Chapter 217: Power Play: Navigating Shifting Alliances and Family Intrigue

I rushed over the moment Vice-chairman Jin Young-gi summoned me. With Oh Se-hyun’s whirlwind visit, everyone would be doing their calculations.

They were likely still figuring out the extent of the damage and the exact changes in the shareholding structure… Surely, they wouldn’t demand the premium they paid me back?

Opening the door to the vice-chairman’s office, my eldest uncle greeted me with a bright smile.

“Welcome, Do-jun.”

Was it not about money? Still, in these situations, it’s better to take the initiative.

“Uncle, I apologize.”

As I bowed deeply, my uncle, understanding the unspoken meaning, straightened me up.

“Nonsense. What do you have to apologize for?”

Of course, he was the type who’d rather die than appear to lose face.

It seemed unlikely they’d ask for the money back.

“By rights, I should return everything except a reasonable premium…”

Stealing a glance, I saw a glint in my uncle’s eyes. His anticipation was growing. While forcibly taking back money would be beneath him, he wouldn’t refuse if offered.

“It was like pouring water into a bottomless pit. They said the money was immediately used to pay off short-term bonds for Life Insurance, Fire Insurance, and Capital. Apparently, foreign capital was pulling out, leaving them no choice…”

Disappointment clouded my uncle’s gaze, but his words said otherwise.

“It’s a relief it helped. When putting out a fire, why differentiate between companies? We’re family, helping each other out. It’s fine.”

Coming from the man who coldly turned away his brother asking for an urgent loan, it was ironic, but I nodded as if it were the most natural thing in the world.

“Thank you for your understanding.”

As I settled onto the edge of the sofa, my uncle got to the real reason for summoning me.

“The reason I called you here is about the shareholding structure.”

Shares?

Both uncles had reached out to Oh Se-hyun, but only Vice-chairman Jin Dong-gi had achieved partial success. At least he could keep his current position.

Having failed to secure the major shareholder Oh Se-hyun, were they trying to pull in my 10% as a fallback?

“Just hear me out first.”

“Yes, sir.”

“Your second eldest uncle and I have discussed it, and we’ve concluded that the current situation won’t do.”

“…….”

I had no choice but to listen to the end. What exactly wouldn’t do?

“Termites are eating away at the pillars of our family.”

“Are you referring to Representative Oh Se-hyun?”

“Yes. We’re still calculating the exact figures, but even roughly, his stake seems to be over 23%. Do you think that’s acceptable?”

“……”

Whether it was acceptable or not, I’d hear him out. What was his angle?

“If that guy gets any ideas, we could be in serious trouble.”

“What kind of ideas?”

“If Oh Se-hyun requests an extraordinary general meeting of shareholders, all of Soonyang’s subsidiaries will have to hold one. Moreover, he’s a financial expert. What if he demands to scrutinize Soonyang Group’s entire accounting books?”

Having the National Tax Service raid Soonyang Group would be preferable. We could pull strings, beg for leniency, and use the media to create a narrative of persecution against a major corporation.

But if the major shareholder came after us, it would become an internal matter.

We’d be forced to stand by and endure Oh Se-hyun’s microscopic investigation.

Likely leading to several executives and CEOs being sued.

“I’ll speak to him beforehand to prevent anything like that from happening.”

My uncle waved his hand dismissively.

“I’m not telling you this to have you do that. It’s only a temporary fix anyway. And this is a big deal for you too. Just because you’re friendly doesn’t mean you can let your guard down.”

“Me too?”

“Yes.”

My only weakness, something I know well. And everyone in the family knows. Even the entire nation knows.

Inheritance tax.

I inherited a financial group worth over ten trillion won but paid less inheritance tax than someone who inherited a single building.

Everyone was furious, but they’ve grown so accustomed to the ways of these chaebols that they just let out a few curses like ‘shit,’ ‘damn,’ and ‘fuck’ and forgot about it. They think we live in a different world.

If you believe it’s a different world, then there’s no reason to get angry. Different worlds have different rules.

And instead of ‘illegal,’ they use the term ‘loophole’.

If you examine it closely, you might find illegal elements, but it’s brushed off with the word ‘loophole’.

“Surely Representative Oh wouldn’t… No, never mind.”

I waved my hand dismissively with a smile, but with different intentions, my uncle’s expression remained stern.

“Don’t even think about testing him just because you’re close. Consider the amount of money Oh Se-hyun has invested so far. He might be aiming for Soonyang Group with foreign capital backing him.”

His direction was off, but his sense of crisis was accurate.

“Uncle, isn’t that a bit of an overreaction? Representative Oh is my father’s close friend. And he’s too insignificant to try and take over Soonyang.”

“That’s why I need your promise.”

“Promise?”

“Yes. What will you do if Oh Se-hyun approaches your father and you with some outlandish ideas? If he joins forces with you, he’d instantly become the second-largest shareholder. It’s enough to fuel unrealistic dreams.”

My uncle glanced sideways at me before tossing out a remark.

“I’m planning to adjust the controlling stake. Keep that in mind and cooperate. That’s your promise.”

Here was another display of excessive greed.

Or was it fear this time?

Transferring shares between subsidiaries isn’t easy. Rumor had it that even the Fair Trade Commission gave up trying to decipher Soonyang’s cross-shareholding structure.

Even experts struggle to understand the structure, let alone change it?

