Chapter 137: What’s There to Swallow? We’re Maintaining a Strong Relationship with the Soonyang Department Store Group.

“Swallow what? We intend to maintain a strong relationship with the Soonyang Department Store Group. They’re a good client that will generate quite a bit of revenue for us going forward.”

Oh Se-hyun’s gaze instantly lost its intensity.

“That revenue is four trillion won? That’s absurd!” Jin Sang-ki shouted, his face still flushed with anger.

“Don’t just think about the cash in hand. Don’t forget that we’re a major shareholder in the HW Group conglomerate. We’re participating in the projects that President Jin Seo-yoon will be undertaking. We’re saying the combined value is ten times that. Our experts have already finished the calculations. We aren’t saying we want to break off the deal.”

I barely managed to suppress a laugh.

People in the investment business are fundamentally gamblers. And gamblers often cheat.

It sounds plausible, but it’s just nonsense being spewed right now.

My uncle wanted to argue, but the authority implied by the mention of ‘expert calculations’ silenced him.

“Chairman, if you’re uneasy about Soonyang Group’s shares being sold off, Jin Seo-yoon just needs to run her business well and pay off the debt. Or, make me a better offer. I’ll hand over the bonds.”

“A better offer?”

“If our HW Group could participate in Soonyang’s mid-to-long-term projects and make a lot of money… well….”

There’s no way the Soonyang Group, which even created a subsidiary for cleaning services to prevent money from leaking out, would include us in their mid-to-long-term projects.

Having confirmed it was a firm rejection, my uncle knew there was no reason to stay any longer.

“I understand Representative Oh’s intentions. I’ll go back and discuss it.”

Casting a cold glance, my uncle placed his hand on my shoulder as he stood.

“Come home sometime. Let’s have dinner.”

“Yes, I’ll visit soon.”

As Jin Sang-ki slammed the door shut and left the office, Oh Se-hyun scoffed.

“Your family is really something else. Look at that greed, not wanting to lose even a single thing.”

“Blood is thicker than water, isn’t it?”

I mumbled vaguely, but they weren’t acting out of greed. If Grandfather gave the okay, there are plenty of ways to take it all back.

What are their real intentions?

* * *

“That bastard isn’t a businessman. He’s not budging.”

“Not even if we offered an extra billion won?”

“He wants business deals, not money. He’s planning to stick a straw in us and suck us dry for the next ten years.”

“Oh Se-hyun said that himself?”

“Yeah, Do-jun heard it clearly too.”

“What did he say?”

“He didn’t say anything? Just stayed quiet.”

Oh Se-hyun even turned down a chance to make a huge amount of money in a short time. No matter how plausible the other reasons sound, it’s not typical behavior for the guys in Yeouido whose main game is quick profits.

Vice-chairman Jin Young-ki couldn’t just stand by and watch.

Whether Oh Se-hyun was an extension of Chairman Jin or a business partner of his young nephew could be decided later.

The first priority was to prevent some random guy from taking over the department store group.

He sought out Jin Dong-ki. He was a formidable foe, but they needed to join forces while dealing with this. It was right to take care of the annoying flies before meeting in the finals.

Jin Young-ki and Jin Dong-ki didn’t hesitate and rushed to the Soonyang Hotel.

“Oh my, what brings you two here? Together? You look so friendly.”

Jin Seo-yoon’s voice was deliberately loud as she looked at the two men entering side by side. Now that the assets were divided, there was no longer a connection to the Soonyang Group.

She was making it clear that they were only connected by blood and no longer had any reason to be mindful of each other.

“Looks like you’re doing well after ruining the company. You look great.”

Jin Young-ki made a disgruntled remark, but Jin Seo-yoon ignored him.

“If you’re here to pick a fight, just leave. That time has passed, hasn’t it?”

The two older brothers looked around the suite that had been converted into an office and plopped down on the sofa in the center.

“We’re not here to pick a fight, we came to find out what the hell you’re planning. Let’s have a frank conversation.”

Jin Dong-ki said calmly, but Jin Seo-yoon still looked annoyed.

“I’ll take care of my own business. Why are you so curious?”

