Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 167

167. 48th. Expanding Territory (1)

Unable to contain his anger, Kang Oh-jung violently threw the remote control at the TV.

“That damn old geezer!”

Kang Oh-jung knew very well that the news coming from the TV was Lee Dae-soo’s warning that things would get ugly if he continued to act recklessly. Naturally, the curse Kang Oh-jung spat out was clearly directed at Lee Dae-soo, who was holding him back until the very end!

As Kang Oh-jung breathed heavily, a phone rang. Snatching the receiver as if grabbing it, Kang Oh-jung’s face turned pale as soon as he answered.

“P-President?”

[I’m still President-elect, Chairman Kang.]

Kang Oh-jung swallowed hard at President-elect Kim’s dry voice.

[Daeju Corporation, what on earth have you been doing? Selling gold in this kind of situation?]

“It was all for the sake of the country. If we export gold overseas in these difficult times, wouldn’t we earn dollars?”

Kang Oh-jung, having regained his composure with decades of experience as a conglomerate chairman, gave excuses as calmly as possible, but all that came back was President-elect Kim’s snort.

[Do you expect me to believe that? How do you explain Daeju Corporation importing gold from overseas?]

Kang Oh-jung squeezed his eyes shut. Wasn’t it a story that didn’t make sense even to himself?

[Furthermore, you’ve been inserting companies that only exist on paper in the gold export process. All those companies have been evading all sorts of taxes, including VAT [Value Added Tax]… Do I have to say whose companies they are?]

Kang Oh-jung couldn’t say anything with a pale face. He knew that President-elect Kim was a smart man, but to know this much?

[Deposit all the remaining gold in Daeju Group with the Bank of Korea and focus on restructuring as recommended by the IMF [International Monetary Fund]! Let’s see what happens if you increase your debt any further!]

With that sharp warning, President-elect Kim hung up. Kang Oh-jung trembled with the phone in his hand, then slammed the receiver on the table, unable to contain his anger.

“Ugh!”

Kang Oh-jung, who was screaming like a madman, finally calmed down when the receiver he had slammed on the table several times was about to break.

“I have to find a way, a way….”

If he stopped expanding here, the Daeju Group, with its weak core, would collapse. Kang Oh-jung’s eyes were gleaming as he was driven into a corner.

After much thought, Kang Oh-jung hurriedly went up to his study and made a phone call.

“Hwang Byung-shik! Contact London right now….”

The face of Kang Oh-jung, who was giving urgent instructions, looked like a gambler going all-in.

***

The next day, morning.

“Hahaha! Did you see the news last night? Chairman Kang must have had a lot of crap smeared on his face!”

“Was it just crap? I heard at the general strategy headquarters meeting this morning that the President-elect gave Chairman Kang a stern warning. He told him to restructure according to the IMF’s recommendations, haha!”

“Oh, really? What’s going to happen to our Chairman Kang? Hahaha!”

It was something for Sun Hae-chul and Park Tae-jin to laugh about. Wasn’t it about blocking the funding of the Daeju Group, which had the weakest internal structure?

“We don’t have to worry for a while. We should expand our territory in the meantime.”

“Are you saying we should make money, or expand our reach?”

Even as he asked, Sun Hae-chul’s eyes were smiling. I shrugged and opened my mouth.

“Both. Since our bullets are dollars, we can just buy won-denominated bonds that follow the US interest rate and still have a basic margin. We can also leave a good impression on Korean society, hehe.”

Due to the IMF recommendations, domestic commercial bank interest rates had soared well over 20 percent. In this situation, even lending at the US Federal Reserve interest rate of less than 10 percent would make money and create favorable sentiment towards Standard.

“You’re ruthless. Not only are you making money, but you’re also laying down debts of gratitude?”

“I don’t know when it will be, but it will be a great weapon for us. It will make us look different from other American private equity funds that are playing money games like bandits in Korea.”

Right now, my investment philosophy may seem crazy, but it will later develop into ESG [Environmental, Social, and Governance] investing. I was confident that I would never lose money, even if I was decades ahead.

While enjoying a rare moment of leisure and drinking tea, an employee knocked and came in.

“What’s the matter?”

“Someone has come to request an investment. They said they really want to meet you in person….”

Looking at the troubled employee, it seemed like it was someone unexpected. Sun Hae-chul waved his hand as if to say not to worry.

“We’d have to close up shop if we didn’t receive guests. Show them in.”

To come to Standard Capital, which was rumored to be a major shareholder of Haedong Motors and a major investor in Shinseong Group and GK Group, they must be no ordinary person. Who could it be?

***

I couldn’t believe it when I saw the man who came into the room.

‘Hyungnim [an honorific term for an older brother or respected male figure] is visiting….’

Trying not to show my surprise, I listened to the greeting of the man standing in front of us.

“I apologize for coming without notice. I am Seo Jun-seok, Vice Chairman of Miryung Group.”

