Chapter 278: The Dubai Consortium

Seongho Construction, HW Construction, Namgwang Development. The consortium for the Dubai bonanza is confirmed. The consortium announced that it is always open and any qualified construction company is welcome to join. The industry expects orders worth at least 2 trillion won.

“Huh! Look at this… Lee Hak-jae… was he serious?”

Vice-chairman Jin Dong-gi tossed the morning paper onto his desk and pressed the intercom.

“Get the Dubai team in the conference room, now.”

He threw the newspaper to the dozen or so people who gathered quickly.

“Everyone see this?”

“Yes, sir.”

“What do you think? Are many companies getting their hopes up?”

“Everyone is buzzing about it, but there aren’t many companies with the scale to join this consortium. They’re all grumbling about how high the cut-off is.”

“So, it’s just media play?”

“That’s the general expectation.”

Jin Dong-gi considered two paths.

First, going it alone!

“Our cash flow isn’t great, is it?”

He asked about their most vulnerable point, and everyone just shifted nervously.

“When do you think the money tied up in the Incheon new city project will be released?”

They had lobbied hard to secure that area, claiming a rosy future, and consequently secured the largest section.

But instead of roses, they were walking a thorny path. The government-level infrastructure was nowhere in sight, leaving behind a ghost town filled with grey concrete high-rises.

Unsold units piled up, and there was no telling when the frozen funds would be released. They were barely holding on, intending to shift the blame to the government once the administration changed.

“We anticipate a breakthrough with the next administration, sir.”

“What if the administration doesn’t change?”

“That’s almost guaranteed. The ruling party doesn’t have a strong presidential candidate; it’s just a bunch of also-rans measuring their heights. The opposition party just needs one of their two strong candidates to win the primary. The primaries are tougher than the actual election.”

“All we have are promissory notes… We need cash now; it’s driving me crazy.”

The people gathered in the conference room were grateful that their boss was Jin Dong-gi, not Jin Young-gi.

Vice-chairman Jin Dong-gi was the one who had aggressively pushed the Incheon new city project. Since the difficulty stemmed from his own misjudgment, he didn’t hound his subordinates.

If it had been Vice-chairman Jin Young-gi…?

He would have completely forgotten that he was the one who pushed for it and would be demanding they offload the unsold units every single day. Of course, he would have scapegoated someone, and about a dozen heads would have rolled.

“Vice-chairman, HW’s Chairman Lee Hak-jae has offered a hand. Why not pretend you can’t resist and accept it?”

Second, an alliance. This was the method his subordinates also considered.

“Now, of all times?”

“The consortium is open. Isn’t this his way of courting Soonyang?”

Jin Dong-gi looked around the conference room and said.

“Is everyone in agreement? Should we join hands with them?”

He asked, waving the newspaper, and everyone nodded.

“Then pull as much money as you can from the financial sector. We’ll split the shortfall with them.”

“That’s impossible, Vice-chairman. Financial lending has no leeway. We’ve already pulled everything for the Incheon new city and Burj Dubai projects. Even issuing corporate bonds is impossible.”

The one who answered immediately was the youngest man in the conference room.

It was a bold reply, but the conference room didn’t freeze over. That was because Jin Dong-gi wouldn’t get angry at him, even if he said something even more outrageous.

“Are you sure? Can you take responsibility for that statement?”

“Yes. The only remaining option is to borrow money using the group’s shares as collateral.”

“Then use that as collateral and borrow.”

The young man spoke, watching Jin Dong-gi’s expression, which made it impossible to tell if he was serious or not.

“It’s safer to reduce the expected order volume. My opinion is that passive management is better until the tied-up funds are released.”

“Opportunities like Dubai don’t come around often. Isn’t it foolish to play it safe and be passive?”

“In the bottom of the ninth, with two outs and the bases loaded, a come-from-behind victory with a hit or grand slam rarely happens. Most of the time, the game ends with an out.”

Vice-chairman Jin Dong-gi gave a slight smile as he watched the man who didn’t back down.

“Revise the proposal and submit it to Chairman Lee Hak-jae. Frame the consortium with Soonyang taking the lead. Everyone else, dismissed.”

As people got up, Jin Dong-gi looked at the young man from earlier and said.

“Executive Director Jin, stay behind for a moment.”

Once they were alone, Jin Dong-gi’s expression softened.

“Tae-joon, are you absolutely certain about the financial situation?”

“Yes, Father. I contacted all the major banks, and that’s their official response.”

Jin Tae-joon, Jin Dong-gi’s eldest son, was the head of the management support division, overseeing the finances of the construction and heavy industries affiliates. Although only in his mid-30s, he had quickly taken control of the group’s finances, thanks to his father and the aura of his position.

“Tae-joon, we can’t develop if we only engage in aggressive management when we’re in good shape. We must always maintain an aggressive stance. In the bottom of the ninth, with two outs and the bases loaded, don’t look at the batter; look at the pitcher. The pitcher is already exhausted. After throwing over 100 pitches, how can his shoulder be okay? Everyone is tired and struggling. It’s not just us.”

Jin Dong-gi said reassuringly. His eldest son was relatively reliable and diligent, but he was also timid. He always checked for safety first before taking a step.

As the head of the management support division, he was more than adequate, but he lacked what it took to become a top executive. Jin Dong-gi wanted to expand his capacity within the next ten years.

“An ace is someone who grits their teeth and throws even when it’s tough. Even if our situation isn’t good, the head of the management support division needs to find funds, even if it means selling the gold rings in the drawer. Complaining about how difficult it is to find money is something an assistant manager would say. Remember that.”

