Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 206

206. 59th. New Game Plan (1)

December 30, 2000.

It was the last working day of the year for office workers, while students were just beginning their winter vacation.

Like other major corporations, the Hae Dong Group’s main building in Gangnam was bustling. Key executives, including presidents and heads of business divisions, were seated at desks and along the walls of the conference room. The door opened.

Following my grandfather, Lee Dae-soo, came Ko Seung-ju, Geum Seok-ho, Bae Jae-hoon, Tae Jae-ho, Jo Young-chan, Shin Ho-jin, Lee Myung-jin, and finally, I, Park Tae-jin.

“Welcome, Chairman!”

The presidents, upon seeing my grandfather and us, bowed their heads, offering loud greetings. My grandfather lightly waved his hand in acknowledgment and took his seat.

“Everyone, sit down.”

At my grandfather’s command, we all sat. After taking a sip of water, he placed the glass down and leaned towards the stand microphone.

“As you all know, today marks an important milestone in the history of our Hae Dong Group. As of today, Hae Dong Group officially declares the separation of affiliates, a plan we have been diligently preparing.”

Everyone nodded, as if this announcement was anticipated. My grandfather surveyed the room and then addressed Ko Seung-ju.

“Chief, begin.”

“Yes, Chairman. I will now outline the Hae Dong Group’s affiliate separation plan. Before I proceed, we will hear a few words from the Chairman.”

As Ko Seung-ju concluded his opening remarks, my grandfather began to speak.

“Hae Dong, once on the periphery of the business world, has risen to the top in less than 10 years. It was a journey that was both straightforward and challenging.”

Everyone nodded slightly, faint smiles playing on their lips as my grandfather continued.

“However, our size has become excessively large. If we continue on this path, Hae Dong will become an unwieldy entity in the business landscape. That’s why we’ve decided on this affiliate separation.”

Although Lee Myung-jin’s and my independence was the primary motivation behind the affiliate separation, my grandfather had always strived to avoid creating unnecessary conflict. Everyone present, including me, understood his nature and maintained their composure as he spoke.

“As you all know, unlike other conglomerates, Hae Dong doesn’t need to engage in complex shareholding battles when splitting up the group. You’re all aware that we only need to divide Hae Dong Corporation, right? Hehehe.”

“Hahahaha!”

Our group doesn’t need to alter its governance structure with complicated calculations like other chaebols [South Korean family-owned conglomerates]. We simply need to split Hae Dong Corporation, which is the holding company of the group, and Lee Myung-jin and I exchange the shares we hold in each other’s holding companies, and pay the necessary taxes, right?

The taxes involved would amount to trillions of won, but with the personal wealth our family members have accumulated, we could easily cover that amount tenfold. It was such a simple matter that even the executives and employees of the Group’s General Strategy Headquarters’ finance and planning teams could only yawn. Those gathered here laughed heartily along with my grandfather.

As the laughter subsided, my grandfather regained his composure.

“As of today, Hae Dong Corporation will separate Hae Dong Heavy Industries Holdings from the existing Hae Dong Corporation. Chief Ko will provide the specific details.”

While my grandfather moved the microphone aside to take a drink of water, Ko Seung-ju addressed the room.

“As you all know, Vice Chairman Lee Myung-jin will inherit Hae Dong Heavy Industries Holdings, which will be spun off from Hae Dong Corporation. Hae Dong Heavy Industries Holdings will control 65 percent of Hae Dong Corporation’s liquid assets, 30 percent of the shares of each iron and coal mine around the world, and all of the controlling shares of Hae Dong Motors, Hae Dong Construction, Hae Dong Heavy Industries, Hae Dong Steel, and Hae Dong Cement held by Hae Dong Corporation.”

‘It’s pointless for only me to prosper. We all need to thrive together, supporting and driving each other forward.’

Hae Dong Heavy Industries Holdings is structured as a pure holding company, and all of its affiliates require substantial investments.

Therefore, I allocated as much of Hae Dong Corporation’s cash reserves as possible to Lee Myung-jin and included shares in iron and coal mines to justify transactions with Hae Dong Steel. As I and others nodded in agreement, Ko Seung-ju proceeded with the next announcement.

