Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 91

91. 27th. Ankle Grabs (4)

At that moment, Lee Su-han, having reported the business proposal he received from Ko Seung-ju to Jang Ho-geon over the phone, headed straight into Seonguiwon [likely a private office or meeting room within the Shinseong Group headquarters].

“Is this true?”

“Yes, Chairman. Here.”

Jang Ho-geon opened the file Lee Su-han handed him with both hands.

“If that man wants to marry off his son so badly, he should just say so… why all this…”

“It seems he’s trying to handle everything at once since the election is coming up soon. If we and Haedong join forces and curry favor with both the ruling and opposition parties, no one else will have a chance to sweep up the entire Yeongdeungpo area [a district in Seoul], right?”

Jang Ho-geon could only chuckle at Lee Su-han’s words.

‘If he wants Ha-yeon as his daughter-in-law that much, he should just say so. What’s with the pride…’

Nevertheless, it was a good thing for the marriage of the two children and also a way to grow the businesses of both groups, so Jang Ho-geon’s lips curled up. He took a light breath and said,

“Not bad.”

Lee Su-han noticed that Jang Ho-geon was satisfied, contrary to his words, but he thoroughly concealed his thoughts and said,

“That’s right, Chairman. Marriage is one thing, but managing such a large-scale development project from start to finish is an opportunity too good to miss.”

“That’s right. It would be embarrassing for Shinseong’s name to only be involved in construction site management.”

It might be different for small construction companies, but for Shinseong Corporation’s construction division, managing large-scale development projects is necessary to improve the profit structure. Both Jang Ho-geon and Lee Su-han were aware of this.

“But the investment is a problem. How much available cash does Shinseong Corporation have left?”

At Jang Ho-geon’s question, Lee Su-han paused to recall.

“About 500 billion won [approximately $400 million USD, depending on the exchange rate at the time] is left. No other funds can be invested.”

“What about financial loans?”

“They’re all invested in automobiles, so no more is possible. Corporate bonds are also tied up in automobiles.”

“That’s a shame. There’s fertile land, but no seeds to sow.”

Lee Su-han lowered his head at Jang Ho-geon’s sigh.

“I’m sorry, Chairman.”

“What do you have to be sorry about? I ordered it all.”

Jang Ho-geon waved his hand while looking at Lee Su-han, but he still clicked his tongue. He had set aside a maximum of 500 billion won for the Hancock Prospecting stake acquisition, but if he invested 400 billion won, he would effectively have to withdraw from the business.

Lee Su-han watched Jang Ho-geon and cautiously offered a solution.

“How about extending the maturity of the Shinseong Electronics bonds held by Haedong Securities? If we extend the maturity with adjusted interest rates…”

It was the best option at the moment, but Jang Ho-geon glared and shouted before Lee Su-han could finish speaking.

“Postpone the money to be given to a son-in-law who hasn’t even had the wedding ceremony yet? Even the joint venture is entering at a loss, how can you say that?”

As a businessman, it was a profitable deal, but as a father, it was a losing proposition. The only thing he could give his daughter was the Goryeo Hotel? Jang Ho-geon couldn’t afford to lose any more to Lee Dae-soo as a parent.

Above all, Shinseong Corporation and Seonseong Electronics had accumulated ‘cash’ that others didn’t know about in preparation for any unforeseen circumstances. It was a poor excuse to postpone the date of repaying money to the prospective son-in-law.

Lee Su-han quickly lowered his head at Jang Ho-geon’s reddened face.

“I’m sorry, Chairman. I misspoke.”

Jang Ho-geon looked at Lee Su-han and calmed his anger. He knew that the financial situation was tight, so what could he do?

“It’s frustrating. I can’t even use the slush fund…”

Jang Ho-geon trailed off and took a breath before asking,

“You said to let you know until the end of the nomination process?”

“Yes, Chairman.”

“Haedong has grown a lot. To notify us.”

