Chapter 187: Episode 1: Completing the Deal

“Uncle, it’s been dragging on for two months. Shouldn’t we wrap it up now?”

“This was just right. Thanks to you, we navigated this transitional period smoothly.”

This referred to the tense power struggle among the brothers following Chairman Joo’s death, a period they had successfully weathered thanks to this deal.

“In that case, may I have the press release stating the deal fell through?”

“Of course. But, nephew.”

“Yes?”

“Who will end up with Soonyang Card?”

“It’s just staying within the family. Nothing for you to be concerned about, Uncle.”

I quickly poured cold water on Chairman Joo Kwang-shik’s obvious curiosity.

His interest wasn’t about who would own Soonyang Card.

It was about something harder to understand: selling a highly profitable company on credit.

Since explaining it was impossible anyway, I cut him off from the start.

“That’s right. I’m up to my neck in my own affairs, no need to worry about moving someone else’s furniture. Heh heh.”

Joo Kwang-shik tapped the table with his finger, a slight smile playing on his lips.

“Tomorrow, the media will be buzzing about this major deal falling apart. And there will be follow-up reports too… Keep an eye out.”

“Follow-up reports? What about?”

“Patience, my boy. You’ll find out tomorrow. Heh heh.”

Joo Kwang-shik left with that enigmatic smile.

The next day, news spread faster online than in the newspapers.

「Will Myungil Group’s Prime Card go to Daehyun Group?」

「Daehyun Group, who jumped into the Soonyang Card acquisition battle, was it a feint? Choosing Myungil Prime Card over Soonyang Card!」

「According to sources within the two groups… Acquisition is certain… Dramatic agreement on the sale price….」

「Myungil Prime Card, the lowest-ranked in the industry, taking flight under Daehyun Group’s wing?」

“Puhahaha. This is amazing….”

I couldn’t help but laugh.

It wasn’t a smokescreen to avoid the intense scrutiny of my older brothers. I had cast two fishing lines to cheaply acquire Myungil’s Prime Card.

I didn’t feel used. We simply used each other.

But I felt a little sorry for them.

Daehyun Group had gathered every talented individual in South Korea, yet their inability to see a step ahead was no different from the average person.

A business where you just lay the groundwork and then rake in the money.

That wasn’t wrong.

Like everything else in the world, it temporarily sinks to the bottom before floating back up.

When it’s at the bottom, I should include acquiring Prime Card, which Daehyun has taken over, in my plans.

Combining Soonyang’s and Daehyun’s card businesses would make us number one in the industry…?

Before that, I need to deal with this constantly ringing phone!

* * *

My uncle, Vice-chairman Jin Young-gi, had an enormous sense of pride.

He probably couldn’t bring himself to engage in a give-and-take negotiation with his youngest nephew, so he kept sending his son.

The problem was that his son wasn’t a particularly skilled negotiator.

“Cut the crap and tell me the price! They’re offering 1.4 trillion won plus 200 billion, right? Either way, Daehyun screwed you over and backed out. No matter how many bonds you have, your father can’t raise that kind of money.”

“Hyung-nim, don’t worry about the gold and jewels piled up in someone else’s vault. I’ve heard your conclusion; I’ll think about it.”

“Is this something you even need to think about? It’s 200 billion won!”

Jin Young-jun shouted, his face contorted in a scowl.

“You’re underestimating Vice-chairman Jin Dong-gi. He can certainly handle 200 billion won.”

“What? They really offered 200 billion?”

“Even if we’re family, there are professional ethics to uphold. I can’t reveal the negotiation details of other parties.”

“Hey!”

That temper of his, resorting to shouting when things don’t go his way. Will he improve in about ten years?

“I said I’d think about it. You know this isn’t a decision I can make alone. I need to hear the opinions of the presidents of the financial subsidiaries… Especially the executives at the card company. I can’t ignore their thoughts.”

“What nonsense are you spouting? If you decide, they’ll follow. That’s how we work! Choosing and deciding is our job; their duty is to handle the aftermath!”

“My ears are fine, please stop shouting. Anyway, I need to think and listen to opinions.”

After sending Jin Young-jun away, he kept visiting almost every day, shouting, threatening, and then trying to appease me with friendly words.

This highlighted the significant difference between the two uncles, Jin Dong-gi and Jin Young-gi.

One relies solely on pushing through.

In gambling terms, an all-in style.

Constantly throwing money until the opponent gives up.

The other carefully considers his opponent’s hand. And then presents the card most likely to entice them.

Vice-chairman Jin Dong-gi is more suited to be the captain of Soonyang.

He’s more cautious and knows how to use his wits. He also has the boldness to put his prized possessions on the table for a deal.

So, I need to take him down first. Before he gains even more power.

* * *

“The bank agreed that our card company’s 600 billion won debt will be split between Soonyang Heavy Industries and Soonyang Construction.”

“The bonds are 100% Soonyang Heavy Industries, right?”

“Yes. A total of 800 billion won in bonds will be issued, maturing by the second half of 2003.”

“In stages?”

“Yes. 300 billion won each in September and October 2003, and 200 billion won in November. And the interest rate is fixed at 6%. Considering the current market interest rate of 4.25%, it’s not excessive.”

Vice President Jang Do-hyung’s face was filled with regret.

The terms were so favorable that he would have wanted to acquire Soonyang Card himself if he were qualified.

Jang Do-hyung constantly showed curiosity about any potential backroom deals between me and Vice-chairman Jin Dong-gi, but he wasn’t close enough for me to reveal the 100 billion won slush fund, so I pretended not to notice.

“That’s fine. Since we’re family, I wasn’t too demanding. But make sure the joint agreement is prepared meticulously. The details need to be extremely thorough, leaving no room for oversight.”

