Chapter 276: A Risky Proposition

While I outwardly maintained the polite demeanor of a nephew, bowing respectfully and earning approving nods from my uncles, inwardly we were locked in a silent battle, each harboring our own agendas. Time, however, relentlessly marched on.

The archaic ‘Hoju’ system was abolished, and Park Ji-sung became the first Korean player to grace the hallowed grounds of the English Premier League.

The Cheonggyecheon stream restoration, a pet project of the Seoul Mayor, was finally completed in 2005 after two years of construction.

The nation was in turmoil due to the scandal surrounding Professor Hwang Woo-suk’s fabricated research papers, and on December 30, 2006, Saddam Hussein, the dictator of Iraq, was executed.

As I passed thirty, the only unmarried men left in my family were my older brother, Sang-joon, and myself.

“It’s not like you’re squandering money on frivolous affairs with countless women,” my father said casually. “You’re just too busy with work to find time for romance. I won’t pressure you about marriage.”

My father didn’t make a big deal out of it, not wanting to add to any potential stress.

“But will your girlfriend keep waiting? A woman in her thirties might feel quite anxious.”

“She’s a judge, someone constantly overwhelmed with work, with no time for other thoughts. She doesn’t seem particularly anxious.”

“Are you sure about that?”

“She’s confident too. Even without me, there’s a line of men eager to offer their hand and serve her. She lacks for nothing.”

My father’s gaze shifted to one of disapproval.

“If you’re saying that out of ignorance, then arranged marriage is your only option. If you know it and still say it, then you intend to remain single. But I won’t stand by and watch my son become a lonely old man.”

Marriage is another card I can play strategically.

With everything going smoothly, I want to use this card when and where I see fit.

To do that, I need to keep working diligently.

This year, in particular, is a golden opportunity. I need to lay out a meticulous plan and proceed step by step, without a single misstep.

Impatience gnawed at me, but I shook my head, dismissing the urge.

Impatience shouldn’t be the foundation of any plan. As always, it creates loopholes, and trying to fix those loopholes is, ironically, driven by more impatience.

Like a boat on a flowing river, I’ll trust the current and wait for opportunities to arise naturally. The key to victory lies in thorough preparation, ready to seize those moments.

Preparation comes easily to those who foresee the impending dangers.

Fortunately, I’ve reviewed all the key reports regarding HW Group’s major projects and am in a position to warn them of any potential risks.

“Chairman, I recommend we put the Middle East expansion on hold.”

Chairman Lee Hak-jae let out a short sigh, clearly taken aback.

“Seriously? It’s the first day back after the New Year, you brat. The commencement ceremony hasn’t even started yet. Are you trying to jinx us already?”

“That’s why I’m telling you now. If you announce a full commitment to the Dubai expansion and then have to retract it, it won’t reflect well on you, Chairman.”

Seeing the seriousness in my expression, Chairman Lee Hak-jae spoke into the intercom.

“Tell the presidents of each subsidiary to proceed with the commencement ceremony. There won’t be a company-wide broadcast, so inform everyone not to wait for it. And postpone the board meeting. I’ll decide on the new schedule this afternoon.”

He turned back to me.

“Now, tell me. You know the construction industry is buzzing, right? They’re even calling it the second Middle East boom. A golden opportunity to rake in oil money. And you want to kick that away?”

“It’s not about kicking it away; it’s about not going in at all.”

“Same difference. What’s your reason?”

“The current Dubai boom is a sandcastle built on… no, a bubble on a bubble. The foundation and the pillars are incredibly unstable. Dubai will turn into a sandstorm and engulf us.”

“Bubbles and sand… What’s your evidence?”

“The US is on the verge of collapse.”

Chairman Lee Hak-jae stared at me, speechless and incredulous for a moment. But when he spoke again, his tone and expression were serious and composed.

“You’re the only person on this earth whose nonsense I’d actually consider. But this is a bit much. The US collapsing?”

“It’s the truth. The US is currently throwing a lavish party atop a mountain of bad debt worth trillions of dollars. When something can’t bear its own weight, it collapses, doesn’t it? Soon, the weight of this party will be too much, and it will sink.”

“Go on.”

He leaned in, listening intently.

“US housing prices have been faltering since last year… specifically, since September 2006. They doubled in just ten years, but that’s over now.”

“What’s so strange about doubling in ten years? After the dot-com bubble burst in 2000, money flowed into real estate. It’s a natural phenomenon, not a sign of trouble. It’s actual money moving around.”

“No matter how much money Silicon Valley investors have, do you really think the money that left the dot-com sector is enough to double US housing prices across the board? That’s just the average index. Decent residential areas, excluding the rural parts of America, have more than tripled.”

“Even so, why is that considered a bubble?”

“Because everyone bought houses with loans.”

“That’s the same in our country.”

“But Korean banks don’t give loans to unemployed individuals for home purchases. And even for stable office workers, no more than one or two banks will lend money against a single property as collateral.”

Chairman Lee Hak-jae’s eyes widened. He knew that American banks were more aggressive with lending than Korean banks, but this sounded like throwing money away.

In Korea, such lending practices would be considered fraudulent and land you in prison.

“Is that true?”

“Yes. It’s been happening for years. The time has come where it can’t bear the weight anymore.”

“How in the world do you know these things?”

“New York Miracle is an investment firm. They send me reports daily. I analyze them. And the employees in New York are quite competent. They’ve been sensing the danger signs for a while now.”

