Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 213

Oh Hyun-moo, Oh Hyun-joon, and Hae Soo-chan seemed quite surprised. They couldn’t grasp how large the scale of the bad debt would become just from the illegal cash advances in the distribution channels, so they were naturally curious about what bigger trap lay ahead.

“A bigger trap, you say?”

“Hae Dong Investment & Securities and Hae Dong Motors are planning to transfer their jointly managed auto loan business to Shinseong Card.”

Hae Dong Motors, which currently dominates the Korean automobile market alongside Taehyun Motors, has been restructuring its lineup by selecting only the most popular models in each class during the model consolidation process, causing sales to skyrocket.

Naturally, the financial income earned through the auto loan program is also substantial. Hae Soo-chan’s lips subtly curved upward when I said I would hand over that gold mine to Shinseong Group, after a moment of surprise.

“When the credit card crisis hits, the installment sales you throw their way will turn into a super-sized bomb, hehe.”

As expected of GK Group’s financial expert. I wore a sinister smile like Hae Soo-chan.

“That’s right, Uncle. When the credit card crisis hits, household economies will freeze, and installment payments will be delayed. Then, the bonds tied to auto loan sales will turn from a goose that lays golden eggs into an ugly duckling, hehe.”

Since cars start at tens of millions of won [tens of thousands of US dollars], people have no choice but to buy them on installment. And don’t they usually buy and sell them with installments of at least three years?

Therefore.

The auto loan program that I will hand over is a super-sized nuclear bomb that is more than sufficient to detonate Shinseong Card and send shrapnel flying to Shinseong Group and my in-laws when the credit card crisis hits.

“But if you leave Hae Dong Electronics and Aqua Store, your in-laws will become suspicious. What are you planning to do?”

Even with Oh Hyun-moo’s worried gaze, I smiled.

“That’s why I asked to meet you uncles here. I will transfer all card payments from Hae Dong Electronics and Aqua Store to GK Card until the credit card crisis is resolved.”

“Hmm…”

The card payments from the two companies are mostly small payments, and they are also lucrative businesses with sufficient growth potential secured for the future. I couldn’t hand over such businesses to Shinseong Group, so I was trying to entrust them to my maternal family for a while. Oh Hyun-moo stopped his humming, as if he understood my intention.

“That would be good. Your in-laws know that you are our group’s strategy consultant and that our group is your maternal family. I’ll re-examine the card business as soon as I get back.”

“Thank you, Uncle.”

Since my uncles accepted my proposal, GK Group’s card business will not be wrecked. Now that I’ve filled the hole in the card business, I need to reinforce the remaining fronts.

***

While Lee Sung-min and his group were having secret talks with the GK Group trio about preparing for the credit card crisis and reinforcing other fronts, Jang Min-jae went to Seonguiwon [likely refers to a specific location or office] with a document in hand.

“You’re saying… you’ll do this?”

Jang Ho-gun looked at Jang Min-jae with disbelief after examining the document.

“Even though we and Hae Dong Group are in a competitive relationship, they don’t have a card business, do they? The low commission rate may be a concern, but considering our growth method, it will be a good deal in the long run, Chairman.”

The proposal he presented was the one Lee Sung-min had given him, rewritten by himself in Shinseong Group’s format, but didn’t Lee Sung-min give it to him to use as his own achievement? Jang Min-jae, with a brazen face, continued to persuade confidently.

“I’ve heard that you tolerate the loss of opportunity in small deals to build ‘guanxi’ [relationships or connections] when trading with China. Similarly, if we make this deal happen, we can bring in even bigger deals from Hae Dong Group.”

“Bigger deals?”

“Yes. Shinseong Card’s ultimate goal, in my opinion, is to acquire Hae Dong Electronics and Aqua Store’s card payments or Hae Dong Motors’ installment sales business.”

Jang Ho-gun simply smiled at the following explanation. He roughly guessed who was behind his youngest son, but he nodded because he felt sorry for his youngest son, who was trying to do something.

“In the process, merging Shinsegi Card is essential for more aggressive market share expansion. We need to inform Chase Manhattan that Shinsegi Financial Group and Shinseong Life Insurance must be merged first to merge the two companies.”

