Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 182

182. 52nd. The Feast Should Be Shared (1)

I immediately brewed drip coffee and shared the current status of the Big Deal with Park Tae-jin and Seon Hae-cheol over coffee. Then, I headed over to the main family residence in Samcheong-dong. As I entered the study, I saw my grandfather and the group’s top executives sitting around the table.

“I’m back, Chairman.”

My grandfather chuckled as he saw Park Tae-jin bowing deeply.

“Oh, our newlywed is here? Haha. Everyone, sit down.”

After exchanging brief greetings, we started the meeting with my grandfather’s question.

“What’s the status of Daeju Group’s assets?”

“Thanks to Director Hwang Byeong-sik’s efforts to prevent Daeju Group from issuing corporate bonds and commercial paper [short-term debt instruments] as much as possible, even after deducting the accounting fraud, the capital remained at 7 trillion won and the debt at 35 trillion won.”

If things had proceeded as originally planned, Daeju Group would have left behind nearly 100 trillion won in debt to Korea, including over 70 trillion won in debt and capital erosion, and over 22 trillion won in accounting fraud. Compared to that, Daeju Group’s current financial situation was a great success.

My grandfather nodded at Ko Seung-ju’s explanation.

“It’s fortunate that Daeju Group stopped there, but Chairman Kang stepped down, leaving the company without an owner. You know what that means, right?”

“Yes, Chairman. We absolutely cannot eat the rice that others have prepared for us [take advantage of someone else’s misfortune].”

My grandfather nodded at my answer.

“Director Lee is right. We need to take all the good stuff.”

My grandfather, befitting his nickname of the Samcheong-dong Tiger, was ordering the Haedong Group to become the top predator in this Big Deal. In response, Bae Jae-hoon, the leader among the group’s top executives, spoke up.

“Understood, Chairman. I will take responsibility for acquiring Daeju Corporation’s Myanmar gas field project and Daeju Group’s headquarters building.”

Bae Jae-hoon’s insight was accurate.

Daeju Corporation’s Myanmar gas field in the trading division is guaranteed to generate hundreds of billions of won in net profit every year for the next 30 years once it is developed.

Daeju Group’s Seoul Station headquarters building is also perfect for accommodating the ever-growing number of Haedong Group employees, and its real estate value is high, so it must be acquired.

“You’re not just thinking of taking those two, are you?”

“Of course not, Chairman. If GK Group agrees, we plan to acquire Daeju Metal through GK Metal.”

“Daeju Metal, huh…”

“Yes. Considering the synergy with the currently operating Australian zinc mine, the Panamanian copper mine with development rights, and the Madagascan nickel mine that is being considered for acquisition, it must be acquired.”

If GK Metal is the leader in copper smelting, Daeju Metal is the strongest in zinc and nickel smelting. My grandfather was pleased with Bae Jae-hoon’s plan to combine the two companies to become the number one non-ferrous metal company and link it to Haedong Corporation’s mining business.

“As expected of you. Leave the negotiations with GK Group to Director Lee. Director Lee is also in charge of GK Group’s strategy consulting, so it will go well.”

While Park Tae-jin was on his honeymoon, I also became a strategy consultant for GK Group after receiving approval from the adults in this position and my maternal relatives. If Haedong Group and GK Group take the lead and Standard backs them up, the acquisition of Daeju Metal will be instantaneous.

“Of course, Chairman. Your big in-laws will also have a chance to retaliate, so they won’t refuse, hehe.”

My grandfather, who was smirking at Bae Jae-hoon’s sinister smile, looked around at the others and asked.

“Don’t you have anything to bring to the table?”

“I’m thinking of acquiring Daehan Credit Distribution and the Hilton Hotel.”

I nodded slightly at Tae Jae-ho’s answer.

Daehan Credit Distribution doesn’t have any overlapping items with Haedong Department Store or Hi-Mart, and it is the only company that sells products from all electronics companies under current law.

Also, Daeju Group’s Hilton Hotel is located near Seoul Station, so it has a very good location. Both were necessary businesses for Haedong Group’s logistics and distribution division.

My grandfather, who had glanced at my reaction, met my eyes. My grandfather, with a small smile, said to Tae Jae-ho.

“Do it that way. Is there anything else?”

“We must also absorb Daeju Heavy Industries, Chairman.”

The third player was Lee Myung-jin. I smiled as I looked at Lee Myung-jin.

‘My uncle can’t be left out, hehe.’

Lee Myung-jin, who oversees heavy industries, couldn’t possibly pass by Daeju Heavy Industries. I listened to Lee Myung-jin’s explanation while remaining silent.

“The machine tool and heavy equipment business are good, but the LNG [liquefied natural gas] ship technology is on par with Taehyun Heavy Industries. There is no better deal to take Haedong Heavy Industries to the next level.”

Daeju Heavy Industries is a well-known company in the shipbuilding, machine tool, and heavy equipment fields.