“Excluding the assets mentioned earlier, all remaining assets and affiliates of Hae Dong Corporation will be inherited by Director Lee Sung-min of Standard Capital. Accordingly, the affiliate separation will be finalized upon the exchange of shares held in Hae Dong Corporation and Hae Dong Heavy Industries Holdings.”

After detailing the affiliate separation, Ko Seung-ju announced the future personnel appointments.

“Vice Chairman Lee Myung-jin will assume the position of Chairman of Hae Dong Heavy Industries Group, and the CEOs of each affiliate, with the exception of Chairman Geum Seok-ho of Hae Dong Motors, will be promoted to Vice Chairman.”

Lee Myung-jin’s face flushed with excitement at the prospect of becoming chairman. The CEOs slated to move to Hae Dong Heavy Industries Group also blushed at the thought of their impending promotions. Ko Seung-ju then announced the personnel appointments for Hae Dong Group.

“Vice Chairman Bae Jae-hoon will be promoted to Chairman of the Trading Division of Hae Dong Corporation, overseeing the petrochemical affiliates, including Hae Dong Oil and GK Metals. Vice Chairman Tae Jae-ho will also be promoted to Chairman of the Logistics and Distribution Division, directing Hae Dong Corporation’s retail distribution business, e-commerce and computer services, land logistics, shipping, and leisure businesses. Vice Chairman Jo Young-chan of the financial division will also be promoted to Chairman. And…”

After a moment of hesitation, Ko Seung-ju continued, his face slightly flushed.

“I, Ko Seung-ju, as the head of the Hae Dong Group’s General Strategy Headquarters, will also become Chairman and coordinate the overall business of the group with the three Chairmen. Executive Director Park Tae-jin, who will be promoted to Vice President, will be appointed as Deputy Headquarter Manager to assist me in overseeing the overall management of the Hae Dong Group.”

Following Ko Seung-ju’s announcement, Park Tae-jin’s face also turned red.

‘Hyung [older brother or male friend] must be embarrassed too, hehe.’

He must be. Becoming a Vice President before even reaching his mid-40s, and the second-in-command of Hae Dong Group’s control tower – how could he not be embarrassed?

Ko Seung-ju, looking at Park Tae-jin with an expression of amusement similar to mine, announced the final personnel appointment.

“Director Lee Sung-min of Standard Capital will serve as the chairman of the board of directors of the surviving Hae Dong Corporation and the joint board of directors of Hae Dong Group, in addition to his existing role as a strategic consultant for Hae Dong Group, and will oversee the overall management of the group. Furthermore, CEO Jang Ha-yeon of Korea Hotel will join as a registered director of the board of directors of Hae Dong Corporation.”

With this, the Hae Dong Group’s affiliate separation plan was fully disclosed. In response, my grandfather lightly tapped the desk and stood up from his seat.

“Finally, I, Lee Dae-soo, will step down as an advisor to the Hae Dong Group as of today. I will donate half of my remaining 10 percent of Hae Dong Corporation shares to the group’s affiliates and employees, and the other half to the Hae Dong Scholarship Foundation. It has been a pleasure, and thank you for being with me thus far.”

At my grandfather’s flawless and admirable retirement declaration, we all rose from our seats.

“Thank you, Chairman!”

Ko Seung-ju, Bae Jae-hoon, Tae Jae-ho, Jo Young-chan, Lee Myung-jin, and I, Park Tae-jin, delivered our pre-arranged greetings in unison, and…

“Thank you, Chairman!”

Other key executives, including Geum Seok-ho and Shin Ho-jin, also offered their heartfelt gratitude.

My grandfather, looking at us with a contented expression, nodded slightly with a gentle smile and left the conference room. We all applauded until our hands ached, watching my grandfather’s departing figure. He seemed larger than life today.

However.

It wasn’t over yet.

***

“Euhahaha! I feel so relieved now that I’m free! I feel like I’m going to live like a carefree man now!”

