Chapter 446: It Must Be Around Here Somewhere

Police officers from Gyeonggi Police Station placed handcuffs on Seo Jae-hoon.

“Mr. Seo Jae-hoon, under Article 212 of the Criminal Procedure Act you’re under arrest without warrant as a murder suspect. You have the right to remain silent, anything you say can be used against you as evidence and you have the right to an attorney. You may also request a review of your arrest’s legality from the court.”

The officer recited the standard procedure mechanically before putting Seo Jae-hoon in the police car.

An Hyun-soo was also arrested on the spot while Han Ji-ho had to be taken to a nearby hospital by ambulance due to his hand injury.

After the police arrived Park Ji-hoon withdrew with the forces he’d brought.

“Hand over the recorder and head back first. You did well today.”

Lee Seong-jae reached out his hand but I couldn’t give him the original.

It wasn’t that I didn’t trust him but the recording needed post-processing.

“I’ll edit it first then send it to headquarters. Please take him in and transfer the case to headquarters Senior.”

“…Do we really have to send it to headquarters?”

Lee Seong-jae furrowed his brow asking if he wanted to wrap up this case himself.

“When has headquarters ever not taken a case like this? Things will only get more complicated if we try to hold onto it.”

“If you stepped in…”

It would be a lie to say handling such a big case wasn’t tempting.

Taking charge of a case involving Seo Jae-hoon would undoubtedly raise his standing.

But trying to swallow something too quickly was bound to cause indigestion.

“I know you want to handle this directly. But everything has its proper order right? This case should go to headquarters. I won’t forget your help this time though. So don’t be too greedy Senior.”

Lee Seong-jae cleared his throat embarrassed at having his intentions exposed.

Still being perceptive he didn’t press the matter further.

“Once the forensics team arrives they’ll need to look for Patrick’s cause of death and the clothes and gloves Seo Jae-hoon changed into. They must be around here somewhere.”

I needed to slip away. Lee Seong-jae nodded and made a phone call gesture with his hand.

“Alright. I’ll contact you separately later.”

“Thank you for today. I’ll properly thank you another time.”

After thanking Lee Seong-jae I got in the car with Manager Ma.

When we left the mountain road and entered the highway Manager Ma called out to me from the passenger seat.

“Boss.”

I opened my eyes which had been closed while organizing my thoughts.

Manager Ma had turned around his face etched with worry.

“Today was too dangerous. You could have been in serious danger Boss.”

I smiled at Manager Ma speaking in his rigid tone.

“I know. Sorry for worrying you. But it was good we contacted Commissioner Lee Seong-jae and General Park Ji-hoon when something felt off.”

“If they hadn’t arrived in time who knows what could have happened. Please don’t get personally involved in such dangerous situations Boss.”

With proper equipment Black Secret wouldn’t lose to a police SWAT team.

But in Korea they couldn’t openly use heavy weapons so they only carried pistols this time.

If the police SWAT team and Black Secret had clashed there would have been casualties on both sides.

They likely would have been overwhelmed before support arrived.

“I’ll keep that in mind. Everything turned out fine so don’t worry too much.”

“Understood.”

Manager Ma turned back around and I closed my eyes again.

I thought I’d feel only relief but my mind was complicated.

While the car moved smoothly forward my head remained frustratingly clouded.

* * *

[Exclusive] Il-seong Group Vice Chairman Seo Jae-hoon Arrested!

Seo Jae-hoon Vice Chairman of Il-seong Group one of the owner family members was arrested on the 23rd.

Unlike the occasional embezzlement or breach of trust crimes committed by chaebols he was arrested on site as a key suspect in a murder case.

At a time when incidents involving second and third generation chaebol heirs are becoming a social issue the arrest of Seo Jae-hoon who effectively leads Il-seong Group has shocked the business world.

Our paper will conduct an in-depth investigation and provide comprehensive coverage of this case.

The arrest article about Seo Jae-hoon on the front page of Goryeo Daily shocked people.

The impact was even greater since today was Ilseong Electronics’ shareholders meeting.

– Eva can you handle the wrap-up well?

“Yes Boss. Ah I’ve arrived. I’ll call after the shareholders meeting.”

