Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 221

221. 63rd. Explosive Marketing (3)

Some time later.

After heavily investing in World Cup marketing advertisements for Haedong Electronics, Haedong Department Store, and Hi-Mart, I finally met Jang Min-jae just before the 2002 Korea-Japan World Cup was about to begin.

“Marketing insurance?”

“Yes, brother-in-law. I went ahead and committed, but now that it’s upon us, I’m so anxious I can barely live.”

Jang Min-jae chuckled at my exaggerated whining.

“How well could our country possibly do? We’re weak compared to other teams.”

Those were words that would make the Red Devils [the nickname for the South Korean national soccer team’s supporters] pick up rocks and smash his head, but I just gave Jang Min-jae an awkward smile at his scoff.

“Is that so? Then I’ll have to look into other insurance companies. Our side calculated the marketing insurance premium to be 1.1 trillion won, including commission.”

“1.1 trillion won?”

Jang Min-jae stammered at the number exceeding 1 trillion. Confirming that he was taking the bait, I replied with an indifferent expression.

“Alright. The whining was just an excuse, and I called you to generously boost your performance, but if you won’t take it, there’s nothing I can do. I wonder if my maternal family would like it, or maybe Tae-hyun… Goodbye.”

As I threw out the bait in a monologue and tried to get up, Jang Min-jae grabbed my hand.

“B, Brother-in-law!”

“What?”

“Why are you beating around the bush like that? Would it kill you to just say you’re looking out for your brother-in-law and want me to take it?”

I was dumbfounded looking at Jang Min-jae’s flushed face. He was really going to bite?

“Hmm… Okay. I’ll hand over the marketing insurance details and requirements our side prepared, so discuss it thoroughly. It would be good to gather your cousins who also handle finances and promote it together, hehe.”

I took out a file from my bag, handed it to Jang Min-jae, and left the cafe, hoping he would take the bait I threw, no matter what he was thinking about me.

###

After reviewing the documents he received from Lee Seong-min, Jang Min-jae swallowed hard.

“Crazy…”

A curse word escaped Jang Min-jae’s lips without him even realizing it. Not only were there premiums set for winning the preliminary matches and advancing to the finals, but also for the quarterfinals, semifinals, finals, and even the championship!

Jang Min-jae took a sip of coffee, composed himself, and started calculating.

“Reaching the quarterfinals is impossible… but this could work?”

While studying finance in London, Jang Min-jae had worked diligently for a year each at the stock exchange and Lloyd’s insurance market to study stocks and insurance, not wanting to fall behind his brother.

For two years, he had been so busy at the company that he often ate hot dogs or sandwiches for meals. To him, Lee Seong-min’s marketing insurance acquisition proposal seemed like throwing money away. To throw away much more money than Shinseong Card’s expected net profit for the first half of the year on sports betting!

“You moron…”

A curse word aimed at Lee Seong-min escaped Jang Min-jae’s lips.

He knew that Lee Seong-min, as the third-generation owner of the Haedong Group, held more than half of the shares of Haedong Corporation, Haedong Investment & Securities, and Haedong Securities, and that his personal assets outside of the group’s shares were the highest among domestic tycoons. Hadn’t Forbes already named Lee Seong-min the richest man in Asia?

“Money is just rotting away. If it’s going to be wasted anyway, I might as well take it.”

Jang Min-jae gave a cold smile and emptied his lukewarm coffee in one gulp.

***

Jang Min-jae immediately gathered his cousins who were assigned to Shinseong Financial Group for a meeting and then requested a meeting of major shareholders. Entering the conference room in the Shinseong Group’s main building, Jang Min-jae, in his capacity as representative, conveyed Lee Seong-min’s proposal to the Jang family executives, including Jang Ho-geon, Jang Ho-gyeong, Jang Ho-min, and others.

“Lee wants to take out marketing insurance?”

