Chapter 316: Unease at Soonyang

Hong So-young’s hands trembled slightly as she unfolded the morning newspaper.

It had been three days already.

Rachel from Miracle, who had mentioned Soonyang Electronics, had returned to the US without any further action, yet Hanseong Ilbo continued to publish special articles for the third consecutive day.

On the surface, the articles discussed the common notion that shareholders, not the owner’s family, are the true owners of a corporation. However, the underlying message clearly targeted a specific group: her in-laws.

Her father-in-law and husband remained silent, but the gazes directed at her across the dining table unmistakably conveyed their blame.

Instead of eating breakfast, Hong So-young joined the ordinary people on their commute to work.

Chairman Hong, who arrived at the office earlier than anyone, was filled with worry upon seeing his daughter storm into his office. A pang of heartache struck him at the thought of her possibly facing harsh criticism from her in-laws.

“What brings you here so early?” he asked, feigning ignorance.

Unlike when she burst in, Hong So-young’s voice was subdued.

“You should be the one telling me what’s going on, Father. Why are you doing this?”

Knowing his daughter was sharp, there was no need to play coy or beat around the bush.

“It’s company policy.”

“So, what exactly is that policy?”

“We decided to side with a bigger advertiser than your in-laws. It’s for the good of the company, so it’s not your place to interfere.”

“Are you abandoning your son-in-law to side with that greenhorn youngest son?”

“He’s not just some greenhorn; he’s our biggest advertiser. Anyone can see this is a sound decision.”

Hong So-young’s pent-up anger erupted at her father’s justification.

“When you made this ‘sound decision,’ did you even consider your daughter’s feelings? How could you do this to me!”

“I don’t expect much, but I have to ask. What did your in-laws say? Did they tell you to question me?”

“Dad!”

Hong So-young was so agitated that she reverted to her childhood way of speaking.

“Did you really not think about me at all? Or didn’t your grandchildren even cross your mind?”

“Calm down. That’s enough. This is business. You should be more worried about Hanseong Ilbo, your family’s company, than your in-laws’.”

Father and daughter glared at each other for a moment.

The daughter spoke first. She had regained her composure and reverted to her usual pragmatic self.

“Have you considered that if you keep going like this, I won’t be able to stay in that family?”

“I’ve considered even worse.”

“Huh?”

“If your in-laws lose what’s left of Electronics and Corporation, do you think you’ll still be the eldest daughter-in-law there? No, the question is, should you even be…? That’s what I’ve been thinking.”

Chairman Hong didn’t miss the flicker in his daughter’s eyes.

“You married into that family knowing very little about them. You’ve lived with Jin for over a decade, given him two children, but I’ve never seen the two of you exchange a warm glance. Am I wrong?”

What she wanted, and still wanted, was the matriarch’s position in Soonyang Group. Jin Young-jun often came home smelling of other women’s perfume, but that didn’t anger her.

There were times when she couldn’t contain her frustration. When her aunt squandered the department store, and when HW Group took over Construction and Heavy Industries, she couldn’t help but lash out at her husband about his father’s incompetence.

“The scales have already tipped. Jin Do-jun is as remarkable as the late Chairman Jin believed. Your in-law will likely step away from the group like Jin Dong-gi. Your husband too.”

Chairman Hong spoke softly, observing his daughter. The fact that she wasn’t yelling indicated that she also sensed the danger.

“If I cling to the mast of a sinking ship out of loyalty, you’ll witness both your in-laws and your family go down together. Is that what you want?”

Hong So-young, who had been sighing, finally looked directly at Chairman Hong and said,

“What if you’re wrong, Father?”

“What?”

“What if they protect Electronics and Corporation, and even expand their subsidiaries based on those companies like Daewoo Motors Group, regaining their former power? What will you do then?”

“My judgment is sound.”

Hong So-young grabbed her bag and stood up.

“I hope you’ve made the right decision, Father. Otherwise, you’ll have ruined your own daughter’s life. But Father…,”

Chairman Hong’s heart skipped a beat at his daughter’s hardened expression.

“My father-in-law, the captain of the sinking ship, and my husband, the chief engineer, are strangely calm and at peace. Why is that? You should find out.”

Chairman Hong watched his daughter’s retreating figure with a heavy heart, her last words lingering in his mind.

Shouldn’t his in-laws be in turmoil?

***

“How on earth did you win over Hanseong Ilbo? Weren’t they our eternal enemy?” Chairman Lee Hak-jae asked, tossing the newspaper onto the desk.

“Is there such a thing as an eternal enemy in this world? If there’s something to gain, people will pretend to be the best of friends.”

“What did you give them?”

“What else would you give a media outlet other than advertising? Oh, and we can start distributing the HW Group ads more evenly now.”

“What did you get in return?”

“Obvious, isn’t it? They’ll start singing my praises. And I’ll be the hero. Heh.”

“That family is about to be swept up in a whirlwind.”

“You know that better than anyone. They were a marriage in name only. Oh? Speaking of which, Older Brother Young-joon will be thrilled, won’t he? Once he’s divorced, he’ll think he can have any woman in the world and run wild.”

“Is Young-joon still carrying on like that?”

Chairman Lee frowned, looking disgusted.

“I hear he’s obsessed with girl group members these days, totally out of it. Sang-joon hyung says talent agencies treat him like royalty, calling him the ultimate uncle fan in the country.”

“Don’t tell me those girls who are advertising now have all gone through Young-joon’s hands?”

