Chapter 318: Is It So Wrong for the Youngest Son to Inherit the Family Fortune?

Was it really so against the public sentiment for the youngest son of the family to take over the wealth? Didn’t we hire PI specialists to craft an image precisely to avoid such controversy?

The most outstanding and gifted manager of the Soonyang family.

We even conducted numerous public opinion polls to see how effective this image was.

Who is the most suitable person to be the head of the Soonyang Group?

My name was the overwhelming answer to this question. Of course, the older generation, who didn’t know anyone, simply answered that it should be the eldest son.

Chairman Lee sighed briefly as he looked at me, my eyes wide with confusion.

“That remark you casually dropped through Rachel, we’re going to use that.”

I understood what he meant.

“Are you talking about appealing to patriotism and preventing the outflow of national wealth? Will that even work?”

“It’ll work to some extent. But Soonyang Electronics stock is more like a deposit in nature.”

The top priority for deposits is safety. The merger of Soonyang Corporation is to defend the management rights of Soonyang Electronics, so Soonyang Electronics will remain unchanged.

“If ordinary people knew that replacing the owner family, who are prone to tyranny, with professional managers would double the stock price….”

“If the general public knew that, the Soonyang Group wouldn’t even exist in the first place. Only independent companies would exist.”

Whom can I blame? Isn’t it this public sentiment that gives rise to phrases like the Soonyang family and the Daehyun family? If I were to take over the Soonyang Group, wouldn’t everyone nod in agreement?

“So, all the individual shareholders are out… and the three institutional investors….”

Looking at the documents, deep wrinkles naturally formed on my forehead.

One bank is Soonyang Electronics’ main transaction bank, so we can’t do anything about that, but the other two were difficult to understand.

“The Korea Development Bank, and the National Pension Service….”

“Do you understand now? The reason they’re so confident about the merger?”

“I understand one thing for sure. Who approved it.”

Chairman Lee shook his head.

“It’s not an approval, it’s tacit consent. Sejongno and Yeouido haven’t said a single word for or against it.”

“They don’t want to create anything they’ll be held responsible for.”

“Exactly. The National Pension Service owns Soonyang Corporation’s stock, which belongs to the people, and they’re siding with an action that drastically lowers its value. If someone steps up to question and challenge it, there would be numerous troublesome issues.”

I checked the documents again.

Carefully examining the shareholding structure based on the premise of the merger between Corporation and Ad Media, I sighed.

Jin Young-jun would firmly seize control of Corporation. That means he’ll control the affiliates connected to Corporation, and Soonyang Electronics will also be in his grasp.

Of course, all the other affiliates connected to Electronics will also go into that guy’s pocket.

If he takes control of the two main companies and creates a bunch of subsidiaries with 100% ownership, scattering the shares of Electronics and Corporation, will there really be a chance to take them back?

Chairman Lee Hak-jae opened his mouth with difficulty, seeing my darkened expression.

“The shareholders’ meeting… should we make a mess of it?”

It wouldn’t be difficult to hire professional disruptors to derail the shareholders’ meeting. But that’s just a means to buy more time.

“You know it’s useless….”

“It buys time and puts pressure on the guys who are condoning the merger. Aren’t politicians the ones who dislike noisy affairs the most? To make them realize that the merger could become a liability for them….”

Chairman Lee glanced at me again, then said cautiously.

“Use what you have to revert it back to square one.”

“What I have…? Ah…!”

He was talking about the ledger Grandfather left behind. If we threaten the people whose names are on that ledger, not only will the merger be off the table, but the shareholders’ meeting won’t even happen.

It wasn’t something I hadn’t considered. In fact, that ledger was the very first thing that came to my mind.

But I resisted the temptation.

“That should never be used. It should only exist as a record.”

“If it were this urgent, even the Chairman would have used it.”

“No. Grandfather would have thought the same way I do. The moment that ledger is used, Soonyang will no longer be Soonyang.”

“Soonyang will no longer be Soonyang…?”

“Like us, other conglomerates also spread money around. But their names are always mentioned in the media, the prosecution, and the National Assembly, whereas our Soonyang’s name has been absent for quite some time now.”

“Is that the reason it should only exist as a record? And never be used?”

“Yes. The people who take money from other conglomerates only help as much as the money they received. But Soonyang is different. The belief that nothing will ever go wrong, the expectation that they’ll get more than what they were given. That’s why they willingly help us. Just like men offering bouquets of flowers to get the touch of a beautiful woman even once more.”

Chairman Lee nodded.

“I understand what you mean, but what good is that if we lose Electronics and Corporation? The guys on that ledger don’t see much difference between you and Jin Young-jun. It’s not being taken away by someone else, but rather being divided among the Chairman’s bloodline.”

“If my only goal was to take over the entire group, I would have used the ledger. But we have to think about what comes after that. We have to remain Soonyang in this country forever. To do that, we must continue to exist as a beautiful woman.”

Only then did a smile spread across Chairman Lee’s face.

“The Chairman’s decision to pass the ledger down to you was truly a wise choice. If it were Vice-chairman Jin Young-gi or that bastard Young-jun, they would have been waving that ledger around, making all sorts of unreasonable demands.”

Chairman Lee’s praise was encouraging, but I still felt frustrated.

In times like these, the first thing to do is to confront the situation head-on.

“Then shall we go meet them?”

“Who? Vice-chairman Jin Young-gi?”

“No. Older brother Young-jun. I need to see what he intends to do with the two core companies once he gets his hands on them. Whether he’s planning to run away or use them as capital to start a new game.”

“What good will finding that out do?”

“If he’s not going to run, I need to provoke him into starting a new game. It’s a win-win situation, isn’t it?”

Chairman Lee smiled as he watched me get up.

