Chapter 292: An Offer They Can’t Refuse

“Seriously, you’re spouting all sorts of nonsense. Alright, Mr. Lee, what is it you want? Speak plainly.”

“Cement.”

Chairman Joo Tae-shik jumped, a look of refusal on his face.

“Come on, my friend. That’s not going to happen. Cement is how my brother makes a living. He’s one of the few making decent money; if you take that away, he’ll be left with nothing.”

“Are you referring to Chairman Joo Min-shik as your brother?”

“Yes. Even if he’s a useless fool, he’s still family. I can’t just let him live as an unemployed layabout, can I?”

“Then give us General Design and Rotem in addition. I won’t ask for anything more.”

“Rotem?”

The unexpected company, Daehyun Rotem.

Daehyun Rotem was a company specializing in railway vehicles and the defense industry. It wasn’t in the construction sector but rather an automobile affiliate, so Chairman Joo Tae-shik’s bewildered expression was understandable.

“I’m not asking for the defense sector, which is a lucrative business. Just hand over the railway vehicle division.”

Chairman Joo Tae-shik couldn’t readily agree. It wasn’t a particularly profitable business, nor was it large in scale, making it an unattractive target for acquisition.

He was curious about the reason behind this specific request.

“HW Automobile is already breathing down our necks, and now you want to take away the railway business too? You’re a real bandit, you know that?”

“Hyung-nim. I have absolutely no involvement with the automobile sector. You can consider President Jo Dae-ho’s company an independent entity. It seems he made a discreet request. He wants to secure the railway vehicle technology, or so he says. Please, just humor me, since I am the chairman. It’s not a big moneymaker anyway, is it?”

To have a comprehensive automobile company, supporting heavy industries are essential. HW Automobile’s weakness was precisely the absence of heavy industries… President Jo Dae-ho knew their weaknesses.

“Alright, we’ll take just Rotem. We’ll leave General Design out of it. How’s that?”

He brought up a few minor points but ultimately got what he wanted. Both of them did.

“Fine. Let’s do that.”

Chairman Lee Hak-jae nodded readily, his smile fading. Now, it was time to confirm Chairman Joo’s promise.

“By the way, how do you plan to handle your brother’s management rights?”

“I’ll acquire all of his shares. That’s the condition for resolving this situation. He won’t have any clever solutions when the company goes bankrupt and gets dismantled, will he?”

“I trust there won’t be any issues.”

“Don’t worry. I’ll acquire his shares and package the construction and other affiliates nicely for you. Just one request, try not to cut too many people. They’ve been with Daehyun for a long time.”

“I’ll take care of that. But restructuring is inevitable.”

He didn’t make empty promises about keeping everyone employed.

“Honestly… you’re like a knife. You’d think someone who became a chairman would become a little duller….”

“What’s the point of pretending to be a chairman in front of you, Hyung-nim? Haha.”

Watching Lee Hak-jae laugh heartily, Chairman Joo Tae-shik subtly frowned.

“I’m worried about Soonyang. Jin Dong-gi, that fellow… he’s going to lose his footing.”

“It’s a tough time for the younger brothers. I’ll leave one company for myself. Gotta make a living, after all.”

Chairman Joo Tae-shik wondered what company Lee Hak-jae would leave for himself.

* * *

“You… how dare you….”

Vice-chairman Jin Dong-gi couldn’t continue speaking due to his rising anger.

However, the bank presidents surrounding him didn’t care about Jin Dong-gi’s feelings and continued to pressure him with cold indifference.

“This is a carefully considered decision. Watch your words, Vice-chairman Jin.”

“This isn’t just about Soonyang Construction. The other affiliates that provided payment guarantees, the entire Soonyang Group, will be shaken. Surely, you don’t think the financial sector will take this lightly?”

“Have you forgotten the foreign exchange crisis of ten years ago? Several groups in the top ten were dismantled because they were short by a few hundred billion won. It’s only been ten years. Now, we’re facing a default in the trillions of won. Do you have the confidence to stop it, Vice-chairman Jin Dong-gi?”

Vice-chairman Jin Dong-gi was speechless, but he couldn’t simply give in. Stepping down from management was equivalent to giving up on the group.

His father, Chairman Jin, would place his close aides as figureheads and rule from behind when problems arose, but the financial sector was now demanding the resignation of the entire management team.

If he couldn’t even install one confidant, if he had to leave the company along with his aides and have the positions filled with people from the creditor banks, a return would be impossible.

“Shouldn’t you at least give us time to come up with a self-rescue plan? What is the real reason for this?”

Vice-chairman Jin Dong-gi wanted to know the bank presidents’ true intentions. He couldn’t tell if it was a simple warning or such an extreme situation that the company would be broken apart.

The president of Jinhan Bank, the main creditor, spoke.

“We need to survive too, don’t we?”

“What?”

“We aren’t treating only Soonyang harshly. We’ve already given Daehyun the final notice as well. The default of both groups would threaten all of our banks. This is a matter of survival.”

“We’re not talking about our individual survival. The banks themselves are shaking. We can’t let foreign capital take over the financial sector, can we?”

“Is this perhaps an order from the Blue House?”

This was the question Jin Dong-gi most wanted to ask. If the Blue House had given him an ultimatum through the banks, he would have no choice but to comply.

“The Blue House has repeatedly stated that they will not intervene. Do you understand? If you’re hoping for financial support from the government, give up on that.”

It was indeed an ultimatum. There was no need to negotiate with them any further.

Before the creditor banks could seize control of the company, he needed to find a way to tie their hands.

“Give me just one week. Surely, you won’t refuse even that much time?”

