Chapter 319: Behind the Scenes and Calculated Moves

There’s no such thing as a free ride when someone’s pushing a risky venture from behind. Jin Young-jun’s side must have promised something huge in return.

As Vice President Jang Do-hyung cautiously inquired, General Manager Hyun Wan-joo’s voice dropped significantly.

“This is just something I overheard, so it’s not confirmed. I heard Jin Young-jun is going to acquire a mid-sized construction company… and that they’re dividing up the shares. That’s all I know.”

It’s the natural next step for Jin Young-jun to create a new construction firm to replace Soonyang Construction, which he lost.

Just handling the volume from the group’s subsidiaries would keep it running smoothly, and isn’t it essential for creating slush funds?

General Manager Hyun backed off with the excuse of not knowing the details, but Vice President Jang Do-hyung noticed he wasn’t hesitant to reveal the deals happening behind the scenes. He spoke in a low voice.

“General Manager, or should I say, Senior Hyun. Are you perhaps thinking of resigning?”

“My successor as General Manager will be attending the general shareholders’ meeting. If they leave someone like me, who finds this whole thing unsettling, as is, the whole house of cards might collapse.”

Despite managing hundreds of trillions won as someone from an investment firm, he earns a mere 200 million won annually. Considering the weight of responsibility for managing such a vast sum, his compensation is ridiculously low.

It’s a position difficult to hold without a strong sense of public duty. That’s why the National Pension Service always struggles to bring in a new head of the investment division from the outside.

And that very General Manager is under so much unfair pressure that he’s considering handing in his resignation.

Chaos always harbors opportunities for a turnaround deep within.

Vice President Jang Do-hyung’s mind began to race.

What would Jin Do-jun do?

After organizing his thoughts, Jang Do-hyung posed a question Jin Do-jun might ask.

“Senior Hyun, how about we make a deal?”

* * *

“A construction company? You gave up ownership of a company worth tens, hundreds of trillions for just that? No way.”

Vice President Jang Do-hyung, who had just met with the head of the National Pension Fund, wore a troubled expression.

“That’s probably all General Manager Hyun knows. There must be more shady dealings behind it.”

“Damn it, I can give those guys anything they want, so why did they have to make a deal with my uncle?”

Even though I knew why, I couldn’t help but complain. My uncle, who has spent much more time with them, would be far more trustworthy for their dirty deals than me, who belongs to a completely different generation.

“Chief of staff, that’s why I proposed a deal.”

“A deal? You mean with General Manager Hyun Wan-joo?”

“Yes. He doesn’t want this merger to ruin his career. He’s planning to step down before the general shareholders’ meeting.”

“He’s a smart man. So, what’s your proposition?”

“I told him not to submit his resignation himself, but to hold onto his dissenting opinion and hold out until he’s forced out.”

If the National Pension Fund’s investment division doesn’t unanimously approve the merger, they’ll have to replace a member. Even the head of the division isn’t an exception.

“And then?”

“I told him to record every step of the process leading up to his dismissal.”

“You mean record conversations?”

“Whether it’s recordings or written records, something that can serve as useful evidence.”

“So, you want to go all the way…?”

“The only way to stop this is through a lawsuit. The general shareholders’ meeting might follow proper procedure, but the merger ratio between the two companies violates securities disclosure regulations. The methods used to calculate the merger value – asset value, earnings value, and relative value – all violate the detailed rules, so we have a chance of winning.”

“Do you really believe that, Vice President?”

“Well, that’s…”

He stammered, clearly finding it difficult to answer.

Those involved in this battle, disguised as a merger, are people who exist above the law.

No matter how much noise we make with lawsuits or the media, the world will continue to turn according to the scenario they’ve written.

A battle fought by those who hold the law in their hands.

The victor in this kind of fight, as always, is the side supported by the administration. That’s because the authority to enforce the law lies with the administration itself.

“That’s not a reprimand. You did well. So, what did General Manager Hyun want in return?”

“Nothing for now. He said he just wants to rest if he’s forced out of his position.”

“Tell him to rest as much as he needs. And assure him we’ll give him any position he wants, whenever he wants. Won’t his records be enough to tighten the noose around someone’s neck? That’s enough for now.”

Once I confirmed who was pulling the strings from behind, my energy drained, and fatigue washed over me.

I closed my eyes and leaned my head back on the sofa. Vice President Jang Do-hyung quietly got up and left me alone.

After a long daze, I called the lawyers. I needed to know exactly what I could do legally to make a sound decision.

“First, the chief of staff needs to publicly declare his intention to participate in management and disclose his shareholdings in Soonyang Corporation.”

“Also, we need to initiate legal proceedings to file an injunction against the resolution of the general shareholders’ meeting regarding the merger between Soonyang Corporation and its board of directors, to try and prevent the meeting.”

“There’s one more thing. Since there’s a huge difference in asset value between Soonyang Ad Media and Soonyang Corporation, Soonyang Corporation will likely sell its own shares. They’ll transfer them to a trustworthy party and then buy them back once they secure management control, likely through another subsidiary or affiliate.”

I listened to the lawyers’ opinions and asked again.

“Do we have a chance?”

“Our calculations show this. The unfair merger ratio means 7.8 trillion won of Soonyang Corporation’s book value will essentially be transferred to Jin Young-jun personally. We need to emphasize this.”

“Then what kind of logic will they use?”

“They’ll emphasize the synergy effects of the merger. Soonyang Ad Media may be small in scale, but its net profit margin is enormous. And they’ll mention the shares of other affiliates that Soonyang Ad Media holds. They’ll talk about the value gained from the smooth business connections with those affiliates, and so on….”

