Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 62

62. 20th. Without Speaking… (1)

After dismissing Lee Sung-min, Lee Dae-soo looked at Ko Seung-joo and laughed heartily.

“Every time you come back from abroad, you’ve grown so much that this old man is getting overwhelmed, haha.”

Although his grandson had passed his growing years and was unlikely to get any taller, Lee Dae-soo was pleased with Lee Sung-min’s increasingly evident qualities and insight as the successor to Haedong.

“Lee Myung-jin is no less impressive, Chairman. He finally seems like a true successor, haha.”

“That rascal has my blood in him, so of course, he should be. It’s a flaw that he tries to do everything by the book, but that’s why we need to entrust him with the Heavy Industries division. With his personality, I won’t have to worry about quality.”

Since its founding, the Haedong Group has been a company far removed from the word ‘defect.’ Lee Dae-soo was certain that with Lee Myung-jin’s meticulous nature, the label ‘defective’ would never be attached, even without him saying so.

After evaluating his children and grandchildren, Lee Dae-soo posed a question to Ko Seung-joo that he couldn’t ask in front of Lee Sung-min.

“Did you look into his relationship with Standard?”

“I regret to say that it seems difficult. Since it’s an unlisted corporation, identifying the beneficial owner is impossible without penetrating the IRS [Internal Revenue Service]. I’ve even asked my college classmates on Wall Street, but they said it’s not easy.”

Lee Dae-soo nodded at Ko Seung-joo’s answer, feeling inwardly disappointed. If Ko Seung-joo couldn’t find out, even after mobilizing all his connections in the United States since the beginning of last year, it was either not Lee Sung-min’s company or Lee Sung-min had hidden it very thoroughly.

Not one to dwell on problems that weren’t urgent or unsolvable, Lee Dae-soo gave his next instruction.

“Make sure Sung-min never gets any media attention. No matter the cost, thoroughly silence those reporters.”

Although he was a grandson he was proud of, he couldn’t openly reveal him due to various suspicions and checks.

If a mere twenty-five-year-old became the owner of a sound merchant bank with hundreds of billions of won in equity, all sorts of storms would arise, from customer anxiety to political pressure.

Therefore, Lee Dae-soo tried to create a structure where Haedong Corporation controlled Haedong Merchant Bank and divert public attention with Lee Myung-jin’s inauguration as vice chairman. As if that wasn’t enough, he ordered the media to be silenced as well.

“Yes, Chairman.”

“And let Sung-min do whatever he wants. He’s too big to keep within my grasp. We need to let him soar.”

Lee Dae-soo was neither petty nor foolish enough to clip the wings of the roc [a legendary bird of enormous size and strength] that had emerged from his family. Rather, he believed that the more that roc soared, the more the family and group would prosper, and he intended to pave the way for it.

However, not one to rely solely on others, Lee Dae-soo began to review what he could do himself.

“How far has the Corporation’s project progressed?”

“The Busan Port container terminal, the budget increase for the textile materials research center, and the acquisition of the Kazakhstan copper mine and the Queensland zinc mine in Australia have all been completed. But the company in Perth is proving to be a problem.”

Lee Dae-soo’s expression hardened at the fact that one of the tasks his grandson had given him over a year and a half ago had not been resolved.

“What’s the reason? If the price isn’t right, we can put more on the scale, can’t we?”

“That’s… no matter how much we offer, the president of that company has firmly stated that they will never give up the company’s shares.”

Lee Dae-soo’s eyes widened at Ko Seung-joo’s troubled expression.

“What about the company’s data?”

“We’ve already secured it. Representative Bae is managing it directly.”

With Ko Seung-joo’s answer, Lee Dae-soo rose from his seat.

“It seems like I need to get some fresh air.”

***

Immediately, Lee Dae-soo prepared to go out and went to the Haedong Group headquarters with Ko Seung-joo. Disliking crowds, Lee Dae-soo quietly got out of the car in the underground parking lot and took the elevator with Ko Seung-joo to the floor where Bae Jae-hoon’s office was located.

