Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 92

92. 28th. One Shot, Multi-Kill (1)

While the Haedong Group and Shinsung Group were secretly preparing the Yeongdeungpo redevelopment project, I was managing work in both Korea and the United States from the Standard Capital office in Seoul.

“Did you check the email from Claire?”

I chuckled, watching Sun Hae-chul, whose cheekbones seemed ready to burst.

“It’s about the Yahoo IPO [Initial Public Offering], right?”

“Of course. It hit $6 billion at the market close this morning, didn’t it? Heh.”

Sun Hae-chul was beside himself with joy. How could he not be, with Yahoo closing its first day on the NASDAQ [National Association of Securities Dealers Automated Quotations] yesterday with a market capitalization of $6 billion?

‘It’s a shame I couldn’t see the listing ceremony, but there’s nothing I can do.’

Claire said she would send me photos of her attending the listing ceremony as the head of the headquarters, along with Jerry Yang, David Filo, and Masayoshi Son, so I had to be satisfied with that. Despite my regret at not being able to attend the historic event, Park Tae-jin smiled and said to me,

“Our stake has decreased to 30 percent due to the new share offering, but since its value is $1.8 billion, I think the investment performance is sufficient, Director.”

Park Tae-jin seemed to think I wasn’t satisfied with the profit. I waved my hand and said to Park Tae-jin,

“The profit is sufficient. Our 15 percent stake in SoftBank has also increased to 100 billion yen. Let’s buy more SoftBank shares to bring it up to 25 percent.”

SoftBank still had plenty of investment value. The higher the yen-dollar exchange rate due to the Plaza Accord [an agreement between the governments of France, West Germany, Japan, the United States, and the United Kingdom, to depreciate the U.S. dollar in relation to the Japanese yen and German mark], the greater the exchange loss would be, but the stock price increase would yield such a huge profit that the exchange loss would seem trivial.

###

Not long after sending instructions to the US headquarters to increase our SoftBank stake, the headquarters sent the investment performance of the Cinema Fund.

“Hmm…”

After reviewing the report, Sun Hae-chul, Park Tae-jin, and I could only groan at the Cinema Fund’s dismal performance.

“What are we going to do? We lost everything on ‘Waterworld’ and ‘Cutthroat Island.'”

“That’s not all, Director. All the other works have either had their investment costs buried or barely broken even.”

Even Park Tae-jin looked at me with a slightly gloomy expression, but I was secretly overjoyed.

‘I feel bad for Henry, but there’s nothing I can do. Once ‘Mission: Impossible,’ ‘The Rock,’ and ‘Independence Day’ are released, it’ll quickly turn a profit, but it’ll become ambiguous…’

Henry had already said that he would only invest personal assets in the Cinema Fund. Investing at the company level was too unpredictable in terms of win rate and return on investment, so Henry’s tendency would be to see it as a small hobby rather than lose the trust of his clients.

###

After that, the news I had been waiting for arrived.

“Paramount and 20th Century Fox have requested additional investment in ‘Titanic.'”

“What are we going to do? Call? Or fold?”

Perhaps because of the internal damage he suffered from the last performance report, Sun Hae-chul looked like he didn’t want to do it. Park Tae-jin also looked at me with the same expression as Sun Hae-chul, but I smiled at them both.

“Call. And tell them that if they give us the distribution rights for Korea, China, Japan, plus Taiwan, we’ll cover the entire $100 million.”

“Hey!”

“Director!”

Sun Hae-chul and Park Tae-jin hurriedly cried out, trying to stop me, but my mind was made up.

‘How can I miss out on this jackpot?’

The reason I had always included the right of first refusal for additional investment in the movie investment contract was because of blockbuster-level works like ‘Titanic.’ If you catch one or two of these works, you’ve made your money for the year, haven’t you?

I immediately contacted Lee Myung-jin.

“Yes, Uncle. Actually, our company’s headquarters is planning to invest in a movie this time. Yes. The headquarters is really expecting it to be a big hit…”

Sun Hae-chul and Park Tae-jin stared at me with dumbfounded expressions as I brazenly told lie after lie.

