Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 90

90. 27th. Ankle-Grabbing Pursuit (3)

Returning from the restroom, I received a phone call while working.

“This is Lee Sung-min from Standard Capital.”

[It’s me, Sung-min. You worked really hard today.]

It was Go Seung-ju’s voice. His brief but weighty encouragement made me smile.

“Thank you, Uncle.”

[Representative Bae told me to tell you he’s sorry, haha.]

“It’s alright, Uncle. I was also at fault, so it’s fine.”

[That’s a relief. By the way… after you guys left, another significant decision was made.]

“A significant decision?”

A chill ran down my spine. What decision could it be?

[The Chairman has decided to donate shares.]

“Donate shares?”

[Yes. Before that, there’s something I need to tell you. The Chairman has decided to re-evaluate all assets within the group. The values of the Kazakhstan copper mine and the Australian zinc mine will also be re-evaluated.]

Re-evaluating asset values increases the book value of existing assets. Naturally, this increases collateral value, which is advantageous for future foreign currency loans from overseas financial institutions, but it also raises inheritance taxes. Grandfather… does he trust me, or is he just insightful?

“I see.”

[Before that, it would be good to transfer shares to you, Sung-moon, Sung-woo, and Sung-ah. So, your uncle and I spoke to the Chairman.]

It was a decision worthy of Go Seung-ju. Even if inheriting through proper channels, it’s good to save every penny possible, right? I always felt bad for my cousins who didn’t have a single share, so this was welcome news.

“Thank you, Uncle. But… how are you planning to handle the gift tax?”

[We’ll handle it with installment payments. Even if the interest is high, we can’t just throw away a lump sum of money all at once, haha.]

We’ve bought enough time. The inheritance tax issue can be dealt with during the installment payment period, so I just need to watch the family elders push Jang Ho-gun into a trap.

***

One month later.

While Yeouido [the financial district of Seoul] was gearing up for election season, Go Seung-ju, Bae Jae-hoon, Tae Jae-ho, Jo Young-chan, and Lee Myung-jin gathered in the meeting room next to the Chief of Staff’s office early in the morning to review the Yeongdeungpo redevelopment project plan.

For most projects, the heads of each affiliate or Go Seung-ju could handle it. But because this project could change the group’s fortunes and was a trap to catch Jang Ho-gun, the key executives, having been delegated decision-making authority by Lee Dae-soo, were holding a final check.

“What do you think, Representative?”

Go Seung-ju asked cautiously, and Bae Jae-hoon waved his hand.

“There’s nothing more to see. Vice Chairman and Representative Tae framed it, and Representative Jo and you created the funding plan. The planning department at the head office also said there wouldn’t be a shortage of funds to invest in the Australian project.”

In this matter, Bae Jae-hoon offered his opinions as an observer from a distance.

The project they were finalizing was a trap meticulously crafted by the elite group of Haedong Group, who had been living and breathing it at the company for the past month. If they could lure Shinseong Corporation into this trap, Bae Jae-hoon was confident he could take over all the businesses in Australia and Panama and make a fortune.

Listening to Bae Jae-hoon, Jo Young-chan stroked his mustache and said,

“You don’t have to worry about the funds, Hyung-nim [an honorific term for older brother or senior colleague]. If we deposit the joint venture’s cash into Haedong Merchant Bank and manage it, the returns will be quite substantial. Director Go and I will definitely support the mining project, so don’t worry.”

Seeing Jo Young-chan’s confident expression, assuring them that they didn’t need to worry about rear support, Tae Jae-ho chuckled.

“It would be a shame to leave us out, Representative Jo. All the liquid cash from logistics and distribution will be entrusted to the Merchant Bank. The Vice Chairman has agreed to do so as well, hasn’t he?”

“Of course, Representative. All the money to be recovered from construction, steel, and cement for the Yeongdeungpo redevelopment will be pushed into the Merchant Bank.”

Lee Myung-jin also nodded, looking at Tae Jae-ho next to him, and then spoke to Jo Young-chan across from him.

In this project, Tae Jae-ho and Lee Myung-jin played both the attacker and defender. While spending a large sum of money on the Yeongdeungpo redevelopment, they also had to entrust all the money they earned to Haedong Merchant Bank to increase the group’s funds, so their teamwork was crucial.

Go Seung-ju smiled as he looked at the four people who had solidified their respective opinions and positions.

“Now, all that’s left is to lure Shinseong in. I wonder if the engagement gift will work, hehe.”