Seo Jun-seok.

The second son of the late Seo Hyung-gon, a member of the National Assembly who was the founder of Miryung Group and whose trademark was a mustache.

He was the man who took the lead in making Miryung Construction a renowned name in luxury construction, such as Singapore’s ‘Marina Bay Sands’. More than anything….

‘He was a man who gave everything for the company. Hyungnim was.’

Despite being a second-generation chaebol [family-owned conglomerate], he never used the company to increase his personal wealth.

He put all of his shares into the company and even took out loans with his house as collateral to pour money into the revitalization of Miryung Construction.

He was a ‘real man’ who volunteered to do all sorts of hard work to save the company, such as handing out apartment sales flyers on the street with employees wearing sashes.

Seo Jun-seok’s appearance resonated with me.

Because of that resonance, I looked up to him as Hyungnim and learned the mindset of an entrepreneur, and we shared each other’s sorrows of being from an owner’s family but acting as servants while drinking soju [Korean distilled rice liquor] at a street stall.

Of course.

The reason why I, in my previous life, wore sashes with my employees and handed out apartment sales flyers, not shying away from hard work, was because I wanted to look like an entrepreneur like Seo Jun-seok.

‘Hyungnim’s face is full of worries.’

Looking at the present through the past, I knew why Seo Jun-seok’s face was tired. Still, since this was our first meeting in this life, I pretended not to know and introduced myself after Sun Hae-chul.

“I’m late to introduce myself. I’m Lee Seong-min, Director of Standard Capital Korea. I’m also the eldest grandson of Chairman Lee Dae-soo of Haedong Group.”

Seo Jun-seok was quite surprised by my family ties, which were revealed after my title. He soon smiled amiably, but I smiled bitterly at the deep shadow that even that smile couldn’t hide.

‘Seo Won-seok, that bastard, caused Jun-seok hyungnim a lot of trouble because of the car business he started.’

Seo Won-seok, the former member of the National Assembly who recently resigned from the National Assembly and returned as Chairman of Miryung Group.

Because of his love for cars, he founded Miryung Motors like Shinseong Group, but unlike Shinseong, the group was small and the income was not good, which led to the dissolution of Miryung Group.

Seeing Lee Seong-min smiling bitterly, Seo Jun-seok gave an embarrassed smile.

“Nice to meet you, Director Lee.”

I could only smile at Seo Jun-seok, who called me Director and politely extended his hand to me, who was more than ten years younger than him.

‘He’s still the same, Hyungnim.’

That manner and sociability were the reason why Miryung Construction employees took the lead in protecting Seo Jun-seok, and it was the background for Seo Jun-seok to have connections with Singaporean Chinese tycoons and the political and business circles of Southeast Asia, and it was the driving force that saved Miryung Construction from the crisis.

Perhaps sensing my feelings for Seo Jun-seok, Sun Hae-chul stepped in.

“I’ll get you some tea. Please sit this way.”

“…Thank you.”

Seo Jun-seok looked embarrassed by the kindness of these strangers. I smiled and gestured towards the sofa.

“We at Standard aren’t that stingy. Let’s warm up and talk.”

“…I understand.”

Seated, Seo Jun-seok took a sip of the tea brought by the employee and smiled.

“This tea seems to taste the same as the tea that our children in England send as a gift.”

“Is that tea Golden Tips?”

“Yes. It’s a gift that the children sent with the money they earned from their part-time jobs, and I’m too precious to drink it except once in a while.”

When the story of his children came up, the shadow disappeared from Seo Jun-seok’s face for a moment.

‘Both of them must be attending Cambridge. I heard they are alumni of Eton College with the British princes….’

While I was thinking about Seo Jun-seok’s children, Sun Hae-chul showed a good-natured smile to Seo Jun-seok.

“At our Standard, anyone can drink it comfortably. Director Lee’s father-in-law and Taehyun Group Chairman Myung Jin-ho set themselves against us even after drinking this good tea, haha.”

“Ahaha….”

Seeing Seo Jun-seok giving an awkward smile, Sun Hae-chul waved his hand.

“That doesn’t mean that our Standard intends to be at odds with the Korean business world. Depending on the issue, we have to hold hands and put our arms around each other, right?”

“I’m grateful that you say so. That’s why I’m saying this….”

Seo Jun-seok, who was fiddling with his clasped hands after putting down his teacup, said to Sun Hae-chul with a firm expression.

“I would like to ask for an investment in our Miryung.”

“Investment?”

“Hyungnim and I, and my younger brother, are largely responsible for mismanaging the group, but if we continue like this, Miryung Group will disappear without a trace. I want to protect the livelihood and pride of our employees.”

There was an inconsistency in Seo Jun-seok’s appeal.

‘Seo Won-seok mismanaged the group, Hyungnim. Why are you sharing that burden?’

