The Genius Grandson Of The Cash King Becomes A Tycoon [EN]: Chapter 67

#067

The two old men exchanged glances, their lips twitching slightly.

They were sizing each other up, each trying to gauge the other’s intentions.

Jeong-hoon, looking troubled, finally spoke. “Neither of you can handle this.”

As soon as the words left his mouth, Chairman Hwang drained his glass of makgeolli [Korean rice wine].

He wiped his lips with the back of his hand. “Then I’ll do it. Chairman Lee is too chicken, anyway. Driving the Cheonji Association out of Myeongdong… Aren’t you afraid of getting shanked [stabbed with a makeshift knife]?”

“It’s the 21st century, sir. A messy knife attack is more likely to bring the whole organization down.”

“That’s true. But what if they attack with money?”

“I’ll counter it with the money I have.”

Chairman Hwang’s eyebrows furrowed.

“How much can you possibly have at your age? Get a guarantee from Madam Hyeon.”

Chairman Hwang figured that with Hyeon Jeong-ok’s backing, they could withstand any financial assault from the Cheonji Association.

“I turned the 8 million dollars my father left me into 1.5 trillion won [approximately 1.1 billion USD] in two years.”

“What?”

It sounded unbelievable, but Jeong-hoon didn’t strike him as the type to spout nonsense.

He’s 20 years old and has 1.5 trillion won. Plus, he scored a perfect score on the college entrance exam and got into Seoul National University’s law school.

Hwang concluded that it probably wasn’t an exaggeration.

“Good. Then I don’t need Madam Hyeon’s guarantee. Instead, give me investment information that will increase my holdings more than tenfold. If not, I’ll take all the joint ventures with you.”

Chairman Hwang’s eyes gleamed with avarice.

Well, he wouldn’t have become one of the Myeongdong Four Kings if he didn’t possess a healthy dose of greed.

Jeong-hoon carefully studied Chairman Hwang, weighing whether to accept his condition.

It was an undeniably unfavorable proposition.

Jeong-hoon pondered his options.

Should he give him a share of the mine to achieve that tenfold increase, or should he provide information on the shipbuilding company’s stock?

Which would be more advantageous in the long run?

He decided that leaking information about Youngsan Mipo Shipbuilding, a shipbuilding repair company and medium-sized ship manufacturer in Ulsan, would be the better choice.

At first, he had only considered investing in the company.

Youngsan Mipo Shipbuilding’s stock would rise fortyfold by 2007.

“Youngsan Mipo Shipbuilding’s stock is poised to skyrocket.”

“How do you know that?”

“You can tell by analyzing the flow of the economy. The shipbuilding industry is about to hit its low point and rebound.”

“Really?”

Hwang shot Jeong-hoon a suspicious look.

“Then I’ll invest in it.”

“Please invest more than 10 billion won [approximately 7.5 million USD].”

“What? 10 billion? Isn’t that a bit much?”

“I’m betting a loan company on you, sir. I believe you can risk about 10 billion won. You won’t be disappointed.”

Chairman Hwang picked up the yellow kettle and filled his bowl with makgeolli.

“Hehehe, Shinhwa Heavy Industries’ performance isn’t bad. And Shinhwa Securities is also showing high performance in the stock market. Is that all thanks to you?”

He emptied the glass in one gulp and handed it to Jeong-hoon.

“Okay, let’s do it. I’m curious to see how much you can make me.”

Chairman Lee looked disappointed that he had missed out on an opportunity with Jeong-hoon.

Chairman Bang also swallowed hard, hoping that a similar opportunity would come his way.

“Chairman Bang, please consider investing in our mine.”

“Mine?”

“I recently acquired a mining company in Daegu. It’s Shinhwa Development, and it holds mining rights in Goesan, Chungbuk province.”

Chairman Bang glanced at the TV and then back at Jeong-hoon.

“You, by any chance…?”

