Chapter 130: Did the Uncle Go?

“Did your uncle leave?”

“Yes.”

Ascending to the second-floor study, I found the two of them deeply engrossed, a DMC map and a list of businesses spread out before them.

“Have you got a rough idea?”

“Since all the government organizations and associations like KOCCA, KOFIC, and KCC will be moving in, that’s settled. The remaining issue is getting the Chungmuro film companies and independent production houses to commit.”

Judging by Father’s expression, the outlook seemed promising.

“Chungmuro won’t be a problem, plenty of companies will follow us. The real headache is the broadcasting stations.”

“Aren’t the terrestrial broadcasters always a pain due to government policy? They’ve already announced the relocation of individual studios, so shouldn’t it be okay?”

“Governments change every five years. We can’t be certain until their new headquarters are actually built.”

I understood their concerns, yet I couldn’t bring myself to tell them to stop worrying. With the rise of cable and the creation of general programming channels, platforms would be overflowing. Only I felt this relaxed.

“There’s no need to rush too hastily. This is a project that will take years to complete, so media companies will also move in gradually over several years. But Father, have you considered acquiring DCN?”

“We have no problem securing films, so operations won’t be difficult. But the profits are still…”

“As I said, let’s not worry about profits for the time being. We have more than enough funds. Think of it as simply planting strong seeds.”

Father still looked uneasy, but Oh Se-hyun was different.

He knew very well just how much money he had stashed away in the US and Korea.

“Hey, take it when it’s offered. Even if that lousy cable broadcaster bleeds money, it’s like taking a few bowls out of the Han River.”

One? Not even close.

We need to aim higher from the start, establishing a foundation that can attract top talent.

“Let’s change ‘bowls’ to ‘large ships’. Movie, drama, game, and entertainment channels. Let’s start with that.”

“What? Four of them?”

“Father, you have no problem securing movie content, right? And take this opportunity to produce dramas and variety shows. Produce half directly and the other half can be reruns from terrestrial channels.”

If I pushed my hesitant father off a cliff, he’d have no choice but to find the momentum to fly. I needed to draw out his full, dormant potential.

“Between building an Asian film distribution network, running a film company, and now managing cable, you’ll be busy.”

Oh Se-hyun, understanding my intentions, didn’t miss the chance to support me.

“I’ll scout some talent from that industry too. Let’s create a proper media company this time.”

Watching Father’s face, a mix of excitement and anxiety like a student before an exam, both of us burst into laughter.

* * *

1999 was a year where the doomsday predictions of Nostradamus mixed with the hopes of the new millennium, fully revealing the emotions of the end of an era.

Our family was no different.

The atmosphere among the family gathered on New Year’s Day was subtly awkward.

“Happy New Year.”

“Stay healthy.”

Everyone exchanged greetings, but the absence of certain individuals was palpable.

Even the oblivious ones didn’t mention the names of the missing two.

Jin Young-jun’s exile hadn’t been lifted, and the family’s only son-in-law hadn’t come, perhaps not yet ready.

The gazes of the aunts directed at their sister-in-law, the aunt, were filled with thinly veiled displeasure, while the uncles showed signs of wariness.

Rumors had begun circulating within the group that Chairman Jin would generously compensate his daughter for the divorce, and concrete details about the commencement of the spin-off process had also surfaced.

If what my younger sister was taking was merely her dowry, we might be able to smile, but it was akin to pulling out a major support pillar, so the expressions of the male siblings couldn’t be good.

The cold atmosphere was so thick even at the tteokguk (rice cake soup) table that Grandfather barely took a few spoonfuls before putting down his spoon.

“If you’re somewhat full, you all come to the study. Eating like this will give us all indigestion.”

As Chairman Jin stood, his children also abruptly rose.

This feels like a bomb is about to drop.

# # #

Chairman Jin scanned his children gathered in the study before speaking.

“Today, I intend to make a significant announcement. Listen carefully, and don’t raise objections, even if you have them. This is a conclusion I’ve reached after careful consideration.”

Jin Seo-yoon tried to hide her nervousness from her older brothers, but she couldn’t help but swallow hard.

Finally, the day to take a bundle had arrived. She hoped and prayed that Soonyang Distribution would be in that bundle.

“First, Yoon-ki.”

“Yes.”

Jin Yun-ki’s name being called first surprised everyone, their eyes widening in disbelief. They were wary of the youngest getting a significant share.

“As you may already know, starting this year, you will officially be the chairman of Soonyang Medical Center and the director of Soonyang Human Resources Development Center. The legal procedures are already complete. Proceed with your inauguration as soon as the announcement is made to the press.”

Everyone knew this already, bringing a sense of relief, but they couldn’t fully relax. He might say more.

“The medical center is a profitable venture, enough for your family to live comfortably. As long as you don’t do anything foolish, it will continue to be so.”

The gazes softened. This seemed to be the declaration that the hospital was all he would receive.

“The human resources development center will receive ample funding from each subsidiary, so manage it well. Don’t think about making money there. Just operate it without running a deficit.”

Jin Yun-ki nodded expressionlessly. His mind was too occupied with the massive media company, the homework his son had given him, to focus on the hospital or the training center.

“Lastly, I’ll ask. I have no intention of giving you anything more… What do you say? Are you satisfied?”

Everyone’s eyes were fixed on Jin Yun-ki’s lips.

“If I say I’m not, will you give me more?”

His audacious question surprised everyone, but Chairman Jin only scoffed.

“No. Absolutely not.”

“Then you shouldn’t ask if I’m satisfied.”

Chairman Jin looked at his youngest son and chuckled. He was even impressed by how confident he had become.