Arriving in front of Bae Jae-hoon’s office, the secretary sitting at the desk jumped up.

“Ch, Chairman?”

“No need to make a fuss. Just tell him I’m here.”

“Yes… Representative, the Chairman and Chief Ko Seung-joo have arrived.”

After pressing the intercom and reporting, Bae Jae-hoon’s voice was heard.

[Please wait a moment. Drinks…]

“Just bring me a cup of green tea, Representative Bae.”

While Lee Dae-soo was speaking directly into the intercom, the office door opened.

“How did you suddenly come to the company? You could have contacted us…”

“Am I not allowed to come here? It’s our company. Come on, let’s go in.”

Lee Dae-soo entered the office with Bae Jae-hoon and Ko Seung-joo following behind.

The three men sat on the sofa, each taking a cup of green tea brought on a tray by the secretary and quenching their thirst.

“I don’t know which tea garden it was roasted in, but the aroma is excellent, haha.”

“Isn’t the Chairman’s tea garden so good that the chairman of the Atlantic Group copied it and built one in Jeju Island [a large volcanic island off the southern coast of Korea]? But they can’t match this taste, haha.”

Bae Jae-hoon, who had been laughing and drinking tea, put down his cup.

“What brings you here so suddenly? Seeing you, who are always in Samcheong-dong [an affluent neighborhood in Seoul], come here, it must be a big deal.”

“I heard that the Perth project is facing difficulties.”

Bae Jae-hoon’s expression darkened as Lee Dae-soo abruptly poked at the sore spot.

“I’m sorry, Chairman.”

“There’s nothing to be sorry about. You did as you learned from me.”

Bae Jae-hoon waved his hand at Ko Seung-joo’s apology and said to Lee Dae-soo.

“I’ve proposed investments several times, but I was rejected. Last time, I went there myself, but they said no until the end. They reduced their debt to under $3 million last year, but I don’t know what they’re holding onto…”

Bae Jae-hoon shook his head with a look of exasperation. Lee Dae-soo smiled wryly at the sight.

“You’ve said it all. If you, who pushed aside the Japs [a derogatory term for Japanese people, used here to reflect the speaker’s mindset] and broke into the Arab Gatra market, are saying that much.”

Because of that incident Lee Dae-soo mentioned, Bae Jae-hoon is an idol revered by those in the domestic trading business. For such a Bae Jae-hoon to be soundly rejected… Lee Dae-soo became curious about that company, or rather, the president of that company.

“Can I see the data on that company’s president?”

“Please wait a moment.”

Bae Jae-hoon took a file from the filing cabinet and handed it to Lee Dae-soo. Lee Dae-soo took out his glasses from his pocket and opened the file.

The first page of the file, which had ‘Hancock Prospecting’ written on the cover, had a photo of a woman with strong facial features, along with her former name, Jaina Hope Hancock, and her current name, Jane Leonhart.

As soon as he saw the photo on the first page, Lee Dae-soo frowned.

“She’s tenacious. Her stubbornness must be greater than mine. This woman, she only lives for work, right?”

“Yes? …Yes. She works in the office until late at night, or she stays in a camper in Pilbara [a region in Western Australia known for its vast mineral deposits], exploring ore veins.”

Bae Jae-hoon couldn’t hide his surprise at his question, but Lee Dae-soo stared intently at the woman’s face in the photo.

How long had it been? Lee Dae-soo made a clicking sound and put the file down on the table. The information extracted at the cost of millions of dollars, all sorts of information about the woman that would be kept secret until the business was won, was densely written on the back pages, but it seemed like it wasn’t worth looking at anymore.

“If betting this much doesn’t work, it’s good to use psychological warfare… but I don’t like touching personal matters, that’s what amateurs do. Everyone has at least one wound they don’t want to reveal.”

“H, Hyungnim [an honorific term for ‘older brother’ or a respected senior]…?”

“I can see it all without being told, this woman. I had such a hard time with you and Chief Ko covering up Sung-min’s car accident, do you think this woman wouldn’t have something like that?”