Jeong-hoon answered with a smile.

***

Rio Tinto, one of the world’s top three mining companies, is headquartered in Australia.

President Yoo Min-cheol greeted the Rio Tinto delegation that had arrived in Korea.

They were scheduled to spend a day in Seoul and then travel to Goesan.

“Hello? I’m Yoo Min-cheol, president of Shinhwa Development.”

“Yes, I’m Daniel.”

To Yoo Min-cheol’s polite greeting, Daniel, the head of the technology team, replied with a blank expression.

“We found significant amounts of vanadium and uranium even during our preliminary explorations.”

“It’s difficult to trust the samples sent from Korea. We’ll make a judgment after we secure our own samples.”

Rio Tinto technology team leader Daniel’s voice was dry and dismissive.

“I understand. Then let’s go out and have a meal. We’ve prepared some excellent Korean food.”

“No. I don’t like smelly food. I want to rest a little. Please take me to the hotel.”

Daniel treated President Yoo Min-cheol like a tour guide.

He ignored him as if he were a subordinate, even though he was a potential partner in a major contract.

Technology team leader Daniel thought about the numbers sent by Shinhwa Development.

In truth, he found them hard to believe.

Even China’s top mine in terms of reserves didn’t boast that level of mineral content.

So, he assumed that the figures were largely exaggerated, as was common with other companies.

However, it was crucial to secure a supply of vanadium, which was projected to continue rising in price in the future.

Therefore, despite his skepticism about the numbers, he had decided to visit the site.

“Have you already secured the exploration permit?”

“Of course.”

President Yoo Min-cheol took out a sample from his bag.

“Daniel, this is a sample we secured ourselves. I anticipated that you might not trust the numbers, so I prepared it separately.”

“I’ll review it and let you know. I’m tired from the long flight. Let’s start in earnest tomorrow.”

“I understand. We’ve booked you an overnight stay in Seoul before we leave tomorrow.”

President Yoo Min-cheol guided the Rio Tinto group to the Shilla Hotel and then went to see Jeong-hoon.

“Young master, it’s me.”

“Yes. How’s the atmosphere?”

“He’s arrogant. Still, he’s one of the world’s top three mining companies, so he’s full of himself.”

“Hmph, a guy who can’t tell the difference between shit and Shinola [a now-obsolete brand of shoe polish, used to imply someone is easily fooled] has come. I’ll have to meet him tomorrow. If he came to the land of Eastern etiquette, he should be taught some manners.”

“Yes? What if things go wrong…?”

“Ahem, President Yoo. What is the purity of vanadium in our mine?”

“It’s the best in the world.”

“Then we’re the boss. Let’s act like the boss tomorrow.”

Unlike Yoon Jeong-hoon’s confident expression, Yoo Min-cheol was worried that things would go awry.

The next day, Jeong-hoon met Rio Tinto technology team leader Daniel at the Shilla Hotel coffee shop.

Daniel, who had come down to the coffee shop at Yoo Min-cheol’s request, made no attempt to hide his displeasure.

He wanted to drill quickly and return, but he was in a bad mood because of the unexpected meeting.

The major shareholder of a small mining development company.

He considered him to be on a completely different level from himself, the technology team leader of a global mining company.

“I’m Yoon Jeong-hoon.”

Daniel became even more displeased when he noticed that Jeong-hoon didn’t even bother to stand up to greet him.

“I’m Daniel. What’s the matter?”

“Is Rio Tinto one of the world’s top three mining companies?”

“Of course. Vale SA, BHP Billiton, and Rio Tinto are the top three mining companies.”

“Then you know that the sample we sent is exceptional, right?”

“That’s right, but there are usually a lot of exaggerated figures, so we have to verify it ourselves.”

“Really? Vale SA said they would sign a contract immediately, but Rio Tinto…?”

Daniel’s expression hardened at the mention of his competitor’s name.

“I trust you. That’s why I came here myself to verify it.”