Amidst everyone’s hearty laughter, Go Seung-ju, who was in charge of setting the stage, raised the corners of his mouth and took out his cell phone.

***

Lee Soo-han was sitting across from Go Seung-ju at a Japanese restaurant.

“What’s going on, Hyung-nim?”

Lee Soo-han thoroughly concealed his uneasy feelings and asked about the purpose of the meeting. He briefly wondered if Go Seung-ju would protest about them competing with Haedong Group over the Australian project.

Go Seung-ju pointed to the sashimi with the chopsticks in his hand and looked at Lee Soo-han.

“Let’s eat the sashimi first, my friend. I told them to prepare bluefin tuna because I was eating with you.”

“I’ll enjoy the luxury thanks to you, Hyung-nim, haha.”

Lee Soo-han enjoyed the savory taste of the tuna sashimi with Go Seung-ju, raising his glass. After he had eaten to some extent, Go Seung-ju put down the glass he had taken from his lips.

“Do you remember the transaction between us and Shinseong two years ago?”

“I remember. Didn’t it start with trying to get a hotel lease and gradually grow bigger?”

Although he didn’t show it, it was a painful memory for Lee Soo-han. Leaving aside missing out on the Kazakhstan copper mine, after building a semiconductor factory with the 300 billion won borrowed from Haedong Merchant Bank, the price of semiconductors plummeted, didn’t it? If it hadn’t been for the money earned from the yen appreciation speculation, the impact would have been significant.

Go Seung-ju had also learned about the internal affairs of Shinseong Electronics through gossip, so he hid the laughter that was about to burst out and wore a calm smile.

“That’s right. Among the proposals we made to Shinseong at that time, there’s one with a deadline approaching, so I arranged this meeting.”

“…The Yeongdeungpo shopping mall?”

“You remember. I wanted to see you about that matter.”

Go Seung-ju took out a file from the briefcase he had placed next to him and handed it to Lee Soo-han.

“There’s no title this time.”

Lee Soo-han’s eyes narrowed as he looked at the file. If it were the usual Go Seung-ju, he would have put a title on the cover… Go Seung-ju smiled at Lee Soo-han.

“It won’t be a losing proposition, so take a look and let’s talk.”

“Alright.”

As soon as he finished answering, Lee Soo-han opened the file and examined the contents with sharp eyes. But his composure disappeared in an instant.

“H-Hyung-nim?”

“Do you like it, Soo-han?”

Unlike Lee Soo-han, who stuttered and couldn’t close his mouth, Go Seung-ju enjoyed the余裕 [leeway/composure] of the victor and looked at him with a languid gaze.

Lee Soo-han wondered if the project he was looking at was real.

Just building a complex shopping mall connected to the two existing Haedong Department Store main building, with a luxury hotel, theme park, movie theater, and officetel [a building with both office and residential units], was enough to make his jaw drop. And on top of that, they were going to build a youth street, discount store, officetel, and apartment complex in Mullae-dong?

“I think it would be good for both Haedong Construction and Shinseong Corporation to enter the PM [Project Management] business this time. Neither of our families can just live by being construction site foremen forever, can we?”

Lee Soo-han nodded as he listened to Go Seung-ju’s words.

If they seized this opportunity, Shinseong Corporation’s construction division would gain experience in managing PM, in other words, large-scale civil engineering projects. Gaining PM experience would reduce the humiliation of being under foreign construction companies, and it goes without saying that they would surpass Shinseong Construction, one of Jang Ho-min’s main companies.

However.

If Shinseong Corporation poured its remaining available resources into this project, the Australian mine development project would have to be postponed or abandoned. He had to give up one of the two rice cakes in his hands… Lee Soo-han was extremely troubled.

“Why are you hesitating so much? It’s a project that will definitely make money. Are you just going to build the shopping mall and be done with it?”

Go Seung-ju’s taunting rebuke made Lee Soo-han feel like he had eaten sweet potatoes without a sip of water. He was putting effort into securing the Australian mine development rights to make up for missing out on the Kazakhstan project, but why now!

Whether Lee Soo-han’s forehead furrowed or not, Go Seung-ju told him about the business plan.

“Election season is coming up soon. If the two groups give plenty of apple boxes [a Korean idiom for political donations] to the three parties, there won’t be any problem with the land auction.”

“What are you going to do with the Mullae-dong clothing factory? Are you going to hand that land over to the government too?”

“Why would we hand it over to the government for someone else’s benefit? It’s our group’s land.”