“My bigger worry is whether he’ll disappear completely. Go easy on him.”

* * *

“Seeing you come to me yourself, you must be feeling impatient?”

Jin Young-jun smirked as soon as he saw me.

He’d shrunk down and was content with that, yet he had the look of a victor.

“I didn’t know you were this fast. If I had, I should have tied your feet down first.”

“If you’re just going to talk nonsense, go back. Just tell me your business.”

“Is just Corporation and Electronics enough for you? Don’t you know that coming at me like this will leave you with no ground to stand on?”

“Don’t worry about me. I’m satisfied. Especially seeing you come here yourself to needle me, it confirms that my choice was right. You always had a reason when you riled people up. Heh.”

Not this time.

I simply wanted to irritate this guy who had pulled a cheap trick.

“I heard you did your part this time, personally meeting with and persuading everyone involved?”

“It was an easy task. When I said you’d have the financial group, department store group, and construction & heavy industries group, and I’d have the electronics and corporation group, everyone nodded. Anyone could see that I’m the eldest son who got pushed aside. Which… is true anyway.”

He had changed a lot. He seemed much more relaxed.

“Don’t bother running around trying to overturn this. Those people will all say the same thing. That you already have enough, so stop being greedy.”

“Putting me aside, seeing that you’re satisfied with just Electronics and Corporation, it seems like you’ve let go of your ambitions, brother. Aren’t you tempted by what I have?”

“Not really. Heh.”

He didn’t show any signs of falling for my provocation. His expression held not a bitter smile, but a hint of disappointment.

“I’m a little tempted by Automobiles, but I can fill the rest easily enough. Construction, heavy industries, securities, department stores, hotels… there are plenty of mediocre ones. I can acquire them and build them up. But what about you? There’s nothing like Soonyang Electronics and Soonyang Corporation in this country. You’ll have to start from scratch. Do you think that’s possible? I sincerely want to stop you. You’ll just waste your money.”

Now he was even giving me advice?

The things this guy and I were looking at were different.

My goal was to take everything this guy had and throw him into the gutter, but his only goal was to protect what he had and build it up further. Jin Young-jun had left me alone in the ring and changed the weight class and the sport. He wouldn’t start another round.

“Thanks for the advice, but shouldn’t we finish the shareholders’ meeting first?”

“Why? Are you going to try and stop it?”

“I have quite a few weapons in my hand to just sit back and watch.”

“If you’re confident, go ahead and try. If you knew how much effort Father and I put into the shareholders… you wouldn’t say that. I won’t stop you. If doing something makes you feel better, you should do it.”

Suddenly, Jin Young-jun had transformed into a difficult opponent.

Grasping the collar of a guy who has emptied his mind and has no intention to fight would only drain my energy. The opponent I need to fight isn’t this guy.

* * *

“Thank you for taking the time out of your busy schedule, General Manager.”

“Not at all. When the de facto power of the Soonyang Financial Group asks to meet, I have to rush over. Haha.”

Hyun Wan-joo, the head of the National Pension Service’s Fund Management Division, sat down, accepting Vice President Jang Do-hyung’s courteous greeting.

His tone sounded polite, but his expression and attitude were the opposite. Money is power in this world. He was the head of one of the world’s top three pension funds, managing nearly 600 trillion won. No wonder he was called the ‘President of the Capital Market’.

His domestic stock holdings alone exceeded 100 trillion won, and his foreign stock holdings were the same. Bonds amounted to 300 trillion won, and other investments reached 100 trillion won.

When General Manager Hyun Wan-joo visited a foreign country, he was greeted by at least a cabinet minister, and if he wished, meeting the head of state of that country wouldn’t be difficult.

Such a man had no reason to bow his head to Jang Do-hyung, a vice president, no matter how powerful Soonyang was.

After sharing a drink and a meal, and casually talking about the way the world was turning, Vice President Jang Do-hyung broached the subject with difficulty.

“The securities market is buzzing. You know the reason, right?”

“It’s nothing so grand… It’s a big deal for the people at Soonyang Group, but mergers and separations of private companies are commonplace, aren’t they?”

“It’s such a bizarre merger, that’s why. It’s like merging an aircraft carrier with a rowboat, no, a raft! It’s hard to believe that the National Pension Service, with its 15% stake in Soonyang Corporation, would agree to it.”

“Agree? Who says that?”

“Isn’t it so?”

“We haven’t decided anything yet. We’ll announce our opinion at the shareholders’ meeting.”

General Manager Hyun Wan-joo’s face hardened as he played dumb.

“Why are we acting like this between professionals? If the National Pension opposes it, the agenda item is doomed, but Vice-chairman Jin Young-gi is pushing forward, which means he’s that confident, isn’t he?”

The head of the Fund Management Division is from the financial sector, as he is responsible for the fund’s investments. The two men shared a past in this field.

“Why are you acting like this, Vice President? Isn’t the story obvious? There’s someone pulling the strings, and I’m just playing along with their tune. Are you asking knowing this?”

The fact that the general manager’s tone had risen meant that he also did not approve of this nonsensical merger. However, he was a civil servant who had to do as he was told, so he was moving according to orders.

“So, please tell me clearly whose tune you’re playing along to.”

Silence flowed for a while.

Unable to bear it any longer, Vice President Jang Do-hyung spoke.

“Is it an order from the Blue House?”

“Does the VIP look like someone who would order something like this? It’s the confidant who’s moving things.”

“The confidant?”

There was only one person who could be called the VIP’s confidant. The VP’s older brother, the National Assemblyman.

“That’s who’s directing it. The Ministry of Economy and Finance and the Ministry of Health and Welfare are acting as his hands and feet.”

If the President’s confidant and the heads of key ministries had stepped in, there was nothing more to ask. The merger would succeed.