“No, he’s not that blatant anymore. He just gives the agency heads tens of millions of won, saying it’s for their health since they’re busy with events, or hundreds of millions for a single’s music or music video.”

“To the agency head? Not the girls?”

“Yes. The agency heads are ecstatic because it’s tax-free cash. So, any agency trying to promote a new group lines up to get in Older Brother Young-joon’s good graces. Of course, he also gives the girl group members pocket money and buys them cars.”

Chairman Lee began to glare at me.

“Are you collecting information like that?”

“I have a couple of decisive pieces of information. If Hanseong Ilbo releases them when the time is right, Sister-in-law will be happy. What better grounds for divorce could there be?”

“Using your own brother like that for a background check. You’re truly wicked.”

“I just happen to know because I’m in the industry; I didn’t specifically investigate.”

Only half of that was true.

Usually, I only hear rumors, but if it’s a potentially damaging rumor, Sang-joon hyung always confirms the facts. I didn’t ask him to, but he does it because he thinks it will help me.

In our family, Sang-joon hyung and I are the only ones who help each other out.

“More importantly, there are a few things I need to discuss with you.”

“Go ahead.”

“About seven credit unions are closing down due to the recent savings bank crisis.”

Credit unions, established in 1972, were originally named mutual savings and finance companies.

They were created to ‘promote financial convenience for ordinary people and small to medium-sized businesses,’ in place of the major commercial banks that focused on large corporations. However, money rarely flows purely for the benefit of the common people and smaller businesses.

From the mid-2000s, real estate project financing (PF) loans emerged as a ‘goose that lays golden eggs,’ and credit unions entered a golden age.

By late 2010, PF loans reached 17.4 trillion won, with most of the money concentrated in Busan.

However, the thriving PF loan market collapsed when the real estate market contracted. Credit unions, riddled with mismanagement and corruption, faced a devastating crisis due to the government’s belated response.

The most egregious aspect was that, the day before the business suspension, big shots who had deposited huge sums withdrew all their money and disappeared without a trace, while ordinary people who had deposited their hard-earned savings to earn a little extra interest lost everything.

“That’s not our problem. Did Soonyang Financial get involved there?”

“No. Would I risk getting my hands dirty for peanuts? But Soonyang Life Insurance and Securities were wondering if we should acquire one of the distressed credit unions when the restructuring is finalized.”

Chairman Lee paused to consider.

“Credit unions are useful for quickly accessing funds, so it might be necessary for the automotive, construction, and heavy industries sectors. If you think it’s necessary, we can proceed.”

“You’re not going to use your own money, are you? Miracle is our HW Group’s credit union, after all. Heh.”

“It’s never a bad idea to secure more options when the opportunity arises. But if it’s not necessary…,”

“Let’s proceed. We can’t rely solely on the major shareholder’s pockets forever.”

“Okay. Then HW Group will cover half of the acquisition cost.”

“What?”

Chairman Lee’s eyes widened.

“Why are you acting like this when you’re the one who uses the bank’s money most frequently? Invest a little too.”

“Wow, you’ve really become a chaebol now. You’re not using your own money, just growing your wealth with company funds, huh? Haha.”

As we joked and laughed, a phone suddenly rang.

– Chief of Staff. Where are you right now?

It was a call from Miracle in Yeouido.

“Why? What’s wrong?”

– An extraordinary general meeting of shareholders is being held. Yeouido is in an uproar.

“Calm down and explain clearly. Where is it?”

– Soonyang Corporation.

“What? Soonyang Corporation?”

I was so shocked that I jumped up from my seat. Chairman Lee also looked surprised at the mention of Soonyang Corporation, blinking in astonishment.

– Yes. The agenda is definitely a merger.

“A merger? Who is Soonyang Corporation merging with?”

– It’s… with Soonyang Ad Media….

Soonyang Ad Media? Isn’t that an advertising company?

It felt like I had been struck by lightning.

Jin Young-jun owned the majority of the shares in that company.

I hung up and told Chairman Lee.

“Soonyang Corporation is merging with Soonyang Ad Media. An extraordinary general meeting will be held soon.”

“What? Ad Media? How can that be?”

There’s only one way that makes sense.

They would merge at a ratio of one share of Soonyang Corporation to about a thousand shares of Soonyang Ad Media.

Usually, instead of using such a complicated method, Soonyang Corporation would simply acquire Soonyang Ad Media by purchasing more than 51% of its shares. I called again.

“Quickly find out the share structure of Soonyang Ad Media and let me know.”

Chairman Lee was also on the move.

“Hey, it’s me…. What’s going on? There’s a rumor? That Corporation is merging with some small company. What? You don’t know? Hey! There’s no way you wouldn’t know! Are you planning on ignoring me now?”

He yelled into the receiver a few times before hanging up weakly.

“It’s true. It’s an executive from the planning department at Soonyang Corporation…. He said he just received the official notice for the shareholders’ meeting…. He had no idea, and it seems they kept it completely secret.”

“Holding a shareholders’ meeting for this…,”

“They’re going to manipulate the merger ratio.”

“Surely not a 1:1 ratio…?”

“Would they really do that? The stock price would plummet, and the shareholders wouldn’t stand for it. At most, it’ll be 1:10.”

Those were just words of comfort.

This is a way to solidify Soonyang Corporation’s control, so they will definitely merge at a 1:1 ratio.

The phone rang again.

– 78% is owned by Jin Young-jun, and 10% is owned by Vice-chairman Jin Young-gi. The rest belongs to the executives of Soonyang Ad Media.

Damn it, it’s Jin Young-jun’s company through and through, just as I suspected.