Eva ended her call with Kim Mu-hyeok as she arrived at the underground parking lot of the Il-sung Building where the meeting was being held.

After getting out of her car she took the elevator to the 10th floor.

When Eva entered the conference room all eyes turned to her.

The murmuring crowd fell silent instantly.

Only the sound of Eva’s heels echoed through the quiet shareholders meeting room.

Moving very slowly yet confidently Eva sat in her designated seat at the front.

None of Ilseong Electronics’ executives had arrived yet.

Eva slightly lowered her head to check her watch then spoke quietly to Chairman Ha Myung-hoon beside her.

“Chairman Ha Myung-hoon there won’t be any variables today right?”

Ha Myung-hoon who had been talking to someone next to him turned and answered with a smile.

“How could there be any problems? We can’t lose even if we wanted to. Eva can’t you see the atmosphere here?”

As Ha Myung-hoon said a gloomy atmosphere hung over those who supported Il-seong Group.

“With Vice Chairman Seo Jae-hoon arrested even those with friendly shares look lost not knowing what to do.”

The proxy holders of Seo Jae-hoon’s friendly shares were visibly anxious and confused even before the shareholders meeting began.

They had no way to win now that Vice Chairman Seo Jae-hoon couldn’t attend.

All agenda items requiring special resolution from replacing the board of directors to changing articles of incorporation and replacing auditors were likely to pass.

Ordinary resolutions pass with majority votes from attending shareholders’ voting rights and more than 1/4 of listed shares.

Special resolutions like dismissing directors and auditors or changing articles of incorporation require 2/3 of attending shareholders’ voting rights and more than 1/3 of listed shares to pass.

Eva’s secured shares including friendly shares amounted to 48% of Ilseong Electronics’ listed shares.

This was scraped together with maximum effort. They couldn’t gather any more no matter how hard they tried.

The shares held by Seo Jae-hoon and Il-seong Group affiliates wouldn’t be released to the market anymore.

But their chances were sufficient. They just needed to maintain control from here.

“Once we take over the board it’s over.”

Ten minutes before the shareholders meeting Ilseong Electronics’ executives entered the meeting room.

The shadows of defeat already loomed on the faces of the executives as they took their seats on the platform.

As soon as the scheduled time arrived the doors to the shareholders meeting room closed.

Yoon Yong-seong President of Ilseong Electronics’ semiconductor division chaired the meeting.

The meeting began with reports on audit business operations and internal accounting management system operation status.

All businesses except semiconductors were profitable but the semiconductor division’s losses were staggeringly high.

Professional meeting attendants prepared by Kim Mu-hyeok questioned the semiconductor division during the Q&A session.

The hour-long questioning was enough to drain the spirits of the executives.

Eva signaled the meeting attendants with her eyes.

Only then did they stop their questioning.

Now the real show would begin.

“The first agenda item is the approval of the 21st term financial statements and consolidated financial statements.”

After completing the basic ordinary resolutions the special resolution items Eva had put on the agenda started coming up.

“The third agenda item is partial amendment of the articles of incorporation.”

Eva took issue with the unnecessarily large number of directors.

“This is to change the number of directors from the current 3 to 14 persons to 3 to 9 persons.”

After explaining the proposal Q&A and pro-con debates passed and voting began.

“We’ll proceed with the vote. Those in favor of this agenda please stand.”

All major shareholders sitting in front stood up.

Small shareholders started standing one by one following the flow.

Staff began counting the standing voters’ votes and soon the results came in.

“I announce that this agenda has passed with 77% of attending shareholders’ voting rights in favor.”

Next came an agenda item prepared by Seo Jae-hoon.

“The second part of the third agenda is regarding strengthening dismissal requirements in the articles of incorporation.

Eva’s lips curled upward.

This agenda item was Seo Jae-hoon’s trick to prevent board replacement.

“Currently director and auditor dismissal requires 1/3 of issued shares and 2/3 of shareholders meeting attendance voting rights. The main content is changing these articles proposing that dismissal require 3/4 of issued shares and 4/5 or more of attending shareholders’ voting rights. This is to strengthen director dismissal requirements to prevent hostile takeovers or mergers.”