Although Hancock Prospecting is like a rat’s tail compared to Haedong Corporation, Jane Leonhart is also the clear owner of a company. Lee Dae-soo was certain that the woman had personal matters she wanted to hide from others in all aspects, including her position, as well as her physiognomy [facial features regarded as revealing character].

“Anyway, you’re keeping a close watch on the guys you bribed so they don’t sell information to other places, right?”

“Yes… I’ve definitely silenced them. I’ve also assigned people to monitor them without their knowledge.”

Bae Jae-hoon looked at Lee Dae-soo with a horrified expression. The way he looked at Lee Dae-soo was almost like looking at a shaman riding a knife. [T/N: A Korean shamanistic ritual.]

Ko Seung-joo also felt a cold sweat running down his spine at Bae Jae-hoon’s reaction. He knew that Lee Dae-soo, his primary mentor, had excellent discernment, but hadn’t he shaken Bae Jae-hoon, his secondary mentor, who was no less impressive? What was written in the report?

Lee Dae-soo, seeing the astonished two, breathed lightly as if it were nothing and moved on to the next topic.

“How far has that company’s ore vein development progressed?”

“They are exploring open-pit ore veins that are estimated to be large in Hope Downs and Roy Hill… both are more than 300 kilometers away from the coast. Even if we exclude the mine plant, we have to lay all the railways to the coast and the harbor for ships to come and go.”

“Ugh… it’s all for naught.”

Lee Dae-soo’s face, which had brightened, crumpled.

In the mining business, the reserves, mining method, and transportation costs must be right. In that respect, Hancock Prospecting’s two mines were disqualified.

“Sharing the railway, is that difficult?”

“It will be difficult. BHP or Rio Tinto have a tight grip on the railways in that area, so there’s no way they’ll open them up to competitors.”

He asked knowing the answer, but Bae Jae-hoon’s answer only reaffirmed the harsh reality. The established players who controlled the Australian mining industry were a wall of lamentation for the latecomer, Haedong Group.

Bae Jae-hoon carefully examined Lee Dae-soo’s hardened face and opened his mouth.

“If you’re going to enter Australia, I think acquiring North Limited should come first rather than that company.”

“North Limited?”

“Yes, Chairman.”

Bae Jae-hoon opened the safe and took out a file and handed it to Lee Dae-soo. Lee Dae-soo took out the glasses he had taken out of his pocket and looked at the document.

“I looked into it while preparing for the Australian business, and it’s a company with sufficient mining development and operation know-how, operating several mines, including the Mesa area iron ore mine in Western Australia, and operating the Robe River Railway.”

“Hmm…”

While Lee Dae-soo was examining the documents and making humming sounds, Bae Jae-hoon revealed the disadvantages following the advantages of acquiring North Limited.

“The railway network doesn’t reach the inland iron ore zone, but there are enough advantages such as a bridgehead or know-how absorption. After the acquisition, it would be good to extend the railway inland or cooperate with Hancock to create new railways and ports to Headland Port.”

“Hmm…”

Lee Dae-soo hummed.

Whether to gamble on everything uncertain, or to put more bets and get a sure hand and run the race… neither choice was easy.

Lee Dae-soo reached out, picked up the teacup, and took a sip of green tea.

“Find out that company’s market capitalization. In US dollars.”

“Yes, Chairman.”

Bae Jae-hoon immediately made a call to confirm and said to Lee Dae-soo.

“If you convert the current stock price to US dollars, it’s about $2.1 billion. Considering the stock price increase and premium due to stock purchases, you’ll have to spend at least $2.5 billion or more, Chairman.”

Bae Jae-hoon hesitated because Lee Dae-soo hated being indecisive, but he swallowed hard, perhaps burdened by the fact that the matter had grown so large. Ko Seung-joo also couldn’t hide his embarrassment, and Lee Dae-soo slammed the armrest.

“Keep contacting Hancock as is. Chief Ko, tell Hae-cheol to prepare to spend the money he earned this time.”

Even if it was a task given by his grandson, he couldn’t recklessly spend money on impossible things.

