Chapter 170: The Power Behind the Throne

“Executive Director, who do you think holds the real power in Soonyang Group?”

“That would be Chief of Staff Lee Hak-jae. Isn’t he practically the Chairman’s right-hand man?”

“Then how does one become a person of influence?”

“Isn’t it about trust?”

“Trust?”

“Yes. The absolute trust of the powerful. Everyone else recognizes that.”

Kingmaker—an intriguing term.

Someone who wields power from the side of an absolute ruler, sometimes exerting even greater influence than those they serve.

But trust alone isn’t enough to become a true power broker.

“Executive Director, in my opinion, a true figure of influence is someone who can meet with the powerful at any time, discuss anything, and ensure that most of what they say comes to fruition through that powerful figure. Missing even one of these elements means they aren’t truly influential. So, is Chief of Staff Lee Hak-jae really a power broker?”

Executive Director Jang Do-hyung looked at me with a hint of disappointment before letting out a short sigh.

“You’re quite strict. Almost excessively so….”

“That’s not what I meant.”

“Huh?”

“Everyone in Soonyang Group believes Chief of Staff Lee Hak-jae is influential. Only Grandfather doesn’t see it that way. The important thing isn’t whether he actually is or isn’t.”

“Ah…! I see. If everyone believes he is….”

Executive Director Jang Do-hyung finally slapped his knee in understanding.

“Today’s meeting will give you more room to maneuver, Executive Director. Make the most of it.”

Executive Director Jang nodded, hesitantly beginning to speak.

“How do you come up with these ideas? Do you receive special guidance from the Chairman?”

“Well, there’s a saying: keep your eyes wide open and your ears perked, everyone can be a teacher. Haha.”

My nonsensical reply made Executive Director Jang chuckle in disbelief.

“Alright, enough with the jokes. Let’s review the documents.”

“Ah, yes.”

Executive Director Jang unfolded the prepared proposal.

It was a complex proposal, resembling a semiconductor circuit diagram.

“We need to integrate the IT systems of all subsidiaries first. This system will allow us to track daily status. We will prepare it so you can grasp the cash flow of all subsidiaries at a glance.”

“The critical part is analyzing the surplus funds. You know we need to know the exact operating period to manage the funds, right?”

“Yes. Ah, right… You’ll be using the funds to buy back company shares, correct?”

“That’s right. You know the current shareholding structure is unstable, don’t you? If the two Vice-chairmen aggressively buy up our subsidiaries’ stock, we’ll lose control of Soonyang Card and Soonyang Securities in an instant. Of course, Grandfather is watching, so they won’t openly buy, but they are definitely accumulating shares under the table.”

“We are also planning to gradually liquidate the real estate held by the subsidiaries. Considering future land price increases, it feels like a waste….”

“It’s alright. We can buy land again later, but once those shares are in Uncle’s hands, we’ll never get them back. Don’t dwell on it; convert them to shares.”

“Understood. But Chief of Staff,”

“Yes, go ahead.”

“Regarding Soonyang Card, you mentioned at the last subsidiaries’ presidents’ meeting that there were signs of risk…. Is that correct?”

“Yes. How did you know?”

“President Lee Min-seop returned to the company in a rage.”

Executive Director Jang avoided my gaze as he spoke, looking uncomfortable, as if he were tattling.

“That little bastard is using Grandfather’s influence to act high and mighty?”

“Something like that.”

He still avoided my eyes, seemingly embarrassed.

“You know my opinion. What’s yours, Executive Director? What do you think? Is the state of Soonyang Card acceptable?”

“To be honest, isn’t the credit card business fundamentally about playing with money? It’s making money off interest rates higher than the market rate. If we only focus on the recovery rate, we’re essentially denying the business itself. We have to consider a certain amount of irrecoverable debt. As receivables increase, so does the irrecoverable amount, but the interest and fees earned also increase. We can’t ignore this balance.”

Exactly.

The danger you least expect is the one that hits you hardest.

The IMF crisis proves that. But three years is enough time to forget. No one has sensed the approaching credit card crisis that will crash down like a tsunami.

“I see. Looks like I owe you an apology?”

“Pardon?”

“No, it’s nothing. Let’s do this instead. Focus the share buyback on Soonyang Securities. We don’t need to touch Soonyang Card. Instead, gradually transfer the shares of other subsidiaries held by Soonyang Card to Soonyang Life Insurance.”

Jang Do-hyung tilted his head, furrowing his brow.

“You haven’t changed your mind.”

“I can be a bit stubborn.”

“Then we need to adjust Soonyang Card’s policies.”

“No. Leave them as they are.”

To get Uncle to pour money into the soon-to-be-crippled Soonyang Card, someone needs to provoke him. Can President Lee Min-seop play that role? Or should I throw out some bait?

Executive Director Jang quietly observed me, his eyes filled with suspicion as I pondered.

“Let’s do this.”

“Yes.”

Once I organized my thoughts and came up with a viable plan, Executive Director Jang’s expression turned tense.

“Executive Director, casually mention to President Lee Min-seop that Jin Do-jun seems to dislike direct interaction and confrontation. It seems he prefers investments where he can just stare at a monitor.”

Executive Director Jang waited for me to finish.

“And add that he has a different opinion about Soonyang Card and seems to see it as a bothersome burden due to his negativity. Ask him what he thinks should be done… something like that….”

“Considering your actions so far, Chief of Staff, that sounds plausible, whether it’s true or not.”

“Right? The important thing is to make the other party believe it. If President Lee Min-seop believes this, how do you think he’ll react?”

“Well, if I were President Lee, I’d be furious.”

“Why is that?”

“Soonyang Card’s performance is currently exceptionally strong. But if the owner treats it like an unwanted stepchild, he wouldn’t be happy.”

