, received the file, and sat down. He opened the cover of the file and handed a copy to the other bank presidents.

“This is…?”

Looking at the surprised bank presidents, Lee Dae-soo said in a smooth voice.

“Our Haedong Merchant Bank is trying to increase its branches, but there are many minor problems. If you use your influence, I’ll give you up to 1 billion dollars.”

The bank presidents were dumbfounded. He was offering to add 200 million dollars to the 800 million dollars and use them to help Haedong Merchant Bank, which would become a competitor to the banks? To make such an order in front of them, representing the banks!

The bank presidents had all expected Haedong Merchant Bank to become a competitor to the commercial banks, but no one knew that the time would come so quickly. Their faces turned red with shock, fear, and shame.

“Ch, Chairman, but adding more branches for merchant banks is…”

“Didn’t you all eat enough government rice [a Korean expression for having a long career in government service] to sit in those positions? You don’t even have the power to solve that one problem, yet you’ve secured the position of bank president?”

The bank president, who was interrupted, closed his mouth at Lee Dae-soo’s sharp rebuke. Weren’t all the bank presidents sitting on the sofa, including himself, former high-ranking officials from the Ministry of Finance and the Securities Supervisory Board? With connections and power.

“No one can guarantee when the 55 billion dollars that the IMF promised to lend will come in. In such a situation, I’m offering you 200 million dollars more than you expected, are you going to give it up?”

At Lee Dae-soo’s reproachful question, all the bank presidents’ faces looked as if they had a mouthful of sand.

If they received 200 million dollars more, Haedong Merchant Bank, their most powerful potential competitor, would gradually threaten the banks, and if they didn’t receive it, they would become fools who threw away 200 million dollars worth of gold.

A bank president, unable to bear it any longer, asked Lee Dae-soo.

“Please tell us the reason for doing this, Chairman. You could coordinate with the next presidential candidate, so why are you trying to hold onto even guys like us?”

“If I collude with the next owner of the Blue House and increase the number of merchant bank branches? Would you or the other group chairmen like that, tsk tsk.”

Lee Dae-soo, who clicked his tongue as if sneering, took a sip of tea, composed himself, and said to the bank presidents with hardened faces.

“So, I’m trying to finish the deal with you first. I’ll use my influence, but if you all lend a hand, no matter what kind of officials or chairmen, no one will be able to say anything.”

Lee Dae-soo himself knew that he was arrogant, but to resolve the resentment he had from the August 3rd Private Loan Freeze [a government measure that caused many businesses to fail], he had to grow Haedong Merchant Bank like a bank, even if it couldn’t have a bank sign. Unlike other conglomerates that only had small stakes in commercial banks, Haedong Merchant Bank had all its shares held by the family and the group.

However, he wasn’t so ignorant as to only use the stick, so Lee Dae-soo began to tell the bank presidents a story that would tempt them.

“I’m not planning to only use money from Haedong Merchant Bank. There’s a legal lending limit, so I’ll have to use money from your banks to make up for the shortfall. Isn’t that right?”

In the carrot that Lee Dae-soo showed, the bank presidents’ faces showed a faint expectation. Wanting to confirm whether he would only show the carrot or actually give it, a bank president cautiously asked.

“Will you… also do financial transactions with us?”

“Did you think I was someone who couldn’t tell the difference between heaven and earth? I’m disappointed, tsk tsk.”

Regardless of whether Lee Dae-soo clicked his tongue or not, all the bank presidents confirmed that the carrot he showed wasn’t just to tease them. After finishing their profit and loss calculations, they hurriedly raised their hands and waved them.

“Ah, no, Chairman! Haedong Group has always kept its principles, hasn’t it? We would be even more grateful if we could do business with the Chairman, who has built the group so solidly. Isn’t that right?”

“That’s right, Chairman! Every time other groups, not knowing their place, ask for loans, my wrinkles increase, but if we have a good customer like Haedong Group, we couldn’t ask for more.”

“That’s right, Chairman! There will be many projects that Haedong Group will do in the future, and we would be grateful if you would use us, haha.”

If they could secure Haedong Group, which had the most cash in the country right now, as a client, the banks would have a breath of fresh air in terms of both deposits and loans. At the bank presidents’ flattery-filled sincerity, Lee Dae-soo smirked.

“I’m grateful that you think so. You’ll all be clients of our Haedong. Think of the 200 million dollars I’m adding as a down payment. Is the acquisition negotiation and the expansion of Haedong Merchant Bank branches all settled with this?”

After finishing his words and drinking Golden Tips, a bank president quickly opened his mouth.

“Of course, Chairman. You’ve released that precious dollar, so of course, we have to do that, haha.”

Along with the bank president who laughed heartily, the other bank presidents also drank black tea with expressions of relief. They were bank presidents who wouldn’t have been able to enjoy the same luxury if it had been another chaebol instead of Lee Dae-soo.

***

Around the time Lee Dae-soo finished the deal with the bank presidents regarding the acquisition of Ado Motors and the expansion of Haedong Merchant Bank, Min Joo-hyung was yawning at the Haedong Securities Hong Kong branch.