“Yes. Haedong Motors, Haedong Electronics, and Haedong Corporation want to subscribe to a total of 1 trillion won in insurance. Including the commission, it’s 1.1 trillion won.”

After confidently answering and explaining the details of the marketing insurance, Jang Min-jae lowered his head and waited for the decision of the family elders, who were also the ultimate decision-makers.

“Even though the card business has high profits, it seems inevitable to subscribe to reinsurance considering possible variables, brother.”

“Ho-min is right. If our team advances to the quarterfinals or higher, we’ll have to pay more than double the insurance premiums we received as insurance money, right?”

The decisions of businessmen appear bold but are only made after preparing all sorts of safety measures. Jang Ho-geon nodded at the proposal of the two to prepare a safety net.

“I think so too. What do you guys think?”

At Jang Ho-geon’s question, Jang Min-jae opened his mouth as if he had been waiting for it.

“Reinsurance subscription is essential. However, as I mentioned in the report just now, the key to this insurance contract is to maintain secrecy until the end of the World Cup.”

After Jang Min-jae’s remarks, Chae Jin-soo, the second son of Jang Ho-gyeong and working at Shinseong Securities, and Jang Seok-jae, the second son of Jang Ho-min and working in the risk management department of Shinseong Financial Group, also added their opinions that reinsurance subscription should be approached with caution.

“Hmm…”

The three men’s brows furrowed.

An ultra-large insurance contract with an insurance premium of 1 trillion won, especially a World Cup marketing insurance, would spread rumors in the reinsurance market in no time. However, it was also true that it was burdensome to take on a contract that accounted for half of Shinseong Card’s net profit for the first half of the year.

Jang Ho-geon, who had been humming, took a breath.

“First, it would be good to find out how well our soccer team is preparing and then decide. What’s the contract deadline?”

Jang Ho-geon, who usually didn’t even glance at sports other than baseball.

However, with a 1 trillion won deal at stake, he couldn’t help but be interested this time. At Jang Ho-geon’s question, Jang Min-jae immediately opened his mouth.

“It’s the last weekday before the World Cup opening, Chairman.”

Until the day before the World Cup, which is about ten days from now. Having to prepare a 1 trillion won deal in ten days… Jang Ho-geon immediately looked at Lee Soo-han, who was sitting in his chair.

“I don’t care how much it costs. Find out as quickly as possible, Chief Lee.”

“Yes, Chairman.”

Lee Soo-han got up from his seat and left the conference room as soon as he finished answering. Walking down the hallway, Lee Soo-han got into the elevator alone and pulled out his cell phone.

“Immediately mobilize the information team to find out the preparation status of our soccer team. Contact everyone, regardless of the coaching staff or the Korea Football Association [KFA]. I don’t care how much it costs, pour everything in, whether it’s money, alcohol, or women.”

It’s an old-fashioned method that he has always used, but it still works, so it is passed down. Lee Soo-han was confident that this old-fashioned method would work this time as well.

***

After parting ways with Jang Min-jae, I went into the Standard Capital office and immediately called Myung Seon-gu.

[What’s the matter, nephew?]

“I’m sorry, Uncle.”

As soon as I said sorry as soon as I made the call, Myung Seon-gu’s voice trembled.

[Wh, what are you saying? Are we going to sell our shares?]

He seemed to be afraid that I would give up on being a friendly shareholder. The corners of my mouth went up as I made a gloomy voice.

“That’s not it. I’m calling to apologize for holding an event with the information you gave us before. I should have told you in advance, I’m sorry, Uncle.”

It was acting to lay the groundwork, but Myung Seon-gu clicked his tongue at my apology.

[Hey, how can you lead that big Haedong Group if you’re so yielding?]

“Still…”

As my weak act continued, Myung Seon-gu’s consoling voice was heard.

[Management is something you have to do without your parents, siblings, spouse, or children knowing. How can I comfortably grow the company if Chairman Lee, you show a weak side? Who do you think fixed Taehyun Motors like Haedong Motors?]