Jang Ho-geon unknowingly gritted his teeth. To notify the great Shinseong Group… Still, if they won the Yeongdeungpo redevelopment project, the scratch on his pride would be a cheap price to pay.

“It seems like I need time. I’ll think about it.”

With those words, Jang Ho-geon dismissed Lee Su-han and carefully examined the documents.

From discount stores to the street of youth, officetel [a building with both office and residential units] complexes and apartment complexes, business districts, and complex shopping malls, it was a flawless plan.

Among them, the luxury hotel to be built in the Yeongdeungpo complex shopping mall caught his eye. Wasn’t it an opportunity for the Goryeo Hotel, his sore spot Jang Ha-yeon, to grow even bigger?

But.

If they engaged in the Yeongdeungpo redevelopment, they would have to give up the resource development project. The opportunity to take the lead in the Australian mine development, propose a joint venture to Haedong Group, save face, save money, and gain an advantage in the marriage talks would be lost.

It was impossible for the current Jang Ho-geon to choose everything. Only sighs flowed endlessly from Jang Ho-geon’s mouth as he looked at the documents.

***

Some time later.

Lee Su-han was on the phone with Jang Ho-geon.

“Yes, Chairman.”

[Divert the money for the Australian project to the Yeongdeungpo redevelopment.]

“Chairman?”

[A civil war is just around the corner next year. Shouldn’t we build a strong castle by heading towards guaranteed profits?]

Lee Su-han wanted to ask if it was because of Jang Ha-yeon, but he couldn’t. Wouldn’t that be trampling on Jang Ho-geon’s pride twice? His pride was already hurt just by being notified of the deadline.

“I understand, Chairman.”

[Instead, postpone the payment of the Goryeo Hotel lease deposit until after completion. Say that it will be entrusted to Haedong Securities until payment.]

“Yes, Chairman. I will coordinate that part with Chief Ko.”

[Hold the meeting at the Goryeo Hotel headquarters. I need to tell my brother too.]

“Yes.”

As soon as the call ended, Lee Su-han sighed.

“It can’t be helped.”

It was a great pity, but most companies have to manage their businesses with limited resources. Moreover, Shinseong Group is facing a civil war from next year, where they will bleed money instead of blood.

In that case, they had to choose the side with guaranteed profits to make money and strengthen Shinseong Corporation before the civil war. With Jang Ha-yeon’s marriage also involved, Lee Su-han had no choice but to agree.

Lee Su-han immediately called Ko Seung-ju to propose a meeting, then went over to Goryeo Hotel to meet Jeong Chang-ho.

“Yeongdeungpo redevelopment project?”

“Yes, Brother. It’s what the Chairman decided.”

Jeong Chang-ho exclaimed as he looked at the data Lee Su-han handed him.

“The scale is huge. Even if the mixed-use officetel and apartments are pre-sold, to keep it all tied up as assets of the joint venture…”

“This project is enough to make the Roel Group envious. It will be better in terms of profitability too.”

Jeong Chang-ho also showed a favorable expression at Lee Su-han’s words. Just looking at the scale of the commercial real estate to be built in Yeongdeungpo, wouldn’t the annual rental income alone be in the tens of billions of won, and the asset value also reach trillions of won?

However, Jeong Chang-ho, as someone who knew the group’s situation and Jang Ho-geon well, had concerns.

“But if we get involved in this project, we’ll have to give up the Australian project… Is that okay?”

“He said he would drop it. Considering the expiration of the gentleman’s agreement, he seems to have judged that the Yeongdeungpo redevelopment is more advantageous. There’s also Ha-yeon’s matter.”

All of that was true, but Jeong Chang-ho still looked regretful.

“It’s a shame, even though the persimmon is sweet to eat right away. This was an opportunity to take the lead.”

Jeong Chang-ho also knew why Jang Ho-geon was so attached to acquiring Hancock Prospecting.