“Yes. But, Chief of staff.”

“Yes?”

“Regarding the collateral. They keep trying to include Construction, not just Heavy Industries.”

“With 800 billion won in company stock as collateral, it must be a significant burden for the CEO of the operating company. I understand.”

A sudden increase in debt drastically lowers a company’s value. The result is immediately reflected in the stock price, which is the CEO’s responsibility.

But for me, Soonyang Heavy Industries stock, with its large shareholdings in subsidiaries, is more crucial.

“The debt is due to the card company acquisition, so it shouldn’t be negative news. Considering the current performance of the card company, it’s actually a positive. Emphasize that and don’t back down.”

“Understood.”

After giving the final instructions, I headed home. To have a private conversation with Oh Se-hyun about the 100 billion won slush fund.

Why did it have to be my place…

Oh Se-hyun’s insistence on seeing the bachelor pad I lived in was annoying, but I also wondered if it was because my father had bragged about the house so much.

“Wow, this is like… a stadium, a stadium.”

“It’s a gym. Not quite stadium-sized.”

“Tomato, tomahto, you old man.”

Oh Se-hyun playfully nudged my shoulder and began to thoroughly inspect the house, as if on a treasure hunt.

“First off, no signs of a woman. I thought there might be some lingerie lying around.”

“Why are you looking at me like that? I’m healthy.”

“Is this healthy? It’s sterile. What’s so lacking that keeps you alone all the time?”

Oh Se-hyun clicked his tongue and looked around one last time before his eyes lit up.

“What’s that? It looks familiar.”

He pointed to something in the corner.

“You know what it is, right? It’s a massage bed.”

“What? A massage?”

Seeing the lecherous gleam in his eyes, I sighed.

“What are you even thinking? You’re showing your age….”

“No, I’m asking why it’s in your house?”

“I hired a personal trainer and sports massage therapist. I need to think about my health, too. All I do is stare at the computer monitor or paperwork all day… I need to exercise. I do home training every other day.”

“Is that all? The massage… is it a woman?”

“Of course. The thought of some burly man’s hands all over my body is disgusting. Anyway, stop with the weird fantasies. The trainer is there too.”

After the word ‘woman,’ Oh Se-hyun barely listened to me.

“Wow, this is absolutely amazing. A masterpiece!”

He was speechless at the sight of the rooftop garden. This was a natural reaction. My father had been the same, and so had my mother.

I, too, had been speechless the moment I saw the completed garden.

“Come by whenever you have time. Having a drink up here has a certain charm.”

“You’re right, it makes me want to drink. How about we have a light one now?”

“Sure. I have a few bottles of wine I received as gifts.”

We sat in a small gazebo in the rooftop garden, raising our glasses.

“Is everything ready?”

“Yes. Only the final details need to be worked out. It should be done within the month.”

“What about the 100 billion won slush fund?”

“I heard it’s in Labuan, a federal territory of Malaysia. I need to go and transfer the accounts.”

“Can you trace the source of the funds?”

“That’s why. It’s not like that measly 100 billion is urgent. The goal is to get Vice-chairman Jin Dong-gi by the neck….”

Oh Se-hyun wet his lips with his drink.

“If you take black money without checking, you could become an accomplice later. Just in case, check the source, and as soon as you receive it, run it through several transactions to break the chain.”

“Is there a way to reverse-track it?”

“You need to get a hint. It’s almost certainly money siphoned off from Construction. Construction is practically a slush fund haven.”

“You mean the time of its creation?”

“Right. The money laundering banks in Labuan are tight-lipped. You won’t get anything even if you knock on their doors. If you give them the account number and the Authority card with the password, they’ll give you the money and delete the existing account. You can’t track when the money was collected.”

“So, it’s possible if I get a hint from my uncle?”

“We’ll have to see. Should we wring the neck of Soonyang Construction’s CFO?”

If the slush fund came from Construction, the people who know the details would be the CFO, a department head, or the general affairs manager.

It’s highly unlikely my uncle personally went back and forth to the bank.

Wringing the neck of someone who knows this secret.

Perhaps it’s possible…

“What are you thinking about? Do you have a good idea?”

“Ah, no. When I go to get the slush fund account, I’ll casually probe him. I need to get something out of it.”

“Right. No matter what, your uncle Jin Dong-gi has hit the jackpot this time, so he’ll be in a good mood. Try to pry something out of him.”

“Yes. I’ll give it a shot.”

Maybe there’s a way.

At that moment, Oh Se-hyun, who had been subtly watching me, cautiously opened his mouth.

“By the way, there are local elections next year. You know that, right?”

“Yes.”

“Jin Seo-yoon’s husband… what are you going to do about him?”

“Why? Did my uncle contact you?”

Oh Se-hyun frowned, looking slightly annoyed.

“He says he’s going to run again….”

“Does he… want money?”

“Yeah.”

“I’ll take care of it. Leave it to me, Uncle.”

“Are you sure?”

Oh Se-hyun’s eyes were full of concern. I knew the reason for his worry.

My uncle had played a significant role during the Sangam DMC project. He seemed to be demanding money using that as leverage, but he was barking up the wrong tree this time.

“Running requires getting the party’s nomination first. He won’t get the nomination this time.”

“Huh? Why not?”

“Just watch. A powerful figure whom my uncle can’t handle will emerge. I’ll make sure to act like I’m pushing him, maintaining a good relationship. So, don’t worry.”

“So, who is this powerful figure?”

“Take a close look at the list of those pardoned on Liberation Day, August 15th last year. He’s one of them.”

Oh Se-hyun blinked, as if trying to recall something.

He’ll remember soon enough.

The man who will become the 17th President of South Korea.