Executive Director Jin Tae-joon knew he would have been scolded if he weren’t his son.

“I apologize. For showing a lack of competence in the official meeting….”

“It’s okay. Just do better next time. I won’t forgive making the same mistake twice. Understand?”

“Yes, Father.”

“Good. Go on. Double-check the finances again.”

Jin Dong-gi patted his son’s shoulder.

He was adequate, though not exceptional.

* * *

“Chief of staff, Executive Director Jin Tae-joon is here to see you.”

The secretary, who had peeked her head in, spoke with a slightly flustered voice. She usually rejected unexpected visitors outright, but he was a member of the owner’s family, so it was difficult for her.

“Let him in. It’s alright.”

Why was he here? Was it an errand for his father?

“Do-jun, I hope I’m not interrupting anything.”

“No. It’s fine.”

Everyone was over thirty now and slowly securing positions. Jin Young-jun, the eldest grandson of the family, had already received a meteoric promotion to vice-president of Soonyang Electronics.

Had Jin Tae-joon already become an executive director?

There were so many of them; it was impossible to keep track of where each was playing executive.

“How long has it been since you came to headquarters, Tae-joon? You were going around construction sites to learn the ropes, weren’t you?”

“It’s almost been a year. We’re in the same building, but we hardly see each other. Right?”

“That’s true. How were the sites? You must have worked hard?”

“Would I have actually rolled around in the dirt? I just skimmed the surface. Three years passed by the time I got familiar with site terms like horigada, uchibanashi, and shiage. Heh heh.”

I didn’t know what he was talking about, but he had to show off that he had spent some time at construction sites.

“Sounds like you did a thorough job.”

It had been a while since I saw him, but since we weren’t particularly close cousins, the greeting should end here.

“But you suddenly came here, so I assume it’s something urgent?”

“Ah, you probably know about it, right? Dubai.”

Indeed, he wouldn’t come looking for me unless it was about this.

But I couldn’t accommodate every Tom, Dick, and Harry who was pretending to be a manager. I needed to draw a line early on.

“Tae-joon, before we talk business, let me ask you one thing.”

“Yeah. Go ahead.”

He seemed a little tense, wondering what I was about to say.

“If you want to talk business with me, don’t say anything you can’t take responsibility for. And you need to speak with authority. Don’t even bring up anything that requires approval or where you can’t make a yes or no decision. This room is for decision-makers. Or it’s a place where someone reports to me.”

Jin Tae-joon’s expression hardened. He probably hadn’t expected me to so blatantly point out the difference in our positions.

“There are four rooms in Soonyang headquarters where decisions can be made. This room, the two vice-chairmen’s offices, and the chairman’s vacant office. If you’re a decision-maker, tell me your business. If not, talk to the person in charge. Then that person will report to me. Then I’ll make a decision.”

Jin Tae-joon’s face had turned as red as autumn leaves, which I found amusing.

Well, at least the second uncle’s children had some manners.

If it were the eldest uncle’s children, they would have gotten angry and started shouting out of hurt pride.

“Don’t make that face. You’ll make me feel bad. Anyway, since today is the first day you’ve come to my office, you can comfortably say whatever you want without any conditions.”

I had to give him credit for not storming out. His patience was remarkable.

Was it because he was getting older? Or did it mean he was that desperate?

“Alright. Give me a pass just for today. Next time, I’ll come with the authority to make decisions. Haha.”

Tae-joon forced a laugh and changed his expression.

There won’t be a next time. It will be at least ten years before you have the authority to make decisions.

“Let me get straight to the point. Construction has a lot of projects underway, so we’re short on funds. It’s the planting season now, so we’ll pay it back as soon as we harvest.”

“So it’s not relief rice, but a loan with repayment?”

“Huh? What are you talking about?”

“Oh, nothing. I just thought of it since you mentioned farming. But I already spoke to your father. Our financial affiliates don’t have spare funds either. It’s tough.”

“Even your personal money is fine. It’s my first request, so don’t refuse me outright. At least think about it. I’ll give you a lot of interest. I know you have a lot of money.”

“Alright. I’ll think about it, but don’t get your hopes up too high. I’m not as wealthy as the rumors say.”

“You donate tens of billions to charities but say you don’t have money? Lower your standards. You have plenty of money to lend.”

“Oh, that was a long time ago. I just happened to have a lot of investment profits back then. Now I’m just managing small change.”

Jin Tae-joon’s face grew even sterner, taking it as a clear rejection.

“Tae-joon, if you’re really desperate, start by taking out your own secret stash. Do you know what people who lend money are most curious about? Is this person trying to borrow other people’s money without using their own? Are they thinking they don’t want to lose, but it’s okay if I do? It’s like that.”

“It’s not like that. I told you! Just think about it.”

“I know. But if you really think Dubai is an opportunity, then go all in. That’s what will make me believe it.”

“I don’t have the authority to make that decision yet.”

I had planted enough seeds of doubt. Now it was up to them to decide. The allure of Dubai’s magnificent skyline was irresistible to anyone.

Construction companies worldwide were jumping in like moths to a flame, unable to resist the temptation. There was no way they would be the exception.

“I’ll meet with the financial sector once. If it’s Soonyang Construction or Heavy Industries, they might be able to increase the credit limit.”

“I already checked. Those guys all shook their heads.”

I smiled and looked directly at Tae-joon.

“It’ll be hard for them to ignore me when I, who tightly controls Soonyang Group’s financial affiliates, speak. The weight of my words is different. Heh heh.”

The thoughts hidden in Jin Tae-joon’s eyes.

If this was the response he wanted to hear from me, he had played his hand well.

He didn’t realize he was digging his own grave.