Chapter 213: So?

“So? Who ended up with your shares?”

“My older brother, hyung-nim.”

“That’s a relief.”

Vice-chairman Jin Dong-gi blurted out, taken aback by Chairman Jin’s nonchalant remark, as if he were merely an observer.

“Father!”

“You idiot! Be grateful you didn’t lose out to some nobody. What if some random fool had taken over Soonyang’s shares?”

For their father, it was merely a difference between his left and right pockets. Jin Dong-gi needed to change his father’s mind.

“There’s still plenty of time to get them back.”

“Plenty of time, but not enough money?”

“Yes.”

“So? Don’t tell me you’re expecting me to cover that shortfall?”

“I apologize, Father. Please, just this once, help me.”

“I have no money.”

Chairman Jin brushed off his son’s words and continued walking. Jin Dong-gi trailed behind his father as he strolled through the garden, his insides burning. His last lifeline was about to snap.

“What did I say when I was reorganizing the group’s shares? I said I wouldn’t get involved even if you squandered it all, didn’t I?”

Jin Dong-gi’s lips twitched, but he bit back his words.

Not shares, money!

The money hadn’t been handed down yet. Even a toddler knew that trillions of won were stashed away somewhere across the sea. Just a fraction of that would solve his problems.

However, bringing up overseas slush funds was taboo. His pride wouldn’t allow him to beg for money like a spoiled brat.

“Ah, Father. I’m begging you. I won’t ask for money, so please, just make a call to the bank for me.”

“The bank? Go ahead and bleed them dry. My money….”

“That’s not what I mean. Please, just arrange a loan for me.”

Chairman Jin, who had been walking away, spun around, shouting.

“Absolutely not. The bank presidents in South Korea are walking on thin ice right now. The government is breathing down their necks, investigating them. Illegal loans are out of the question. And you don’t even have any collateral, do you?”

It was a pathetic excuse for a refusal.

He hadn’t even asked how Jin Dong-gi lost his shares. That meant he already knew everything.

Jin Dong-gi felt dizzy.

Chairman Jin called out to his son, his face contorted in a terrible expression.

“Dong-gi.”

“…Yes.”

“You’ve never really faced any hardship before, have you?”

He wasn’t sure how to respond. He’d been working at the company for almost thirty years. In his younger days, he’d swagger around, putting on airs, but once he matured, he discovered the joys of work.

How could he not have faced hardship during all that time?

But this wasn’t just hardship; it was a crisis. A crisis that could see him ousted from Soonyang Group.

“Father, even if I’ve walked the flower-strewn path you laid out for me, how could I not have faced difficult times?”

“I’m talking about life-threatening danger.”

That’s exactly what this is right now. Do you even need to ask?

He kept these words to himself.

He had lost the group shares that were as precious as his own life. If his older brother secured a majority stake, he would be kicked out of Soonyang Group’s headquarters. He would have to live like a ghost, barely breathing.

Chairman Jin sighed as he looked at his silent son.

“The saying ‘a crisis is also an opportunity’ isn’t just for show. Overcome this hurdle on your own. Then, your older brother, Young-gi, will falter.”

He understood the meaning, but he had no way to overcome this crisis.

Jin Dong-gi played his last card. He would throw everything he had into the pot.

“The only way to get through this crisis is to borrow money using all my remaining group shares as collateral.”

“Do as you see fit. That’s the only thing you have left that’s worth anything, isn’t it?”

The moment Chairman Jin spoke without a moment’s hesitation, Jin Dong-gi felt the blood drain from his face.

He had been abandoned.

His father had abandoned him.

He wasn’t talking about using subsidiary shares as collateral. He was talking about putting up his controlling stake in the group, yet his father hadn’t even blinked.

He knew very well that his father wouldn’t stand idly by while Soonyang’s controlling interest was used as collateral at a bank.

The moment his shares went to the bank, his father would reclaim them. And he would pass them on to someone else.

That someone else would be his older brother or his nephew.

Now, even his last resort was blocked.

Without a word, Jin Dong-gi bowed deeply and turned away.

Chairman Jin clicked his tongue as he watched his second son’s dejected figure retreat.

“He doesn’t even know who’s holding the knife to his throat, yet he tries to blackmail his own father. Tsk, tsk.”

* * *

The conference room in the government complex’s annex, completed in December of last year, had strictly limited access to a select few.

Today marked a critical juncture for the newly launched government’s decisions—whether they would succeed or fail. If today’s meeting didn’t go well, it would become a case study of failed policy for the next five years, if not forever.

Moreover, the business circles, sensing an opportunity, would decry the government’s inept response for toppling a healthy company and launch a counterattack.

Any future checks or sanctions would become impossible.

The government attendees, acutely aware of this fact—the Vice Minister of Economy and Finance, the Blue House Economic Chief of Staff, and the Director-General of the Financial Supervisory Service—wore solemn expressions.

Several middle-aged men were equally tense.

They were the creditors of Soonyang Card. The executives from financial companies and investment firms that had been responsible for Soonyang Card’s short-term liquidity regretted their slow response in pulling out and had been summoned to this meeting.

If the government’s coercive measures continued, their bonds would become worthless. However, they held onto a sliver of hope, directing hopeful gazes towards one of the meeting attendees.

The only person in the conference room who didn’t seem tense, wearing an expression as if he were engaging in casual conversation, was Oh Se-hyun, the CEO of Miracle.

Wasn’t he the savior of the business world, turning around failing companies and putting them back on track? His presence here was a clear hint at the government’s underlying plan.