The repercussions of the US credit crunch, its impact on the Middle East… Chairman Lee Hak-jae fell silent, lost in thought.

“Chairman, you just need to be aware of the lurking danger. We will avoid that danger and…”

“And drag everyone else down with us.”

Just as I thought, this man is no different from my grandfather—a true villain.

“But you’re the only one raising the alarm. No one else is sending out warnings. Not our US branch, nor Soonyang Group’s US corporation. If you’re wrong, we’ll be the only ones missing out on the feast, watching everyone else gorge themselves.”

“Think back to the IMF crisis. Not a single person warned us. Yet, I secured Soonyang Automobile back then and acquired Ajin Group and Dae-ah Construction. I feasted alone. Have you forgotten?”

“That’s why I’m listening to your seemingly nonsensical words. Although I still find it hard to believe…”

“Although hard to believe, you will believe it, won’t you?”

“For now. I need to look into it myself to be sure. Even with accumulated bad debts, there’s still a chance of a soft landing. The wealth the US has amassed is incomparable to our country. Comparing it to the IMF crisis is a stretch, I think.”

Even if it seems like he’s just putting it on hold, he’ll do as I say. The greater the risk, the stronger the voice of someone you trust resonates.

“If you’re right, Soonyang Construction will suffer a major blow. It’ll be difficult to recover.”

“Why stop at just construction? Construction, heavy industries, civil engineering, logistics—we need to shake them all to their core.”

Chairman Lee Hak-jae fell into thought once more.

When he spoke again, a strange smile played on his lips.

“Construction performance will be abysmal for a while then.”

“I won’t hold you responsible for that poor performance, as a major shareholder.”

“Is this where I have to bow my head to Vice-chairman Jin Dong-gi’s son?”

This is what he hates most: having to make concessions to the children of those who once served him. It feels like perpetuating a lineage of servitude.

This requires significant compensation to ease his wounded pride.

“I’m thinking of offering Vice-chairman Jin Dong-gi the presidency of HW Construction once he becomes unemployed… How about you personally make that offer? Would that soothe your feelings a bit?”

The corners of Chairman Lee Hak-jae’s mouth lifted.

“That’s a good idea. Haha.”

* * *

“Who is it?”

“It’s Chairman Lee Hak-jae of HW Group.”

“Put him through.”

Vice-chairman Jin Dong-gi took a deep breath and picked up the receiver.

“Well, well, who do we have here? Chief of Staff Lee Hak-jae… no, Chairman. Please forgive me. I’m not quite used to the title yet, so I misspoke.”

– Maybe it was better when I was Chief of Staff… Running a small company like mine has so many headaches. But that’s not why I called…

“Please, speak your mind, Chairman.”

– How about we have dinner sometime? I have something important to discuss, something I think Vice-chairman Jin will find quite appealing.

An appealing offer?

The only reason a friend who’s grown distant due to resentment would reach out again is to ask for a favor, like selling insurance.

Even though the offer was likely neither appealing nor beneficial, Jin Dong-gi readily agreed.

“Even without an appealing offer, I wouldn’t refuse a dinner invitation from you, Chairman. It’s been a while; we can catch up.”

– Then how about this evening?

“Let’s do it. Strike while the iron is hot, as they say. Haha.”

Lee Hak-jae’s dismissive gaze towards his own brothers. His attitude of constantly giving orders, backed by Father’s trust.

The fact that he was urgently requesting a meeting meant he definitely needed a favor.

He wanted to meet him, ridicule him for his desperate plea, offer meager assistance as if doing charity, and witness his humiliating gratitude.

* * *

Vice-chairman Jin Dong-gi was surprised twice this evening.

The first surprise was Lee Hak-jae’s changed demeanor after all this time. His appearance hadn’t changed much, but the sharp, cold aura he had when serving his father was completely gone.

The warm smile and easygoing laughter he displayed made him seem like a different person, yet it felt natural.

It made one wonder if he’d always had this side to him.

The second surprise was the reason for the meeting.

He expected a favor to be asked, a difficult request to be made.

But while it was clearly a request, in some ways, it felt more like a concession.

Jin Dong-gi adjusted his mindset. He needed to hold onto Chairman Lee Hak-jae so that his attitude wouldn’t change.

“So, you’re suggesting we join forces for the Dubai project?”

“That’s essentially it.”

“May I ask why?”

Lee Hak-jae didn’t avoid Jin Dong-gi’s suspicious gaze.

“It’s about capabilities. What other reason could there be?”

“Capabilities? Are you implying Dae-ah Construction’s skills are lacking?”

Lee Hak-jae sighed and took a drink.

“All the major projects are concentrated in Sangam-dong. And all of Dae-ah Construction’s experienced early members have packed their bags and left. You’re solid and strong internally, but you lack experienced personnel. Building one or two buildings in Dubai wouldn’t be a problem, but we can’t aim for just that.”

Large overseas projects carry risks that are incomparable to domestic ones.

Given the scale of the risks, you need to move big and win big, which is impossible without the asset of experience.

“The experienced early members of Dae-ah were all caught embezzling and had to be let go. Haha, what a situation.”

Jin Dong-gi hid his delight, replacing it with a hearty laugh that feigned sympathy.

“Do you have a specific structure in mind for this partnership?”

“I was considering a consortium between HW and Soonyang.”

If the negotiation starts with a consortium, the end goal is to make them a subcontractor.

Jin Dong-gi quickly began calculating the share of the pie that each company would receive.