Chapter 133: Oh Se-hyun’s Calculated Move

Oh Se-hyun’s mind raced. He had already checked the land purchase and store construction costs. To calculate the profit margin, they’d have to leave it to the construction company’s executives.

“Taking it on isn’t a problem at all. In fact, I should be bowing my head in thanks. But I doubt you’re offering this for nothing.”

Oh Se-hyun sharply scrutinized his aunt’s face. Noticing her unease, his demeanor gradually shifted.

It seemed he intended to show who held the upper hand in this meeting.

“I should mention, in case you’re unaware, that these costs are quite generous. It’s an amount set before the spin-off… a form of funneling work, an internal transaction.”

“Then it’s even more suspicious, isn’t it? Why would you offer something this good…?”

He kept probing, feigning ignorance. He needed to hear a specific word from his aunt’s lips.

“Please, give me some breathing room. I need to escape this financial pressure, and this is the only way. I’m begging you.”

“You’re asking for this on credit, is that it?”

Finally, he heard the word ‘begging’ till the very end.

“I’ll make payments including interest from the start of business operations. In installments….”

His aunt pleaded with a forced, cutesy tone.

“Isn’t the contract already finalized? With Soonyang Construction?”

“I can handle that. I intend to protest them using money as leverage to tie up the contract. Besides, it’s a contract for internal dealings, so there won’t be any problems.”

If it were me, I would never start a new business venture.

The timing is too precise. Just when the department store manages to break even, another crisis will hit.

With signs of a slight economic recovery, rosy prospects were probably dancing in his aunt’s head right now. I was the only one who knew what was coming in a few years.

“Ultimately, there’s only one deciding factor, isn’t there? Since it’s a credit transaction, how much collateral should be secured? Or am I wrong?”

His aunt’s expression darkened.

“Really, I trusted in my relationship with Representative Oh… Collateral? That’s a bit unexpected.”

“If you borrow money from a friend and a bank simultaneously, you usually repay the bank first. That’s what trust is. Keeping possibilities open in your favor. Getting angry when things go against you, claiming betrayal. Trust? It crumbles easily in the face of money.”

Faced with Oh Se-hyun’s firm stance, his aunt was speechless.

“Uncle, let’s get started, shall we? How about we review these documents?”

At my subtle gesture, Oh Se-hyun gathered the papers.

“We’ll find a reasonable middle ground that won’t leave either of us feeling slighted. Well then….”

He left the rest to me.

As soon as Oh Se-hyun left the hotel room, his aunt’s frustration exploded.

“Who the hell is that guy? I’m trying to help him, and he acts like that!”

“He knows your weaknesses, Aunt.”

“What did you say?”

“He’s the type of person who can grasp a company’s entire situation with a single glance at the accounting ledger. He realized you’d be stripped of the department store shares before you even received them from Grandfather. Since he has nothing to lose, he’s acting so tough.”

His aunt gripped the sofa armrest tightly.

“Is it that hopeless?”

“The executives in charge of the department store and distribution finances know. They just can’t bring themselves to speak the truth because things are tough.”

“That damn old geezer….”

It bothered me that she was cursing Grandfather, but I understood. He’d given her a fortune, telling her to become independent, only for the wrapping paper to reveal a mountain of debt.

“Aunt, do you still not understand?”

“Understand what?”

I spoke calmly, trying to soothe my irritable aunt.

“This is Grandfather’s test. If you pass this, the department store group will be in your hands that very day. The essence of the business you’re in charge of is distribution, which is sensitive to the economy and relies on cash flow, right? He’s definitely testing that.”

My quick-witted aunt understood my meaning perfectly.

She pondered for a moment before asking for my opinion. I wanted to confirm her greed.

“If it were me, I’d postpone the large supermarket plan….”

“I told you, that’s not an option.”

“Then you need to start aggressively downsizing.”

“Downsizing?”

“Yes. Dispose of a few golf courses, and liquidate the less profitable condos. Leave the department store and hotel as symbols.”

Judging by her scowl as I spoke, she had no intention of downsizing.

Then again, it’s natural to be reluctant to shrink your assets, as it makes you look less impressive.

“Selling off assets for the time being is out of the question. That too will make me look incompetent.”

No, it’s a very logical and normal business practice.

When cash is tight, the priority is to sell off anything to secure funds. Grandfather would also rate that highly.

“You believe that the only solution is to pull funds from Miracle, don’t you, Aunt?”

“That’s the simplest way. Simple is best. You know?”

I wasn’t sure if pulling funds was the right move in this situation, but my aunt’s mind was made up.

“Do-jun, put in a good word for me with Representative Oh. My success is your success too. We’re partners in this, aren’t we?”

I had confirmed her greed, and now it was time to confirm her trust. Thankfully, she brought it up first.

“Aunt, be honest with me. Is our previous promise still valid? Is that what you mean by us being partners?”

My aunt was flustered and hesitated to answer. I knew it.

“It’s okay. I understand.”

My smiling nod seemed to fluster her even more.

“Understand? Understand what?”

“You’ll be separating the business and becoming the de facto owner by the end of this year at the latest, but my future is uncertain. There’s no guarantee I’ll receive the financial affiliates. In other words, you have cash, and I have promissory notes.”

“Y-yes? Oh, don’t misunderstand. It’s not that I don’t want to. Like you said, once both our inheritances are finalized cleanly, we’ll naturally join hands. It’s just that nothing’s confirmed yet, so I’m hesitant to give a definite answer.”

I fully understood my aunt’s intentions. She never really intended to join hands with me. Her only intention was to use me.

All I had to do was fuel this woman’s greed. She wouldn’t be satisfied with just the department store affiliates.