To delve a little deeper, Daeju Group’s Okpo Shipyard technicians are skilled enough to bring in American rocket launch pads and convert them into shipyard facilities. The machine tool business is on par with Haedong Heavy Industries, which absorbed the old Ado Heavy Industries, and the heavy equipment business is also comparable to Taehyun Heavy Industries’ construction equipment business.

There was one prerequisite for this acquisition of Daeju Heavy Industries.

“How will you solve the debt problem, Vice Chairman?”

Lee Myung-jin spoke cautiously about the task my grandfather had asked.

“If you allow it, Chairman, I plan to negotiate with the government to have some of the debt forgiven and then acquire it.”

“Hmm…”

A humming sound came from my grandfather’s mouth.

‘It sounds good to say negotiation, but isn’t it actually lobbying to attract public funds?’ My grandfather, who doesn’t like to harm the country in the name of Haedong, wouldn’t like it.

I exchanged glances with Seon Hae-cheol as I watched my grandfather and Lee Myung-jin, and then raised my hand slightly.

“May I say something, Chairman?”

“Speak.”

“If Haedong Group acquires another company that has received a large amount of public funds after Haedong Motors, there will be controversy over preferential treatment.”

“But it’s a waste to lose it. Is there a way?”

My grandfather smiled faintly as he looked at me. Wasn’t I the one who promised to grow Haedong Group’s assets? It was also an opportunity for me to keep that promise, so I confidently said to my grandfather.

“Standard will acquire Daeju Heavy Industries first, and then sell it to Haedong Group when public opinion has calmed down.”

“The people will point fingers; can you handle it? Hehe.”

My grandfather raised the corners of his mouth as if he were teasing me, but I also had an idea.

“Standard has been infusing dollars into the Korean economy with generous terms. If we spread advertising money to every media company and take care of the reporters, it’s easy to create public opinion that some benefits are inevitable. Isn’t that right, CEO?”

Seon Hae-cheol, who received my pass, nodded.

“Director Lee is right, Chairman. Unlike foreign investment companies that engage in price gouging, Standard has invested funds with good terms that seem foolish. If Haedong Group lends a hand in lobbying the political and business circles, it’s worth a try.”

“That’s still not enough. We won’t be able to drive a wedge with just the favors we’ve given so far.”

He was skeptical, but my grandfather looked at me and Seon Hae-cheol with a smile. I gave the answer my grandfather wanted.

“First of all, we will enter the acquisition bid with a condition of 100 percent employment succession in exchange for debt forgiveness. At the same time, we will leak articles saying that if we fail in the acquisition bid despite offering these conditions, Standard may withdraw all the funds it has invested in Korea. The destructive power will be even greater if we form a consortium with Triumph and enter the acquisition bid.”

‘I’ve been spending money like a fool to eat Daeju Group, hehe.’

People have thought of my investment led by Standard Capital as foolish, but thanks to that, my money has seeped deep into the heart of the Korean economy, including Shinseong, GK, and Miryong.

Even if it’s a bluff, if Standard withdraws all the money it has invested in Korea at once, it will have a major impact on the Korean economy. Who would have known that the money we invested like fools was a bomb that could be detonated at any time?

My grandfather chuckled as he looked at my face with a wicked smile.

“The money you and Triumph have been spreading has become poison, so government officials and other group chairmen will be racking their brains, hehe.”

“You can’t predict what will happen in the world. If you don’t know, you have to suffer, hehe.”

There is no single force in this country that can break the triangular alliance of Haedong Group, Standard Capital, and Triumph Capital right now. Even if they all unite and rush in, it will be impossible because we are also taking care of our actions in preparation for that.

As the laughter that filled the study subsided, my grandfather asked Lee Myung-jin.

“What do you think, Vice Chairman Lee?”

“If Standard and Triumph can step in as substitutes as Director Lee said, there’s nothing more I could ask for, Chairman. We’ll pay generously for the insults they take on our behalf and bring it back, haha.”

Those who have accumulated wealth over generations, especially those who have risen to the ranks of chaebols [large family-owned conglomerates], value face and prestige as much as profit.

Among them, our family tries to take care of face and prestige more than others. My grandfather nodded at Lee Myung-jin’s suggestion, taking this into account.

“Good. CEO Seon, Head of Headquarters Ko, and Vice Chairman Lee will take care of Daeju Heavy Industries’ debt forgiveness…”

My grandfather glanced at me and paused for a moment. As expected… is this what’s coming?

***

After pausing, my grandfather dismissed all the group executives except for me. My grandfather, who was drinking the newly brought tea, took the cup from his mouth and asked me.

“What are you going to do with Daeju Motors? Isn’t that what you and Chairman Geum want the most?”

“There are many things to clear up before we can eat it as is. If we acquire it without readjusting the debt, the burden will increase.”

When I took a step back and brought up the major premise, my grandfather chuckled.

“Don’t be so fussy, you rascal. If Standard says they’ll pour all the money they’re rolling around into paying off the debt, wouldn’t the acquisition of Daeju Motors be resolved immediately? Hehe.”

“I’m not being fussy, Grandfather. Something big will happen if we swallow it as is.”

