Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 184

184. 52nd. The Feast Should Be Shared (3)

“I think it would be a good idea to involve my aunt.”

“You mean your aunt?”

Seeing his father’s eyebrows twitch, Jang Yong-jae began to explain as calmly as possible.

“Uncle is tied to us through the ownership structure, but Aunt broke away from that chain thanks to Grandfather and cleanly separated into the Shinsegae Group.”

“That’s right.”

“Also, even though the distribution industry is struggling due to the recession, discount stores are doing relatively well. Cheil Jedang [a food company], the parent company of Shinsegae Group, also has good cash flow due to the nature of the food industry.”

That was true. In a recession, people might cut back on luxury goods, but they can’t cut back on necessities.

Jang Ho-geon’s stomach churned at the thought of his father handing over those lucrative affiliates to his sister, but he didn’t show it and listened to his son until the end.

“Above all, Shinsegae Group’s ability to raise funds has increased thanks to the increased value of Shinseong Life Insurance shares during the Shinseong Motors reorganization. Our Shinseong Life Insurance stake has decreased as we repaid our debts, but it’s still enough to acquire three companies.”

Following Jang Yong-jae’s persuasion, Lee Soo-han also spoke up.

“Most importantly, Chairman Jang Ho-kyung will be more inclined to listen if we propose acquiring the three companies as a package.”

“You’re right, Director. Even if we reclaim the work from the Shinseong Group’s financial affiliates, which we initiated, we must prevent the Haedong Group from growing further.”

Jang Ho-geon responded to his eldest son’s earnest voice.

“If that happens, the work from Shinsegae Group that was entrusted to Shinseong Securities and Shinseong Card will decrease. Are you okay with that?”

“It’s okay, Father. Even if Shinsegae Group grows, they are family, sharing our blood. But isn’t Haedong a complete stranger?”

It’s true that cousins might get jealous over property, but blood is thicker than water.

Jang Yong-jae could never bring himself to admit that he was worried his brother-in-law, who shared no blood with him, would eat away at the Shinseong Group. He couldn’t be seen as someone afraid of his brother-in-law in front of his father, could he?

There was no way Jang Ho-geon didn’t understand what Jang Yong-jae was thinking. Nevertheless, Jang Ho-geon nodded.

“Okay. You and Director Lee should prepare that proposal and present it to your aunt.”

“I understand, Father. Thank you, Director.”

Jang Yong-jae, acknowledging his father’s approval, also bowed to Lee Soo-han, who was facing him.

***

A few days later.

Jang Yong-jae opened the door to the chairman’s office in the Shinsegae Group building in Myeongdong and entered.

“How have you been, Aunt?”

“So-so. I wonder what brings our nephew Jang here?”

Jang Yong-jae’s face flushed slightly at the lukewarm attitude of a relative who felt more distant than a stranger, especially his aunt.

Nevertheless, the one who needs help must be humble, an unchanging rule. Jang Yong-jae smiled as naturally as possible, putting all his effort into it.

“I know that the relationship between Father and Aunt isn’t the best. But please be generous to me, your nephew, haha.”

“Well, it’s your father who’s fighting, not you. Here, two glasses of juice.”

Jang Ho-kyung, smiling at Jang Yong-jae, ordered juice through the intercom and then moved to the sofa and sat down. Jang Yong-jae also sat on the sofa and drank the juice brought by the secretary.

“Now that you’ve quenched your thirst, tell me, nephew Jang. What brings you here?”

“I came because I thought it would benefit my aunt to expand into the financial industry, haha.”

At Jang Yong-jae’s suggestion, delivered with a generous smile, the corners of Jang Ho-kyung’s lips turned upward. Was that smile a sneer or one of satisfaction?

Regardless of whether it was ridicule or satisfaction, Jang Yong-jae maintained his smile and looked straight into Jang Ho-kyung’s eyes.

How long had it been? Jang Ho-kyung’s unique, high-pitched laughter erupted from her mouth.

“Ahahaha! Are you trying to be funny right now?”

“What do you mean, Aunt?”

“You’re suggesting I enter the financial industry because your father took Shinseong Life Insurance shares from me, right? Or am I mistaken?”

