Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 166

166. 47th. Dirty, Sexy Gold (4)

Following the meeting of the heads of the five major groups, orchestrated by Lee Dae-soo,

Haedong Group, Taehyun Group, Shinsung Group, GK Group, and SG Group all mobilized their resources to channel gold to their respective general trading companies.

The gold amassed by these groups, with every tax obligation meticulously fulfilled, was delivered to GK Metals’ smelter. There, it was transformed into substantial ingots and securely stored within each company’s warehouse.

News of these movements reached a man who occupied the 22nd and 23rd floors of the Millennium Hilton Hotel on Namsan, paying a mere 120,000 won annually for the space.

“…Is this verified?”

“Yes, Chairman. Haedong Corporation is actively acquiring gold and converting it into ingots for storage.”

At this report from Hwang Byung-shik, Chief of Staff of Daeju Group, a bespectacled man with thinning white hair narrowed his eyes.

“That’s peculiar. He’s not typically one to engage in such activities…”

Chairman Kang Oh-joong of Daeju Group, also the newly appointed Chairman of the Federation of Korean Industries [a major business lobby group in South Korea], felt a sense of unease upon hearing Hwang Byung-shik’s report. Hoarding gold when every penny was crucial?

“What about the others? Not the insignificant players.”

Hwang Byung-shik, keenly aware of Kang Oh-joong’s implied question, responded swiftly. Hesitation could result in a cracked forehead from a hurled ashtray or a bruised body.

“Shinsung Corporation, Taehyun Corporation, GK Corporation, and SG Corporation are all purchasing gold with cash, though not in dollars.”

“Exports? Are they exporting the gold?”

“No. They’ve only processed it into ingots and are transferring it to overseas subsidiaries. Shipping dates are also significantly delayed.”

He inquired just in case, but the answer aligned with his expectations.

The five largest general trading companies were solely focused on buying gold. Kang Oh-joong pressed Hwang Byung-shik further.

“What’s your assessment of this?”

“I believe they anticipate a rise in gold prices. Otherwise, there’s no logical reason to buy gold with cash, is there? They’ve already settled their urgent debts with the dollars they acquired, so they’re likely biding their time.”

Kang Oh-joong clicked his tongue, displeasure evident at the response.

“They’re all too complacent. Hoarding leisurely when they don’t know when the hammer will fall.”

The more he contemplated it, the more absurd it seemed, deepening the furrows on Kang Oh-joong’s brow.

President-elect Kim had declared a restructuring of general trading companies, and Daeju Group was spearheading the effort, yet these companies were acting with such nonchalance?

“Hmm…”

Kang Oh-joong, emitting a groan tinged with anxiety, shook his head emphatically.

To overcome these obstacles like a tank, he needed to sell gold to safeguard Daeju Corporation, the group’s holding company.

The world offered endless opportunities, mirroring the title of his ghostwritten autobiography.

“How are our exports progressing?”

“All the gold we’ve acquired is being shipped to Daeju Metals’ Onsan smelter, processed into ingots, and exported. We’ve already processed over 30 tons.”

“You’re performing admirably, hehe.”

Perhaps due to his composed tone, or the smooth operation, Kang Oh-joong’s previously strained face relaxed.

“Hehehe…”

The more he considered his ingenious plan, the more laughter escaped Kang Oh-joong’s lips.

By outsourcing smelting to his affiliate, Daeju Metals, he was earning commissions, establishing numerous shell companies to inflate sales figures, boosting performance, and securing various tax refunds—a true win-win situation.

“Excellent. Maintain this momentum.”

“Yes, Chairman.”

After dismissing his Chief of Staff, Kang Oh-joong rose from his chair and approached the floor-to-ceiling window.

“Time truly flies.”

It had been 32 years since he had become independent from Haedong Corporation.

Just as the saying goes that even mountains and rivers change in 10 years, Kang Oh-joong, who believed that Lee Dae-soo would eventually understand his actions, reflected on how it seemed like only yesterday that he had received seed money and launched Daeju Trading.

However.

Kang Oh-joong, who expanded Daeju Group through connections and skill from the 11th year onward, saw his relationship with Lee Dae-soo deteriorate from the moment he broke ground for this hotel. Their relationship soured further in the 1980s, when he ventured into heavy industry, turning them into rivals.

“Stubborn old man…”

Perhaps stirred by past memories, resentment towards Lee Dae-soo surfaced from Kang Oh-joong’s twisted mouth.

How could he have built the current Daeju Group and worked in this hotel office with such a magnificent view if he hadn’t secured a loan and traded textiles and wigs?

The current Kang Oh-joong had no intention of returning to the humble days when he worked alongside his employees in a cramped office without partitions.

“…I can never retreat.”

The determination to remain in this position resonated in Kang Oh-joong’s voice and his clenched fist. To achieve that, he had to buy and sell even more gold.