Daniel’s voice softened. He lost his arrogance.

“Really? Our president told me yesterday that you were very arrogant and didn’t seem to have any intention of signing a contract.”

Jeong-hoon snapped.

Startled, Daniel lowered his head.

The Japanese apology came to mind [referencing the Japanese custom of bowing deeply to express sincere apology].

“I’m sorry. I made a mistake.”

Daniel stood up from his seat and bowed deeply.

He maintained his posture, waiting for Jeong-hoon’s response.

If this contract fell through, it would be a major blow to his career.

The indicators were unbelievably good.

If they were accurate, he had to secure this contract, no matter the cost.

From the confident expression of the man named Yoon Jeong-hoon, he realized that the unbelievable numbers he had seen were likely true.

It was a contract he had to make, no matter what.

“Well, I don’t think I’m the one you should be apologizing to.”

Jeong-hoon gestured towards Yoo Min-cheol, who was entering the hotel coffee shop.

“Young master.”

Daniel, straightening up, turned to Yoo Min-cheol.

“I’m sorry for my behavior yesterday. Please forgive me.”

Yoo Min-cheol was dumbfounded.

This wasn’t the same man who had been so full of himself yesterday.

“Then please take care of things. I’ll be going now. Ah, President Yoo, you must make him pay the price for his rude behavior. You can’t just let it go because it’s good for business.”

“I understand, young master. I’ll do my best.”

Yoo Min-cheol’s mouth hung open.

Daniel was still bowing and begging for forgiveness.

Yoo Min-cheol understood Jeong-hoon’s intention perfectly.

He imagined how he would treat the man named Daniel.

Today, he was the boss.

***

Jeong-hoon traveled to Ulsan with Kwon Young-soo, president of Shinhwa Securities, where Youngsan Mipo Shipbuilding was located. While driving, he received a report on the securities company’s performance from President Kwon Young-soo.

Thanks to the few stocks that Jeong-hoon had recommended from time to time, Kwon Young-soo said that they were on track to achieve first place in the industry this year.

They were also continuously investing in overseas blue-chip stocks.

In particular, they were steadily increasing their investments in IT giants such as Apple and Amazon.

“So, you’ll achieve first place in the industry this year?”

“Yes, it’s highly likely.”

“You’ve worked hard.”

Jeong-hoon closed his eyes and took a nap.

It was a long drive of about five hours to Ulsan.

In the car driven by Eun-soo.

There were only three men. In this situation, it was best to sleep.

Kwon Young-soo glanced at the sleeping Jeong-hoon.

Eun-soo glanced at him in the rearview mirror.

“What are you looking at, mister?”

“No, it’s nothing.”

“If you have something to say, I’ll tell him.”

“Ah, no. I’m just grateful.”

“Grateful for what?”

“In a way, I’m not the most qualified person to be president, but it’s all thanks to you, young master, that I got here. That’s why.”

Kwon Young-soo looked at the sleeping Jeong-hoon.

A man who gave opportunities to traitors and spies.

He wanted to repay his faith with outstanding performance.

He prayed that the investment in Youngsan Mipo Shipbuilding would go smoothly.

***

Next to Song Cheol-ho, who was gazing at the Ulsan sea, stood Jeong Mong-il, president of Youngsan Heavy Industries.

“Yoon Jeong-hoon is interested in Youngsan Shipbuilding?”

“Yes. He said he wants to invest.”

“Investment… The shipbuilding repair field has no future, right? It’s practically bankrupt, isn’t it?”

“That’s right. Youngsan Shipbuilding specializes in repairs, but its competitiveness is very weak due to China’s low-price competition. In fact, we’re sending our ships to China instead of Youngsan Shipbuilding.”

“Hmm, then hand it over to that guy this time.”

“Yes?”

“What are you so surprised about? Sell it to him at a low price. Do you think it’s easy to run a shipyard? He needs to be hit hard once. If he falls into a swamp, he’ll learn how difficult management can be.”