Listening to that man’s appeal, who seemed to have a good person complex, I was frustrated. I know the future, so I’m spending money to draw a big picture, but isn’t Seo Jun-seok cleaning up the mess his brother made?

“Hmm….”

Seeing Sun Hae-chul making a groaning sound, Seo Jun-seok quickly continued to persuade.

“I’m not just asking for an investment. If you invest, I will persuade my hyungnim and my younger brother to contribute all of our family’s private assets to the company and work diligently as professional managers.”

Desperation was conveyed from Seo Jun-seok, whether in his expression or voice. Knowing how hard he had worked, the question of whether to invest or not was not the issue.

However.

To Sun Hae-chul and Park Tae-jin, who don’t know anything, it is a matter of helping the revitalization of Miryung Group, which is the 6th largest in the business world. Of course, it’s not a matter of putting in a penny or two, and they must be thinking that the possibility of recovery is uncertain.

Since it was not something that could be decided in this place, I said to Sun Hae-chul.

“It seems difficult to tell you right away, CEO. I think it would be good to make a decision after an internal meeting.”

“Let’s do that, Director Lee. I will not reject the investment request, Vice Chairman Seo Jun-seok. I hope you don’t get discouraged.”

Perhaps because of the glimmer of hope that Sun Hae-chul showed, Seo Jun-seok shook Sun Hae-chul’s hand with a brighter expression than before.

“Thank you! Thank you so much!”

“No. Isn’t it an investor’s job to invest if there is a good investment opportunity? I’ll contact you in a week.”

***

After sending Seo Jun-seok back.

“He seems like a decent person for a chaebol owner… Do you know that person?”

“Why?”

Sun Hae-chul replied, looking at me who answered with a straight face.

“Because it seems like you’re treating someone you know.”

“Isn’t he the one who was the 3rd chairman of Miryung Group? I can’t not know him.”

I tried to avoid it, but Sun Hae-chul’s eyes narrowed even more as he looked at me.

“Still, the way you looked at him was different. The way you looked at us.”

“Hyungnim is right, Director Lee. You can never hide your eyes. When you looked at Vice Chairman Seo Jun-seok, it was like you met someone you wanted to see. Please tell us everything.”

I sighed lightly at the questioning of Park Tae-jin, who had joined in.

“Singapore’s Raffles City was constructed by Seo Jun-seok when he was the CEO of Miryung Construction. All the way to the Swissotel Stamford.”

“Really? That hotel is the tallest hotel in Singapore?”

I was now wondering at Sun Hae-chul’s fuss.

“How do you know?”

“I used to be with Claire… That’s not the important thing, you punk.”

‘It seems like I had a hot night with Claire… I should skip the stories of the adults, hehe.’

Sun Hae-chul, who was answering absentmindedly, glared at me with narrow eyes. I chuckled and continued to answer.

“Anyway, after building that building, Prime Minister Lee Kuan Yew even said that Miryung Construction and Korea should be emulated. In Singapore, if it is constructed differently from the design, even if the progress rate is 99 percent, everything is demolished and rebuilt, right?”

After that, I only showed a taste of Miryung Construction’s impressive projects that I had heard from Seo Jun-seok, such as the Raffles Hotel restoration project, the New KK Hospital, Tan Tock Seng Hospital, Suntec City, and the Hanoi Tower Center, and Seo Jun-seok’s Singaporean connections.

“He looked simple, but he’s unexpected. He’s a resourceful person, so it’s worth investing in.”

“Chairman Seo Jun-seok is also good, but his younger brother, Vice Chairman Seo Dong-seok, is also a capable person. He worked at Citibank in the United States and came back to take over Miryung Securities, and he received 50 billion won from George Soros.”

“George Soros? That old man who robbed the Bank of England?”

“Yes.”

When I nodded and confirmed once again after receiving the question, Sun Hae-chul clicked his tongue.

“There’s no brother better than his older brother, but Miryung Group is an exception. The younger brothers are much better than the older brother.”

“Chairman Seo Won-seok is definitely reckless, but Vice Chairman Seo Jun-seok and Vice Chairman Seo Dong-seok are both professional and solid in their respective fields. The foreign exchange crisis was difficult to predict, so there is room for extenuating circumstances.”

Even Park Tae-jin revealed an affirmative argument. I looked at the two and expressed my intention.

“So my conclusion is that if we only cut out Chairman Seo Won-seok and provide sufficient funds from our side, it will not be difficult to revive Miryung Group. Miryung Construction will not run out of orders because of Chairman Seo Jun-seok’s connections, and oil refining and cement are businesses with good cash flow.”

“Still, if we just keep giving, there will be guys who treat us like pushovers. We have to show a little bit of a tough side.”

Sun Hae-chul seemed worried that we would be seen as easy, but I didn’t intend to look like a pushover either. Even if I help, I have to say something harsh so that Seo Jun-seok can relieve the burden on his mind.