“That won’t be easy. We’d have to completely move shares tied up in cross-holdings. The shares of other subsidiaries are company assets, so we’d have to buy and sell them between each other. If not done carefully, it could lead to charges of breach of trust against the CEOs…”

“I’ll handle that. I know it won’t be easy. It’s impossible to do it all at once. It will be a very slow and careful process.”

For now, I had no choice but to agree. Changing the shareholding structure could be true, or he might be testing me.

Pointless opposition would only deepen their suspicions.

I was well aware that my two uncles’ suspicion of me never ceased.

“Understood. Please let me know whenever you need my voting rights.”

My immediate agreement brought a satisfied smile to my uncle’s face.

“Good. Knowing you’re on board makes me feel much better. Haha.”

My uncle’s laughter seemed forced.

Did my smile look just as artificial?

Leaving Soonyang headquarters, I headed home. I had a lot to think about.

* * *

Only one person accurately understood the group’s shareholding structure.

Chief of Staff Lee Hak-jae.

What I wanted to know was whether it was possible to move shares without going through him and whether Vice-chairman Jin Young-gi had discussed this with Chief of Staff Lee.

If the two had discussed this matter, the share transfer was definitely happening. And did Grandfather know about this?

To contemplate the complex variables, I had no choice but to verify each one individually.

Ultimately, I made a call.

Someone I met face-to-face once or twice a year to check in, spoke with on the phone every couple of months, but someone I could trust.

When I asked him to come over after work, he readily agreed.

“What brings on this sudden call….”

Assistant Manager Kim Yoon-suk walked in with a convenience store plastic bag filled with a few cans of beer and snacks, smiling.

“What else could it be? You know I didn’t call you over just to chat. Haha.”

After a brief laugh, we started drinking beer.

“Has anything unusual happened recently?”

“Nothing much. It’s as good as Chairman’s retirement… The entire secretarial staff is idle.”

Kim Yoon-suk seemed completely comfortable in his role in the secretarial office.

“Are you still attending to Chief of Staff Lee these days?”

“Yes. Still his bag carrier, but he treats me a bit more leniently now.”

“Has Chief of Staff Lee met with either of the vice-chairmen recently?”

Kim Yoon-suk pondered for a moment before shaking his head.

“They might have met after I left work, but at least they haven’t met during the day.”

“No special instructions either? Like about the group’s shareholding status…?”

“Not at all. As I said, things have been really quiet. Both vice-chairmen have been distancing themselves from Chief of Staff Lee for a while now.”

Neither of my uncles intended to inherit someone so close to Grandfather. They wanted to mold their own new chief of staff in their own image, not another Lee Hak-jae.

Kim Yoon-suk cautiously observed my expression before speaking carefully.

“May I ask what’s going on?”

“Vice-chairman Jin Young-gi mentioned changing the holding company structure. I’m unsure if he’s testing the waters or actually plans to go through with it.”

Kim Yoon-suk didn’t show much surprise. He seemed well-trained in keeping his emotions hidden.

“Dealing with share issues is difficult without going through Chief of Staff Lee. He has a tight grip on the legal team responsible for share management.”

“It’s not impossible if they proceed covertly on their own. It would just take a long time.”

Kim Yoon-suk hesitated for a moment before speaking.

“I’m a bit hesitant to say this, but for the vice-chairman to directly handle share transfers… Chairman Jin would have to be out of the picture.”

He meant it would only be possible if Grandfather passed away.

“Chief of Staff Lee still has many informants, it seems?”

“Yes. Chief of Staff Lee’s people are everywhere in the subsidiaries. They send him reports daily, and he reports directly to the Chairman.”

Kim Yoon-suk took a sip of his beer.

“Should I report this?”

“To Chief of Staff Lee? What would you say when he asks how you found out?”

“Come on, Chief of Staff Lee knows whose side I’m on… He wouldn’t need me to spell out my sources.”

“No. Let’s leave it for now. They can’t act on it immediately, so we have some time.”

My uncle had also explicitly stated that the process would be very slow and careful.

Just like Kim Yoon-suk said, they were likely drawing up plans to execute swiftly once Grandfather passed. Of course, they’d have to get rid of Lee Hak-jae first.

“Oh, I have a question.”

“Yes?”

“What’s Chief of Staff Lee thinking? Grandfather has retired, he can’t expect to hold onto that position forever, can he?”

“That’s why he seems troubled these days, he’s been drinking more in the evenings. He’s not old enough to retire with the Chairman….”

“Being of similar age to my eldest uncle, he could easily work for another ten years.”

But Lee Hak-jae had become more of a liability than an asset in the group.

“Assistant Manager Kim.”

“Yes?”

“What does Chief of Staff Lee want? No, even if Grandfather weren’t around, would he want to stay with Soonyang?”

Kim Yoon-suk replied without hesitation.

“He would want Chairman Jin to remain chairman forever.”

He wanted to be the eternal second-in-command.

In that case….

“Assistant Manager Kim. You mentioned Chief of Staff Lee has been enjoying drinks lately?”

“Yes. He often sends his attendants away first and spends time alone.”

Kim Yoon-suk seemed to read my intentions and offered information without being asked.

“There’s a quiet bar in Gangnam called ‘Sang.’ He’s a regular there.”

“Then next time you hear of him visiting that place, please inform me immediately.”

“Understood.”

Kim Yoon-suk grinned. It was a smile that showed his anticipation of his role becoming significant.