Relief was evident in Myung Seon-gu’s question, who was talking about things I already knew. I smiled bitterly at that voice.

‘Well, this guy didn’t show it, but he hated the union, hehe.’

In fact, Myung Seon-gu’s Taehyun Motors had mobilized all political and business connections and started to crack down on the Taehyun Motors Group union, which had not been touched until now, after I and Standard Capital agreed to become friendly shareholders.

As a result, Taehyun Motors workers could no longer dream of being lazy, but they were definitely compensated for their performance like Haedong Motors. In that way, the rotten inside story of Taehyun Motors Group became my own memory.

“You flatter me, Uncle.”

[What do you mean by flattery? Well, since you said you have something to apologize for from the event, it seems like you have more to apologize for, what is it?]

He’s a really quick-witted man. I was startled for a moment, but I quickly corrected my expression.

“Actually, the marketing amount prepared by Haedong Group this time is so large that I requested my in-laws to take over the marketing insurance.”

[Hmm… So you’re saying that Shinseong Group will dig into the preparations for our soccer team’s game?]

He got to the point even though I only said the introduction… I was once again surprised by Myung Seon-gu’s insight and opened my mouth.

“Yes. A national event can’t be ruined because of our group’s business, right? So, to Congressman Myung…”

[Don’t worry about that. Seon-jun only told me because it’s me, but a gag order has already been issued to the entire national team. Everyone from the players and coaching staff to the KFA executives and even the low-level employees. So, there’s no word to the soccer teams that me or your uncle lead.]

I was hoping, but it seemed that the Korean soccer world had put their lives on the line for this World Cup. Wouldn’t they become traitors if an accident happened and they performed worse than Japan?

‘Well, it’s good to look at a fire that’s gone out again [a Korean proverb meaning it’s good to kick someone when they’re down].’

It was something that wasn’t written in the memo, so I wanted to check it, but thankfully it was.

“Thank you, Uncle.”

[What thanks? Still, if you really want to repay me, let me and our Eui-jin invest some money in your company.]

As expected of the aggressive Myung family of Taehyun Group… I was surprised by Myung Seon-gu’s sudden request for asset management and my voice rose.

“Yes?”

[Would I save face if I acted poor with a fake affiliate with a nephew like you?]

“That’s true, but…”

[Actually, my son asked me to introduce you to him, saying he wants to inherit the group fairly like you. I’ll give you plenty of management fees.]

After listening to Myung Seon-gu’s true intentions and thinking for a moment, I immediately opened my mouth.

“Okay, Uncle. If you deposit the money today, I’ll invest it in a good place and grow it as quickly as possible, haha.”

[Thank you. First, the amount I’ll invest in my name is…]

Myung Seon-gu immediately called out the amount of money and account number to invest in his and Myung Eui-jin’s names, as well as the management contract conditions. I diligently moved the pen in my hand and finished the call with Myung Seon-gu and went to Seon Hae-cheol and Park Tae-jin in another office.

“It’s been handled cleanly. They said they’ve already issued a gag order to the entire Korea Football Association to stop it.”

“That’s good. But… what’s that?”

“I asked for a favor and a customer appeared who wants to entrust 1 trillion won to our company, hehe.”

Instead of spending 1 trillion won on insurance premiums, I got new seed money of 1 trillion won. Seon Hae-cheol and Park Tae-jin’s mouths dropped open as they looked at me smiling.

***

A few days later.

Lee Soo-han had a dumbfounded expression after receiving the report from his employees.

“It’s not working?”

“I’m sorry, Chief.”

The Shinseong Group information team managers stood in front of Lee Soo-han with their heads bowed.

They had scouted the most popular room salon [exclusive hostess bars] hostesses in Gangnam and prepared top-class liquor and even bundles of money that were hard to touch because of the amount. However, not a single official from the Korean soccer team opened their mouths, let alone refused to meet.

