Chapter 168: 10 Percent?
by xennovel“Ten percent?”
“Yes, Vice-chairman. We’ve secured the succession of four core affiliates and six related companies. Soonyang Life Insurance holds the controlling stake.”
Vice-chairman Jin Young-ki breathed a sigh of relief.
He had been on edge, as his father hadn’t shown this level of affection to any of his own children, but considering the affection his father had shown recently, it wasn’t entirely unexpected.
“Here’s the detailed breakdown of the shareholdings. Please review it.”
Jin Young-ki snatched the documents his secretary offered with a polite gesture.
Jin Young-ki: 36%
Jin Dong-ki: 33%
Miracle: 16%
Jin Do-jun: 10%
“The remaining five percent belongs to the executives?”
“That’s correct. There are 34 in total, with 21 retirees and 13 currently serving. The detailed list is on the following page.”
Vice-chairman Jin Young-ki scanned the list and frowned.
“Damn it… They’re all Dad’s loyal dogs.”
“Yes. Chairman is the only one who can reclaim those shares. However, he distributed them in recognition of their contributions, so he likely has no intention of taking them back.”
“Start contacting these people immediately… No. Let’s observe for a while longer. Stirring things up unnecessarily might reach Father’s ears.”
“Indeed. We have time, so it’s wise to proceed cautiously.”
Seeing Jin Young-ki’s composed demeanor, the secretary seemed relieved. It had happened just yesterday. If he were to call even one of the executives holding that 5% of the shares today, it would immediately reach Chairman Jin’s ears.
Wouldn’t he inevitably be berated as a frivolous fool?
“Keep a close watch on Dong-ki’s movements. Assign more people and report everyone he meets without missing a single one.”
“Yes, Vice-chairman.”
Jin Young-ki pictured Jin Do-jun’s face.
There was no need to snatch the shares that little rascal possessed. He could simply turn him into his loyal dog. Dogs thrived on their owner’s affection.
He would consistently present himself as a benevolent uncle, slowly bringing him into his fold. There was no need to rush.
With only 10% of the shares, he couldn’t do anything anyway.
* * *
“How many times have I told you that what I need isn’t the obvious shareholding structure? Is this all the Soonyang Group stock there is?”
Vice-chairman Jin Dong-ki threw the documents his chief of staff had handed him, shouting.
“Find out about every external institution and individual who could influence the group. Don’t you understand that if those bastards band together, every single Jin in Soonyang Group will be kicked out?”
“V-Vice-chairman, that’s…”
The chief of staff had no choice but to bear with Vice-chairman Jin Dong-ki’s agitated outburst.
Aren’t those shareholders who don’t exercise their voting rights anyway? Banks, investment firms, and public institutions holding massive shares in major Soonyang Group affiliates showed little interest in the group’s internal management control.
These institutions held Soonyang Group shares for reasons not much different from keeping money in a bank. It was part of their diversified investment strategy to park money in the stocks of large corporations, not to secure shares for management control.
The same went for individual shareholders.
Especially those who had held shares for a long time simply considered them part of their assets and had never exercised their voting rights to participate in management.
Currently, the variables were the executives’ shares, Miracle, and Jin Do-jun.
“What? Are you about to whine that it’s impossible to track down?”
“N-No, sir.”
“Listen closely. There are definitely shares distributed under nominee names. Don’t you know my father yet?”
Jin Dong-ki glared at his chief of staff as if he could kill him, but the gaze was actually directed at his father.
Chairman Jin’s lust for power far exceeded the dreams of ordinary humans. He was not the kind of person to relinquish that power until his last breath.
He must have held onto one last trump card to deliver a devastating blow. He must have hidden that trump card with institutions or individuals.
“Vice-chairman, frankly, the institutions will move according to Chairman’s wishes. At least for now. But those guys are like ghosts when it comes to sensing shifts in power. As you grow stronger, they will naturally support you.”
Jin Dong-ki met his chief of staff’s fiery gaze head-on. Seeing his tense expression as he tried to calm his agitated boss, Jin Dong-ki’s own agitation subsided.
“Thank you.”
“I apologize.”
The chief of staff felt the sincerity in Vice-chairman Jin Dong-ki’s simple words.
“Still, we need to identify the individual shareholders, right?”
“Yes. I will definitely identify the list of long-term holders.”
“Right. Ah, and there will be those under nominee names. So, people whose whereabouts are hard to track, for example…”
“We will focus on identifying those with unknown residences, immigrants, and long-term overseas residents.”
“Yes. Find them, no matter what.”
“Yes, sir. And Vice-chairman, shouldn’t we have some safety measures in place?”
“Safety measures?”
“Yes. I’m talking about your nephew, Jin Do-jun, and Miracle. In my opinion, the connection between these two shareholders is your younger brother, President Jin Yun-ki. If we maintain a good relationship with him…”
“Fifty-three percent! I am the owner of Soonyang Group.”
“That’s right. It’s no exaggeration to say that President Jin Yun-ki holds the key to the group’s future.”
“I can’t leave the reins in someone else’s hands, can I? Look into mobilizing funds from my companies to buy up the shares scattered in the market. I need to know how much we can secure.”
“Understood.”
As the chief of staff bowed and left, Jin Dong-ki picked up the phone receiver.
First, he needed to gauge his younger brother’s intentions.
* * *
Director Jin Sang-ki chain-smoked.
As Chairman Jin Yang-cheol’s third, legitimate son, he might not have felt this level of humiliation if he had been given even a few shoddy affiliates.