“First of all, I’d like to thank everyone for coming on such short notice. I sincerely hope today’s meeting will be productive.”

“The business suspension for Soonyang Card is 18 hours away. The best outcome would be the cancellation of the suspension order, and the next best is minimizing the suspension period. And… the worst-case scenario is closure.”

As soon as the government officials finished speaking, Soonyang Card’s creditors began to voice their complaints.

“We trust that solutions for our tied-up funds have been prepared.”

“Frankly, shouldn’t we have been informed of such emergency measures beforehand, at least? This is just absurd.”

The Director-General of the Financial Services Commission, who had been listening to their grievances in silence, slowly began to speak.

“Even loan sharks prepare solid recovery plans when lending money. And yet, those of you here… representing Korea’s leading banks, you bought up short-term bonds just by trusting the Soonyang name, didn’t you?”

As the Director-General of the Policy Bureau spoke harshly, the faces of the financial executives hardened. The thought that there might not be any debt recovery plan in today’s measures suddenly dawned on them.

“When lending even ten million won to an ordinary person, you demand collateral and guarantors to ensure recovery, but you lent hundreds of billions based solely on credit. Is the government supposed to act as debt collectors for you?”

It was a statement that clearly showed the government’s firm resolve. If things came to worst, the financial sector would have to bear the brunt of the losses stemming from the Soonyang Card situation.

Suddenly, everyone fell silent and lowered their gazes politely. The financial executives’ attitudes shifted to one of simply awaiting their fate. The government wielded immense influence over personnel decisions in the financial sector; they had no choice.

“Alright, alright, there’ll be plenty of time for harsh words later. Let’s start by discussing the more hopeful aspects.”

The Blue House Economic Chief of Staff said, looking at Oh Se-hyun.

“What you need to decide within the next 18 hours are precisely two things. First, what to do with the delinquent consumers who can’t pay their credit card bills, and second, what recovery rate would satisfy the financial officials present here? Isn’t that right?”

Oh Se-hyun began to address the financial executives.

“If you’re asking me to cover all the short-term debt, I’ll stand up and leave. As the Director-General of the Policy Bureau mentioned earlier, those of you who threw money around just trusting the Soonyang name also need to take responsibility. That responsibility lies in the recovery rate.”

Oh Se-hyun paused for a moment and then smiled slyly.

“Think carefully before you speak. There will be no back-and-forth negotiation. I trust you all understand the government’s firm stance. If I refuse to acquire Soonyang Card, the short-term bonds you currently hold will become worthless. If you want to prevent such a catastrophe, you need to sway me.”

In the past, such remarks would have been met with a scoff and outright dismissal.

But everyone swallowed hard and exchanged glances.

The IMF crisis five years ago had left a clear lesson. Even banks thought to be impenetrable fortresses could fall due to external pressures.

Of course, the current amount of Soonyang Card’s short-term debt wouldn’t bring down a bank, but there were more challenges ahead. Failing card companies were waiting for them.

The same applied to investment firms, not just banks. Failing card companies were lining up, waiting their turn. Investors were already pulling out their funds. Reassuring them was the duty of the executives attending this meeting.

They all knew it. It was better to salvage even a little than to hold onto worthless scraps of paper.

The silence was broken as they began to speak.

“Representative Oh, before that, let me confirm one thing.”

“Yes, please ask anything.”

“Does your statement imply that you have secured the management rights of Soonyang Card?”

“I will decide based on the outcome of today’s meeting. If the results are satisfactory, I will buy up all the Soonyang Card sell orders flooding the stock market tomorrow. That will secure me 40% of the shares, making me the largest shareholder. Combining that with the shares held by the financial sector, I can secure management control immediately.”

Oh Se-hyun exuded confidence as he looked at everyone in the room.

“One more thing, if the results are good, I am willing to acquire the struggling Daehyun Card as well. I hope this fact will be of some help in your decision.”

Now, the criteria for determining the bond recovery rate had changed. If Miracle also acquired Daehyun Card, they could recover even more of the bonds that might otherwise become worthless.

“Please excuse us for a moment while we step out to make a decision.”

The financial executives bowed lightly and left the conference room.

As soon as they were gone, the Economic Chief of Staff, though his voice was low, unleashed the words he had been holding back like a waterfall.

“Representative Oh, is this true?”

“What are you referring to?”

“Haven’t you bought Soonyang Card’s shares yet? This is not what we agreed on.”

His face was already flushed red.

The Blue House didn’t want Soonyang Card’s business to be suspended.

Their plan was to resolve the bond issue today and then, in 18 hours, announce that the Soonyang Card crisis had been averted instead of announcing a business suspension. Wasn’t this the early stage of their administration, when positive evaluations were crucial?

The premise of today’s meeting was that Miracle would acquire Soonyang Card. But if Miracle hadn’t even secured management control, they had no right to be at this meeting.

“I’ve already secured 42%.”

“Ah…!”

“If Miracle has already acquired Soonyang Card, those people outside will refuse to budge.”

Oh Se-hyun gestured towards the door of the conference room.

“I will do my best to normalize the acquired card company, but I can’t bear all the losses alone. Those who recklessly poured money in also need to take responsibility. And responsibility, Chief of Staff…”

Oh Se-hyun looked at the Economic Chief of Staff, a smirk playing on his lips.

“Responsibility isn’t taken morally. It’s taken economically. Only when their money is on the line will they reflect and feel a sense of responsibility.”