Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 168

168. 48th. Expanding Territory (2)

A week later.

In the Jodong office building of Miryung Group, three men were sitting on a sofa.

“It’s been a week today. Those damn brokers are saying it’s the last day!”

By handing over Miryung Motors to Daeju Group, they had reduced their debt by 2 trillion won, but to solve the remaining debt of Miryung Group, they needed more than 3 trillion won.

Seo Won-seok was frustrated because of Seo Jun-seok, who wanted to trust Standard Capital.

Seo Won-seok, sitting at the head of the table, shouted in a loud voice, but Seo Jun-seok responded in a calm voice.

“Just wait a little longer. The day has just begun. There’s still time before midnight.”

“Little brother is right, brother. Standard Capital acquired Hae Dong Group and Ado Motors at a fair price. They seem to maintain at least a minimum of business ethics, so let’s wait a little longer.”

While Seo Dong-seok was trying to calm Seo Won-seok, the phone rang.

“Yes. …I understand. Let’s do that.”

Seo Jun-seok, who finished the call with a short answer, got up from his seat.

“I’ll be back, brother. Let’s go, Dong-seok.”

Seeing his younger brother’s expression brighten, Seo Dong-seok quickly got up and followed him.

***

After agreeing on the direction of support for Miryung Group’s recovery and finishing the preparations, we invited Seo Jun-seok and Seo Dong-seok to the office and had breakfast together with Indonesian Mandheling drip coffee and sandwiches.

“Kick out my brother?”

Seo Jun-seok, who was drinking coffee, and Seo Dong-seok, who was about to put a sandwich in his mouth, put down their cups and looked at us with eyes asking if we were serious. I also put down the glass I had taken from my mouth and said.

“Chairman Seo Won-seok will be siphoning off company assets at bargain prices, even without the two vice chairmen knowing.”

Seo Won-seok, as I knew him, had siphoned off various assets, including company-owned land, at bargain prices under borrowed names from the failing Miryung Group, and was even hit with additional taxes.

Seeing Seo Jun-seok and Seo Dong-seok’s faces darken, it seemed like it was being replayed in this life as well.

“On the other hand, we have determined that you two have better capabilities and a greater desire to cherish the company than Chairman Seo Won-seok. Therefore, the severance of Miryung Group and Chairman Seo Won-seok is the first condition of our investment.”

Unlike the terribly incompetent Seo Won-seok, Seo Jun-seok and Seo Dong-seok in front of me were trying to save the company by even using their personal assets. Since there were younger brothers who were better than their older brother, Seo Won-seok would only be an obstacle to Miryung Group’s recovery and resurgence.

“What are the other conditions?”

“Sell Miryung Heavy Industries and Miryung Precision to Hae Dong Heavy Industries.”

Miryung Heavy Industries produces automobile parts in addition to ship engines licensed by MAN of Germany, and Miryung Precision is a leading company in the press machine market.

Both companies have a lot of debt, but if Hae Dong Group acquires them, it will be easier to extend loans and create synergy with Hae Dong Heavy Industries and Hae Dong Motors.

‘At this point, even a decent brother would have less debt.’

The reason I demanded the sale of those two companies, even specifying the buyers, was my own way of reducing the debt that Seo Jun-seok would bear.

How unpleasant and underhanded would it be to interfere in other people’s companies even before investing? Nevertheless, Seo Jun-seok and Seo Dong-seok did not express their emotions.

“I understand. Now that the automobile business has declined, it will be difficult to maintain the heavy industry sector, so let’s do that.”

“One more thing. Standard Capital will dispatch registered directors to check Miryung Group’s financial situation. Will you accept it?”

After hesitating for a while, Seo Jun-seok opened his mouth with a firm expression, perhaps because it was a difficult request.

“I understand. The core of the group’s governance structure is Miryung Cement, Miryung Oil, and Miryung Construction, so you can invest in those three companies and dispatch directors.”

Seo Jun-seok responded to the request with a resigned expression, and I smiled wryly at Seo Jun-seok.

‘I’m sorry, brother.’

Until now, they had only experienced humiliation and loss because of me, but now it was time to erase those feelings.

***

If the demands I had made so far had only brought these brothers humiliation and loss, it was now time to reverse that with the proposals I was about to make.

“Also, transfer all of Miryung Construction’s unsold apartment units to Standard.”

In the construction industry, unsold apartments are like bad inventory in manufacturing. Seo Jun-seok was quite surprised by my first offer to take over all of the bad inventory.

“Director Lee?”

“There’s no need to be surprised. Aren’t unsold units the main cause of Miryung Construction’s poor performance? If you transfer them to us, you’ll be able to breathe easier.”

“The unsold units currently total over 400 billion won at market price. You’re saying you’ll take them all over in this recession…”

Seo Jun-seok trailed off as if he couldn’t believe it, but Seon Hae-cheol took over the end of the sentence.

“Real estate is an investment asset that will rise someday. If we turn it into rentals for the time being and sell it after the economy recovers, we can make a good profit, haha.”