This was the most humiliating thing in the history of the Shinseong Group’s information team, so the information team employees were even biting their lips. Lee Soo-han, who was sitting on the sofa watching them, sighed.

“Okay. Go.”

Lee Soo-han waved his hand and sent the information team managers away, and a grinding sound came from his mouth.

“Crazy bastards…”

He couldn’t believe it the more he thought about it. To refuse to give money, women, and alcohol to someone who has been working as a servant all their lives?

“This is Lee Soo-han, Chairman.”

[It doesn’t seem to be working.]

“How…?”

[I also met Congressman Myung and tried to sound him out while playing golf, but he didn’t say anything. He said that if he rashly revealed it, he would put it in the newspaper and make him a national traitor, and he even issued a gag order to the cooks in the players’ cafeteria.]

Since the 2002 World Cup is a joint hosting between Korea and Japan, it is not just a simple sports event for Korea, but a matter of national pride. If you make a mistake once, you can’t live in this country, so Lee Soo-han had no choice but to nod. With his teeth clenched.

[Still… there’s one way.]

Lee Soo-han’s eyes widened because he knew what method Jang Ho-geon was talking about.

“It’s dangerous to reach out to the Morgan family any further, Chairman. The money we borrowed now is 20 billion dollars, even though it’s money we’ll pay back in 20 years?”

[What are you talking about? Don’t we have money that we’ve taken out overseas?]

“Ch, Chairman?”

Lee Soo-han’s eyes widened at Jang Ho-geon’s question.

It’s the same for any chaebol group, but there are slush funds that are run overseas. Small, for the luxury of the owner’s family, and large, to grow the group’s business.

In this context, Jang Ho-geon’s mention of overseas slush funds was tantamount to declaring that Shinseong Group’s overseas slush funds would be invested in this betting.

[Don’t be surprised. How far can the Korean team go anyway? Besides, my sister and Ho-min also agreed. They said that the guys below have to come out and hit so that the guys above will work harder.]

It was a harsh training method, but only the winners of the Jang family inherited the affiliates of Shinseong Group. The brothers other than Jang Ho-geon, Jang Ho-min, and Jang Ho-gyeong only inherited cash or real estate that was a meager level compared to the size of Shinseong Group and lived only breathing, right?

Lee Soo-han, who had organized his thoughts, composed his expression and answered.

“Yes, Chairman. I’ll handle it so that the Morgan guys and Chase Manhattan can’t do anything.”

***

The next day at 9 a.m.

I was on the phone with Isaac after coming to work.

[This is strange, Johnny. I and my uncle looked into it, but Shinseong has never considered a reinsurance contract. If the contract falls through like this…]

Isaac couldn’t continue, but my plan would also fall through.

Not only that, but Haedong Motors and Haedong Corporation’s logistics and distribution division, as well as Haedong Electronics, which Henry and Isaac invested in, will suffer losses in the trillions of won due to the World Cup promotion.

‘Damn it…’

I spat out a short curse inwardly, put down the receiver, and sighed.

“There’s still one day left, so let’s wait a little longer. If the insurance contract falls through, I’ll bear all the losses from the marketing. I’m sorry, Isaac.”

[It’s okay, Johnny. There’s plenty of time, so let’s aim for the next opportunity, haha.]

After finishing the call, I gritted my teeth.

“Damn it.”

It was an opportunity to shake the Jang family even more, but I’m about to lose only my money. Were they aiming for this?

However, it’s ridiculous to make a call. The moment I make a call, they’ll guess that I was trying to openly screw over Shinseong Group.

I was sighing so much that the ground was sinking without being able to do this or that when my cell phone rang. I took a breath and pressed the call button.

“Standard Capital…”

[It’s me, Brother-in-law. Let’s sign the insurance contract right away today.]

I think I misheard Jang Min-jae. They’re going to sign the insurance contract without a reinsurance contract?