The Conglomerate Family Became A Villain [EN]: Chapter 148

148. Uninvited Guest (2)

City Bank CEO Moses Mount addressed the City Bank executives, his voice grave.

“We are at a turning point in history.”

A turning point in history.

The City Bank executives held their breath. They had been successful, but had gradually lost ground to competitors for years.

“Our competitors are rushing to adopt the latest computer systems, preparing for the future with computer-printed passbooks and printer systems, moving away from paper passbooks and handwriting. But what about us? How ready are we for the 21st century?”

At Moses Mount’s question, the executives lowered their heads.

“Richard.”

CFO Richard looked up at Moses Mount’s call.

“Both quarterly and semi-annual profits are declining, and customer growth is insignificant.”

Moses Mount’s voice rose after his statement.

“What does this mean? We’re losing customers to our competitors. We can’t even retain our existing customers, let alone prepare for the 21st century.”

The City Bank executives remained silent.

“Aaron!”

The man called by Moses Mount swallowed hard.

“We’ve tried building a system several times this last quarter, but we’ve failed.”

Like Morgan Stanley, City Bank wanted to build its own network system.

But the results were poor.

“Is there room for improvement?”

“If you give me a little more time…”

Moses Mount interrupted Aaron.

“We can’t waste a year or two. We need the technology to catch up with our competitors now.”

He believed that without IT, they couldn’t win the 21st-century financial war.

“I’m sorry.”

Aaron bowed. Building a system like their competitors within a year was unlikely.

Moses Mount’s face hardened.

“Aaron, what’s the fastest way to build a system?”

He wanted to create a stock market system and a bank database.

“The fastest way is to outsource it to a company with the technology.”

In-house development couldn’t meet the deadline.

Moses Mount looked at the other executives.

“Does anyone have other opinions?”

No one did.

Moses Mount raised his right hand.

“Okay. Aaron, start looking for a company with the technology now.”

Aaron thought, ‘Finding a company with the technology isn’t hard.’

Persuading that company was the challenge.

* * *

Las Vegas.

Jung Hyun-woo visited CES [Consumer Electronics Show] again this year.

“It’s more vibrant than last year.”

Was it technological advances, or people’s interest in new technologies?

The number of participating companies and visitors had increased significantly.

“Are you sad Miss Hilton couldn’t come with you?”

Jung Hyun-woo shrugged at Anne’s question.

“I need time away from my sister.”

Anne knew Sarah and Jung Hyun-woo were close, but not siblings.

‘Maybe their relationship is more than sibling-like.’

At Victoria Corporation, they were inseparable.

“The CEO seems more interested in other booths than ours.”

Jung Hyun-woo raised his hand.

“I left our booth to Robert.”

Robert was in charge of Victoria Corporation’s booth. With Robert and Jung Hyun-woo at CES, Sarah stayed at headquarters in Boston.

Jung Hyun-woo looked at a crowded booth.

“That’s the hottest spot this year.”

Anne knew the booth’s highlight.

“Nintendo’s new game console is amazing.”

Jung Hyun-woo knew this year’s star.

‘This year’s main attraction is the NES [Nintendo Entertainment System].’

“The NES has overwhelming performance and cost-effectiveness.”

Anne knew Victoria Corporation was collaborating with Nintendo.

“Did the CEO decide to collaborate after seeing the NES?”

“Good things stand out.”

Instead of looking around the Nintendo booth, Jung Hyun-woo headed to the Apple booth.

Anne followed quickly.

“CEO, are you leaving?”

“Too many people?”

He didn’t want to wait in line.

“The Nintendo booth is always crowded.”

He’d have to wait to see the NES.

“It’s okay.”

Jung Hyun-woo didn’t need to see the NES.

‘I played it a lot in my past life.’

The old NES from a used store was his only friend until he got a computer.

“Are you sure?”

Anne thought Jung Hyun-woo was cold to the Nintendo booth.

‘He looked at other booths, but he’s skipping the most popular one.’

She didn’t understand.

“I’m okay.”

As Jung Hyun-woo sped up, a middle-aged man with black hair blocked him.

“Hyun-woo. Do you have time?”

Jung Hyun-woo recognized Shin Young-jin, president of Samjung Group.

“President Shin Young-jin?”

“You recognize me.”

“I see you every year.”

“Do you?”

Jung Hyun-woo hadn’t answered his question.

“I do.”

“Let me ask again. Can you spare time?”

Jung Hyun-woo asked.

“How much time?”

“30 minutes?”

“It’s not a simple story.”

“It’s not a story for a formal meeting.”

Jung Hyun-woo nodded.

“Okay. I can spare 30 minutes.”

“Thank you.”

President Shin Young-jin led Jung Hyun-woo to the staff lounge.

“There’s a place like this at CES.”

President Shin Young-jin offered chairs to Jung Hyun-woo and Anne.

“It’s a lounge for the staff.”

As Jung Hyun-woo and Anne sat, President Shin Young-jin leaned forward.

“First, I apologize for not recognizing the American IT tycoon.”

Jung Hyun-woo shrugged.

“I was too busy growing the company to be a tycoon until I met President Shin.”

“Really?”

“Really. Why would I lie to President Shin?”

President Shin Young-jin adjusted his posture.

“Then I misunderstood.”

He thought Jung Hyun-woo had been hiding his identity.

“The company is growing fast, so I’m out of my mind.”

Anne didn’t understand because they spoke Korean.

‘Can’t you speak English?’

She smiled awkwardly.