Jang Yong-jae was taken aback by Jang Ho-kyung’s question. Unlike his father’s grumbling about her being a nasty sister, she was clearly seeing through his inner thoughts, wasn’t she?

Seeing Jang Yong-jae’s stiff expression, Jang Ho-kyung snorted and waved her hand.

“I have no intention of hating our nephew Jang because of that. As I said when I came in, my opponent is your father, not you, hehe.”

Even in the face of ridicule mixed with contempt and mockery, Jang Yong-jae did his best to maintain his smile, preventing it from collapsing. He couldn’t bear to see Lee Seong-min and Jang Ha-yeon, those eyesores, devour even the Daejoo Group’s financial affiliates, could he?

“That’s right. I still have much to learn, haha.”

‘A snake-like guy.’

Jang Ho-kyung’s expression hardened at Jang Yong-jae’s easygoing smile. He wasn’t as skilled as his father, but it was unsettling to think he could laugh off her insults only by harboring such cunning intentions. [The phrase “harboring a snake in his stomach” is an idiom for hidden malicious intent.]

After a brief power struggle, Jang Yong-jae launched another preemptive strike.

“As Aunt also knows, Shinsegae Group only holds 15 percent of Shinseong Life Insurance shares. According to the agreement with Father and Uncle, the funds and dividend income that can be drawn from financial affiliates have also been reduced to 15 percent.”

Jang Ho-kyung bit her lip at Jang Yong-jae’s calm explanation. Wasn’t that the result of giving up shares to get rid of the debt tied to Jang Ho-geon?

“Our nephew Jang, you have a knack for hitting where it hurts, don’t you?”

“I’m just explaining the objective situation, Aunt.”

Jang Yong-jae, calmly responding to Jang Ho-kyung’s blatant sarcasm, brought up the main point.

“Still, Shinseong Life Insurance’s value has risen to 700,000 won per share since Shinseong Motors was sold off. The value of Aunt’s Shinseong Life Insurance shares is about 1.5 trillion won, and Shinsegae Group’s annual net profit is about 200 billion won, so it would be easy to acquire Daejoo Securities, Daejoo Fire Insurance, and Daejoo Card.”

“So, you’re suggesting I acquire the three companies?”

“Yes. The profit from acquiring the three companies will be greater than the dividends received from Shinseong Life Insurance.”

“Alright, convince me what benefits I can gain from acquiring the three companies, nephew Jang.”

At Jang Ho-kyung’s order, Jang Yong-jae took a sip of juice and composed himself.

“Daejoo Securities has an excellent research team that is highly regarded in the industry. Naturally, many investors, from high-net-worth individuals to retail investors [individual investors with small capital], utilize their services.”

“That’s right. Chairman Kang put a lot of effort into building up Daejoo Securities.”

At Jang Ho-kyung’s agreement, Jang Yong-jae continued to persuade.

“If you acquire Daejoo Securities, financial tasks such as issuing promissory notes or bonds can be handled within the Shinsegae Group. The fees from those tasks would then be reinvested into the Shinsegae Group.”

While explaining, Jang Yong-jae carefully asked, noticing Jang Ho-kyung’s narrowed eyes.

“May I continue?”

“Of course. Continue.”

“Next, I will discuss Daejoo Fire Insurance. Daejoo Fire Insurance is a quarter of the size of Shinseong Fire Insurance, but it has a healthy solvency margin [a measure of an insurance company’s ability to pay claims]. If all the property and personal insurance policies that Shinsegae Group currently has with Shinseong Fire Insurance are transferred, and even the insurance policies that Shinsegae Group employees have individually, the performance will increase dramatically.”

‘How many schemes has this kid, barely out of his teens, already concocted…’ Jang Ho-kyung let out a hollow laugh at the blatant suggestion of internal transactions, but Jang Yong-jae simply smiled and pressed on.

“Lastly, Daejoo Card’s market share is 8.3 percent. If you acquire Daejoo Card and integrate Shinsegae Retail’s own card business, it will exceed 10 percent.”