Wasn’t the plan to propose a joint venture to Haedong Corporation after the acquisition and push forward with the marriage talks between Jang Ha-yeon and Lee Seong-min? As someone who treated Jang Ho-geon like a brother and took care of Jang Ha-yeon, it was a regrettable matter.

Lee Su-han wore a bitter expression as he looked at Jeong Chang-ho.

“It can’t be helped. Isn’t a civil war just around the corner? Still, the joint venture has 800 billion won in cash, and the lease deposit that Goryeo Hotel has to pay upon moving in will also be entrusted to Haedong Securities, so it will save face.”

“It’s like completely yielding. For the Shinseong Group to be crying about not having money.”

Jeong Chang-ho sighed. The Shinseong Group, which was all-powerful during Jang Byeong-ho’s time, was now divided into three pieces because of that Jang Byeong-ho and was showing a poor appearance? Compared to the 800 billion won that the joint venture would entrust to Haedong Securities, the Goryeo Hotel lease deposit was nothing more than adding a spoonful of rice to a bowl of rice.

However, since he couldn’t overturn the decision of the group’s chairman, Jeong Chang-ho only nodded with a sigh. Seeing that, Lee Su-han got up from the sofa.

“I’ll go down to the restaurant now, Brother. I think I should have some sashimi with Seung-ju.”

“Take care.”

***

“How is it, Brother?”

“Shinseong has accepted our business plan, so we have to take it. I’ll speak well to the Chairman.”

To Ko Seung-ju and the executives of Haedong Group, it was just a variable that had already been considered. Above all, Ko Seung-ju readily accepted Lee Su-han’s proposal because he knew that Lee Dae-soo was not the kind of person who would throw away the opportunity to realize the company’s founding motto because of that hotel lease deposit.

Lee Su-han wore a bright expression as his proposal worked.

“That’s great. Then from now on, we just need to deliver apple boxes [a Korean euphemism for bribes, as apples are often given as gifts] to the old men in Yeouido [the financial district of Seoul] and the public officials in Gwanghwamun [the government district of Seoul], hehe.”

“We and you will be busy, hehe.”

It was the second-in-commands of each group, including the two of them, who became busy during the election season.

The second-in-commands of Haedong and Shinseong smiled grimly as they thought about scattering money to the old men in Yeouido and receiving preferential treatment from the public officials in Gwanghwamun in the coming season.

###

After finishing his meal with Lee Su-han and parting ways, Ko Seung-ju immediately called Lee Dae-soo to report the contents of the negotiation just now.

[Do that. We can’t lose a big fish over petty squabbles, hehe.]

“I understand, Chairman.”

After his call with Lee Dae-soo, Ko Seung-ju called Lee Su-han and immediately informed him.

“How is it?”

[I didn’t expect Chairman Lee to approve so quickly, haha.]

“It seems like he’s trying to sweep everything up before other guys get involved, hehe.”

[I understand, Brother. I’ll report to the Chairman and contact you.]

“Do that.”

As the big fish bit the hook, the fisherman clenched his fist.

***

From the day after Ko Seung-ju and Lee Su-han’s meeting, Haedong Group and Shinseong Group scattered a total of 60 billion won in political funds to the ruling party at a ratio of 3, the first opposition party at 2, and the second opposition party at 1, on the condition of passing the Yeongdeungpo redevelopment project. Whether their pockets had become fatter, the election campaigns of the three parties were more intense than remembered.

Nevertheless, the result did not change.

In the 15th general election held on April 11, 1996, the ruling party secured seats that did not reach a majority, and a situation of a minority ruling party and a majority opposition party began.

The ruling party still emphasized that it had maintained the first party in the National Assembly, and the first opposition party insisted that it was not a defeat but an advance, having gained more seats than in the last general election.

In addition, the second opposition party, which became the third party in the National Assembly by advocating ‘hotbar theory’ [likely a populist economic policy] followed by ‘original conservative theory’, began to gain momentum, and the west side of Yeouido began to shake.