“Judging by your lack of whining, you may have complaints, but you don’t intend to be greedy. That’s fine. You’re the best of the lot anyway, thanks to having such a capable son, you’ll live doing whatever you want, even without my help.”

With Jin Yun-ki’s share clearly defined, tension resurfaced. Whose turn would it be next?

“The department store, hotels, condos, and golf courses will be grouped together and completely spun off as Soonyang Distribution. The cross-shareholding will be severed, and any difference in value when exchanging shares will be settled with bonds.”

Jin Seo-yoon had to restrain herself from cheering. She had heard it clearly. Soonyang Distribution would become the parent company.

And then her name was called.

“This is yours, Seo-yoon.”

“Thank you, Father.”

Chairman Jin gestured with his hand as Jin Seo-yoon slightly bowed her head.

“It might not be something to be simply thankful for.”

“Yes?”

“In the process of bundling the distribution business, a lot of debt was incurred. You need to make money quickly and repay Soonyang Group. Since it’s a spin-off, there will be no leniency.”

Wasn’t debt the destiny of any corporation? Jin Seo-yoon didn’t care how much debt there was. No matter how much, wouldn’t she be able to handle the interest?

“Young-ki, Dong-ki.”

“Yes, Father.”

The two sons’ replies lacked energy.

Just now, one of the family’s main pillars had been removed.

“Make sure to collect the principal and interest without fail. Don’t show leniency just because she’s your sister, and don’t accommodate requests from friendly executives. Failing to collect what’s due is your responsibility. Remember that.”

Jin Seo-yoon’s lips protruded slightly.

That spiteful old geezer.

He had to tie everything down until the very end. And her older brothers were the creditors?

They would nitpick even more severely than loan sharks. If the interest was even slightly late, wouldn’t they demand shares instead of cash?

“Hak-jae.”

At Chairman Jin’s subtle nod, Lee Hak-jae circulated several documents.

“This is the current status of bonds for each subsidiary as of 1998. It summarizes the interest due at the end of this month for each subsidiary.”

Jin Seo-yoon’s jaw dropped at the numbers on the documents. Seeing his daughter’s shocked expression, Chairman Jin chuckled.

“If you don’t repay the money quickly, your brothers might put red stickers on the department store and hotels and take everything you have. Do good business and keep the debt collectors away.”

Chairman Jin ignored Jin Seo-yoon, who couldn’t even lift her head and was staring intently at the documents, and turned his gaze to his second son.

“Dong-ki.”

“Yes.”

“Starting this year, you’ll be the vice-chairman.”

He didn’t feel particularly moved or grateful. He knew from watching his older brother, Vice-chairman Jin Young-ki, that it was just a title.

“You will be in charge of the heavy industry, construction, and chemical sectors. You’ve managed them reasonably well so far, so it shouldn’t be too difficult.”

Just as he thought! All flash and no substance. Jin Dong-ki gritted his teeth, trying not to show his dissatisfaction.

“Yes, thank you, Chairman.”

Chairman Jin read the unspoken disappointment on his second son’s face and smirked. It was too soon to be disappointed, but that would be the final order.

“And Young-ki.”

“Yes.”

Vice-chairman Jin Young-ki replied apathetically, without much expectation.

“Young-ki, you’ll continue to be responsible for the electronics and logistics sectors, just like before.”

No expectations, no disappointment. Jin Young-ki simply nodded without any particular expression.

Chairman Jin looked at his two sons and slowly began to state the remaining decisions.

“Now, you two will have to act like true vice-chairmen. In the future, subsidiary presidents won’t need to see my face. Everything will proceed under your authority.”

Despite handing over all authority, neither the eldest nor the second son looked pleased.

Even though it sounded grand, all Vice-chairman Jin Young-ki was getting was the subsidiaries he was already ‘nominally’ responsible for. It was like he was being given a slight increase in decision-making power as a favor.

He should have been given more, yet he was barely maintaining the status quo!

The second son, President Jin Dong-ki, only felt more impatient.

Even combined, heavy industry, construction, and chemicals were only about 60% the size of the electronics sector. If he hadn’t made a decision yet, there might have been hope for more, but with this clear division, it seemed the chance to have more was gone.

Chairman Jin’s succession plan only amplified his two sons’ dissatisfaction.

“I’m saying this just in case. Make sure the subsidiary presidents don’t find you unreliable and come to me. If that happens, I’ll change that subsidiary to a professional management system altogether. Do you understand what I mean?”

It sounded like he could take back whatever he had given at any time.

The two sons gritted their teeth at their father’s ruthlessness, which didn’t allow them a single moment of complacency.

Conversely, the third son, Jin Sang-ki, listened to the entire conversation with a flushed expression.

There were still many subsidiaries that Chairman Jin hadn’t mentioned yet. Namely, the financial sector.

Soonyang Life Insurance, Soonyang Marine & Fire Insurance, Soonyang Securities, Soonyang Card, and even Soonyang Asset Management, which launched last year.

These were the hidden pillars of Soonyang Group, a vital force that acted as a savior with their immense financial power.

It was obvious that he would be in charge of this.

This would be a ‘fair’ distribution, leaving him with nothing to envy compared to his older brothers.

“Sang-ki.”

“Yes.”

“You will manage the school foundation, the welfare and cultural foundation, and all the other non-profit corporations. You also hold a significant amount of shares in the subsidiaries, so manage them well. Oh, and I’ve left the art museum. I need to let your mother have her hobby. You know, pretending to be European royalty while looking at art.”

What absurd nonsense was this? This was no different from telling him to remove his hands entirely from group management.