If we don’t reduce the debt of Miryong Motors, which Daeju Motors acquired, as well as Daeju Motors, unnecessary consumption of funds will increase. We need to get rid of as much bad debt as possible.

At my serious answer, my grandfather also took away his smile and asked with a heavy expression.

“Are you going to eat up the people’s blood tax [government funds] again this time?”

“Yes. Compared to the money Standard will use to invest in Haedong Motors in the future, the blood tax we’re sucking up now is nothing. We’re already providing all kinds of welfare to Haedong Motors employees and paying small and medium-sized businesses in cash, aren’t we?”

My grandfather nodded when I mentioned the promise I made in the past and the in-house welfare that Haedong Motors is currently giving to its employees.

“Good. I’ll talk to Jin-ho hyung [older brother] soon and create a place for that friend from Myungseon-gu and you to meet.”

“Me?”

Arranging a meeting between Myung Seon-gu and me meant acknowledging that I, as the head of Haedong Group’s automobile business, was on the same level as the head of Taehyun Group’s automobile business. My grandfather said to me, who had widened eyes.

“Now you’re a full-fledged successor to the group. You have to go out and bump into this guy and that guy, fight, and compromise, right? Euhehe.”

“The bear’s training method, hehe.”

A wise parent bear teaches its baby bear how to catch fish. My grandfather was giving me the opportunity to sit at the negotiating table with competitors so that I, as one of the group’s successors, could gain experience.

“I understand, Grandfather.”

“But I’ll put Chairman Geum with you so he can play the role of a smokescreen. With Chairman Geum there, that guy from Myungseon-gu won’t suspect your true nature.”

If we put Geum Seok-ho, who has years of experience, with me, Myung Seon-gu will have no reason to suspect that I, who am not even thirty years old, am the core of Haedong Group.

He’ll just think that I’m taking management classes as one of the group’s successors.

“Thank you, Grandfather. I’ll prepare thoroughly with Chairman Geum and bring everything I want.”

“You’re your grandfather’s eldest grandson, so of course you should, hehe.”

After finishing the car business talk, my grandfather, who was drinking tea, asked me.

“Now that I think about it, finance is also under your jurisdiction, so what are you going to do with Daeju Group’s financial affiliates? Their value will increase a lot if blood tax is put into them.”

“I’ll have to discuss it with Vice Chairman Jo, but I have no intention of acquiring them.”

My answer was quite shocking, and my grandfather’s eyebrows twitched.

“What? You have no intention?”

“Yes. Considering the expansion of the heavy industry affiliates, there will be controversy over preferential treatment. It’s a feast that we can’t eat all of, so we have to share it to some extent, hehe.”

It was obvious that if we swallowed Daeju Group’s heavy industry affiliates and financial affiliates, we would receive envious gazes from the political and business circles and the people, but even this reason was an excuse to hide my true intentions. My grandfather looked at me with an uneasy expression and hummed.

“Hmm…”

My grandfather, who was tapping the table with his fingernails, nodded slightly.

“There seems to be a deeper reason, but I won’t ask. Do as you wish.”

‘Grandfather is more than ordinary.’

To realize that I had a separate intention… I was startled inside as I looked at my grandfather, and I quickly bowed my head.

“Thank you, Grandfather. And… I think I need to go to the United States for a while.”

“The United States…”

“I haven’t had time to pay attention to the US business because of the work in Korea. I need to go because of the Big Deal, too.”

After a moment of silence, my grandfather asked me.

“Is it related to your maternal relatives?”

“I need to take care of the US business, but I also need to go to persuade my maternal relatives.”

“I understand. It doesn’t seem like it will harm your maternal relatives, so go. I’ll tell them to proceed with the acquisition of Daeju Metal after you come back.”

This time, I didn’t reveal the detailed reasons, but my grandfather readily agreed. It seemed that he now recognized me not as the eldest grandson of this family, but as a full-fledged executive of Haedong Group.

“Thank you, Grandfather.”

***

After leaving the main family residence in Samcheong-dong, I immediately called Jang Ha-yeon to let her know that I was going to the United States, and I also called Seon Hae-cheol and Park Tae-jin to ask them to go to the United States with me.

After quickly finishing the preparations, we took a plane that night and were passing over the Pacific Ocean.

“I’m sorry for asking you to go so suddenly.”

Seon Hae-cheol, who was drinking at the in-flight lounge bar, chuckled at my apology.

“What’s with the sudden apology? It’s not like you’re doing this for the first time, hehe.”

Seon Hae-cheol chuckled and took a sip of whiskey.

“It’s actually a good thing. I can surprise my wife. Tae-jin, are you okay? Your wife must be very upset.”

“Upset? She told me to take good care of the director, haha.”

I was really sorry to Park Tae-jin, who was laughing heartily. It was the honeymoon period when they were pouring out honey…

Park Tae-jin, who saw my gaze, put his hand on my shoulder.

“It’s okay, Director. If it weren’t for you, I wouldn’t have even thought that Hyun-jung and I would get married, would I?”

“Thank you, hyung [older brother/friend].”

I am really grateful and happy to have these two people by my side. Thanks to them, I felt a little relieved.