Chapter 237: Chapter 1: Director Jin Sang-ki’s Disappointment

Director Jin Sang-ki greeted the three guests with an expression full of anticipation.

They were private practice lawyers, not from a major law firm, and each placed a thick stack of documents on the table.

“We understand the Chairman has already informed you,” one of them began.

“These documents concern the donation of all assets to the foundation. The Chairman has already signed, so the donation process will be complete once the foundation’s seal is affixed.”

“This document lists the donated assets. Please review it.”

Jin Sang-ki snatched the document and began to examine it.

The hopeful expression he wore while anticipating a hefty list quickly twisted in disappointment.

“What is this?”

“Yes?”

“Is this all there is?”

“This is all the Chairman’s assets we manage.”

“We? Does that mean there are other lawyers?”

“We are not privy to that information. You should check with the Chairman.”

Jin Sang-ki reviewed the list again.

Five buildings and land scattered across the country. And finally, about 30 billion won in cash…

As Jin Sang-ki’s eyes returned to the list, one of the lawyers spoke, as if on cue.

“After deducting maintenance and the building management staff’s salaries, the monthly profit is approximately 1.4 billion won. You’ll need to check the lease expiration dates and decide whether to renew them. Oh, and please inform us whether we will continue to manage them or if the foundation will take over.”

“The land is categorized into areas where zoning changes are possible and those where they are not. The land’s value is estimated based on surrounding transaction prices.”

“This valuation of ninety billion won… is that correct?” Jin Sang-ki asked, a look of disbelief on his face.

“Yes, it is. If the zoning changes, the land value will certainly jump.”

The hand holding the documents trembled before slowly crumpling the pages.

“Are these people making fun of me? Listen, the founder of South Korea’s largest conglomerate is my father! And his entire fortune is just some petty cash, a few buildings, and some scraps of land? This can’t be right!”

Unlike the agitated Jin Sang-ki, the lawyers remained composed.

“As we mentioned, these are all the assets we managed. We don’t know if the Chairman has retained other private lawyers. Therefore, the most accurate way to determine if this is all his wealth, or only a part of it, is to ask the Chairman directly.”

*No, this can’t be all of it.* *There has to be more.* *He clearly said he stashed away money. If Father said he stashed it away, it has to be worth hundreds of billions.*

*That’s right. Other lawyers must be managing the money. Since it’s likely in nominee accounts, he would have hired lawyers specializing in that.*

This was Jin Sang-ki’s line of thought, and he desperately wanted to believe it.

Picking up the phone, he tersely uttered a single sentence.

“Tell the legal team to come here. Bring the foundation seal.”

Jin Sang-ki stood up as if there was nothing more to see.

“Explain everything to the legal team when they arrive and handle the process. I have an appointment…”

As Jin Sang-ki left, the lawyers’ expressions shifted.

“This is all there is, isn’t it? The Chairman liquidated all the funds.”

“Did you see the look on that guy’s face just now? If we’d told him this was everything, he would have thrown a fit.”

“There’s a possibility there are other lawyers involved. We just need to handle this. No need to meddle in other people’s family affairs.”

The three lawyers fell silent as the legal team staff entered the room.

* * *

“Chairman, you need to get better soon.”

“You still look hale and hearty. Please recover quickly.”

Although all the executives of Soonyang Group wished to be here, only a select few were chosen. Those who entered the hospital room were individuals who held key positions or were CEOs of core affiliates during Chairman Jin’s active tenure.

Some still firmly held their positions, while others had left the company immediately after Chairman Jin stepped down from the front lines.

“Are things so slow at the company these days? Seems you have time to visit an old-timer in the hospital.”

Chairman Jin greeted them warmly, and the hospital room filled with laughter for a while. As their laughter subsided, Chairman Jin spoke.

“Judging by the wrinkles on your faces, are your salaries not keeping up these days?”

No one took it as a simple joke. Everyone knew Chairman Jin was probing the current state of the group.

“We’re also realizing it’s time for us to step aside. Shouldn’t new wine be poured into new bottles?” Son Hoon-jae, the president of Soonyang Electronics and the de facto leader of the group, said with a smile.

“Why? Is your son treating you badly?”

“Not at all, but for Vice-chairman Jin Young-gi to lead comfortably, it’s inevitable that old guards like us would feel out of place. There are many talented young successors, after all.”

“Wouldn’t Vice-chairman Jin Dong-gi feel the same way? Especially since those of us who came from the ground, handling cement and steel, have a rougher hierarchical style, which can be visibly uncomfortable for them.”

The president of Soonyang Heavy Industries added his piece.

“Looks like you’ve come to complain rather than visit an old man in the hospital. Haha.”

Chairman Jin chuckled, but the presidents’ expressions remained serious. Chairman Jin clicked his tongue inwardly as he looked at them.

Men need to acknowledge and accept their age. Failing to do so leads to desperate clinging to their positions and rampant greed.

For an old man whose vigor as a company man has completely faded, the only way to feel relevant is through his position and title.

Although not true for everyone gathered in this room, Chairman Jin saw these men clinging on, desperately trying to extend their corporate lives.

“Bring me a lot of paper and pens.”

One of the secretaries who had been waiting quickly left the hospital room.

Chairman Jin’s sudden request surprised everyone, their eyes wide with curiosity.

“I’ll put your minds at ease before I go. Just wait a moment.”

When the secretary returned with a handful of paper and pens, Chairman Jin pointed at the CEOs.

“Hand them out to everyone.”