If the two businesses are combined into one company, surplus manpower can be eliminated to reduce costs and increase profits. While Jang Ho-kyung’s mind was working diligently, Jang Yong-jae offered another reason.

“Not only will Shinsegae Group absorb the commissions previously paid to Shinseong Card, which was an existing partner, but it will also create a new cash stream from the card business.”

In simple terms, Shinsegae Group’s acquisition of Daejoo Securities, Daejoo Fire Insurance, and Daejoo Card was about diversifying revenue streams through new business ventures and securing profits through internal transactions.

Jang Ho-kyung chuckled and asked Jang Yong-jae,

“Wouldn’t your father dislike that? More competitors will emerge, and sales will decrease, right?”

“My father said that if my aunt entrusts Shinseong Securities with the acquisition advisory and pays a generous advisory fee, there’s no reason not to proceed. He also mentioned that if we get the advisory contract, he would help resolve the debt relief issues of the three companies.”

To deceive his aunt, who was more seasoned than himself, he had to prioritize the deal over goodwill. After all, there’s no such thing as a free lunch.

Having coordinated with Lee Soo-han while preparing, Jang Yong-jae spoke confidently and touched on another critical weak point.

“One more thing. If you don’t step in, Lee Sung-min will.”

“What?”

At the mention of Lee Sung-min’s name, Jang Ho-kyung’s eyes narrowed. Wasn’t he the brat who had insulted her twice?

‘My aunt must have a lot of pent-up frustration,’ Jang Yong-jae thought, inwardly rejoicing at the sight but calmly continuing his briefing.

“Fortunately, Lee Sung-min is currently on a business trip to the United States. Sun Hae-chul and Park Tae-jin are with him. This means that Standard Capital Korea is at least paralyzed.”

“So, now is the opportunity?”

“Yes. Haedong Group would be too conspicuous if they only took Daejoo Metal, Daejoo Heavy Industries, and Daejoo Automotive. The government would also be wary of Haedong Group taking any more than that. It will be a victory with high odds and significant profits.”

A cracking sound came from Jang Ho-kyung’s mouth.

‘Losing twice is bad enough, but losing three times…’

The thought alone was horrifying.

To Jang Ho-kyung, who had built Shinsegae Group into a leading distribution company, Lee Sung-min was someone who had spat on her, and she was looking for a chance to wipe away that spit and retaliate. Now was that chance.

After a moment of contemplation, Jang Ho-kyung let out a light breath.

“Good. I feel more comfortable since you’re not pretending to help out of kindness.”

At Jang Ho-kyung’s acceptance, Jang Yong-jae’s lips twitched. Jang Ho-kyung, who had been smirking at Jang Yong-jae, picked up the phone.

“It’s me, dear sister. I listened to my nephew’s briefing. Let’s start coordinating the acquisition advisory contract from today.”

***

[Shinsegae Group Announces Intent to Acquire Daejoo Securities-Daejoo Card. Shinseong Securities Selected as Lead Manager for Acquisition Advisory]

Returning from my business trip, I smiled as I read the newspaper.

‘It’s going according to my plan.’

It’s not that I didn’t covet Daejoo Securities. However…

‘Haedong Securities has the most money among Korean securities firms. We’re also continuously poaching key personnel from Daejoo Securities, so there’s nothing to be missed.’

As with all businesses, a securities firm can expand its size as long as it has money and people. We have plenty of money and are actively recruiting people, so there’s nothing to regret. Also…

‘If I only take Daejoo Securities, would my in-laws even bother with Fire Insurance and Card?’

Compared to Daejoo Securities, Daejoo Fire Insurance and Daejoo Card are companies that can’t even compare to Shinseong Fire Insurance or Shinseong Card. If I only take the prime asset, Daejoo Securities, they won’t even give it a second glance.

In other words, leaving Daejoo Securities behind was to let either Jang Ho-min or Jang Ho-kyung take Daejoo Fire Insurance and Daejoo Card as well. I’ll spectacularly detonate those two companies in a few years.

In any case.