Nevertheless, the three major parties were united in passing the Yeongdeungpo redevelopment project. Whatever the result, they couldn’t ignore the sponsors who had made it possible to hold a hot election, right?

Following the project approval, a bidding announcement was made, and a lobbying war began among large and small companies, but Haedong and Shinseong had also worked their connections in Seoul.

From the mayor of Seoul to the vice mayor and bureau chiefs, they all received a hefty ‘allowance’ from the two groups on the condition that they would evaluate the project fairly based on its contents. The result was obvious since they were given a tight deadline and asked to bring the core site and funding plans.

[Haedong Corporation-Haedong Construction-Shinseong Corporation consortium likely to win the Yeongdeungpo redevelopment project.

The Haedong Group-Shinseong Group consortium is likely to be selected as the developer and construction company for the Yeongdeungpo redevelopment project, which the government has launched for public bidding. Haedong Construction and Haedong Corporation own large idle sites in the Yeongdeungpo area, and Shinseong Corporation has accumulated capabilities through domestic and international projects…]

I didn’t need to see any more of the article that was written in large letters on the front page of the newspaper, so I neatly folded the newspaper and put it down.

“It looks like we’re going to win the Yeongdeungpo redevelopment project. Did you see the front-page article?”

Seon Hae-cheol smiled at my words.

“I saw it. What crazy person would dare to stick their spoon in when the Chairman and Jang Ho-geon are openly threatening them? Hehe.”

“Since there’s no one in Korea who would simultaneously turn two of the most powerful people into enemies, it will go as planned, haha.”

What the two of them said was right, but if other guys touched it, the Yeongdeungpo redevelopment project would be pointless. If Grandpa didn’t give up tens of thousands of square feet of core land, it would be turning the land into shit instead of gold.

Above all.

The two most powerful competitors were already focusing their efforts elsewhere.

After writing off the Iraqi accounts receivable as a loss, Taehyun Group was busy promoting the construction of the Hadong Steel Mill, which had broken ground, to refresh the atmosphere.

GK Group also decided to have GK Electronics, GK Chemical, and GK Corporation acquire all 50 percent of Caltex’s GK Oil shares at the end of May. The Yeongdeungpo redevelopment will be a feast for Haedong and Shinseong.

While I was enjoying a pleasant morning coffee with the two of them, the phone rang.

“Standard Capital… Yes, Uncle. Yes. So that’s how it is. No. If you’re going to deceive, you have to deceive properly. Yes. I understand. Yes.”

Seon Hae-cheol asked me after I finished the call from Ko Seung-ju and put down the receiver.

“It sounds like Seung-ju… What did he say?”

“He said the joint venture will be launched at the end of next month.”

Park Tae-jin opened his mouth while talking to Seon Hae-cheol across the desk.

“What did he say they would name the company, Young Master?”

“SH Asset Development.”

Seon Hae-cheol and Park Tae-jin’s faces hardened. Even though they put up more capital and split the shares in half, they couldn’t be happy that Shinseong’s ‘S’ came first in the company name.

I continued, because there was a reason I hadn’t told them yet.

“To deceive perfectly, you have to do method acting. He said he deliberately pushed and pulled to give way.”

“Scary man. Even though he’s a brother, he’s ruthless.”

Seon Hae-cheol shook his head. Ko Seung-ju, who had the most pride after Lee Dae-soo, didn’t he throw that pride away? For the company.

“It’s only possible because it’s Seung-ju. He always keeps a poker face, unlike you, Brother.”

“What, you punk?”

Seon Hae-cheol raised his voice at Park Tae-jin, who had a mischievous smile, then burst into a hollow laugh.

“Well, we’re going to acquire North Limited next month, so we have to work hard to create a smokescreen. Jang Ho-geon will be furious when the acquisition is over? Haha.”

“The dog that chased the chicken can only stare at the roof, haha.”

I laughed with the two of them, imagining Jang Ho-geon’s dumbfounded expression.