It proposed changing director dismissal requirements from 33% of issued shares to 75% and attendance voting rights from 66% to 80%.

Representatives from other major companies let out bitter laughs. The increase was absurdly high.

Directors could be reappointed with ordinary resolution using shares secured by Seo Jae-hoon.

It showed his determination not to step down from the board.

“Those in favor please stand.”

All executives on the platform stood up.

But no one below the platform stood.

Even Seo Jae-hoon’s friendly shares didn’t stand.

No matter how friendly they were to Seo Jae-hoon they couldn’t approve an agenda that completely excluded shareholders’ rights.

There wasn’t even a need to count votes.

“…I announce that the second part of the third agenda has been rejected.”

Yoon Yong-seong sighed quietly so others couldn’t hear.

He hadn’t wanted to chair the shareholders meeting.

But the CEO expressed his intention not to attend and the board assigned him as chair.

‘Ah shit. Is this how it ends?’

Cursing inwardly Yoon Yong-seong raised the fourth agenda item.

“The fourth agenda item is regarding the dismissal of all directors on the board.”

Soon after voting proceeded.

Like before Eva and all major shareholders stood up and small shareholders joined in.

The results came in and Yoon Yong-seong closed his eyes dejectedly.

“Chairman! Continue the proceedings!”

An impatient meeting attendant stood up and started shouting.

Opening his closed eyes Yoon Yong-seong spoke into the microphone.

“I announce that the fourth agenda item regarding board dissolution has… passed.”

Bang bang bang.

Yoon Yong-seong tapped the gavel in his hand.

Hearing the crisp sound Eva clenched her fist.

Seo Jae-hoon’s board was dissolved.

The executives on the platform stood up and left the shareholders meeting room.

Jeers echoed through the shareholders meeting room.

After the losers left the atmosphere in the shareholders meeting room brightened considerably.

“As all directors have been dismissed we will elect new directors.”

It was time to select new owners. From now on it was the winners’ time.

All the internal directors external directors and audit committee members listed in the passed agenda were called.

They were appointed as new directors without any particular objection.

Finally Ilseong Electronics had completely fallen into Kim Mu-hyeok’s hands.

* * *

At the appointed time I headed to a Korean restaurant near police headquarters.

“Commissioner long time no see.”

“President Kim. It’s been a while.”

Police Commissioner Lee Ho-hyung who had been sitting rose to greet me.

As soon as we finished shaking hands and sat down I got straight to the point.

“I asked to meet today because of Vice Chairman Seo Jae-hoon.”

“Yes I received the report. But is it all true?”

Lee Ho-hyung asked in disbelief. Though he’d received reports he hadn’t seen the scene firsthand.

It must be hard to believe what Seo Jae-hoon did. I nodded firmly and answered decisively.

“Yes it’s all true.”

“Hmm.”

“The Seoul District Prosecutors’ Office has already started moving. Talk with Commissioner Lee Seong-jae and transfer it to Seoul headquarters.”

“Understood. But Il-seong Group’s legal team has moved. If an arrest warrant isn’t issued within 48 hours we’ll have to release him.”

I clicked my tongue inwardly. They’re unnecessarily quick.

Just then my phone in my pocket rang. I took out my phone checked the caller ID and smiled.

“Commissioner excuse me while I take this call.”

After getting Lee Ho-hyung’s permission I answered the phone.

– Boss! The shareholders meeting is over. We replaced the entire board with our people.

Joy was evident in Eva’s voice. She had reason to be happy having accomplished something long in preparation.

“Really? Good work.”

– We should have a drink today right?

“Alright. I’m out for an appointment right now. I’ll contact you later Eva.”

– Okay Boss! I’ll wait.

After ending the brief call I turned to Lee Ho-hyung with upturned lips and said.

“Sorry for the wait. It seems we’ve taken control of Ilseong Electronics.”

“Ah…”

Lee Ho-hyung’s eyes widened as he let out an exclamation.

“The arrest warrant will be issued soon. The prosecutors and court have finished all preparations and are standing by. Request the arrest warrant from the prosecutors as soon as custody is transferred to headquarters. It should be issued before tonight is over.”

* * *