Chapter 298: Division or Unity?

“What are you going to name it? Will you keep Soonyang or merge with HW?”

“Companies acquired by Daehyun Group have generally merged with HW, but we haven’t decided on Soonyang yet. I think I need to discuss this with my eldest uncle. Of course, Chairman Lee Hak-jae will ultimately decide.”

“Why? Are you using Lee Hak-jae to hide that you’re the owner of Miracle and HW?”

His eyes gleamed, knowing my true identity. I chuckled, pretending not to notice his implication.

“There’s no reason to hide it, and I have no intention to. HW Group is the entity acquiring Construction, so it’s natural for Chairman Lee to be involved. You can tell my eldest uncle that I own Miracle; I don’t mind.”

“It’d be better to hide it. His wariness of you…”

“Uncle, just tell me what you want. I appreciate the advice.”

He grunted softly before speaking with difficulty.

“I want to make sure your cousins are taken care of.”

In the end, his concerns were about his children.

“What can I do for you? If you want a subsidiary, I’ll consider it.”

“Don’t insult me further!”

As the second son of Soonyang’s founder, he was considered the most capable among his siblings and played a key role in the group as vice-chairman.

An honorable retirement would be better than being a corner store owner—a humiliation worse than death.

“I apologize. My thought was short-sighted. Would you like to continue working within the group then?”

“Is that possible?”

“Tae-joon is well-regarded, so there shouldn’t be any issues. But Sung-joon hasn’t been involved in group affairs, has he?”

“He spent a year at the European branch, but he can’t just wander around, can he?”

“Understood. I’ll discuss it and create positions. However, I’ll make it clear to the heads of the relevant subsidiaries that if they can’t handle their responsibilities, they can be let go at any time.”

Though my words were cold, he nodded.

With Vice-chairman Jin Dong-gi’s influence alone, he could easily establish small subsidiaries—a means of livelihood for his children in their last resort. But staying with the main body was more crucial for now.

“Of course, without your father’s backing… That’s enough. But…”

“Don’t worry. I’ll guarantee important positions.”

I reassured him, allaying his fears that they’d be stuck in insignificant roles, just biding their time.

“Do you need anything else?”

My second uncle handed me a document.

“These are my shares. Most of them are worthless since the subsidiaries were spun off, but there are still some valuable ones left.”

I quickly scanned the share list. The valuable ones were in Electronics and Corporation, though not a significant amount.

But in the final battle, even a single share would be valuable. This was a welcome offer. Showing me these shares meant he wanted to make a deal.

He wasn’t someone who’d simply ask for money. He wasn’t that simple.

“I’ll keep these shares. I won’t pass them on to your elder brother either. Don’t forget that.”

“When I need them most… which will probably be when my eldest uncle needs them most too.”

“You’re as sharp as ever. I wonder what these shares will be worth then?”

A smile touched his lips, and mine as well.

“Consider this carefully. They might be worthless. It’s unlikely that such a small stake will change the overall situation.”

“You don’t invest based on probabilities alone, do you? I’ll trust my gut.”

I understood his desire not to miss his last chance, but he seemed to have forgotten that he was aging.

Time changes people’s minds. If it doesn’t, one will only suffer.

“Very well. I’m curious to see if your predictions are accurate.”

We smiled at each other. Though for one of us, it was a bitter smile.

* * *

“Looking at Chairman Lee, I’m envious. Having such a reliable money man… no, a colossal money man, allows him to sweep everything up like this. Right! It was the same during the IMF crisis, wasn’t it? When Ajin and Daehyun were struggling, he used his money to gobble them up. Am I right?”

Vice-chairman Jin Young-gi flattered Lee Hak-jae. In his eyes, Lee Hak-jae was nothing more than his father’s eternal lackey.

To think that such a man was now trying to take one of the three legs supporting the cauldron that was Soonyang made Jin Young-gi extremely uneasy.

“Is it just about the money? Perhaps it’s about not missing opportunities. Isn’t seizing opportunities a fundamental aspect of management? Haha.”

Jin Young-gi’s eyes narrowed at the jab about missing opportunities.

However, this wasn’t the time to reminisce about past glories and get angry, so his expression softened instantly.

“It’s a shame. I never imagined such a chance would come.”

“Let’s forget the past and focus on cleaning up the fragments. We shouldn’t have disagreements over entangled shares, should we?”

“That’s exactly what I think. Dong-gi is my brother, so that’s one thing, but HW and Chairman Lee are complete outsiders, aren’t they? Well, not entirely. Chairman Lee was once the owner of our estate’s servants’ quarters.”

This time, Lee Hak-jae’s eyes narrowed.

The owner of the servants’ quarters…!

Weren’t the servants’ quarters rooms built along the main gate and walls for the servants?

He was likening himself to a servant.

“Things were good back then… When Soonyang met its true owner and displayed its magnificent grandeur. Compared to then, it’s only half of its former glory now, which doesn’t sit well with me.”

Jin Young-gi implied that he wasn’t the true owner.

Both men knew they couldn’t just exchange barbed words. As if by agreement, they lifted their teacups, dispelling the awkward atmosphere.

“We know each other’s shareholdings since we were family. How should we proceed with the settlement?”

Jin Young-gi, having already put down his teacup, spoke softly.