Chairman Jin spoke decisively to the men holding the paper and pens, blinking in confusion.

“Everyone, write your resignations. Leave the date blank. I’ll decide when it’s time for you to step down.”

Everyone exchanged glances, unsure how to react to this bolt from the blue, until Chairman Jin’s loud voice boomed again.

“What are you waiting for? Hurry!”

President Son Hoon-jae was the first to pick up a pen and begin writing his resignation, and the others quickly followed suit.

Those who had already resigned just wished for this awkward and uncomfortable moment to pass quickly.

Everyone put down their pens and handed their resignations to Chairman Jin. Chairman Jin set their resignations aside and began to speak.

“How does it feel? To empty your minds?”

Since they hadn’t emptied their minds willingly, they couldn’t possibly feel at ease. Everyone lowered their heads, their lips pressed tightly together.

“My friends, you’ve had quite a long run. Didn’t you make good use of being Soonyang executives when marrying off your children? Were you perhaps planning to cling on until your grandchildren’s weddings?”

“No, Chairman.”

“Then that’s settled. I’ll make sure your severance packages are substantial, so from now on, focus on your work with peace of mind. And… you all skimmed off the top quite a bit while holding high positions. I turned a blind eye to all of it. Aren’t you grateful? Hehehe.”

Only Chairman Jin’s laughter echoed in the hospital room.

Though he seemed to be saying it casually, it was a clear warning.

When selecting new factory sites, they would buy surrounding land in advance and sell it for a profit when land prices soared. When the company had good news, they would buy company stock under nominee names and pocket the enormous profits. Some even selected their relatives’ or acquaintances’ companies as new subcontractors, taking a cut of the shares.

Everyone turned a blind eye to this level of corruption, but bringing it up wouldn’t be difficult.

Chairman Jin’s laughter was a warning not to get any funny ideas, even if their resignations were accepted today.

“Also, even if you leave the company, I’ll have an advisory position and an office prepared for each of you, so you can come out and pass the time if you get bored.”

A generous severance package, an advisory role allowing them to maintain their current salary, and a two-year grace period.

This was the final act for those who had dedicated their lives to the Soonyang Group.

Of course, 99.9% of people were not fortunate enough to enjoy such favors and were simply kicked out…

“Alright, everyone, go back and attend to your work. I need to rest.”

With a clear dismissal, everyone bowed and retreated.

“Ah, President Son. You stay for a moment.”

As even the secretary who attended to Chairman Jin left, leaving the two alone, President Son Hoon-jae’s expression grew even darker.

“Is the company in such a mess these days? Those guys’ faces were full of resentment.”

“Everyone is on edge because their time is running out. Anyway, you did the right thing. It’s better to nip it in the bud like this than to have them squabble with the two vice-chairmen.”

“Why do they forget they’re company men, even when they’re old? Why can’t they see it’s time for a shake-up?”

“It’s because they’re reluctant to let go. Please understand, Chairman.”

“What’s there for me to understand? I’m just worried about you.”

“I’m fine. Actually, I should have resigned last year, but I missed my chance. Ah, I’ve already written the date on my resignation. I’ll wrap things up by the end of this month and step down.”

“I’m sorry and grateful. Thank you for understanding my intentions.”

Soonyang Electronics was the flagship company of the group. With its president, Son Hoon-jae, stepping down, no one would be brazen enough to try and hold on.

“It’s nothing. More importantly, did you have something to tell me?”

“About the shares you and the other friends hold.”

“Ah, yes. Just say the word. I’ll transfer them.”

Chairman Jin smiled at his response. Despite holding a significant 5% stake, he showed no signs of greed.

“No, there’s no need to transfer them. Keep holding them. Consider it part of your severance. However…”

“Ch-Chairman! I can’t accept that. This isn’t just some minor affiliate’s shares.”

President Son Hoon-jae, shocked, waved his hands dismissively, but Chairman Jin simply continued to smile.

“Do you think I don’t know what kind of shares those are?”

“Ah, no.”

“Then do as I say. Instead, make yourself the trustee for the voting rights of those shares. If it’s my directive, there won’t be any problems, right? No more arguing.”

“Yes, Chairman. Then, please tell me your intentions regarding those voting rights.”

“Decide based on only one thing. Is it beneficial for the group?”

“I will keep that in mind.”

President Son Hoon-jae bowed deeply.

“If there’s nothing else, I’ll take my leave. You look very tired.”

“Alright, thank you for your hard work. Oh, by the way, have my children acted differently or has there been any strange undercurrent since they found out I don’t have much time left?”

Chairman Jin studied President Son Hoon-jae’s face intently, as if trying to detect even the slightest hint of something.

“Everyone is busy, haha.”

“Busy with what?”

“The executives are busy figuring out who to align themselves with, and employees with poor performance are on edge, fearing a major restructuring.”

“Is that all? You know what I’m asking, stop beating around the bush!”

At Chairman Jin’s displeased expression, President Son Hoon-jae paused, racking his memory before cautiously speaking.

“I haven’t confirmed it personally, but there was some unusual talk going around. But it died down quickly, so I didn’t pay much attention…”

“This fellow! Why are you hesitating so much? Speak quickly.”

“There was a rumor that they were considering changing the current group structure into a new holding company. And this rumor was circulating long before you were hospitalized, so I had forgotten about it.”

President Son Hoon-jae considered it a trivial matter, but he immediately regretted mentioning it. Chairman Jin, whose expression was already hardened, was now clenching his fist, trembling with anger.