He hadn’t done anything particularly wrong, nor had he caused any trouble.
Even when looking at his children, wasn’t it obvious?
His son and daughter were more well-behaved than anyone else in this family, to the point where they wouldn’t even consider drunk driving.
Yet, he was completely sidelined, while his nephew, barely out of his childish phase, was given four core affiliates!
Strangely, this anger wasn’t directed at his nephew or his father.
Jin Sang-ki’s anger was directed at his older brother, Jin Young-ki.
“Damn it, I’ve been playing the lackey for too long.”
That was why he lacked presence.
He had no reason to talk to his father. His older brother took care of everything.
He had no reason to enter his father’s study.
His father never looked for him.
The result was the position of chairman of a foundation with no real money.
When he first became chairman, he had a sliver of hope.
He scoured the foundation’s assets, searching every nook and cranny, like a treasure hunt.
The hope that his father might have hidden shares there crumbled in less than a week.
All there was were meager scholarship funds for children.
Director Jin Sang-ki resolved that he would have to get what was rightfully his from his brother.
* * *
University life was over.
After finishing his final exams, he drove to fulfill the promise his father had repeatedly emphasized.
“I know you’d like to hang out with your friends now that exams are over. But we’re both too busy to always spend the end of the year together. So, let’s at least have dinner together as a family tonight.”
He must know I don’t have any friends to enjoy an end-of-semester party with, yet he phrased it this way to make sure I made time.
The dinner his father mentioned was at a building in Sangam-dong, and the top floor housed a rather fancy fusion restaurant.
“How did your exams go?”
Sang-joon hyung greeted me with a smile.
“As long as I don’t fail anything.”
“You’ve worked hard. Just graduation left now.”
Mother patted my back and made space for me.
Father, who arrived last, smiled brightly, seemingly because the whole family had gathered after a long time.
“Honey, what do you think of this place? Nice atmosphere, isn’t it?”
“It’s lovely. But why aren’t there any other customers? It’s a bit early, but… is business bad?”
“Heh heh. It opens on Christmas Eve. It’s not officially open yet.”
“Could it be…?”
As Mother tilted her head, Father held her hand tightly and said,
“It seemed like there weren’t any proper meeting places for the people involved in Sangam-dong, so I prepared this. In your name.”
“Pardon?”
“The general manager here is a capable person. I scouted him with a hefty sum, so you just need to show your face occasionally. Now that the kids are all grown up, you should have something to do, shouldn’t you?”
Wow! Our father is romantic?
“Congratulations, Mom.”
When Sang-joon hyung was the first to offer his congratulations, Mother’s puzzled expression turned bright.
“Alright, let’s eat. Let’s try the signature dishes and give our feedback. The chef studied properly in Italy and France, so it should be good.”
During the meal, Father didn’t mention the news of me inheriting Soonyang’s financial affiliates. It was definitely because of Mother.
Wasn’t she the one who desperately wanted our family to remain apart from Soonyang Group?
If she knew I had become the eye of the storm, she wouldn’t sleep a wink. Since the most serious topic wasn’t brought up, the family conversation was more harmonious and amicable than ever.
“Father, are you going to use this entire building?”
“Huh? How did you know?”
How could I not know? All the company names on the building lobby directory were Father’s companies. Moreover, the building’s name was ‘HYUN’.
Wasn’t that the ‘Hyun’ from my mother’s name, Lee Seo-hyun?
“Father, anyone who can read would know.”
Sang-joon hyung said with a laugh.
“Is that so? Haha. Oh Se-hyun grabbed my leg and wouldn’t let go. I got a good deal on the rent.”
“Are you switching to a holding company system?”
“Yes. I named it
Father looked at Mother affectionately as he spoke.
“How do you like seeing a building named after you?”
This is cringeworthy.
To act this childish in your fifties….
I must have inherited more of my mother’s temperament. I thought she would be delighted like a young girl, but she sighed instead.
“In front of the children… please keep it to a minimum.”
At Mother’s sharp look, Father quickly changed the subject.
“I plan to bring all the production companies, talent agencies, cable broadcasting, etc., here. Even the companies scattered in Gangnam. It’ll be easier to manage that way.”
It seemed he had deliberately timed it with my graduation.
Just as I was thinking of building a house in Sangam-dong for Father’s convenience, he brought up something unexpected.
“Now that Do-jun is graduating, how about you two move out of the house starting next year? Seeing my wife having to cook for you grown men pains my heart. Let’s stop overworking her and have you become independent.”
“Y-You!”
Mother, shocked, tried to stop Father, but he continued to speak with a smile.
“It’s alright. We can’t keep them with us forever. It’s natural for children to leave their parents’ nest when the time comes. Worrying about making a living is their problem, and we can now live as happily as we did when we were newlyweds.”
This was an order that couldn’t be more welcome.
“I’d like to downsize our house and move to a more suitable apartment, but with all the guests visiting, that’s difficult…”
“I’ll keep a suite at Soonyang Hotel vacant, so please visit occasionally and enjoy that newlywed feeling. Consider it a gift for my independence.”
“Wow, my son is so generous? I’ll gladly take you up on that. Haha.”
Despite Father’s hearty laughter, Sang-joon hyung, his head bowed, was just shoving food into his mouth.
“Sang-joon, lift your head. Did you commit a sin?”
He must feel like a criminal.
His younger brother was already handling enormous sums of money and had become his parents’ pride, while he, the older brother, was treated like a nuisance.