“Hehehe, your hobby is terrible.”

“What’s so terrible about it? If you think about what that guy did to me…”

Song Cheol-ho’s eyebrows twitched violently.

“Then we’ll take this opportunity to get rid of our bad debts. We’ll extract as many assets as possible.”

“That’s right. Isn’t this killing two birds with one stone?”

“That’s right. Yoon Jeong-hoon is happy to buy the company, and we’re happy to get rid of the bad debts.”

“Hahaha, then I’ll be on my way.”

“Yes. I’ll send you the slush fund [illegal or secret fund] you mentioned soon. The presidential election isn’t far off.”

“This time, we need to have a president who supports our Cheonji Association. There’s never been a time when that wasn’t the case.”

“Of course.”

“Then take care.”

Youngsan Heavy Industries President Jeong Mong-il bowed until Ilson Group Chairman Song Cheol-ho’s car disappeared from sight.

***

“I’m Yoon Jeong-hoon.”

“I’m Jeong Mong-il from Youngsan Heavy Industries. I heard you’re very interested in our subsidiary, Youngsan Mipo Shipbuilding.”

“Since I’ve come this far, I can’t deny my interest. I’ve decided that it’s an attractive company.”

“How much do you want to invest?”

Shinhwa Securities President Kwon Young-soo looked at Jeong-hoon.

He nodded.

“I want to secure 10 percent of the shares.”

Kwon Young-soo spoke up.

“That would make you the second-largest shareholder. Are you aiming for management control?”

Jeong-hoon stepped forward.

“Not now.”

“Not now… Then does that mean you might aim for it in the future?”

“Yes, I heard that the deficit has already exceeded tens of billions of won. If that’s the case next year, I’ll have no choice but to intervene in management.”

“Then do you think you can turn the company around if you intervene in management?”

“Of course.”

Jeong Mong-il smiled at Jeong-hoon’s confident face.

“I already know Shinhwa Group well. I know you’ve grown quite a bit by luckily winning the bid for Daehan Heavy Industries. People easily make mistakes. They mistake luck for skill. But it’s a different dimension from the monopolistic Shinhwa Heavy Industries. Strong labor unions, pressure on labor costs, competition with overseas companies… There are so many things to worry about.”

“Yes, that’s right. Now that I hear it, it’s clear that the current management team is incompetent.”

“What!”

Jeong Mong-il’s cheeks flushed at Yoon Jeong-hoon’s provocation.

“I’m just saying that the management team must be incompetent, considering there’s a deficit of tens of billions of won.”

“Then would you like to try running it yourself?”

“If the price is right, there’s no reason not to.”

He was starting to get caught up in Jeong-hoon’s game.

“Our current market capitalization is 50 billion won. How about 70 billion won including the management premium?”

“A company full of deficits, and it’s obvious that most of the core assets will be siphoned off before signing the contract, and you want 70 billion won?”

“What are you talking about? That’s not going to happen.”

“Well, it doesn’t matter. Assets that are not related to the core business can be bought with money. Still, 70 billion won is a bit too much.”

Yoon Jeong-hoon winked at Kwon Young-soo.

He took out the data from his bag and started reading.

“If new investments don’t come in this year, capital erosion is expected in early next year, and delisting is expected in the summer. This is the content simulated by our Shinhwa Securities.”

Jeong Mong-il looked embarrassed.

“Are you going to buy it or not?”

“You’ve practically ruined a healthy company. Then, Mr. President, would you like to make a bet with me?”

Yoon Jeong-hoon provoked Jeong Mong-il once again.

He threw out the bait to lure him in.

It’s someone else’s company now, full of deficits, but it’s a company that will soon lay golden eggs.

He had to catch that opportunity floating right in front of him.

He decided to take it for free.

Cash King’s Genius Grandson, Becoming a Chaebol.