“Hahahaha! You’ve worked so hard all this time, Chairman!”

My grandfather and Geum Seok-ho, champagne glasses in hand, laughed heartily, and…

“Congratulations, Vice President Park! You’ve made it, hehe!”

“What do you mean ‘made it,’ Vice President Min? It’s just a wide open road to hardship like you, hehe.”

“I look forward to working with you, Deputy Headquarter Manager! Haha!”

“Thank you, Executive Director Joo. Let’s work well together in the future, haha.”

Park Tae-jin, Min Joo-hyung, and Joo Seung-bin also laughed, congratulating each other, and…

“Should we be careful of Manager Yoo now? Her husband is a key figure in the group, right? Hehe.”

“Oh, President, my husband is a key figure in the group, but I’m just a manager, hoho.”

Na Chang-seok, who was promoted to president as the head of the Hi-Mart business division, was enjoying himself with Yoo Hyun-jung, and others.

All of the key executives of the Hae Dong Group and their spouses were enjoying a year-end party at the Yeongbingwan [state guest house] of the Korea Hotel, where a banner reading ‘Leave when you get applause! Congratulations on the retirement of Chairman Lee Dae-soo of Hae Dong Group!’ was prominently displayed.

“Congratulations, President Park.”

“No, Chairman.”

Park Tae-gon, who was promoted to president of the strategy office of the financial division of the Hae Dong Group, smiled awkwardly and clinked champagne glasses with me.

“I didn’t realize the Chairman would be so happy, haha.”

“He’s such a versatile person, so he’ll be busy enjoying his hobbies now that he’s left the group’s work, haha.”

My grandfather enjoyed leisure activities such as painting orchids, playing musical instruments, watching movies, playing Go [a strategic board game], and exercising, even while managing group affairs at his main residence in Samcheong-dong. Even in retirement, he will advise us as a group advisor, so he will never be bored.

“I see. I never thought I’d come this far after receiving the Chairman’s offer.”

I blinked at Park Tae-gon’s comment after taking a sip of champagne.

“Why?”

“I’m constantly busy with work, but I didn’t expect to be doing such fulfilling work, haha.”

Looking at Park Tae-gon smiling brightly, I felt I had made the right decision in recruiting him. If he had remained in the Shinseong Group, wouldn’t he have been entangled in all sorts of unethical activities, including creating slush funds? Unlike the Hae Dong Group, which has no need for such practices.

“You’ll be even busier in the future, haha.”

“Maybe… I think so, haha.”

Park Tae-gon’s smile and expression faltered for a moment, losing their initial vibrancy. Why?

“Is something wrong? Perhaps… are the locals being territorial…?”

Park Tae-gon waved his hand dismissively at my question.

“It’s not that… how about we move to a quieter spot for a moment? It’s a sensitive issue to discuss in a crowded place.”

Park Tae-gon, possessing keener instincts than most and managing the financial sector alongside Jo Young-chan, was being unusually cautious, suggesting the matter was significant.

“Okay. Wait a moment.”

I left my seat and approached Jang Ha-yeon, who was enjoying champagne with Jung Chang-ho.

“What’s wrong, honey?”

“Could I borrow a room? A room where we can’t be overheard.”

Jang Ha-yeon nodded, understanding the urgency in my request.

“Just a moment. Uncle, I’ll be back with this kid for a moment.”

Jang Ha-yeon, having secured Jung Chang-ho’s understanding, led me and Park Tae-gon to the main building of the Korea Hotel. What did Park Tae-gon need to discuss?

***

That evening.

Jang Ho-geon, Jang Ho-kyung, and Jang Ho-min were having dinner in the presidential suite of the Shinsegi Group’s Western Hotel.

“Ho-geon, I heard your eldest daughter’s great-grandfather-in-law retired today? He stepped down as an advisor without even becoming an honorary chairman… unlike some, he must not have any worries?”

“Now it’s your brother-in-law’s world. But is the company that Lee is inheriting bigger than your company, brother? Hehe.”