“Are you going to appeal that Shinseong Card’s stock price will rise, offsetting Chase Manhattan’s equity dilution loss in return?”

“Yes. That way, Shinseong Life Insurance’s listing and the integrated holding company for the financial sector will be completed.”

If Shinseong Life Insurance, an unlisted company, merges with Shinsegi Financial Group, a listed company, Shinseong Life Insurance will have the effect of being listed as well. Nevertheless, it couldn’t be done because of Chase Manhattan’s veto… Jang Ho-gun’s lips subtly curved upward at the solution Jang Min-jae presented.

“Hmm… I see. I’ll discuss it with Chief Lee and wait.”

Jang Min-jae’s lips also curved upward at his father’s positive response, followed by a light hum.

“I understand, Father.”

After sending Jang Min-jae away, Jang Ho-gun called Lee Soo-han, showed him the documents Jang Min-jae had brought, and told him about the future blueprint.

“What do you think?”

“I didn’t know Min-jae had that side to him. I never thought that a child who was always quiet and intimidated by Yong-jae or Soo-yeon would come up with such a plan…”

Jang Ho-gun chuckled as he saw Lee Soo-han’s bright face, unable to continue speaking.

“Min-jae is definitely not a child who can draw such a picture on his own, Soo-han. How can I not know my son’s nature?”

“Then…?”

“Since it’s related to Hae Dong Group, it must be Son-in-law Lee [referring to Lee Sung-min].”

Lee Soo-han’s eyes widened at Jang Ho-gun’s calm answer.

“Chairman Lee, you mean?”

“Yes. Son-in-law Lee must have realized that the integrated holding company I created was not just a test for Yong-jae, Soo-yeon, and Min-jae.”

Lee Soo-han cautiously asked, gauging Jang Ho-gun’s expression at his speculation.

“Are you really… going to hand everything over to the winner? Even if it’s Chairman Lee?”

“Son-in-law Lee is also Ha-yeon’s husband, so he is qualified to take the test. Only you and I should know this fact. Do you understand?”

Lee Soo-han straightened his posture at Jang Ho-gun’s stern gaze as he gave the order and looked at him.

“I understand. I will prepare to contact Hae Dong Group based on this deal.”

“Good work.”

There was not a hint of falsehood on Jang Ho-gun’s face as he sent Lee Soo-han out.

***

Some time later.

Lee Sung-min and Go Seung-joo were having dinner together at a high-end Japanese restaurant in Seoul after receiving calls from Jang Min-jae and Lee Soo-han.

“Congratulations on your promotion to chairman, although it’s late, haha.”

“Thank you, Chief Lee. But let’s still be brothers in private, okay? Haha.”

Go Seung-joo, who had been joking around in response to Lee Soo-han’s congratulations, emptied a glass of alcohol and looked at Jang Min-jae.

“Make sure to learn well from Chief Lee, Director Jang. There are few people in the business world as sharp as Chief Lee, haha.”

“That’s why I’m working hard to learn, haha. Isn’t that right, Chairman Lee?”

“Everyone in the business world knows that you’re working hard. Climb higher in the future, and let’s support each other, haha.”

For a moment, humiliation flashed across Jang Min-jae’s face, but Lee Sung-min and Go Seung-joo didn’t pay much attention and added exclamations to match their rhythm.

When we were moderately full, we put down our spoons and chopsticks, had the table cleared, and drank tea.

“I’ve seen the proposal Shinseong made to us. The commission rate will be low, is that okay?”

Go Seung-joo nodded as he looked at Lee Soo-han, whose expression was smiling but whose eyes were shining sharply.

“If you give us a bigger deal, there’s no reason to refuse, haha.”

“A bigger deal… what are you hoping for?”

“Director Jang will tell you about that. Director Jang came up with this deal, so we should give him a chance, haha.”

“I see. Director Jang, tell me.”

At Go Seung-joo’s urging, Jang Min-jae took a sip of tea and opened his mouth.

“I would like to have exclusive rights to Hae Dong Electronics and Aqua Store’s card payments or Hae Dong Motors’ installment sales business. We will set the commission rate under the same conditions as the distribution channel.”