Go Seung-ju waved his hand and poured a new drink, saying,

“The group’s top executives decided at a meeting to build large office buildings on the Mullae-dong clothing factory site.”

“Wouldn’t apartments be better? It would be much better in terms of cash flow and profit margin, wouldn’t it?”

Even though Lee Soo-han expressed his disappointment, Go Seung-ju didn’t lose his composure.

“Let’s finish looking at the documents first and then talk. I didn’t give them to you for no reason, did I?”

At Go Seung-ju’s rebuke, Lee Soo-han slowly turned the pages with an awkward smile. Once again, Lee Soo-han’s mouth dropped open, and Go Seung-ju smiled at Lee Soo-han and said.

“It’s also written there, but Chairman said that if Chairman Jang is happy with it, he would like to promote the development and management of that business district as a joint venture between the two groups.”

Even though Go Seung-ju spoke calmly, Lee Soo-han couldn’t hear a word. Haedong Corporation was putting in tens of thousands of pyeong [a Korean unit of area, approximately 3.3 square meters] of land in Yeongdeungpo and 400 billion won in cash, while Shinseong Corporation was only putting in 400 billion won in cash, but the shares were to be split 50/50?

If developed according to this plan, Haedong Corporation’s real estate in the Yeongdeungpo area would turn into prime real estate worth trillions of won at market price. And that’s not all. The money to be earned from PM is also enormous. But to do business together on a 50/50 basis… Lee Soo-han looked at Go Seung-ju with wary eyes.

“Why are you going this far, Hyung-nim?”

“Even though Haedong Construction has been on the rise for the past few years, it still has a long way to go to surpass Shinseong Corporation. Considering the brand value that gives people confidence, wouldn’t 50/50 be right?”

Clearly, even if the brand value of Shinseong Corporation’s construction division is high, Haedong Construction is also not to be underestimated. Looking at the financial structure, Haedong Construction is much more solid…

“Wouldn’t too much liquid assets be tied up?”

Even when Lee Soo-han probed again, Go Seung-ju didn’t budge.

“Is there any business more stable than real estate? The land or buildings aren’t going to run away, and their value will increase over time, right?”

There wasn’t a single word that wasn’t true, so Lee Soo-han couldn’t say anything and only made a sound of silence.

Putting 50 percent of the shares of the complex shopping mall and commercial buildings to be built on Haedong Corporation’s land with just 400 billion won is a profitable deal. It will also increase the value of Shinseong Corporation’s construction division, so it goes without saying that it will make Shinseong Corporation a solid castle.

‘It’s a business I want to do right away. But…’

Because it was a business that was so tempting that a hand would pop out of his throat, it seemed like there would be poison in it as well. With an alarm ringing in his head, Lee Soo-han stabbed Go Seung-ju one more time.

“Is this everything, Hyung-nim?”

Seeing Lee Soo-han, who didn’t bite easily, Go Seung-ju smiled bitterly inside.

‘As expected of Lee Soo-han. I have to tie that guy down somehow to keep Shinseong’s cash tied up in Yeongdeungpo.’

It was a shame to use the Yeongdeungpo land, where the history of Haedong Group’s manufacturing began and where the future value is limitless, as bait, but Go Seung-ju decided to trust Lee Sung-min.

With the skills that Lee Sung-min had shown, he would be able to find the Yeongdeungpo land sufficiently, so he had to hook Lee Soo-han.

“That’s not all. It says there that the existing two Haedong Department Store main buildings and the Haimart Yeongdeungpo store building to be built on the newly developed land will all be tied to the new corporation.”

At Go Seung-ju’s languid voice, Lee Soo-han quickly looked at the plan.

“H-Hyung-nim?”

Lee Soo-han’s eyes widened and his mouth dropped open as he examined the contents.

Not only the shopping mall site, but also the Haedong Department Store main store, which is among the top five department stores nationwide, and even Haimart [a Korean electronics retailer], will be bundled together to share the rental income?

With that condition, the joint venture’s 800 billion won in cash must be deposited in Haedong Merchant Bank, but it is something to be welcomed with both hands. Considering the CMA [Cash Management Account] interest rate of Haedong Merchant Bank, the value of the joint venture’s shares will increase as financial assets increase.

Lee Soo-han, unable to withstand the discomfort of the absurdly good conditions, revealed his true feelings.

“Let’s talk about the hidden cards between the pros. The real reason, I mean.”

After pondering for a moment, Go Seung-ju opened his mouth.

“I have to marry off Sung-min.”

“Marry him off?”