These days, the real estate recession is so severe that even apartments in Gangnam [an affluent district in Seoul] are not selling. They can’t believe that I’m going to take over all of that volume now.

Seon Hae-cheol, who was laughing while looking at Seo Jun-seok and Seo Dong-seok with their mouths open, stopped laughing and took a sip of coffee.

“Mobilizing that much money is as easy as sipping a cup of coffee for Standard. Director Lee will continue to inform you of the remaining investment plans. Director Lee.”

“Yes, CEO. Standard will provide a total of 1 trillion won in paid-in capital increase and a total of 2 trillion won in subordinated bonds with a 10-year maturity. The subordinated bond interest rate will fluctuate by adding 1 percent to the US Federal Reserve interest rate.”

Whether it’s a paid-in capital increase or subordinated bonds, it’s an investment that strengthens capital, and even if you add 1 percent to the current US Federal Reserve interest rate, it’s incomparably cheaper than domestic interest rates.

In other words, if our investment goes through, Miryung Group’s debt ratio will fall below the 200 percent recommended by the IMF [International Monetary Fund]. All that remains is for Seo Jun-seok and Seo Dong-seok to tighten their belts with the group’s executives and employees and rebuild the group with all their might.

‘We’re strengthening their capital and the interest is cheap. At this point, my brother will be able to stand up again.’

Seo Jun-seok asked me, who was drinking coffee, believing that the two brothers would revive Miryung Group.

“Why are you making this investment?”

“What do you mean?”

“All of the investments you’ve proposed so far are not intended to make money. An investment company is doing something that doesn’t make money…”

“Vice Chairman Seo Dong-seok is right. Aren’t you a successful investment company on Wall Street?”

I was taken aback by the questions thrown by Seo Dong-seok and Seo Jun-seok. Who is worried about whom?

‘Don’t worry about me, brother. We’re already drowning in money.’

Even if the total amount is 3.4 trillion won, it’s only about two-thirds of that in dollars. If we sell IT stocks that are constantly growing in the US stock market or take out a loan, we can bring the money quickly, and we can definitely make a good profit. More than anything…

‘I want to see the people around me living with dignity, brother. You’re a good person.’

I wouldn’t have reached out to guys who were already doomed.

Seo Jun-seok is another management mentor who taught me the leader’s example and shared each other’s joys and sorrows.

His younger brother, Seo Dong-seok, is also a person who is too talented to waste, as he has built up his skills on Wall Street, so I was helping him.

“We’ll make a good profit. As the exchange rate falls, we’ll earn profits based on the US dollar, and as the economy recovers, the stock price will rise. And.”

After pausing for a moment, I told the two people the most important fact.

“It’s better not to make one enemy than to make ten allies. That’s the grand strategy that our Standard Capital has established in the Korean investment market.”

Was it because of a different approach from Wall Street investment companies that would sell even their parents and siblings for profit? Unlike Seo Dong-seok, who had experience on Wall Street, Seo Jun-seok, who was a domestic player, asked cautiously.

“Is it because of Hae Dong Group?”

“That’s right. If we are at odds with the Korean business world, it will have a negative impact on Hae Dong Group, which is the co-manager of Hae Dong Motors, and that negative impact will have an impact on Hae Dong Motors.”

After hearing my answer, Seo Jun-seok continued to ask questions.

“Then, does Chairman Lee of Samcheong-dong [referring to the grandfather] know that we requested an investment from Standard?”

“Of course. I asked Chairman Lee for advice, and he answered with the words that the more good friends, the better.”

Seo Jun-seok opened his mouth hesitantly at Seon Hae-cheol’s answer in a soft voice.

“…Please tell Chairman Lee that I am grateful. No, I should go to Samcheong-dong in person to pay my respects.”

“That would be better. I hope we can build a good relationship in the future, haha.”

Seon Hae-cheol laughed heartily, and Seo Jun-seok and Seo Dong-seok also responded to us with bright smiles.

***

After sending Seo Jun-seok and Seo Dong-seok back, who said they would decide whether to accept it through a group executive meeting.

[Our eldest grandson, did you use this grandfather’s name well? Ehehehe.]

“Yes, Grandpa. He said he would visit Samcheong-dong soon to pay his respects.”

I’m the only grandson who confidently used my grandfather’s name, and my grandfather is the only one who is happy even if you use his name.

My grandfather’s warm voice was heard in my strong answer.

[It’s not like Hyung-gon’s brother ruined his children’s farming and left. It seems like only yesterday that he was dragged to the Central Intelligence Agency, had his mustache pulled out, and died of anger…]

My grandfather’s voice, which trailed off, was filled with regret. Was he acquainted with Seo Hyung-gon, the founder of Miryung Group?

“Were you close to Assemblyman Seo Hyung-gon?”

[Of course? He was from Gyeongsang-do [a province in southeastern Korea], but he was easygoing and generous. We sold the soap that Hyung-nim made during the Korean War, and I learned judo from Hyung-nim and Hyung-nim learned kendo from me, ehehehe.]