Jang Ho-min chuckled as Jang Ho-kyung swallowed a piece of steak and initiated the conversation. Jang Ho-geon’s eyes narrowed as he looked at the two of them.

It might seem trivial, but they were always like this. Since childhood, they had been simultaneously suppressing him from above and undermining him from below, leaving him caught in the middle.

Sighing, Jang Ho-geon sat down, grabbed the half-empty wine bottle, and refilled his glass. Perhaps because he had barely touched his meat or bread, he emptied the full glass of wine in one gulp, causing him to frown slightly as he set the glass down.

However, Jang Ho-kyung had no intention of letting Jang Ho-geon, who had convened this meeting, off the hook.

“Our brother must be very upset. It seems like only yesterday you were confidently proclaiming that you would crush all other competitors with the semiconductor chicken game [a high-stakes game where participants take increasingly risky actions].”

Jang Ho-geon frowned at Jang Ho-kyung’s provocative words.

At the beginning of the year, he had launched an aggressive campaign, declaring it an opportunity to solidify a monopoly by capitalizing on the IT bubble collapse and the gradual exposure of RDRAM defects, but then a formidable competitor named GSMC had emerged.

Seeing his brother’s distorted expression, Jang Ho-min chuckled this time.

“It seems like your brother-in-law’s company is holding you back. Three years ago, you lost your car, and now you’re even facing competition in semiconductors? Ah! Standard also holds more than 15 percent of the shares of Shinseong Electronics and Shinseong Corporation, right? Hehe.”

That damn Standard Capital was relentlessly targeting Shinseong Electronics and Shinseong Corporation, the two main pillars of the Jang Ho-geon group, with some hidden agenda, closing in from all sides.

Even at his younger brother’s sarcastic laughter, Jang Ho-geon didn’t lose his temper but instead raised the corners of his mouth in a sardonic smile.

“Wouldn’t the same apply to you, brother? Standard has acquired just as many shares of Shinseong Construction and Shinseong Heavy Industries. Isn’t that right? Hehe.”

“W-what?”

Jang Ho-min’s eyes flashed as his brother taunted him, accusing him of hypocrisy. Even in the face of his angry brother, Jang Ho-geon’s mockery continued.

“Besides, you rushed in to acquire a steel mill and ended up making a mess of it, right? From what I hear, the petrochemical affiliates that your eldest son-in-law’s company sold to Hae Dong will now go to your eldest son-in-law? Whose company was that again? Hehe.”

“Y-you…!”

Jang Ho-min glared at Jang Ho-geon, gnashing his teeth. How dare he touch upon his most sensitive point!

Jang Ho-kyung, who had been observing her two younger brothers, shook her head.

“Why don’t you stop? Surely, Ho-geon, you didn’t call us together just to tease Ho-min, did you?”

“What sister says is right. Standard has taken over as many shares of Jeil Flour Milling and Shinsegi Retail as we have, so I wanted to see you both.”

“Keueung…”

A groan escaped from Jang Ho-kyung’s tightly closed lips. Standard Capital held shares equivalent to their own in terms of group control?

“I think I know why you called us together. Is it because of the shares?”

“Yes. Those Standard bastards are acquiring too many of our shares.”

Jang Ho-min, who had posed the question, shook his head at Jang Ho-geon’s response.

“No. The problem is that even Lee is holding shares through Hae Dong Securities and Hae Dong Asset Management. If Lee’s shares also support those Standard bastards, it will be equal to the shares that I, sister, and brother each hold in our affiliates. Isn’t that right, sister?”

Jang Ho-kyung nodded in agreement with her youngest brother’s question.

“I’m grateful that your son-in-law gave me the Daeju Group’s financial affiliates, Ho-geon, but what Ho-min says is true. Standard and your son-in-law are quiet now, but they’re like time bombs that could explode at any moment…”

Jang Ho-kyung, swirling the wine glass in her hand, inhaled the aroma and took a sip with a refined air.

Jang Ho-geon looked at Jang Ho-kyung, who had set down her wine glass, and Jang Ho-min, who wore a sly expression, and began to speak.

“So, I’m suggesting… let’s make a deal.”