“Hmm…”

Jang Min-jae looked at me with shaking eyes when Go Seung-joo’s humming came out despite the surprisingly generous offer. I simply smiled and nodded, and Jang Min-jae, seeing my reaction, regained his focus and waited for Go Seung-joo’s humming to end.

“We’ve decided to hand over the exclusive rights to Hae Dong Electronics and Aqua Store card payments to GK Card. If we hand over all of the existing Hae Dong Department Store and Hi-Mart card payment commission conditions to Shinseong Card, there will be strong backlash because GK Group had the most favorable terms.”

“Then…?”

“We will hand over Hae Dong Motors’ installment sales business, which Hae Dong Investment & Securities and Hae Dong Motors jointly manage.”

Lee Soo-han and Jang Min-jae’s faces lit up. How happy would they be to be handed over a business with annual commissions of over 100 billion won [approximately $75 million USD]? They don’t know it’s a nuclear bomb that will explode later.

“Is that possible?”

“In the process of separating the affiliates, the auto loan program has a 50-50 stake between the investment & securities and the auto company, but the decision-making power for the business lies with Hae Dong Investment & Securities, that is, Chairman Lee, Chief Lee. Standard can do it if Chairman Lee tries, so it will be possible.”

Go Seung-joo, having finished answering Lee Soo-han, took out a file from the briefcase leaning against the wall. Lee Soo-han, who received the file titled ‘Hae Dong Motors Auto Loan Program,’ had a smile on his face not long after opening the file.

“I see. Still, there will be strong opposition from Standard Capital… is that okay?”

“We’ve decided to give Standard 50 percent of the shares in the company that will operate the railway and port to develop the Australian iron ore zone on our side. They’ve also agreed to provide half of the funds needed for the mine development. We’ve given them a business that will generate trillions of won [billions of US dollars] in profits, so they won’t be able to object.”

Lee Soo-han also nodded at Go Seung-joo’s explanation that he had made a big deal in advance, so there was no need to worry.

“I feel sorry for just putting a spoon on the table set by Hae Dong Group, haha [taking advantage of a situation without contributing much].”

“If you feel sorry, work hard to promote Hae Dong Motors’ sales. Then Chairman Lee, Chairman Geum, and Standard Capital won’t scold you too much, haha.”

Lee Soo-han and Jang Min-jae’s expressions froze for a moment, whether they were offended by the condescension in Go Seung-joo’s words, but Lee Sung-min and Go Seung-joo calmly drank their tea.

We drew up a simple contract on the spot to hand over the entire Hae Dong Motors installment sales program to Shinseong Card, signed it, and then parted ways with Lee Soo-han and Jang Min-jae and went to Go Seung-joo’s regular bar to rent a room.

Go Seung-joo, who was sitting on the sofa drinking whiskey, gave me a sinister smile.

“It seems like you succeeded in passing on the bomb. Chairman Cho, Chairman Geum, and Chairman Lee will be happy that they handled the bomb, hehe.”

“No matter how much sales you make, it’s useless if you can’t collect the money, right? If customers’ installment payments are delayed, Shinseong Card will topple the entire group by filling that money instead of the customers, hehe.”

Little by little, the money being transfused without knowing that the clothes are getting wet in the drizzle will constrict the cash flow of the entire Shinseong Group. Naturally, the value of Shinseong Life Insurance’s shares will plummet, and the Morgan guys who lent money using the shares as collateral will also go crazy.

“But this isn’t everything, is it?”

“Of course not, Chairman. First, I’ll make a phone call.”

I took out my cell phone after confirming that the hands of my wristwatch were pointing to 10 p.m.

“It’s me, Isaac.”

[Is it done?]

“Yes. Now, Shinseong Group will soon ask Chase Manhattan for approval to merge Shinseong Life Insurance and Shinsegi Financial Group. They will argue that Shinseong Card alone is not enough to sell our cars, so they need to merge with Shinsegi Card.”

There was a condition in the provisional contract we signed that penalties would be imposed for sales declines due to Shinseong Card’s exclusive control of the auto loan program. To avoid that, Shinseong Card alone would not be enough, so they had to merge with Shinsegi Card to prevent a decrease in Hae Dong Motors’ sales.