“True. Especially if that owner is a greenhorn. His pride will be hurt. Then he’ll go looking for someone… it’s definitely not our Grandfather, right? No one can dare to oppose the Chairman’s decisions.”

Executive Director Jang’s expression changed completely. He seemed to have understood my intentions.

“Chi, Chief of Staff. Could it be?”

“Aside from Grandfather, the most powerful person is Vice-chairman Jin Young-ki.”

“Are you thinking of selling Soonyang Card?”

“Not selling, exchanging. We’ll pick a decent subsidiary from Uncle’s portfolio and swap it.”

“Chief of Staff, considering Soonyang Card’s current performance….”

“Is it a waste?”

“Of course.”

“Because it’s a valuable company, we can sell it for a high price. Now, find a comparable company in Vice-chairman Jin Young-ki’s portfolio. It doesn’t have to be perfect. As long as Uncle feels like he’s getting a good deal.”

Executive Director Jang’s face clearly showed his reluctance, which only reinforced my belief that this deal was possible. Furthermore, a company that generates cash flow would be incredibly helpful in securing shares for control of the group. It’s tempting.

“Proceed with transferring the subsidiary shares held by Soonyang Card as we discussed earlier.”

“Have you made up your mind?”

“Yes. But don’t feel too bad. Once something is in my grasp, I never let it go to someone else—be it money, a company, or a person….”

Executive Director Jang, realizing I was referring to him, offered a faint smile.

“Soonyang Card may leave my hands temporarily, but it will soon return. No, I’ll make sure it comes back.”

“What exactly are you planning…? Can you tell me?”

“It’s a difficult story to understand and accept. Just watch.”

* * *

“What? That’s what that little brat said?”

“Yes. To be honest, I thought Jin Do-jun was more than just an ordinary kid… but it turns out he’s just a stubborn fool who thinks he’s always right. A typical third-generation chaebol.”

“What on earth is his basis for thinking we’re failing?”

“Exactly. Isn’t he just spouting nonsense after reading a couple of books?”

“Damn it!”

Hearing such unpleasant news on his first day back at work after the New Year, President Lee Min-seop couldn’t help but curse.

“Executive Director Jang. What should we do about that punk? From what I see, he’s planning to make you his right-hand man?”

“I’m probably the easiest executive for him to handle. He’s choosing based on age. Aren’t the other subsidiary presidents older than his father, Jin Yun-ki? It’s probably difficult for him to order them around.”

Pacing around the president’s office, Lee Min-seop looked at Executive Director Jang and said,

“You’ve had a hard time catering to that kid’s ego. You can go now.”

“What are you planning to do?”

“I’ll take care of it. Go.”

“Yes, sir.”

Once Jang Do-hyung left, President Lee Min-seop picked up the receiver.

“Check Vice-chairman Jin Young-ki’s schedule. If he has time, tell him I’d like to meet.”

Putting down the receiver, President Lee bit his lip hard.

* * *

“My apologies for the late greeting, Vice-chairman.”

“Nonsense. I’m grateful you came all this way.”

Vice-chairman Jin Young-ki helped the bowing President Lee Min-seop to his feet.

“Everyone is busy visiting their own superiors for New Year’s greetings; they wouldn’t have time to worry about their neighbors. Don’t worry about it.”

The two men settled onto the sofa and exchanged brief New Year’s pleasantries.

“Um, Vice-chairman.”

“Yes?”

“Are you planning to just stand by and watch?”

“Huh? What do you mean?”

“I mean, are you going to let your young nephew take over the financial subsidiaries?”

“Now, why are you bringing up such heavy topics at the start of the New Year? Haha.”

His lips were smiling, but his eyes gleamed intently.

He needed to confirm the truth of the matter first.

“Did my nephew give our President Lee a hard time?”

President Lee Min-seop conveyed the information he’d received from Executive Director Jang verbatim. His tone was slightly more agitated, but he made an effort to deliver the information as factually as possible, without adding or subtracting anything.

“Hmm….”

Having heard the full story, Jin Young-ki’s mind raced. This could be an opportunity.

“So, my nephew isn’t keen on Soonyang Card?”

“Yes. I don’t know who told him what, but that’s the impression I got.”

“It’s probably because of my father.”

“Pardon? Are you referring to the Chairman?”

Jin Young-ki nodded.

“He was never fond of the credit card business. He scoffed at it, calling it a loan-sharking operation. He reluctantly started it because the world changed and credit cards became a necessity. Do-jun must have been influenced by that….”

“Ah….”

President Lee Min-seop initially thought Jin Do-jun was just showing off knowledge he’d picked up from the stock market when he mentioned poor performance and recovery rates.

But realizing it was merely the influence of an old-fashioned man who prized cash above all else, he felt even more infuriated.

“Is there anything else you can tell me? About our Do-jun?”

President Lee Min-seop couldn’t have been happier with Vice-chairman Jin Young-ki’s interest and eagerly spilled the beans.

“I think I’ve been wrong about him all along. I thought Do-jun was quite clever and had the makings of a good manager….”

“Wrong?”

“When he talked about separating ownership and management, responsible management, and how he, as the major shareholder, would only evaluate the professional managers, I thought he was just parroting Western ideas. But now I think he’s just lazy.”

“Lazy?”

“Yes. Think about it. He’s just a fresh university graduate. And the youngest. Would he be happy working alongside older adults like us? Moreover, he’s only learned about stock investing by staring at a monitor.”

President Lee Min-seop mixed what he’d heard from Jang Do-hyung with his own wishful thinking to fabricate a new reality.

The fact that Vice-chairman Jin Young-ki was listening so intently made him want to believe it even more.