[I need to help my nephew fill his performance. Would $10 million per person under the kids’ names be enough?]

“Yes, Uncle. Thank you, haha.”

Having secured investments of $10 million per person under the names of my three cousins, I called Jang Ha-yeon and repeated what I had said to Lee Myung-jin.

[You know I can’t stand to see my boyfriend lose face, right? I’ll give you $20 million, hehe.]

“Thank you, Noona [term used by a male to address an older female he is close to], I love you.”

Sun Hae-chul pretended to gag at our cheesy phone call and looked at me, while Park Tae-jin shook his head as if he couldn’t bear to watch. After hanging up, I said to Sun Hae-chul,

“Tell Henry to invest $20 million as well. I’ll guarantee all the losses.”

“Really?”

Despite Sun Hae-chul’s dubious gaze, I showed full confidence and said,

“Of course, Uncle. You and Hyung [term used by a male to address an older male he is close to] should also invest $5 million each in domestic accounts, hehe.”

Sun Hae-chul and Park Tae-jin sighed as they looked at me.

“Okay. Since the owner will guarantee the losses, I’ll entrust it to you.”

“…I understand, Director.”

Everyone thinks I’m crazy now, but what kind of reaction will they show when it’s time to settle the profits?

###

In addition, I was taking care of the US headquarters’ work from the Korean branch office in Seoul, such as reviewing other managed assets, and it became early June.

[SH Asset Development Launched. Shinsung Group-Haedong Group to Become the Largest Landowners in Yeongdeungpo]

[SH Asset Development, which was launched on May 31, has effectively taken over the reins of the Yeongdeungpo redevelopment project by purchasing all the land acquired by the government. As a result, the two groups will use the joint venture as a basis for their respective construction affiliates, Haedong Construction and Shinsung Corporation’s construction division…]

I folded the newspaper, having no reason to read further, and placed it on one side of the desk.

The Yeongdeungpo redevelopment project spent 300 billion won just on land acquisition, and it will cost about 1 trillion won just to build the buildings as planned. Shinsung Corporation no longer has the financial capacity to invest in resource development projects.

“Uncle, when will the acquisition of North Limited shares be completed?”

Sun Hae-chul looked up from the monitor and looked at me.

“It’ll be done by the end of this month. Your father-in-law, the Chairman, will be shocked when he hears the acquisition announcement, won’t he? Haha.”

Following Sun Hae-chul’s laughter, Park Tae-jin also opened his mouth.

“Shocked is an understatement. He’ll be furious because he’ll have to give up on the Hancock Prospecting investment, haha.”

And that’s not all.

It would be a bolt from the blue for Hancock Prospecting, located on the opposite side of the globe from Korea. Wouldn’t one of the suckers who would raise their value disappear?

Now that the competitor was gone, it seemed like a good idea to move in at this timing to secure the Hope Downs and Roy Hill mine shares and acquire North Limited as well.

Having organized my thoughts, I asked the two of them,

“How about taking care of Hope Downs and Roy Hill in one shot with North Limited?”

“What?”

“Doryeonnim [term of respect for a young master],?”

As expected, the voices of the two people rose. As expected, I calmly looked at the two and opened my mouth.

“We need to prevent Shinsung from even getting a foothold in the Australian business.”

Sun Hae-chul looked at me with a stiff expression and said,

“You’ll get sick if you swallow it all at once, you idiot. What are you going to do with a mine that you can’t even develop right now, even if you acquire it?”

“Hyung is right, Doryeonnim. To do that, you’ll have to use the funds of Haedong Corporation entrusted to Haedong Merchant Bank, which will reduce the exchange gains that Haedong Merchant Bank will receive in the future.”

The two were right, but I shook my head.

The current iron ore price is in the $16 per ton range, but thanks to the China-led commodity supercycle, it hit $160 per ton in 2011 before plummeting rapidly. Nevertheless, it rebounded from $60 per ton, so we only need to ‘hang in there’ for a few years.

“The money that Haedong Corporation entrusted to Triumph has already grown to $1 billion. The $1.4 billion USD account entrusted to Haedong Merchant Bank has grown to $1.6 billion. Besides that, we manage 1 trillion won plus $1 billion separately because of the letter of credit with the trading partners, right?”