Jin Dong-gi didn’t wait for the bank presidents’ answer and left his seat.

* * *

“What they said is true. The government has stepped aside. They’re whining about not having enough money to revive failing small and medium-sized businesses. They’ve decided that we and Daehyun can handle this at the group level.”

“Will you help us?”

“That’s the Blue House’s delusion. They think we’re one big family. Daehyun probably isn’t much different. Rumor has it that Chairman Joo Tae-shik is determined to get rid of Joo Min-shik and drive him to his death.”

Vice-chairman Jin Young-gi had the look of someone watching a very interesting drama.

“Then what about you, Hyung-nim? Are you waiting for me to die off?”

“Of course. Why would I save you? Did you seriously expect your brother to be full of brotherly love and care?”

Seeing his older brother poke at his insecurities while smirking, Jin Dong-gi bit his lip.

“I’ll give you Soonyang Chemical and Soonyang Precision Machinery. And you can keep your personal assets and your family’s. In return, hand over all of your group shares. Then I’ll take responsibility for this situation.”

Vice-chairman Jin Young-gi was making grand pronouncements, but he couldn’t stop the trillions of won in losses.

He would drag out the restructuring of affiliates as a self-rescue measure and lobby hard to borrow money from the banks again. The losses would only grow larger.

Jin Dong-gi saw no further point in talking to his brother, whose only goal was to seize his shares. He knew it was better to go to the largest creditor and negotiate.

He could only hope that his creditors would be more lenient than his own brother.

* * *

“We can’t touch Vice-chairman Jin’s personal shares… but the shares held by Soonyang Construction and Heavy Industries, HW will take those. Then the subsidiaries and several affiliates under those two companies will fall into our hands.”

His older brother wanted Jin Dong-gi’s personal shares in Construction and Heavy Industries, while the creditor wanted the shares of other affiliates held by Construction and Heavy Industries.

But if they went bankrupt, the banks would take over everything anyway.

“Chairman Lee, your mind won’t change on this, will it?”

Jin Dong-gi didn’t want to beg pathetically. He knew that pleading and begging wouldn’t make this person change his mind.

He was someone with whom cool-headed and rational negotiation was possible. Unlike his brother, he wouldn’t simply demand his shares.

“It won’t change. I can secure at least 25% of Soonyang’s affiliates; if I acted on sentiment, I wouldn’t be qualified as a professional manager.”

This was the person Jin Dong-gi feared the most.

Wasn’t he the one who had a complete grasp of Soonyang Group’s governance structure?

He had probably already numbered the affiliates and finished calculating what he could acquire.

“I’m well aware that you’ll never give up your controlling stake in the group. So, what choice do I have? I have to take it piece by piece.”

Jin Dong-gi steeled his resolve and said,

“I will fight with all my might to stop you. You won’t take it easily. It will be a long battle, and both sides will bleed. I, Jin Dong-gi, still have that much power.”

“That sounds like you’re still planning to rely on political influence to prolong your life… But do you really have any power left? You know how quickly those people turn their backs.”

“Try it if you want to see. I’m suggesting we save each other the sweat and blood. Tell me what you want. HW lacks heavy industry affiliates, so if you extend the loan, I might even give you a few related companies.”

Chairman Lee Hak-jae chuckled.

“Soonyang’s glory was buried with Chairman Jin Yang-cheol. If you still don’t realize that, I’ll make sure you do.”

Chairman Lee Hak-jae placed his smartphone on the table and turned on the speaker.

The screen clearly displayed the two words: ‘Prime Minister’.

“Prime Minister, it’s Lee Hak-jae.”

– Ah, Chairman Lee. What is it this time? Don’t tell me you want a rematch from our golf game last weekend? Haha.

“Oh no, Prime Minister, I’ve given up on golf. The skill difference is too obvious for a rematch.”

Jin Dong-gi’s expression hardened as he listened to the friendly phone conversation.

“Prime Minister, I’ve finished discussing things with Chairman Joo Tae-shik of Daehyun. HW will acquire all of their construction affiliates to save them. So, there won’t be any contagion from the Daehyun Group.”

– That’s a relief. Thank you. I was worried that we might face another IMF crisis… Have you finished cleaning up Soonyang as well?

“Not yet. Daehyun’s affiliate separation is clear-cut, so there weren’t many difficulties, but Soonyang’s controlling stake is entangled. Anyway, I’ll work hard to resolve it quickly.”

– Please do. Jin Dong-gi, that fellow, has been running around causing trouble everywhere, making things difficult for us. We’ve made our government’s position clear enough… Is he just clueless, or is he too greedy… Sigh, he doesn’t know when to step down.

“It’s my inadequacy. I apologize for making you uncomfortable, Prime Minister.”

– Oh, no, not at all. We’re grateful that HW Group is supporting the collapsing construction industry. And we’ve confirmed that Miracle brought 12 billion dollars back into the country, just as you said. Thanks to you, we can breathe a little easier. Thank you.

“You’re too kind. It’s our duty to do what we can to defend the exchange rate.”

– Then please keep up the good work. Keep me updated on the Soonyang situation. If Jin Dong-gi doesn’t listen, contact me. We’ll mobilize the National Tax Service and audit him thoroughly. Just a light dusting will reveal plenty of dirt… If he wants to be disgraced, that’s what we’ll do.

After ending the call, Chairman Lee Hak-jae smiled as he looked at Jin Dong-gi.

“Well, Vice-chairman, it seems you need to persuade the Prime Minister with your power? Of course, you know that the Prime Minister’s will is the will of the Blue House….”

Pale-faced, Jin Dong-gi couldn’t take his eyes off the smartphone screen after the call ended.