Lee Soo-han was dumbfounded by Go Seung-ju’s casually uttered answer. To marry off his eldest grandson, he was going to hand over the prime land of Haedong Group?

Go Seung-ju looked at Lee Soo-han and sighed.

“The Chairman didn’t show it, but I think he thought Sung-min was hanging out with Director Jang. What can I do but follow? Think of it as an engagement gift from the groom’s side.”

It’s a secret among the top executives of Haedong Group, but it’s not a matter of today or yesterday that Lee Dae-soo liked Jang Ha-yeon as his granddaughter-in-law. Didn’t he gather the top executives of Haedong Group during the department store consulting and declare that he would marry the two of them? There was a condition that Lee Sung-min had to grow enough not to be eaten by Jang Ho-gun, though.

Lee Soo-han would have no way of knowing these internal affairs of Haedong Group, but after hearing Go Seung-ju’s words, he could finally understand.

Lee Dae-soo is an unpredictable person, but it is also true that he is an old man who loves his children and grandchildren dearly. Considering these points, the current business was a possible story.

After calculating everything, Lee Soo-han opened his mouth, pretending to be cautious.

“May I give you an answer after speaking with the Chairman?”

“Let me know by the time each party’s nominations are over. Once the nominations are over, I have to sweep them all up, haha.”

Go Seung-ju laughed heartily as he looked at Lee Soo-han’s flushed face.

But the secret was that the laughter was because of Lee Sung-min, who had laid the foundation for all of this plan.

***

After completely deceiving Lee Soo-han, Go Seung-ju stopped by the company and then went over to Standard Capital. He even changed cars because of Lee Soo-han’s possible tail.

“You’ve worked hard, Uncle.”

Go Seung-ju waved his hand at me.

“What hard work? Are you sure about getting the Yeongdeungpo land back?”

“Of course, Uncle. The merchant banks will go wild.”

From this year on, almost all merchant banks will recklessly pull in short-term foreign debt and pour it into bad debts in Russia and Southeast Asia. They will be intoxicated by the sweetness of interest income for now, but next year they will suffer from severe withdrawal symptoms.

Seeing that the worry was not erased from Go Seung-ju’s face, I said to him.

“If they don’t give it up, I will persuade the US headquarters to acquire the joint venture’s shares and hand them over to you, Uncle.”

Go Seung-ju made an awkward expression when I even put on a solemn expression on my face.

“I know. Anyway, Jang Ho-gun must have heard the business proposal by now, so he’ll be in great 고민 [worry/trouble].”

“That’s right. It’s his long-cherished project, but he has to 고민 [worry/trouble] whether to take an uncertain adventure or take care of his only daughter and secure a sure profit.”

Seeing me raise the corners of my mouth, Seon Hae-cheol lightly clicked his tongue.

“This, this, you’re already thinking about fleecing your in-laws. Your niece-in-law will be very upset if she finds out, won’t she?”

“Shinseong was the first to stab us in the back, so it can’t be helped. As long as we’re quiet, they won’t even know we deliberately lured them in, so it doesn’t matter, Uncle. Right, Hyung?”

Park Tae-jin opened his mouth with a calm expression.

“What 도련님 [young master] says is right. We dragged them into the yen appreciation speculation for our benefit, but they tried to repay our kindness with enmity, didn’t they? The joint venture conditions are also favorable to Shinseong, so they won’t be able to resist coming over.”

I was prepared for the butterfly effect, but I can’t let it go as long as the interests conflict. They tried to steal the food we had marked for decades, so there was even less reason to let it go.

Seon Hae-cheol nodded after listening to Park Tae-jin’s words, but there still seemed to be something bothering him.

“That’s true, but… what if Jang Ho-gun asks the merchant bank to postpone the maturity of Shinseong Electronics’ bonds to repay?”

“I won’t let it go this time. I’ve also set up the fund management tightly, so I have to raise the interest rate as 할아버지 [grandfather] said. More than anything.”

I continued the words I had stopped for a moment.

“아저씨 [uncle] will never be able to say such a thing.”

“How can you be so sure?”

I smiled as I looked at Go Seung-ju, who was suspicious, and the two of them.

“Haedong Corporation is not my company yet, so I may have stabbed them in the back, but I told 누나 [older sister] that I would repay the 300 billion won borrowed from Haedong Merchant Bank at maturity, hehe.”

Jang Ho-gun will not be able to reverse the words he told Jang Ha-yeon, given his 성격 [personality/character]. Jang Ha-yeon is everything to Jang Ho-gun.