I figured that even if Jang Ho-gun or Jang Yong-jae tried to keep me in check, they couldn’t directly step forward, so they would use an agent, and they didn’t disappoint my expectations. It was very desirable that they brought in Jang Ho-kyung, who had a much larger stake than Jang Ho-min, whose holdings had been halved.

Seeing my lips not sinking down even after putting down the newspaper, Sun Hae-chul tilted his head.

“What’s wrong, Sung-min? Did someone’s scandal break out?”

“No. It’s something even more interesting than that.”

Getting up from my seat, I went to Sun Hae-chul and showed him the newspaper in my hand. Sun Hae-chul smirked at the newspaper article.

“They’re really doing all sorts of things. Shinsegae Group is going to acquire Daejoo Group’s financial affiliates.”

For Shinsegae Group’s size, acquiring all of Daejoo Group’s financial affiliates is a large-scale merger and acquisition comparable to the boa constrictor swallowing an elephant in ‘The Little Prince’ [a reference to the famous children’s book]. Park Tae-jin, who was working at his desk, couldn’t hide his ridicule, as if he was dumbfounded.

“It seems like your in-laws are making moves because they’re worried we’ll take over Daejoo Group’s financial affiliates, Director Lee.”

“I expected it to some extent. We’ll take almost all of Daejoo Group’s heavy industry affiliates, so they can’t stand to see that.”

In my opinion, it seemed like Jang Yong-jae had stepped up more than Jang Ho-gun. Since I control the financial affiliates within Haedong Group, he probably couldn’t stand seeing me, Jang Ha-yeon’s husband with no blood relation, doing well.

Sun Hae-chul asked me, who was indifferent even though my rice bowl was being taken away.

“Are you really just planning to bluff?”

“Yes. I’ll just make one phone call.”

Holding the receiver in my hand, I pressed the dial and waited for the signal.

[This is Haedong Group Vice Chairman Cho Young-chan.]

“This is Director Lee, Vice Chairman.”

[Oh, Director Lee. Did you have a good trip?]

“Yes, Vice Chairman. I had a good trip.”

[Your voice sounds good, so I guess things went well. Calling as soon as you got back, it must be about the acquisition of Daejoo Group’s financial affiliates, right?]

He knew it right away. How could this old man, who’s old enough to be my grandfather, know my thoughts so well?

“It seems like you can see right through my head, Vice Chairman.”

[After seeing this morning’s newspaper article, it couldn’t be anything else. What are you planning to do about Daejoo Group’s financial affiliates?]

“There won’t be an acquisition. We have enough with our own expansion in securities, and Haedong Merchant Bank is more than enough for mobilizing funds for insurance. It seems like it’s not too late to observe the trends a bit more and then enter the card business.”

[I agree. Merging with Daejoo Securities would disrupt the hierarchy within the organization, and when compared to Haedong Merchant Bank, Fire Insurance isn’t worth acquiring. The card business is also concerning because our group’s private loan issues are coming to light, and I’m not comfortable with the recovery rate, so it’s a good thing.]

Grandfather may have given him a hint, but from the hearty laughter, it seemed that Cho Young-chan himself wasn’t happy with the acquisition of Daejoo Group’s financial affiliates either. It was a good thing for me.

[But we can’t just stay quiet, can we?]

“No, Vice Chairman. I have to look after my aunt, even if someone else acquires them. She’s trying to make a living.”

[Is that your true intention?]

At Cho Young-chan’s stern voice, I quickly revealed my true feelings.

“Those companies will eventually become poison. Greed is like gravity; once you give it a little push, it can’t be controlled.”

It wasn’t a lie; it was the truth.

The Daejoo Group financial affiliates that Jang Ho-kyung will acquire will become bombs that will tear Jang Ho-kyung’s internal organs to shreds. By my hand.

Cho Young-chan’s humming stopped, as if he had read my big picture from my laughter.

[It seems like you’re planning another big picture. I understand. Instead, I’ll call Chairman Jang Ho-kyung and brag about it. I’ll also add that I won’t step in because of your wife’s request.]

“Yes, Vice Chairman. I’m counting on you.”

As expected, Cho Young-chan was the one among the group’s elders who worked best with me. Chairman Jang Ho-kyung, will you fall for our fake?