Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 27

27. The Back-and-Forth Race (Raise) (3)

After selecting the top members from each team in Shinseong Group’s secretary office to draft the contract, Lee Su-han immediately booked a private room at the Japanese restaurant in the Korea Hotel and met with Ko Seung-ju.

“This is the proposal we’ve prepared. Please review it.”

“Understood.”

Ko Seung-ju received the contract and hummed as he reviewed the contents.

“The conditions are quite demanding. Borrowing 300 billion won at an annual interest rate of 3 percent for three years, with the principal to be repaid at maturity…”

Seeing Ko Seung-ju’s hesitation, Lee Su-han quickly spoke up.

“Brother, you don’t think Shinseong can’t repay that money, do you?”

“It’s not that. Shinseong Group’s credit rating is the highest in the country, isn’t it?”

“We also spent a lot of money trying to get a piece of that pie [referring to lobbying efforts]. You know what kind of money that is, don’t you, brother?”

Ko Seung-ju, who had been rubbing his chin, nodded at Lee Su-han’s lament.

Lobbying is essential in this country and abroad. The money used for lobbying must not have any strings attached, so even if it has the same face value as regular money, it has more value than that. Even though they were competitors, Ko Seung-ju couldn’t ignore Lee Su-han’s position since they were both in the same industry.

“Alright. We’ll discuss it again on our end and contact you.”

“Please do. I hope we can drink until we’re drunk at the next meeting, haha. Here! Have a drink.”

This is an era where business returns are higher than bank interest rates. Even if the returns are low, people are willing to take out loans, intoxicated by rosy prospects.

Naturally, debtors also act boldly towards creditors. In this situation, Shinseong Electronics’ desired loan from Haedong Merchant Bank is conditional on Shinseong Group granting Haedong Group’s desired business.

Lee Su-han smiled leisurely and generously filled Ko Seung-ju’s glass.

***

After finishing the meeting with Lee Su-han, Ko Seung-ju went to Samcheong-dong, and Chairman Lee frowned upon seeing the proposal from Shinseong Group that Ko Seung-ju handed over.

Thump.

“Those bastards are trying to fleece us. Borrowing 300 billion won at an annual interest rate of 3 percent, with the principal to be repaid at maturity?”

The Chairman slammed Shinseong Group’s proposal on the desk with his palm and asked gruffly.

The Chairman’s face was stiff. With the base interest rate alone at 8 percent, and market interest rates even higher, there was nothing to say even if he was angry.

“Yes. They asked us to consider the money they’ve spent on local political circles.”

“What do you think, Seong-min? Do you still think we should do this deal?”

I, who had been sitting on the sofa, put down the black tea I was drinking.

“I think we should decide after confirming whether there’s a hidden acquisition right behind the copper mine consignment management. Isn’t 300 billion won money that we’ll get back, not just give away?”

Now that we’ve extracted the desired stake from Shinseong Group, it’s impossible to add any more conditions. Even if it seems like a loss now, we must take the Kazakhstan copper mine from Shinseong Group at all costs.

In just ten years, the copper mine will skyrocket in value, but if we leave it in Shinseong’s hands, it could turn into trillions of won of untraceable money and become an unpredictable variable, so we must get it into our hands.

“Seong-min’s opinion is correct, Chairman. It’s difficult to add any more conditions. We can contact influential figures in Kazakhstan through our Russian branch network to find out the inside story and prepare for the final negotiations.”

When even Ko Seung-ju supported my opinion, the Chairman rested his chin on his hand and hummed.

“Hmm…”

Our old man, even though he said he’d open the coffers, it seems hard for him to accept that he’s yielding to Shinseong, whom he considers an enemy. If so…

“Chief, when will the government dispose of the remaining shares in Daehan Telecom?”

“Huh?”

“I think the stock price will rise further if the government withdraws and it becomes 100 percent privatized. I want to borrow money from the Merchant Bank to buy 100,000 more shares and sell them later.”

The Chairman reopened his eyes and asked Ko Seung-ju.

“Chief Ko, do you have any information?”

“At a recent information meeting, the person in charge of Daehan Telecom said that they would sell all the remaining shares within the first half of this year. If you buy it now, you’ll make a pretty big profit in the future.”

That was fortunate. I was worried that the stock price would rise more than I knew and cause a butterfly effect, but the government’s privatization policy hadn’t changed.

“You’re saying you’ll sell the stock and cover the Merchant Bank’s hole?”

“Yes, Grandfather. I’ll fill it up completely with the money I earn this time.”

The Chairman chuckled and shouted at me.

“Hey, you! Does your grandfather look like he’s trembling over a few pennies? This grandfather has been making money even during the Korean War and in Vietnam, where bullets were flying. Keep the money you earn from stocks in your own pocket.”

“Then…?”

As I trailed off, blinking my eyes, the Chairman called Ko Seung-ju.

“Chief Ko, throw 300 billion won at those guys and find my money from the bank and put it in the Merchant Bank. If we fill it up as much as we took out, CEO Cho won’t say anything. Take this kid’s stock as collateral and give him money to buy stocks too.”