“It’s about Oh Se-hyun. He’s not as trustworthy as you think.”

“Do you think I trust him? This is a deal. What’s there to trust?”

“Just a simple bond and debt relationship? Do you think Oh Se-hyun lent you money just to collect some interest? He’s a guy who turned down a billion won, you know?”

“What? A billion won? What are you talking about?”

After hearing the details from the two men, Jin Seo-yoon kept her mouth shut for a while, her face frozen.

“Do you understand now? He’s pretending to be a loan shark who seizes buildings after demanding interest and principal repayment on secured properties. You’re the one being played.”

“The construction for the first large-scale mart will start soon, right? What about the construction costs? There’s a mountain of expenses coming up. Can you handle it? If anything goes wrong even once, you’ll lose everything.”

As her two older brothers kept making ominous remarks, Jin Seo-yoon, who had been silent, finally spoke.

“So?”

“What? Still not getting it?”

“So you’re saying I left the frying pan and jumped into the fire?”

“You got it.”

Vice-chairman Jin Young-ki tossed out the words as if she were pathetic, but Jin Seo-yoon smiled brightly.

“No, it’s the opposite. I escaped the tiger’s den and met a wolf. Isn’t my luck better?”

They were taken aback by her comparing them to a tiger’s den, but they couldn’t say anything because of what Jin Seo-yoon said next.

“If you’re worried about Oh Se-hyun, my kind older brothers, show him you’re rabbits, not tigers. You said you offered Oh Se-hyun a billion won? You charge your younger sister high interest but offer astronomical sums to complete strangers? That’s ridiculous.”

Jin Seo-yoon gave her two older brothers the best option. From her perspective, of course.

“If you’re afraid I’ll lose the company, stop it with money. Lend me 500 billion won, adding a billion to the 400 billion. With interest rates half of what the bank charges. I’ll earn money and pay it back slowly. Then my older brothers won’t have anything to worry about, right?”

It was all perfectly reasonable, but the two older brothers just cleared their throats.

If they did as Jin Seo-yoon said, there would be no way to get the department store group back.

Once the recession passed and the economy recovered a bit, she would consolidate her position and pay off the borrowed money in an instant.

The moment the complete separation of subsidiaries was finalized, Jin Young-ki and Jin Dong-ki would only be registered as VVIP customers of the department store and hotel, and nothing more could be expected.

When her older brothers closed their mouths and said nothing, Jin Seo-yoon just scoffed.

“Father gave this to his only daughter, who’s fifty years old, to make a living. Are you that envious? Why? Do your wives nag you every night to bring back the department store? Just tell them to go shopping. I’ll give them huge discounts on every new item, so don’t worry about money. Got it?”

The brothers left the hotel after being thoroughly outmaneuvered by their younger sister.

“That damn bitch.”

Pretending not to hear Jin Young-ki’s curse, Jin Dong-ki said,

“That kid will keep making mistakes anyway. The opportunity will definitely come. Let’s wait a little longer.”

* * *

Around the time when the scorching heat seemed to be burning the city, Woosung Group’s financial creditor banks signed an amended agreement on financial structure improvement with Woosung Group. This was just a signal for the upcoming workout, and the business world was in shock.

Woosung had been aggressively pursuing acquisitions around the world even during the IMF crisis. As a result, by 1998, it had over 400 foreign subsidiaries and had overtaken the Soonyang Group, which was faltering due to the economic crisis, to become the second-largest conglomerate.

However, Woosung Group’s position was greatly shaken by the prolonged economic downturn and the contraction of the global market. Furthermore, its focus on expanding its business mainly in developing countries prevented it from overcoming its slump.

Since they focused on expanding their size, they were passive about the restructuring demanded by the government. They couldn’t give up their scale.

However, Woosung, which was suffering from a worsening financial crunch, even sold off its prime asset, the hotel, but by March 1999, its debt ratio was already well over 400%, making it difficult to recover.

In July, Woosung announced a high-intensity restructuring plan, but the creditor banks rejected it, and in August, the creditor banks’ pressure began.

Watching the news about the amended agreement between the creditor banks and Woosung Group, Grandfather clicked his tongue.