[It’s a pity that the Korean chaebols [large family-owned conglomerates] didn’t have as much insight as you, Johnny, they wouldn’t have accepted it, haha.]

Lee Sung-min and our group were excluded from Isaac’s ridicule, but a bitter smile spread across my lips. Isn’t the Korean business world just frogs in a well [lacking a broader perspective]?

“There’s nothing we can do. If they don’t know, they have no choice but to learn by falling and breaking. Anyway, thank you for your help, hehe.”

[Help? Aren’t we friends? Haha.]

“Still, it’s true that I’m grateful. I’ll repay you later, haha.”

Go Seung-joo asked me after I finished the call.

“Is it done?”

“Yes. If Chase Manhattan lends a hand, the work of packaging my in-laws’ assets for easy consumption will be all over. From now on, I think I’ll just have to watch my in-laws’ bellies burst, hehe.”

I smiled and clinked glasses of whiskey with Go Seung-joo.

‘I’ll just have to feed them a few more bombs next year.’

I couldn’t tell Go Seung-joo, who was enjoying the 余裕 [leeway/composure] of the victor with me as we drank, that I still had bombs left to feed my in-laws. When those bombs explode, my in-laws’ bellies will be torn to shreds.

***

Some time after the drinking party and negotiations that night.

“The detailed adjustments are all finished, so all that’s left is to sign.”

“Let’s do it quickly and go for a drink, haha.”

Lee Soo-han and Go Seung-joo laughed heartily in the conference room of Hae Dong Group’s headquarters, while Lee Sung-min and Jang Min-jae also smiled at each other.

“Are you finally going to spread your wings and fly high?”

“I’ll work hard to fly high and meet you in the same place, haha.”

I couldn’t help but laugh at Jang Min-jae, who would only soar and fall for exactly two years.

‘Once I sign, the ball will be passed to Isaac.’

Lee Sung-min, Go Seung-joo, Lee Soo-han, and Jang Min-jae signed the documents and then smiled brightly at the photographer.

###

As soon as the contract was signed, Lee Soo-han and Jang Min-jae met with the head of Chase Manhattan’s Korean branch.

“You’re asking us to agree to the merger of Shinseong Life Insurance and Shinsegi Financial Group?”

The two did not show any reaction to the bewildered expression of the head of Chase Manhattan’s Korean branch.

“If the two companies merge, Chase Manhattan’s stake in Shinseong Life Insurance will decrease, but we have something to show you. Director Jang.”

“Yes, Chief.”

Jang Min-jae took out a file from his briefcase. The eyes of the head of Chase Manhattan Korea widened as he looked at the file. Seeing that, Jang Min-jae raised the corners of his lips.

“As you can see, this is a fresh contract with the ink not even dry yet. The more Shinseong Card merges with Shinsegi Card and grows Hae Dong Motors’ installment sales business, the higher the stock price will rise. Of course.”

Jang Min-jae paused for a moment and composed himself.

“Prior to the merger of the two card companies, the merger of Shinseong Life Insurance and Shinsegi Financial Group must be completed first. After the merger, we will merge not only cards but also securities and fire insurance to grow the business, so the stock price will inevitably rise. Enough to offset your equity dilution losses.”

Even though his voice was arrogant, Jang Min-jae’s words were not wrong. Isn’t it the ABC of the financial industry to cut unnecessary manpower after a merger and earn money through sales based on scale?

The head of Chase Manhattan Korea, who swallowed dry saliva, opened his mouth.

“I will report to headquarters. Please wait a moment.”

The head of Chase Manhattan Korea, who left his seat, made a phone call.

###

[How is it, Chairman?]

“Hmm…”

Keiler Eisenberg, Chairman of Chase Manhattan, stopped humming at Isaac’s hint, who had received the toss from Lee Sung-min.

“It’s not a losing proposition.”

[Then…?]

“But if we just follow the plan that others have made, Chase Manhattan’s face won’t stand. Once the merger proposed by Shinseong is completed…”

Eisenberg, who ordered to propose even a ‘second merger,’ heard the scream-like exclamation of the head of the Korean branch.