Chapter 51: Who is Seo Min-young?
by xennovel“Who is Seo Min-young?”
“She’s a student in the same department as me.”
“Is that all?”
My uncle chuckled, nudging my shoulder—a hopeless romantic and a typical middle-aged man.
“You’re a college freshman, focus on getting a girlfriend. Didn’t you just say? Good-looking, rich, smart—what’s missing? Women will be lining up.”
“What’s the point of them lining up? I don’t have time to meet them.”
“Life’s simple. Love, that’s all there is to women. Money? That’s just a good sign for meeting women without love.”
He doesn’t even listen to me, just says what he wants.
“That’s not the kind of advice I’d expect from an uncle who’s made a fortune by playing with money.”
My uncle’s eyes widened, a look of surprise on his face.
“Oh, you still don’t know?”
“Huh? What are you talking about?”
“My job, my profession, is doing calculated gambling based on accurate data, not making money. Though… it’s become much less fun because of you. Gambling with a hundred percent win rate gets boring.”
“Then, speaking from a gambler’s intuition, will Daehyun Group take over Ajin Automobile, the pot on the table?”
I subtly changed the subject. It was a good time to avoid his persistent questioning about Seo Min-young.
“Probably.”
“Why?”
“The three elements are perfectly aligned. Plenty of chips, luck on their side, and a good hand.”
I know they have plenty of chips. They’ve stockpiled over two trillion won. But what about luck and a good hand?
“Luck is the momentum of the gambling table. It’s when you feel like you’re about to win after constantly losing. Luck is good when the winning streak comes when a large sum of money is on the table. And Ajin is a big pot right now.”
“Why is their hand good?”
“Ajin Automobile going bankrupt due to the successive failures of large corporations isn’t news. And when a company goes bankrupt, everyone wants someone to quickly take it over to minimize the impact. Lastly, there’s Daehyun, who failed to acquire Hando Steel. Even the government won’t see it as a special favor if they get this one.”
“So, you’re certain Ajin Automobile will go bankrupt.”
“Didn’t Daehyun Group orchestrate it? The banks prefer Daehyun over Ajin. Plus, the political figures who hitched a ride on this administration’s final stretch will likely choke Ajin Automobile for a piece of Daehyun’s pie. Just watch.”
He’s incredible. Back then, how many people could be so sure about Ajin Automobile’ bankruptcy?
The absurd truth is that the banks were also complicit.
Ajin Automobile’ bankruptcy would be a huge blow to the banks as well, yet they’re taking the lead because they have something to rely on.
That’s the injection of public funds.
Public funds—whoever coined that term, the real name is taxpayers’ money.
They gradually steal the public’s money to save failing companies, but the owners of the revived companies aren’t the public. They become the property of certain individuals.
That certain individual could be me. First come, first served, right? I’ll pass on playing the righteous young college student.
“Uncle, then should we take over Ajin Automobile?”
“Huh? What?”
He clearly thought he’d misheard me.
“We also have the perfect alignment of the three elements. We have overflowing chips stockpiled in the US, you know I was born with incredible luck, and while the good hand might seem exclusive to Daehyun Group, we can make it our hand. What do you think?”
Oh Se-hyun’s expression tells me he doesn’t think I’m right in the head.
How could a college freshman talking about taking over the second-largest company in the automobile industry—a company that once ranked fourth in the business world and is now at eighth—seem normal?
* * *
“Isn’t this plagiarism? Where do I file a copyright infringement complaint?”
Chairman Jin said it as a joke, but no one laughed.
A strategy disguised as a report, created with immense effort and expense six years ago. Now, the chairman of Daehyun Group is using the exact same strategy.
“Shall we throw a wrench in their plans?”
President Jo Dae-ho of Soonyang Motors wasn’t joking. His expression was as stiff as could be.
“Before that, we need to figure out Chairman Joo’s intentions. What is it? Restructuring the auto industry? Or bankruptcy?”
“Chairman Joo doesn’t want industry restructuring. He wants Ajin to go bankrupt.”
“What makes you think so?”
“Government-led restructuring would be hindered by the monopolization clause. But if it’s bankruptcy…”
Chief of Staff Lee Hak-jae cautiously continued, watching Chairman Jin’s reaction.
“If a company the size of Ajin goes bankrupt, they’ll have to quickly take measures to mitigate the fallout. They’ll rush to select a party for acquisition negotiations…”
“Exactly! They’ve preemptively removed our spoon from the table so we can’t get a bite. He must have been planning this since I was so eager to acquire Hando Steel.”
Even if the creditor banks select an acquiring party, they’ll have no choice but to watch. Soonyang Group doesn’t have the funds.
Chairman Jin couldn’t shake the feeling of defeat.
He certainly desperately wanted Hando Steel and got it. But the thought that even this was part of Chairman Joo of Daehyun’s grand scheme made his body tremble.
The only consolation was that Chairman Joo hadn’t called to gloat after winning the Hando Steel acquisition bid.
However, Chairman Jin, a shrewd businessman, didn’t dwell on his emotions.
“Alright, let’s consider one more thing. If Daehyun acquires Ajin, what about us? What will happen to us?”
“Our market share will plummet.”
President Jo Dae-ho said grimly.
The competitiveness of automobiles, no matter who says otherwise, comes down to production volume. If the two companies merge, share the same parts, and streamline overlapping production lines, it will be difficult to compete on cost.
“Jo Dae-ho.”
“Yes, Chairman.”
“You have a significant reason to want to interfere.”
Even though he spoke as if it were someone else’s problem, Chairman Jin’s intention was clear.
“Let’s all hear President Jo’s ideas. President Jo.”
“Yes.”
“Come back with a plan by this time tomorrow.”