I wanted to shout ‘hurray’ at the Chairman’s instructions. But…

“Don’t be too happy. To get the Korea Hotel back in, you have to persuade Chairman Shin… that will be your task. Only if you do that will I put 300 million dollars into Standard [Standard Capital, likely an investment firm].”

Hearing the Chairman’s words, I realized I had overlooked one thing.

It’s unlikely that Shin Ho-jin would accept the entry of Shinseong Group’s Korea Hotel, which had tried to undermine the Gangnam Terminal project, unless it was our family’s Gangnam Terminal construction project.

“The builder is… Chairman Shin Ho-jin, right? The one who collapsed during the Fourth Republic [a period of South Korean history under President Park Chung-hee]…”

Shin Ho-jin.

A man who founded Yooshin Corporation in his young 20s a decade ago, and turned that Yooshin Corporation into Yooshin Group, ranked 13th in the business world, in just three years.

“Yes. Chairman Shin, that friend, was so outstanding that Shinseong Group’s Byung-ho hyung, Taehyun Group’s Jin-ho hyung, and other businessmen conspired with politicians to bring him down. The reason Chairman Shin sided with Myung-jin wasn’t just business, but also because when that friend went bankrupt, neither I nor my father received the money we lent him.”

Hearing the Chairman’s words, my head went numb.

Leaving aside the reason why Shin Ho-jin went bankrupt, he hid the fact that he was our family’s debtor? Why make an easy task difficult?

“Grandfather?”

“When he said he’d hand over the Gangnam Terminal land instead of the debt, your great-grandfather and I covered it up. He’s from the same hometown, but it was a waste to see that friend collapse like that, so we covered it up. There should be a line to draw even in money lending, shouldn’t there?”

I couldn’t lift my head because my face was burning from the Chairman’s reproachful gaze. I couldn’t believe that someone so thorough about money had this side to him.

If so, we must approach this matter carefully. As the successor of Haedong Group and the Chairman’s eldest grandson, I can’t tarnish the group’s and the Chairman’s name.

“I understand, Grandfather. I’ll do my best.”

“It won’t be easy. That friend’s pride isn’t ordinary either. Ask your uncle and prepare well.”

My grandfather, he’s not one to give easily. This is also a process to be recognized as the successor, so I have no choice but to accept it.

***

Ko Seung-ju drafted the contract only after obtaining information from Haedong Corporation’s Russian residents dispatched to Kazakhstan.

“Ah, Director Lee? This is Ko Seung-ju. Sorry I’m late.”

[No, hyung. Have you reviewed it thoroughly?]

“I think this will be the final adjustment. I’d like to see you at ‘Palgye’ [likely a high-end restaurant].”

[Understood.]

Ko Seung-ju, carrying the documents, arrived at the main branch of Korea Hotel in a German sedan and entered the VIP room of the Chinese restaurant ‘Palgye’ to have a meal with Lee Su-han.

Lee Su-han put down the chopsticks he had been using to turn the table and serve food.

“CEO Lee Myung-jin seems very busy these days. It seems like he wouldn’t have enough bodies even if he had ten. Shouldn’t he be drinking ginseng tonic? Haha.”

Haedong Construction carried out a large-scale promotion in the first half of this year and greatly increased the size of its open recruitment, including new and experienced employees. This was due to various new projects such as the safety diagnosis service entrusted by the government, as well as existing construction projects and the Gangnam Terminal construction.

“They even decided to demolish Sampoong Department Store with Taehyun Construction, so how could he not be? The Seoul Metropolitan Government is recommending that our group purchase the land after the demolition and build apartments. They say business will be good because the Supreme Court and the Supreme Prosecutor’s Office will be moving across the street. Hahaha!”

Ko Seung-ju, who emptied the Maotai [a type of Chinese liquor] and laughed heartily, had never been so cheerful as he was these days.

Taehyun Construction, the parent company of Taehyun Group, the number one company in the business world, and the best construction company in Korea, decided to work together with Haedong Construction as a subcontractor for the demolition of Sampoong Department Store, didn’t they? They’re even aiming for the construction subcontract for the residential and commercial complex to be built across from the legal complex that will be created starting next year.

Lee Su-han cast a resentful look at Ko Seung-ju.

“Please include our Shinseong next time, hyung. If today goes well, there will be many opportunities for the two groups to join hands, won’t there?”

“Hey, there are many things we need to ask Shinseong for, what would Shinseong ask us for? We have to make a living too, hehe.”

“I guess so. Things have been so tough since this government came in that I had to ask for favors, hehe.”

Ko Seung-ju, who emptied his glass with Lee Su-han, rinsed his mouth with Pu-er tea [a type of fermented Chinese tea].

“We’ve eaten and drank enough, so shall we start?”

“Whenever you’re ready, hyung.”

Ko Seung-ju took out a file from the bag next to him and handed it to Lee Su-han.

“Hyung?”

Lee Su-han looked up at Ko Seung-ju, tearing his eyes away from the file. His eyes were filled with a mixture of surprise and shock.