“Woosung Group is practically being dismantled.”

“Yeah. Woosung’s chairman said he’d liquidate all his personal assets and give up management rights, but it’s beyond their capabilities.”

“Now that a huge ox has fallen, everyone will rush to take a bite of its flesh.”

“What about you? Isn’t there any part you’re interested in? You have a lot of money. You still have about a trillion won in your account, right?”

“You shouldn’t look into other people’s bank accounts without permission. That’s a crime. Hehehe.”

“I don’t need to look at your bank account, I can figure it out. This old man’s brain hasn’t rusted yet.”

Grandfather seemed to have finished reviewing Woosung Group’s subsidiaries.

“Is there anything I can use my money for?”

“Woosung Shipbuilding & Marine Engineering. That’s worth something. Take a look at this.”

Grandfather tossed a data file onto the table.

“You know how to read this, right? That should be useful for getting your company in shape.”

In 1999, Korea began to enjoy a boom, surpassing Japan by about 20,000 CGT (Compensated Gross Tonnage) in terms of order backlog. Woosung Shipbuilding & Marine Engineering, a top-three company, would have achieved tremendous business results if it hadn’t been a subsidiary of Woosung Group.

The document file concluded that Woosung Shipbuilding & Marine Engineering, Woosung Corporation, and Woosung Securities were worth acquiring.

“I’m not thinking of just getting in shape. And I’m short on people more than money. Even if I acquire them, I don’t have the people to manage them.”

“I’ll lend you people.”

“People from Soonyang Heavy Industries?”

“There are talented people elsewhere too. The worry is not about a lack of people, but a lack of money, isn’t it?”

“I don’t know. I’m already struggling to plug the leaks in the companies I’ve acquired. I need to take care of those companies first….”

I knew there was another meaning hidden in Grandfather’s glare.

“Are you lending me money?”

“No. It’s difficult for Soonyang to acquire them. We’ve also made it known that we’re restructuring, and if we acquire another company, especially one that’s so large, the government won’t stand for it. Woosung Group’s creditor banks will also distance themselves from us.”

“So, you’re interested in Woosung, but realistically there are too many eyes watching? And your financial situation isn’t ideal either. Is that right?”

“That’s right. So, be our figurehead. Once things calm down, I’ll take it back.”

I understood what Grandfather wanted. Miracle would acquire Woosung Shipbuilding & Marine Engineering, and when the time was right, it would be transferred to Soonyang Group.

Soonyang Heavy Industries is in charge of the shipbuilding business, but it’s not the top in the industry. Daehyun Shipbuilding is dominant. But if Soonyang and Woosung combine, Daehyun will be pushed to second place.

What Grandfather wanted seemed simple, but there were some complicated issues involved.

The timing was the problem.

This wasn’t something that could be resolved in a month or two, but something that would take at least a few years….

Soonyang Heavy Industries was managed by the second son, Vice-chairman Jin Dong-ki. What if Grandfather wasn’t alive when Woosung Shipbuilding & Marine Engineering was transferred to Soonyang? The reins would be in the hands of Vice-chairman Jin Dong-ki.

Seeing me deep in thought, Grandfather said something unexpected.

“If you’re not comfortable with it, you don’t have to. It’s okay.”

His expression was very benevolent, but it was unlikely he meant it. He was the type of person who brought things up only after completing all the reviews and making a decision.

He must have already decided to take Woosung Shipbuilding & Marine Engineering… Something was off.

“Really, I don’t have to….”

Before I could say anything, Grandfather tossed another document file.

It was a copy of the contract between Miracle and Soonyang Department Store.

As soon as I saw the contract, I looked up at Grandfather’s face, which was full of smiles. Of course, that smile was a condescending sneer at me, who was inferior to him.

“…Of course not. I understand. I’ll do as you wish, Grandfather.”

I quickly nodded my head.

“Do-jun.”

“Yes.”

“I really like you.”

“I know that very well.”

“I mean I like that you understand everything without me having to explain it in detail. Hehehe.”

He was a beloved grandson, but I also really liked this resolute grandfather who didn’t hesitate to threaten me.