***

As February commenced, it marked just over a month since the gold collection campaign had begun.

Because I went to Seongui Hospital with Jang Ha-yeon to meet Jang Ho-geon, I was late for work, so I drank coffee with Seon Hae-cheol and Park Tae-jin and told them about what happened at Seongui Hospital.

“So that’s why you were delayed?”

“Yes. I finalized the contract on the spot and wired 1 trillion won to Shinsung Corporation’s account, so the Goryeo Hotel is now Ha-yeon’s, haha.”

As of today, all of Shinsung Group’s leisure businesses, including the Goryeo Hotel, and 50 percent of SH Asset Development’s shares became Jang Ha-yeon’s company. Park Tae-jin smiled at me as I burst into a refreshing laugh.

“Congratulations, Director. Now, Director Jang will become one of our group, haha.”

“That’s right. Haedong Corporation will merge with the Goryeo Hotel and then go back down to a subsidiary, but the size will be bigger, so Ha-yeon and CEO Jung won’t be disappointed.”

After answering, Park Tae-jin said to me.

“Compared to other businesses, it’s not very noticeable, but Haedong Corporation’s leisure business division is quite large. There are resorts in Yeosu, Byeonsan, Seogwipo, Tongyeong, Gyeongju, and Goseong in Gangwon-do, and there are 4 golf courses in the suburbs of the metropolitan area and 5 in the provinces.”

As Park Tae-jin said, Haedong Corporation’s leisure business division was by no means small. Wasn’t it the only business that my grandfather, who had stepped down from group management but was forced to start by the Fifth Republic [a South Korean authoritarian regime from 1981 to 1987], had enthusiastically grown as a romantic?

“If you merge that with the Goryeo Hotel’s leisure business, it’ll be comparable to the Roel Group’s leisure business. If you acquire more hotels in Incheon or Busan and resorts in Seogwipo, you’ll definitely surpass them.”

Even Seon Hae-cheol’s eyes sparkled as he added his opinion. I smiled at Seon Hae-cheol.

“You want to create a place to hang out with Claire?”

“That too, but think of it as taking care of our niece-in-law’s business, hehe.”

It seemed like it would be good to stop the personal stories here. Rather, I had to talk about today’s big event.

“Today is the 36th day of the gold collection campaign. How much is prepared?”

Although there was no object, Park Tae-jin answered me with a smile.

“If you combine all the gold collected by the five general trading companies, it’s 175 tons and 438.59 kilograms based on 24k. The total amount that Haedong Securities has to pay is 1,999,999,926 dollars.”

‘These are terrible people…’

I shook my head at Park Tae-jin’s answer. They were going to match it down to the gram to get even a penny more out of the 2 billion dollars remaining in Haedong Securities.

“590 grams of that was made by your father-in-law selling his personal gold jewelry. He’s a very meticulous man, hehe.”

“Ahahahaha…”

I just gave an awkward laugh after hearing Seon Hae-cheol’s answer. Jang Ho-geon was trying to get dollars even by putting out his jewelry…

‘Even though they disposed of so many dollars, there seems to be a shortage of dollars in the market. Well, there must be hedge funds that withdrew when we sold dollars, and there must be guys who are aiming for speculative demand…’

I didn’t have the luxury to consider even the invisible market participants in the foreign exchange market. I shook my head, shook off my 잡생각 [jap-saeng-gak, meaning “雜 생각” or “miscellaneous thoughts”], and asked about other matters.

“Has it been discussed with the President-elect’s side?”

“Yes, Director. The Chairman spoke directly with the President-elect at lunchtime today, and the President-elect said that it would be better for Haedong Securities to acquire the gold and deposit it with the Bank of Korea than for the gold to be leaked out, in order to avoid pressure from the IMF [International Monetary Fund].”

A sigh of relief came out that my grandfather had opened the way, but I gritted my teeth at the sight of the IMF bastards, who were like occupying forces.

I took a breath and calmed my anger, and Park Tae-jin continued to explain the details of the transaction.

“The government will not forcibly purchase the gold purchased by Haedong Securities, but the Bank of Korea will take the profits from lending the deposited gold to the gold trading market by handing it over to the Bank of England.”

I replied in an indifferent voice to Park Tae-jin’s explanation.

“I would have been upset if they had tried to eat our gold at a cheap price, so it’s a relief. How’s the branch opening issue going?”

Park Tae-jin looked at me like a parent giving a gift as I asked about the most important issue of Haedong Securities’ branch opening.

“The issue of Haedong Securities’ branch opening has also been resolved. They said they would allow it as long as we maintain the capital adequacy ratio and comply with the loan limit regulations. And… the President-elect gave us another gift.”

“The President-elect did?”

My ears perked up at the news Park Tae-jin delivered. Park Tae-jin told me the details of the new news.