“But think carefully, Aunt.”

“About what?”

“If I end up with Soonyang’s financial affiliates, my stance might change. Even just Soonyang Life Insurance is worth more than everything you have. In that case, I might side with my uncle.”

My unexpected words startled my aunt again, but I ignored her and stood up.

“Anyway, I’ll try to talk to Representative Oh. This is a separate matter.”

* * *

A month had passed since I received my aunt’s proposal before things started to take shape.

Accountants had gathered and compiled a hefty stack of documents detailing the debts and cash flow of the Soonyang Distribution affiliates.

“The large supermarket construction is still under analysis at HW Construction. They’re complaining they don’t have the manpower, let alone the funds required. It seems all resources need to be poured into the DMC project.”

“Let’s look into subcontracting companies. In this economic downturn, it’s ridiculous to claim they don’t have enough manpower. More importantly, how much funding does my aunt need?”

Oh Se-hyun shook his head.

“They need to inject 400 billion won right now. Otherwise, they can’t handle the interest payments. All the profits from the department store and hotel will go straight to interest. Even a single month of poor sales could trigger defaults.”

“Grandfather went a bit too far.”

“There’s nothing more to check. This isn’t an inheritance; it’s a debt transfer. He loaded her up with the affiliates’ debts.”

“But for me, it’s an opportunity.”

“Why? To swallow the department store?”

“What you can’t buy with money is controlling shares of the Soonyang Group. Aren’t those shares only circulated within their own circle?”

“If you weren’t so fixated on Soonyang, you could start a better company with that money… No, never mind. Dreams aren’t something you can calculate with rational thinking.”

“It’s irrational now, but if I sit in the chairman’s seat of the Soonyang Group, everything will become rational. That position isn’t just a symbol of money; it’s a symbol of all power.”

Bill Gates is monitored by national authorities, but Chairman Jin Yang-cheol lines up national authorities at his command. Our grandfather’s position is more suitable for fulfilling ambitions.

“What do you want to do with that power?”

“I’ll think about that after I have it in my hands. Let’s provide the 400 billion won.”

The 1.6 trillion won I received after giving Grandfather $1 billion remains untouched. Even if the department store group is struggling, that’s more than enough to keep it afloat.

“The collateral will naturally be shares, right?”

“Of course. We’ll take shares of the parent company, Soonyang Distribution. We’ll have to calculate the share value, but our aunt is going to have a headache. Heh.”

Just as a joyful laugh escaped, a knock sounded on the door.

“Representative, you have a visitor?”

Oh Se-hyun’s eyes widened as he looked at the business card his secretary handed him.

“Huh? This guy…? Tell him to come in.”

As I subtly started to get up to give them space, Oh Se-hyun waved his hand.

“It’s alright. Stay here. He’s someone you should meet.”

The man who entered the room bowed deeply to Oh Se-hyun.

“Sunbae-nim. It’s been a while.”

“Wow… look who it is? Lee Sang-soo! What brings a successful venture capitalist like you here…?”

For a successful venture capitalist in his early forties, his appearance was shabby.

The collar and cuffs of his shirt were grimy, and his hair was disheveled, his beard scruffy. He looked like a fugitive.

Even Oh Se-hyun, who was shaking his hand, sensed something was off.

“But hey, what’s with the look? Is your business not doing well?”

“No, it’s just that I’ve been too busy lately…. I forgot to change my clothes before coming. I apologize.”

“No, being busy is a good thing. Especially when you’re so successful that you’re swamped….”

Lee Sang-soo’s gaze shifted to me.

“Ah, let me introduce you. This is a friend who works with me. Quite the talent, you might say? Haha.”

Lee Sang-soo extended his hand first.

“Jin Do-jun.”

His eyes changed.

“By any chance, are you with the Soonyang Group…?”

“Yes, I am.”

How did he know? Judging by Oh Se-hyun’s slightly surprised expression, he hadn’t mentioned me.

“I heard you’re still a university student….”

“This friend of mine is a bit of a slacker student. He spends more time here with me than at school. Haha.”

Oh Se-hyun said with a laugh, but his expression remained unchanged.

“I’ve heard rumors as well. That a remarkable talent has emerged from the Soonyang Group.”

“Rumors are circulating?”

Both Oh Se-hyun and I were taken aback. But thinking about it, I’d been in the spotlight a few times, so it would be stranger if rumors weren’t circulating.

“Yes. There are even whispers that the actual owner of Miracle Investment is the Soonyang Group and that Chairman’s grandson, Jin Do-jun, manages it.”

It’s because of the Soonyang Automobile acquisition. Nobody in this industry is unaware that Grandfather wouldn’t easily hand over a significant affiliate.

“It’s just a rumor. But I won’t deny it’s not bad for me if such rumors spread….”

Lee Sang-soo nodded and pulled out a business card.

「New Data Technology. CEO Lee Sang-soo.」

Ah, this is the person.

Along with Gold Bank, a living testament to the reality of Korean venture businesses. No, a person who will become a living testament in the future.

Gold Bank, with its idea of ‘giving cash for watching advertisements,’ was a leading figure in the venture boom of the late 1990s. Last October, it sparked the first venture craze on the KOSDAQ. New Data is a company creating an even stronger typhoon.

Gold Bank’s current share price has soared from a face value of 500 won to over 10,000 won. It’s the instigator of reckless investment. Flush with cash from the rising stock price, Gold Bank is now swaggering around, looking to acquire credit unions and professional basketball teams. It’ll all crash and burn next year anyway.

Lee Sang-soo is the CEO of a company that’s even more highly anticipated than Gold Bank.

Why has he appeared in such a disheveled state?