The lawyers’ words are nothing more than empty numerical games that will echo in the courtroom. With just this, we can’t defeat those who enforce the law.

I sent them out and was left alone again.

Nothing felt satisfying.

Even if I mobilized all my resources and swayed the court to win the injunction, all it would achieve is maintaining the status quo. After causing all that commotion, I wouldn’t have moved a single step forward.

It’s too inefficient.

The saying ‘a blind hen sometimes finds a grain’ refers to chance or luck, but Grandfather told a different story.

He called a person who was incompetent worse than an ox.

“Even an ox catches a mouse while taking a step. How much more should a person aim to gain something or kill someone with every move they make!”

If I mobilized vast resources and connections just to maintain the current situation, Grandfather would immediately call me a fool. The sound of his voice seemed to echo in my ears, and I stood up. I needed to kill someone and take what was theirs.

* * *

After listening to my plan, no, my current thoughts, Chairman Lee Hak-jae’s expression turned serious rather than surprised. After a long pause, his words were short.

“Are you confident?”

“I’m not sure. It’s not that I’m confident, but I believe it’s something I absolutely must do. If this situation continues, it will only solidify.”

“Why do you think that?”

Because opportunities like the subprime mortgage crisis or the Dubai crisis won’t be in my memory again, and Jin Young-jun, backed by the massive Soonyang Electronics that will double in size in five years, will be able to further solidify his position. I couldn’t say this out loud, so I said something else.

“Uncle and Older Brother Young-joon don’t intend to return after they run away.”

“If things don’t go your way and you stumble even a little, you’ll end up building their fortress for them. You know that, right?”

“Yes. That’s why I can’t say I’m confident.”

Chairman Lee sighed deeply and said.

“When are you planning to start?”

“The presidential election is exactly one year away, right? So, I’m thinking of starting in the latter half of next year. During a change of administration, even public officials are busy watching their backs. There will be many loopholes.”

“We’ll have to delay the general shareholders’ meeting as much as possible.”

“Yes. We’ll have to go to court. The earliest they’ll be able to hold the meeting they want is May or June.”

“This is quite the tightrope walk. To intentionally drag out a lawsuit you’re destined to lose.”

If I were to win the injunction against the resolution of the general shareholders’ meeting, it would be a disaster. Just as a body is needed for a murder charge to stand, the general shareholders’ meeting needs to take place, and the merger needs to go through.

Only then can the hunt begin.

“This tightrope walk isn’t that difficult. It’s a lawsuit we’re going to lose no matter what. The problem is what comes after.”

“A decisive blow….”

“My uncle has used up all the cards he can use with this merger, making him a toothless tiger. We can make sure he can’t move an inch.”

“A tiger is a tiger until it dies. Aren’t you being too simplistic?”

“In official matters, he might be able to make a few phone calls at most. But if his private life comes to light, he won’t be able to use even that meager power.”

“Private? What do you mean by that?”

Chairman Lee frowned, looking puzzled.

“The group’s strategy team employees have been acting as my eyes and ears for a long time. I know exactly what our family members are up to.”

“What?”

“Oh, those employees don’t know they’re my eyes and ears. It’s just that the things they blurt out during meals and drinks reach me directly.”

Chairman Lee, speechless and blinking, let out a groan.

“Ah… Kim Yoon-suk is from that side, isn’t he?”

“Yes. But the real one is Department Head Shin Seok-ho. He’s been working for me for over ten years.”

“Shin Seok-ho? That fellow is…?”

“Yes. He’s been with me the longest. Thanks to him, isn’t he the department head in charge of my uncle’s family? They have mountains of things they want to hide from the world. I only plan to secure a few decisive pieces of information.”

Chairman Lee spoke with an incredulous expression.

“What about Young-joon?”

“Fortunately, I hear Older Brother Young-joon is at the forefront of this merger. If we drag things out with lawsuits, he’ll step forward again. There’s definitely an opportunity.”

“That foolish son.”

Chairman Lee clicked his tongue.

“Chief Secretary Baek isn’t just there as a decoration… He should just handle the introductions and step back, but he’s directly making requests.”

“He doesn’t consider them his people. Don’t you know, Chairman? When Grandfather passed away, the person my two uncles were most wary of was you, Chairman. Heh.”

“Then there will be another opportunity.”

Chairman Lee smiled faintly.

“Yes?”

“I’m talking about Chief Secretary Baek. Isn’t he being set up to be discarded after being used? Should I scratch where it itches for him? See how he reacts?”

“That would be good too. One thing is certain. Neither my eldest uncle nor Older Brother Young-joon value their people. Chief Secretary Baek… he must be feeling very hurt by now.”

It doesn’t matter if Chief of Staff Baek Jun-hyuk is someone who pledges unwavering loyalty. He hasn’t experienced any external shocks yet, so he’s just following the law of inertia.

How solid loyalty that hasn’t been tested by temptation is can only be confirmed by delivering a shock.

“People like that become terrifying when they betray. You know that well, since you used to work under Chairman, don’t you?”

“Humans are all the same. They want to satisfy their greed, protect their pride, and they’ll lean towards you if they don’t have to feel ashamed.”

There’s one more thing. If there’s a wound, it needs to be soothed, and the best way to soothe a wound isn’t to apply medicine to my own, but to inflict the same wound on the person who hurt me.

Who has inflicted the biggest wound on Chief Secretary Baek Jun-hyuk?

* * *