Thinking about the coming storm, he couldn’t waste it even more, but Chairman Lee Dae-soo judged that if he got a more valuable company first, he would become a grandfather worthy of his grandson.

***

The next morning.

“Is it true?”

[Yes. He told me to buy stocks there with the slush fund I earned during this yen appreciation betting. Considering the premium for stock price fluctuations, we’ll need at least $2.5 billion…]

‘What kind of butterfly effect is this…’

I couldn’t close my mouth after receiving a call from Seon Hae-cheol.

North Limited is a company that Rio Tinto will merge with in 2000 and is a much larger company than the current Hancock Prospecting. I expected that negotiations with Hancock would be difficult, but he’s going to catch an even bigger prey first?

I took a sip of Indonesian Mandheling placed on my desk. Thanks to the tsunami-like flavor and body that swept through my mouth, I neatly organized my complicated thoughts and started calculating.

My grandfather is the kind of person who would make such a choice. Pride is pride, but isn’t he a person who values absolute dominance?

He doesn’t lack money, and he needs to solve the problem of know-how in mineral development and operation, so it seemed like he was trying to get one more card in his hand and prepare for negotiations.

After guessing my grandfather’s intentions in my own way, I asked Seon Hae-cheol.

“What do you think, Uncle?”

[I don’t think it’s bad. That company has decent profits and quite a lot of assets. They have sufficient know-how in mine management, and the biggest advantage is operating a mineral transportation railway.]

“Anything else?”

[The railway network doesn’t reach the inland. Still, if Haedong Construction does the work of laying the railway with the money Haedong Corporation invests in mine development, it will be a virtuous cycle for the group.]

My thoughts were the same as Seon Hae-cheol’s. If even Seon Hae-cheol said this, there was no need to hesitate any longer.

“Uncle, contact my great-uncle and tell him to bring in Standard too. Let’s have several paper companies in Triumph and Standard Capital buy 50 percent of North Limited’s shares each with grandfather’s slush fund.”

[What’s next?]

Seon Hae-cheol, he would have said I was crazy in the past, but it seems like he’s changed a lot now. Did he realize that I’m not the kind of guy who would waste money? I had a pleasant smile and told him the next action.

“I think it would be enough to transfer only 30 percent to the Corporation and sell the rest when Haedong Corporation transfers the right of first refusal or makes a tender offer in the market. The proceeds from the sale to Standard should be reinvested in Haedong Corporation as 5-year maturity won-denominated bonds. It would be even better if the entire principal and interest are repaid in 5 years.”

Butterfly effects continue to occur because of me, but if our family’s Hispania [wealth and influence] increases, we can sufficiently overcome the coming storm. It didn’t seem bad because I could work with my grandfather even if I went the roundabout way.

[Our nephew, you’re smart? You mean we have to protect the Corporation’s cash?]

“That’s right, haha. I’ll ask you, Uncle.”

[Okay, hehe.]

As soon as I hung up the phone, Park Tae-jin, who had finished washing the dishes, asked me.

“What’s going on, Young Master?”

“I heard from my uncle that my grandfather is going to acquire a mining company in Australia. Because of that…”

From the plan to buy up stocks with the slush fund entrusted to Triumph to the plan to acquire it with the cash held by Haedong Corporation, Park Tae-jin couldn’t hide his surprise when I told him about the plan I proposed.

“You did a good job, Young Master. It’s a good decision because you can save Haedong Corporation’s dollars.”

“It’s a win-win situation because I also found out how much my grandfather earned with the slush fund, hehe.”

If he had bought all of North Limited’s shares, my grandfather’s slush fund would be at least $2.5 billion or more. He would have entrusted it to Seon Hae-cheol as soon as he created the slush fund and grown it within Triumph. He was truly an amazing person.

I’m the eldest grandson of such a grandfather and I’ve returned from the abyss of death, so I couldn’t just stay still.

“When will the transfer of Haedong Merchant Bank shares be completed?”

“It will be completed by the end of this month at the latest. It may be completed before that.”

Since my grandfather has decided to make a big move, I will become a filial grandson who works well with him.