“Haaah-. When are we going back, Director Park?”

“Why?”

“I’m bored to death. We’re just gathering information every day and not trading. We could make money if we rolled the 10 billion dollars more.”

Min Joo-hyung just smacked his lips. The money fight between speculators and the Hong Kong financial authorities was still going on in the Hong Kong financial market, but the routine of going to work and leaving on time was just boring.

“That’s right, Director. We need to trade to keep our senses sharp.”

Even Joo Seung-bin, who was usually calm, couldn’t stand being comfortable for almost a month and was getting restless. Park Tae-jin looked at the two and chuckled as he put down his teacup.

“You’ve both become gamblers, hehe.”

“Isn’t what we learned playing with money? I’m dying to take the dollars in my hand and go back to scoop up blue-chip stocks, hehe.”

“Director Min is right, Director. We have 10 billion dollars in our account. If we go to Korea now and trade dollars and buy stocks, how much money would we make?”

Min Joo-hyung and Joo Seung-bin both had a list in their heads of where to invest the money they had earned in the Hong Kong stock market after taking it back to headquarters. Park Tae-jin gave the two a word of advice.

“Stop it. That money isn’t all bet with Haedong Securities’ money. We have to settle up according to the initial investment.”

“That’s right. If we deduct the 15 percent management fee…”

Min Joo-hyung, who was calculating with his fingers, whistled.

“Wow, among the individual investors, Director Lee and Executive Director Jang Ha-yeon are the biggest winners?”

“That’s right, Director. Even after deducting the 15 percent management fee, Director Lee has 1.4 billion dollars and Executive Director Jang Ha-yeon has 570 million dollars. The Vice Chairman’s children also receive 280 million dollars each.”

Joo Seung-bin also clicked his tongue, but Park Tae-jin only wore a calm smile. Standard Capital, Lee Sung-min’s biggest money bag, would also make more than 2.8 billion dollars from this deal, wouldn’t it?

Although he couldn’t say these facts, Park Tae-jin told the two the most important thing and one thing that he could tell them.

“Director Lee and the Vice Chairman’s children will use that money to pay inheritance tax, right?”

“Inheritance tax?”

The two looked at Park Tae-jin with surprised expressions. A chaebol paying inheritance tax?

“If we send 10 billion dollars to Korea and exchange it for won, Director Lee and the Vice Chairman’s children will all pay inheritance tax on the shares that the Chairman gave them. If they pay it all, it will be over 1 trillion won.”

“O, One trillion?”

Unlike Park Tae-jin’s indifferent voice, Min Joo-hyung’s mouth dropped open. With 1 trillion won, he could buy two or three decent large buildings in Gangnam [a wealthy district in Seoul], couldn’t he?

“What about Executive Director Jang Ha-yeon?”

“She’ll use it to take over the shares of Korea Hotel, or Korea Hotel merged with Shinseong Corporation, and the duty-free shop, resort, and SH Asset Development.”

“If she does that, she’ll have to spend 1 trillion won… Why is Shinseong Group doing that?”

Seeing Joo Seung-bin’s expression of not understanding, Park Tae-jin told him the reason.

“They’re probably doing that to prevent anyone from touching what Executive Director Jang will inherit. The four siblings in that family don’t get along.”

To be exact, the three siblings were ostracizing Jang Ha-yeon, who was a half-sibling, but Joo Seung-bin nodded, knowing that Park Tae-jin’s words were true.

Min Joo-hyung, who was drinking tea while looking at the two, put down his teacup and burst into laughter.

“Even if we consider Executive Director Jang Ha-yeon, the other three siblings will be complete fools, right? They only put in 600,000 dollars, right? Hahaha.”

“That’s right, haha.”

While Min Joo-hyung and Joo Seung-bin were bursting into laughter, the phone rang. Park Tae-jin quickly picked up the phone.

“This is Hae-dong security…, Ah, yes. Director. Yes. …! I understand. I’ll take care of everything by today. Yes.”

Seeing Park Tae-jin put down the phone, Min Joo-hyung cautiously asked.

“If we settle up… does that mean we’re coming in?”

“He said to distribute the profits to the Standard headquarters by today and send all the remaining dollars to the head office account. He also said that we should all come in.”

As soon as Park Tae-jin’s answer was finished, Min Joo-hyung raised his clenched fist upwards.

“Yes! We’re finally going back!”

Min Joo-hyung jumped up from his seat, left the glass room, and shouted.

“Everyone pack your bags! We’re going back!”

###

While the people at Haedong Securities, including Min Joo-hyung, were jumping up and down and cheering, Joo Seung-bin asked Park Tae-jin.

“Come to think of it, Director, didn’t you say you were going to learn tango here?”

“Ah, that? I’m going to look for a dance studio when I get back, hehe.”

Park Tae-jin had been learning tango at a dance studio in Hong Kong since the day Lee Sung-min returned to Korea.

As the time was slowly approaching, it was to succeed in the ‘most difficult operation of a lifetime,’ and the D-Day seemed to be approaching quickly.