“That’s true, but…”

I cut off Sun Hae-chul’s words, who was still reluctant even after emphasizing that there was no reason to be short of funds, and gave one more reason.

“If we’re going to eat the mine anyway, it’s better to take it now. If China across the sea gets bigger, it’ll suck up all the raw materials.”

When I pointed to the world map, specifically China, Sun Hae-chul looked at me and asked,

“How big do you think China will get?”

“In the next 30 years. I think it’ll rise to the point of threatening the US.”

“What?”

Sun Hae-chul burst out laughing as he looked at me.

“Hey, do you think that makes sense? Even if Chinese investment is increasing…”

“China has a population of 1.3 billion. Their zeal for education is even greater than ours, and the Chinese Communist Party is also focused on economic development. Wouldn’t such a country grow faster?”

Sun Hae-chul stopped laughing and groaned.

“Are you saying that the Miracle on the Han River [South Korea’s period of rapid economic growth from the 1960s to the late 1990s] will be repeated in China?”

“Yes. China will definitely become the second-in-command. Enough to threaten the number one, the United States.”

Considering the current economic gap between the US and China, it seemed like I was pushing it too far, but Sun Hae-chul nodded at my words.

“It’s uncertain whether China will grow as you say, but growth is a foregone conclusion. Of course, the demand for raw materials and prices will rise. And if Haedong Construction takes on the development of the mine infrastructure, the group won’t lose out either. What about you, Tae-jin?”

“If Doryeonnim supports the group with Standard Capital, there’s no reason to object.”

After hearing Park Tae-jin’s opinion, Sun Hae-chul asked,

“Are you going to do as Tae-jin says?”

“Yes. If it falters, I’ll have to inject my own money to save the group.”

Sun Hae-chul nodded when I answered without giving him a chance.

“Call. I’ll have to follow since the owner will take responsibility.”

“Thank you. Then, Uncle, please negotiate with Baekbu-nim [father-in-law].”

“Me?”

I said nonchalantly, looking at Sun Hae-chul, who pointed to his face.

“You’re the head of Standard Capital’s Korean branch. Would he believe me if I, a mere director, stepped in?”

“Okay. I have to earn my keep, hehe.”

Just as Sun Hae-chul was about to reach for the phone, the phone rang.

“Yes. …Baekbu-nim?”

Speak of the devil, it was Go Seung-ju’s call.

***

Going back a little.

Lee Dae-soo was having a private meeting with Go Seung-ju in his study.

“Are you sure?”

“Yes, Chairman. We’ve worked with the Minister of Trade, Industry and Energy, the Minister of Foreign Affairs, the Korean Ambassador to Australia, and the members of the relevant standing committees from both the ruling and opposition parties.”

Lee Dae-soo wore a satisfied smile at Go Seung-ju’s confident expression.

“That’s enough lubrication.”

Mergers and acquisitions targeting overseas conglomerates are more than just economic activities; they are political and diplomatic acts. Even if it’s company money, a large amount of foreign currency is exchanged, so the consent of the political and business circles is required for a quick resolution. Of course, that consent could only be obtained by giving ‘appropriate compensation.’

After hearing Go Seung-ju’s report that he had handed over ‘appropriate compensation’ with the cash collected from the Myeongdong lenders and resolved domestic issues, Lee Dae-soo pointed out another issue.

“What is the reaction of the Australian political and business circles?”

“According to Triumph Capital, they are favorable.”

Perhaps surprised by the report, Lee Dae-soo let out a low exclamation.

“Hoo… that’s unexpected. It’s a case of a domestic company being sold overseas.”

“It seems that they don’t care who the owner is as long as they pay their taxes well. They don’t seem to object because we’re acquiring North Limited, which is less than half the size of Rio Tinto, even if it’s not BHP [Broken Hill Proprietary], the industry leader, or Rio Tinto, the second-largest.”

Go Seung-ju’s reasoning was convincing enough. Politicians can sacrifice a perennial third-place company, a third-place company that is less than half the size of the second-place company, for the sake of increasing tax revenue and attracting foreign investment, can’t they?