I was just surprised by my grandfather’s answer as he laughed heartily. A person who hates Gyeongsang-do was close to a person from Gyeongsang-do?

“Still, Grandpa, I don’t really like Gyeongsang-do…”

[I only hate the guys who came out as the opposition party and got gold badges [referring to assembly members], you bastard. Hyung-gon’s brother also wore a gold badge, but he didn’t forget that he was in the same class as me and the other chairmen.]

At my grandfather’s scolding, I paused for a moment to recall.

“Are you talking about when he was the chairman of the Republican Party’s Finance Committee?”

[That’s right. That guy gathered people from the business world and said that he would be the political fund channel for the business world. ‘Pistol Park’ [referring to Park Chung-hee] and ‘Gungjeong-dong Wild Boar’ [referring to bodyguards in the presidential residence] were grinding their teeth because their pockets were getting thinner, but thanks to Hyung-nim, the money we saved was not a penny or two, hehe.]

There was no one among those who wielded power in the corrupt military regime who didn’t want money.

Seo Hyung-gon, a former lawmaker who was friends with the president at the time and was a key politician in the ruling party and a member of the business community, made himself the single channel and had only 10 percent of foreign loans and construction costs paid as political funds. Is it ‘institutionalization of bribery’?

‘Seo’s method is rational. If it’s political funds that have to be given anyway, it’s a hundred times better to bring them to the surface and manage them.’

It’s nonsense to say that politics can run without money.

Isn’t the future of this country’s political scene that the existing ruling and opposition parties receive hundreds and billions of won from the business world for election campaigns every general election, and even progressive party lawmakers own real estate under borrowed names?

My grandfather’s voice pulled me out of my brief reverie.

[Anyway, if you push that much, it won’t be a problem for Seo Jun-seok to keep the Miryung Group afloat, hehe.]

“I think so too, Grandpa. What did Uncle say?”

[He said he got a good business deal thanks to you. Even this grandfather thinks that Miryung has reduced its debt and we have taken on a business that is compatible with automobiles and heavy industries, so it seems like a win-win situation.]

“Thank you, Grandpa.”

[But… aren’t you sorry to spend your money like that? When this grandfather saw it, it was a business with little profit?]

Is my grandfather testing me? Is he really sorry? We already know each other too well.

“Sorry? Isn’t it about leaving people behind?”

[I knew you would say that. Jun-seok is a good guy, but I heard that he has close ties with political and business figures in Southeast Asia. Follow and be close to him like your uncle or older brother.]

I invested with generous conditions because it was a fact that I knew even if my grandfather didn’t tell me. Apart from the relationship in my previous life, shouldn’t I build a foothold for Hae Dong Group’s entry into Southeast Asia by establishing a relationship with political and business figures in Southeast Asia through Seo Jun-seok?

“Yes, Grandpa.”

[Okay, good job.]

I answered without showing it and ended the call while listening to my grandfather’s warm laughter.

“Grandpa said I did well too, hehe.”

“Still, it’s a bit of a waste. Isn’t Miryung Group a sale that Hae Dong Group could absorb? Cement, oil refining, and construction all overlap.”

Seon Hae-cheol was still disappointed, but I shook my hand with only my index finger raised from side to side.

“If you eat everything, you’ll get sick, Uncle. If Standard is to become a beloved company in Korea in the future, we have to endure that much. It’s not an investment that will lose money either.”

It’s funny to talk about love when you’re dealing with money, but there’s a saying that generosity comes from wealth. If I can win people’s hearts by spending money, I wouldn’t regret it.

“Is it Maslow’s hierarchy of needs theory?”

“Pardon?”

“It means that humans try to satisfy their spiritual needs when their material needs are met. I remembered it when I saw what you were doing, hehe.”

Seon Hae-cheol’s answer, who smiled, was not wrong.

Just like I promised at my first meeting with Tom Ford, I promised to not only build a highway of revenge paved with asphalt, but also to grow flowers and plant trees on the edge.

“Still, I’m not wasting it, Uncle. I never do business that loses money, even if I die. You know that, right?”

“I know, I know. Isn’t it you who extracts profits that can’t be covered with money with something other than money? Isn’t that right? Hehe.”

Park Tae-jin smiled at Seon Hae-cheol’s light jest as he chuckled.

“Isn’t he already a director who influenced the election through his father-in-law? Haha.”

“That’s because Henry wanted to do it too. Anyway, I don’t know if Miryung will accept our proposal. Sung-min, what do you think?”

There’s nothing to think about. I immediately answered Seon Hae-cheol.

“Chairman Seo Won-seok is the main culprit of Miryung Group’s bankruptcy. Vice Chairman Seo Jun-seok ran around trying to fix the group’s problems. If the executives have any sense, they’ll side with Vice Chairman Seo Jun-seok.”

After finishing my answer, I drank the lukewarm coffee in one gulp. Like the taste of Indonesian Mandheling that spread throughout my mouth in an instant, I believed that Miryung Group would also make a quick decision.