“As you know well, Vice-chairman, I don’t. I’ve heard the share structure has changed significantly since I left Soonyang… no, the servants’ quarters. I can’t speak carelessly without knowing the details.”

“It’s a simple matter of disclosing our shareholder lists and discussing the exchange ratio.”

Lee Hak-jae stared at Vice-chairman Jin Young-gi and smirked.

“You want a complete separation. In that case, isn’t there one more person who should be here?”

“Another? Who?”

“Jin Do-jun. Soonyang Construction and Heavy Industries hold some shares in Soonyang Financial subsidiaries. If Soonyang and HW are to draw a clear line, shouldn’t Do-jun be here too?”

Since the three parties were interconnected, failing to cut them off simultaneously would mean the connection wouldn’t truly be severed.

“HW’s relationship with Do-jun is something for them to sort out. I intend to settle with Chairman Lee and then settle with Do-jun separately…”

“That won’t work. If Do-jun and the Vice-chairman don’t draw a clear line, it won’t be a complete separation.”

“So, Chairman Lee wants a definitive separation. Doesn’t this mean splitting Soonyang into three?”

Lee Hak-jae noticed a faint smile on Jin Young-gi’s lips.

“If you’re not willing, we’ll have to maintain this ambiguous relationship. I have no intention of settling the shares unless it’s a complete separation.”

“This is… looks like we have no choice but to have a three-way meeting. Alright, set up another meeting.”

“Before that, please keep one thing in mind. I won’t settle based on the market price of the shares. I’ll trade based on conditions that benefit HW. As you mentioned, with a reliable money man, money isn’t the primary concern.”

Chairman Lee Hak-jae dropped a very difficult task and stood up.

* * *

While the two were negotiating the separation of affiliates, I was moving around, exploring the possibility of consolidation.

“Director Jin, the reason we hold shares in Soonyang Electronics and Soonyang Corporation is because they generate consistent profits and are safe. We’re managing clients’ money, so we can’t abandon profitability and safety.”

“President, clients who entrust us with their money don’t care about that. They only care about profits. You know they don’t care where the bank invests, don’t you?”

“Selling them on the market is even riskier. If that much volume floods the market, the stock price will plummet. We’ll incur immediate losses.”

The bank president, who held more than 5% of the shares in Electronics and Corporation, looked troubled.

Because the stock price was high, many institutions had secured shares like putting money into savings accounts. They wouldn’t easily dump them on the market, so the volume traded on the market was less than 20% of the total.

“There are investment firms willing to buy those shares. They’ll buy everything you throw at them, which will actually drive the stock price up.”

“Is one of those investment firms Miracle?”

“Miracle is one of them, but…”

The bank president stared at me for a moment before slowly opening his mouth.

“Director Jin, I’m well aware of the significant role you play in our financial sector. I, for one, would like to grant any request you have. But consider Soonyang Electronics our long-standing partner. No, all four major banks are partners. We conduct business like family. We support their stock prices, and Electronics and Corporation support us with massive fees and interest.”

The bank president took another short breath and continued.

“It’s common knowledge that Miracle has its sights on Soonyang, isn’t it? And you’re aiding them in this endeavor? But it’s difficult to accept foreign capital taking over Korea’s symbol. I apologize.”

His words sounded plausible, but he was afraid of retaliation from a betrayal. He saw Jin Young-gi, the eldest son, as Soonyang itself and revered him as his lord.

The words Lee Hak-jae spoke echoed in my own mouth.

Powerful! Truly powerful.

They called it the Republic of Soonyang; it was more like the Kingdom of Soonyang. The principle of agnatic succession was deeply ingrained. I even resented my grandfather for having such a grip on Korea.

Other places weren’t much different. Some were willing to sell at a premium, but their shares were like adding a grain of sand to the scale.

But I still had to scrape up every last bit.

I changed my mind. The separation of affiliates needed to be approached very cautiously.

* * *

“Vice-chairman Jin Young-gi wants complete independence. He’s definitely terrified of you.”

“We missed one thing.”

“Missed something?”

“Yes. It’s not just about being scared and running away, but also about burning the bridge so no one can cross it.”

Lee Hak-jae’s eyes widened.

“Is it that serious?”

“Yes. If they complete the separation of affiliates this time, they’ll definitely establish a perfect ownership structure. An impregnable fortress that can never be shaken.”

“That explains it… He seemed too happy about the separation.”

“Let’s keep a foot in the door. That way, there will be loopholes, and eventually, those loopholes will widen.”

“Trying to fill the gaps might lead to mistakes too?”

“Yes. Being impatient can cloud judgment.”

Lee Hak-jae pondered for a while before speaking.

“What about the institutional investors? Are they stubborn?”

“Yes. More than I expected. There’s only one way to get them on my side.”

“When Vice-chairman Jin Young-gi looks weak?”

“Exactly. Ultimately, it all comes down to one thing. We need to attack and attack until we create the perception that Vice-chairman Jin Young-gi might fall. Then this fight will be over in an instant.”

“Over in an instant, like a bolt of lightning.”

I had heard that phrase often.

“Grandfather used to say that all the time. No matter how difficult and challenging things may seem, everything can be resolved in a flash, almost to the point of being anticlimactic.”

When I spoke with determination, Lee Hak-jae patted my back and chuckled.

“Let’s celebrate this partial success first. You’ve worked hard.”

* * *