“Now all we have to do is win over that stubborn old woman.”

Unlike Lee Dae-soo, who laughed heartily, Go Seung-ju didn’t even show a faint smile and remained silent.

“Why are you suddenly like that?”

“I have something to tell you about issuing bonds after paying Standard $800 million, Chairman.”

“Tell me.”

Carefully watching Lee Dae-soo’s reaction, Go Seung-ju opened his mouth.

“How about changing the order?”

“Change the order?”

“Yes. The $800 million that went into Standard Capital and will be invested again, I would like to receive the investment first and then use that money to buy the shares.”

Lee Dae-soo looked at Go Seung-ju with a serious expression.

“My friend, Sung-min begged and begged to bring that deal. But you’re saying we should get the money first?”

Even though Lee Dae-soo sent an unpleasant look at the shameless words, Go Seung-ju did not waver and slowly unfolded his intentions.

“If what I heard from Hae-chul is correct, Sung-min is a more talented person than I am at that company.”

“I guess so. Neither you nor I have ever earned that kind of money at once.”

“That’s why I’m telling you, Chairman. If it’s Sung-min, he’s a talent that Wall Street would be trying to take away, so we’ll be able to issue bonds first and then use that money to acquire the shares. That way, we won’t have to break the money we put in Haedong Merchant Bank.”

Lee Dae-soo’s eyes lit up at those words.

“Are you saying we need to put up an even thicker smokescreen? Even if it means mortgaging Sung-min to that company?”

“I’m sorry, Chairman. But if we use the money entrusted to the merchant bank and then refill it, other groups will be watching, and there will be noise about the profits that the merchant bank and the corporation will take.”

It’s one thing for other companies to issue bonds while hoarding money, but if Haedong Group did that, it would be enough to cross the line. Haven’t they always been hoarding cash like squirrels? No one would suspect it.

When Lee Dae-soo’s thoughts reached this point, he wore a sinister smile.

“You’re planning to make good use of my image.”

Go Seung-ju’s face turned red at those words. In this country, the chairman is the group, so isn’t that true? It was clearly his mistake.

“…I’m sorry, Chairman!”

When Go Seung-ju quickly got up from his seat and bowed, Lee Dae-soo laughed and waved his hand.

“It’s better to do as you say. If Sung-min is going to become a businessman, he has to learn once again that he can throw away that pride.”

Lee Dae-soo’s eyes, which had already regained their composure, shone very sharply. It wasn’t to blame him, but to focus on the plan that had just come to mind.

“Now that Hogan has also shaken off his hands, that old woman must be burning inside. Let’s take over that old woman’s mine shares all at once. The goal is 50 percent each.”

“Ch, Chairman?”

Go Seung-ju quickly regained his composure and said to Lee Dae-soo with a near-weeping expression.

“It’s hard to know how much it will cost to secure 50 percent of the Hope Downs and Roy Hill shares. We’ll have to break not only the money entrusted to Triumph Capital but also the money entrusted to Haedong Merchant Bank…”

“My friend, if we break that money, won’t we be deceiving the other guys? Even if we cut off an arm, it will grow back after the US presidential election.”

Go Seung-ju changed his expression at Lee Dae-soo’s sarcastic answer.

“Are you saying that the foreign exchange crisis will break out right after the US presidential election?”

“I think there’s a high possibility of that. Keep a close eye on the Hango Group. They’re at the level of a terminally ill cancer patient, so they’ll be the detonator.”

Go Seung-ju, who had been reluctant, nodded at Lee Dae-soo’s words. Isn’t the Hango Group, which looks fine on the outside, full of detonators that could cause a chain explosion in the Korean economy?

“I understand, Chairman. If there’s a foreign exchange gain problem, we can promote that we’ve tried to fulfill our responsibility to the depositors as the parent company of Haedong Merchant Bank.”

“You’re on the same wavelength as me. Let Bae Representative know first, and tell Hae-chul too.”

Lee Dae-soo looked at Go Seung-ju, who understood him perfectly, with a satisfied expression.