“I couldn’t believe that Shinseong Group had greased the wheels of the Kazakhstan political circles just for consignment management. I looked into it just in case, and the local situation wasn’t good.”

“…”

Lee Su-han silently drank his Pu-er tea and stared intently at Ko Seung-ju, who had become calm.

“The money to be invested in business normalization is roughly 250 million dollars. There was a secret agreement to exchange that money for a 45 percent stake… or is that not the case?”

Ko Seung-ju’s face, reciting the information he had obtained locally, was full of confidence, but Lee Su-han’s face was that of a loser. He had planned to reveal it later, but it was completely exposed.

“If you do as it says there, 300 billion won will go directly into Shinseong Electronics. Isn’t semiconductors Shinseong’s core business? Hand over the land-digging business to us.”

Lee Su-han’s face hardened at Ko Seung-ju’s suggestion, which was more like an order, to hand over the Kazakhstan mine stake when he could say it nicely.

“Would you wait a moment?”

“Please do.”

Lee Su-han got up from his seat and went outside, and Ko Seung-ju sipped his Pu-er tea and waited leisurely.

Lee Su-han’s face, who came back after a long time, was not good at all.

“What did they say?”

“We’ll conclude the contract. However, if the Korea Hotel’s entry is canceled, all of Haedong Group’s demands in this contract will be invalid. What do you think?”

Lee Su-han put up a final resistance because he couldn’t back down easily, but Ko Seung-ju readily nodded.

“Don’t worry. I’ll handle it cleanly.”

Considering what Lee Seong-min had shown so far, Ko Seung-ju thought there would definitely be a way.

Even if it didn’t work out, the matter would be resolved if Lee Dae-soo stepped in. Even if Shinseong Group clung on, Haedong Group could move forward.

“I heard you haven’t found the water vein at the construction site yet. Since we’re trading anyway, I hope it goes well.”

Ko Seung-ju’s complexion slightly hardened at Lee Su-han’s words.

Bringing in water is important as it is a very large commercial facility with hundreds of thousands of people, but he was worried because there was no alternative yet.

But he believed that it would be resolved somehow, whether it was Lee Seong-min’s indescribable sense, Lee Dae-soo’s money, or Lee Myung-jin’s technical insight.

“You’re worrying about everything. If the Merchant Bank puts in 300 billion won, build the semiconductor factory well, haha.”

Ko Seung-ju smiled as he looked at Lee Su-han’s frustrated expression, but he also desperately hoped that the water vein problem would be resolved.

***

After the deal between Shinseong Group and Haedong Group ended.

I was drinking coffee with Jang Ha-yeon at a cafe in Misari. It was the first week of April, when spring was slowly setting in, so we were both sitting across from each other in lighter clothes.

“It started with putting one hotel back in, but everyone seems to be overdoing it. The Chairman and Father too.”

Jang Ha-yeon shook her head with an incomprehensible expression. What kind of expression would she make if she knew that I had orchestrated all of this from behind the scenes?

“That’s how adults are. Still, the Korea Hotel’s entry into Gangnam is practically a done deal, right?”

“Is that all? Thanks to the Chairman, I’m making money steadily without spending a lot of money. Thank you, Seong-min.”

Jang Ha-yeon seemed to like the deal I made, saying that the chaebol [a large family-owned business conglomerate] genes don’t go anywhere. Isn’t she the most profitable party in this deal? She’s going to be the future owner of Korea Hotel.

Since Jang Su-yeon hasn’t been clinging to me since the hospital incident, I brought up a story to make her good mood even better.

“Noona [older sister or female friend], are you going to buy more Daehan Telecom stock?”

“Why?”

“To prepare for the second acceleration.”

“Second acceleration?”

“I told you last time. When the government sells the remaining shares…”

“Ah…!”

Jang Ha-yeon’s eyes sparkled when I brought up the stock story. How could she not be interested in increasing her personal wealth? She must be enjoying stocks, seeing as she remembers even though she’s busy with hotel work.

“You’re saying we should collect a little more and then sell it all off?”

“That’s right. I’ve filled mine, so you just need to fill your quota, Noona.”

Once this deal is done, Jang Ha-yeon will have at least 30 billion won in warm cash after taxes and fees, and I will have more than 120 billion won.

Once I settle the accounts, I won’t be entering the domestic stock market anymore. If the department store entry is successful, my grandfather will put 300 million dollars into Standard Capital, but separately from that, I was planning to send 50 million dollars from my own money to the United States and keep the rest in Korea.

Jang Ha-yeon asked with a smile on her face.

“You’re going to handle it this time too, right?”

“Of course?”

As soon as the words were finished, Jang Ha-yeon took out a bankbook from her handbag and handed it to me.

“You know the password, right?”

“It’s in here.”

When I smiled, tapping my head with my finger, Jang Ha-yeon chuckled.

“You’re so full of yourself, really. You don’t know how hard I worked to get first place when our classes overlapped in school, do you?”

“You only worked hard in the first year. I know I was in such a state in the second and third years that it was easy for you, hehe.”

We chatted for a while about our school days and bickered, then we finished our coffee.

“That’s it for today. Good luck.”

“You too, Noona.”