“There are rumors Victoria Corporation is going public, is that true?”

Jung Hyun-woo nodded.

“That’s right.”

“Hmm, Nasdaq?”

“It’s a New York Stock Exchange IPO, so I guess.”

“You mean it’s not certain.”

Jung Hyun-woo put his hands on the table.

“It’s 99% Nasdaq.”

“What about 1%?”

“An unexpected variable.”

President Shin Young-jin put his hands together.

“If the IPO is successful, you’ll be the richest man in Korea.”

Based on Forbes’ assets, Jung Hyun-woo was already the richest man in Korea.

“I was lucky.”

“Are you not returning to the Daewoon Group?”

“Not for now.”

“I see.”

Jung Hyun-woo sighed and asked.

“You’re not telling me the main point.”

President Shin Young-jin hadn’t appeared in person for trivial matters.

‘If President Shin stepped up, something’s happening.’

President Shin Young-jin said, hands together.

“You’re quick-witted.”

“Running a small company makes you quick-witted.”

Victoria Corporation’s expected market capitalization was larger than Samjung Group and Daeyun Group combined.

Considering the market capitalization, “small company” didn’t fit.

But compared to the companies he dealt with, it was small.

IBM, Bank of America, and JP Morgan were larger. Only Commodore was smaller.

President Shin Young-jin smiled faintly.

“Okay. Let me tell you the main point. Hyun-woo, please be on my side.”

Jung Hyun-woo doubted his ears.

‘Be on President Shin’s side?’

He didn’t understand. Was he asking him to support Samjung Group in negotiations?

‘Or is he asking me to contact the US government or the Republican Party?’

Samjung Group might need Republican Party connections like the Blue House [South Korean equivalent of the White House].

“What do you mean by being on President Shin’s side?”

President Shin Young-jin raised his hand.

“Samjung Group hasn’t decided on a successor.”

Jung Hyun-woo knew Shin Young-jin would become chairman.

‘Wasn’t President Shin already designated successor when he became president of Samjung Electronics?’

He tilted his head.

“Wasn’t Chairman Shin’s successor decided?”

“Because there’s an older brother.”

“Older brother?”

“Didn’t you know?”

The eldest son of Samjung Group that Jung Hyun-woo knew was President Shin Young-jin.

‘Did he have an older brother?’

He answered honestly.

“I didn’t know.”

“The eldest brother is in charge of the Middle East business as head of Samjung Construction.”

After the 1980s oil shock, Korean construction companies went to the Middle East for oil money.

Samjung Construction was one of them, aiming for road and port orders in Saudi Arabia.

“You mean if Samjung Construction wins a large Middle East order, the successor structure could change.”

President Shin Young-jin nodded.

“My fate and the group’s fate depend on the Middle East orders.”

Jung Hyun-woo smiled.

“Actually, that’s the case with us too.”

“Daewoon Group too?”

“My uncle became president of Daewoon Construction.”

President Shin Young-jin knew Daewoon Group Chairman Jung Woo-sun had two sons.

“You mean the successor will be decided depending on Daewoon Construction’s orders.”

“That’s right.”

Jung Hyun-woo thought, ‘Even if I’m on President Shin’s side, can I help him?’

Move Republican Party figures to interfere with Samjung Construction’s Middle East orders?

Unrealistic.

“If the situation is the same, it’s easier to explain.”

Jung Hyun-woo asked.

“When you say be on President Shin’s side… are you saying to interfere with Samjung Construction’s Middle East orders?”

President Shin Young-jin widened his eyes.

“N, no.”

He thought interfering with orders to win the succession fight was impossible.

“Oh dear, I misunderstood.”

President Shin Young-jin sighed.

“Hoo… I guess so.”

He looked anxious.

“President Shin.”

“Tell me.”

“It’s not hard to be on President Shin’s side. But I don’t think you can beat your brother just because I’m on President Shin’s side.”

Jung Hyun-woo wasn’t a Samjung Group member. Even if he supported Shin Young-jin, nothing would change.

“Hyun-woo, can’t you support Samjung Electronics?”

“Support Samjung Electronics?”

Around 2010, Samjung Electronics was among the world’s top 10 companies.

‘You’re asking me to support such a company?’

Jung Hyun-woo thought Shin Young-jin overestimated him.

“I’m not asking for money. Can’t you connect me with companies that want our DRAMs [Dynamic Random-Access Memory] or electronic products?”

Jung Hyun-woo realized what he wanted.

‘Secure a sales channel for DRAMs.’

Samjung Electronics was the third company to develop high-performance DRAMs.

But at the same price, they’d rather use proven Japanese DRAMs than unproven Samjung Electronics DRAMs.

‘Samjung Electronics’ DRAMs. It’s not easy.’

He could ask partner companies like IBM or Commodore to use Samjung Electronics’ DRAMs.

But they might not listen.

‘They can buy a small amount to show off, but a large amount will be difficult.’

President Shin Young-jin added.

“Hyun-woo, if you have a history of exporting to the United States, you can penetrate other countries’ markets.”

Jung Hyun-woo sighed.

“It’s not easy.”

“Please.”

President Shin Young-jin had been on a sales spree at CES, but couldn’t find a buyer.

He bowed his head.

“If you solve this, I’ll never forget your grace.”

Jung Hyun-woo knew President Shin Young-jin kept his word.

‘I can trust President Shin Young-jin.’

The problem was whether he could solve it.

‘DRAMs…’

A company’s name flashed through his mind.