“They said they would entrust Haedong Securities with the underwriting of 10 billion dollars in government bonds to be acquired by Triumph, haha.”

“Really?”

“Is it true?”

Both Seon Hae-cheol and I looked at Park Tae-jin with wide eyes. Park Tae-jin nodded confidently and said to both of us.

“Chairman Kim recommended it as a reward for connecting Royce to the election campaign last time. Congratulations, Director.”

I had no time to thank Park Tae-jin for his congratulations.

Becoming the lead manager of government bond issuance is a very honorable history for a securities company.

Although the situation is not good, isn’t it becoming a securities company recognized by the country anyway? It was the most desperate halo for Haedong Securities, a new securities company.

Seon Hae-cheol chuckled as he looked at me with a twitching mouth.

“Your mouth is going to tear, you idiot. You must have been greedy too, right?”

Seon Hae-cheol was clearly looking into my heart. I smiled awkwardly at Seon Hae-cheol’s sarcastic voice and said.

“I thought I should stop after only shouting ‘Go’ until now. Even if I get stuck with the blame for only shouting ‘Go,’ I can overturn the 판 [pan, meaning “game” or “situation”], but I don’t have the power to do that yet.”

I, who showed that I couldn’t ignore the existing political and business order yet, said to Seon Hae-cheol with an embarrassed smile.

“Still, Henry and Triumph’s presence seems to have been great. What do you think, 형 [hyung, meaning “older brother” or “older male friend”]?”

“That’s right. Since the Director and the Chairman connected the President-elect and Henry, they seem to have thought that if they support the Haedong Group, they will be able to attract more investment from Triumph and Standard.”

Park Tae-jin’s opinion was my thought.

Triumph and Standard would also invest large amounts of capital in Korea, so there was no need to worry about that part. After confirming all the transaction conditions, I was curious about when today’s main event would be held.

“When is the broadcast going to air?”

Park Tae-jin smiled at me as I returned to the main topic.

“The recording is scheduled to be at 5 p.m., and the broadcast is scheduled to air at 9 p.m. tonight. Tonight, the people of the whole country will chew on the Daeju Group and Chairman Kang Oh-joong until they are tattered, hehe.”

Park Tae-jin also seemed to be quite happy. The three of us finished our coffee time thinking about how tattered Daeju Group and Kang Oh-joong would be tonight.

***

That evening.

More than 10 large trucks stopped side by side in front of Haedong Corporation’s Incheon warehouse.

As all the gates of the cargo compartment were lowered with a squeak, forklifts with the Haedong Heavy Industries logo began to move, inserting forks under the pallets stacked with gold bars the size of anvils.

“Excuse me, driver! I’ll take a picture!”

“Just do what you’re doing now, driver. Naturally!”

Reporters and PDs [production directors] who rushed in with broadcasting camcorders and cameras were busy taking pictures of the forklift unloading the gold.

“This is currently Haedong Corporation’s Incheon Port logistics warehouse. Since the gold collection campaign began, each general trading company has decided to purchase approximately 175 tons and 438.59 kilograms of gold processed into large ingots from Haedong Securities and deposit it with the Bank of Korea. We will invite Vice President Cho Young-chan of the Haedong Group’s financial sector, who is in charge of Haedong Securities. Vice President Cho Young-chan, please tell us how you came to the decision to purchase this gold.”

When the reporter who was broadcasting the scene held out the microphone, Cho Young-chan, who was next to him, put on a sacred expression and opened his mouth.

“Our Haedong Securities could not stand idly by while gold, the ultimate safe asset, was being sold abroad at a cheap price. Accordingly, we persuaded the group’s management, including Director Lee Seong-hyun, the largest shareholder of Haedong Securities, and other groups to purchase the gold stockpiled by each general trading company with dollars.”

“I heard that Haedong Securities suffered a great loss from this transaction. Is it true that you acquired it at a price 20 percent higher than the market price?”

“The five general trading companies that sold us the gold were holding on to the gold despite their difficult circumstances. I think it is the least we can do to repay the five companies for their efforts to prevent the outflow of national wealth in this difficult situation.”

Cho Young-chan, speaking calmly but with a determined expression, was faithfully playing the role of a promoter for the young owner in Yeouido [the financial district of Seoul].

The news spread across the country through the channels of the three major broadcasting companies at 9 p.m.

[Unlike the five companies, including Haedong Corporation, Taehyun Corporation, Shinsung Corporation, GK Corporation, and SG Corporation, which have made efforts to prevent the outflow of national wealth despite the difficult circumstances of each company, Daeju Corporation has sold approximately 50 tons of gold abroad at a cheap price. Accordingly…]

“That, that 개 같은 [gae-gateun, meaning “dog-like” or “son of a bitch”]…”

Kang Oh-joong, who was watching the news, could not continue speaking due to the rising anger and only shook his fist holding the remote control.