As soon as the words signaling the end of the meeting were spoken, everyone hurried out of the study. It wasn’t just President Jo Dae-ho’s homework. It was everyone’s.
With only the two of them left, Lee Hak-jae spoke quickly.
“Chairman, the stocks…”
“I know.”
7% of Ajin Automobile’ stock held under nominee names.
If it goes bankrupt, even if Daehyun acquires it, a capital reduction is inevitable.
“That’s what I can’t stand the most. I can’t let Joo Young-il get away with making us lose money.”
“Shall we dispose of them quickly?”
“Dispose? You don’t intend to fight?”
“Bankruptcy is unavoidable.”
“Why?”
Chairman Jin bit his lip, suppressing his anger, but Chief of Staff Lee Hak-jae’s expression remained unchanged.
“Because it was our plan. Six years ago, if the Suseo bribery scandal hadn’t happened, we would have absorbed Ajin Automobile. It was that perfect of a plan.”
There was no arguing with that.
“Unless a scandal of that magnitude breaks out now, the plan will proceed as intended.”
Silence filled the study for a while.
“Shall we try to shake things up with that? We can’t just sit here and do nothing.”
“With the stock?”
“Yes.”
Shareholders owning 3% or more have the right to demand the dismissal of executives, call extraordinary general meetings, and request the appointment of inspectors. They have the power to storm into the company and turn over desks.
“But it’s scattered like dust. We need someone we can put forward to gather them.”
“We have a suitable guy. Oh Se-hyun.”
“Ah…!”
Lee Hak-jae was once again impressed by Chairman Jin’s quick thinking. Even though he was well over seventy, his brain hadn’t dulled in the slightest.
“Meet with him. Give him the Ajin stocks and make him our proxy. And we also have the slush funds we’ve entrusted to him. This is also an opportunity to recover them.”
Swapping the 7% stake in Ajin Automobile for the 100 billion won of slush funds sitting in Miracle.
Chairman Jin’s agility in seizing a win-win opportunity made Lee Hak-jae feel ashamed.
* * *
“Seven percent?”
“Yes, the ones we hold under nominee names.”
“You’re asking me to buy it for 100 billion won?”
Lee Hak-jae’s brow furrowed.
“It’s not buying, it’s an exchange. The 100 billion won we entrusted to you, we’re giving you the Ajin Automobile stock as a way to get it back.”
“That’s a bit difficult.”
“What?”
Oh Se-hyun’s slight headshake eventually caused Lee Hak-jae to raise his voice.
“Hey! What do you mean? Difficult? Are you mistaking the nominee account as your own money? Or do you think it’s unclaimed money?”
“Absolutely not. It’s money without a name tag, but it’s undeniably Soonyang Group’s money. Do you really see me as that much of a crook?”
“Right now, yes.”
Oh Se-hyun burst into laughter when Lee Hak-jae flatly called him a crook.
“Oh, you wound me, haha.”
“I’m not in the mood for jokes, so tell me quickly. Why is it not possible?”
“Miracle Investment has shareholders and investors. The rumor of Ajin Automobile’ bankruptcy is widespread in this industry. And you want me to buy those stocks?”
Oh Se-hyun shook his head vigorously.
“Buying the stock of a failing company for a huge sum? That’s no different from embezzlement. If the shareholders or investors sue me, I’m going to jail.”
“What?”
“And Chief of Staff Lee.”
Oh Se-hyun began to glare sharply at the fuming Lee Hak-jae.
“I’m not a Soonyang employee. Even on paper, our Miracle and Soonyang have no relationship. I’m only doing you a favor because of Do-jun.”
His gaze intensified.
“And what was that? Exercise the rights of a major shareholder to investigate Ajin Automobile and shake things up? Is trying to get everything for free a habit? A bad habit?”
Oh Se-hyun abruptly stood up.
“Find a more plausible way to acquire Ajin Automobile’ stock. Let me say again… I have absolutely no intention of swallowing that 100 billion won for free. And… don’t ask me to come and go for something like this again. If something like this happens again, I’ll sever ties with Soonyang, no matter what Yoon-ki or Do-jun says.”
Oh Se-hyun’s expression as he turned away was indescribably hard.
It wasn’t anger. Do-jun’s talk about acquiring Ajin Automobile… perhaps there was a path forward.
If this deal goes through, it’ll be the biggest gamble he’s ever been a part of. Just the thought of it made his heart pound and his fingertips tingle.
* * *
“Is it Daehyun this time?”
“Confirmed. They’ve been contacting the presidents of our lending banks one by one. The increased pressure to recover loans is because of that.”
“Damn it….”
Chairman Song Hyun-chang gritted his teeth.
The accumulated deficit of all 28 subsidiaries is only 380 billion won. Especially Ajin Automobile, the flagship company, recorded a profit even last year.
Even if the numbers weren’t this good, the fact that Soonyang Group and Daehyun Group are both eyeing Ajin Automobile proves how good the company is.
Meeting with bank presidents and listing the company’s soundness and financial statement figures to prevent the wolves from taking the company was meaningless.
Now is the time to negotiate with the political circles.
“The ruling party is in the middle of its primary elections, right?”
“Yes.”
“Are you sure? Lee Hoi-chang?”
“Unless there’s an upset, it’s confirmed.”
“Make connections with him.”
At Chairman Song’s words, all the staff showed the same reaction.
“He’s known for being unyielding. Even with the current bankruptcies of large corporations, he’s distancing himself, saying it’s the responsibility of each company…. Will it be helpful?”
“That’s what he says because he still mistakes himself for a judge. While running in this primary, he’ll have wiped away all traces of his judicial robes and become a politician. And I don’t believe there are any truly clean politicians.”
Clean politician. Chairman Song Hyun-chang thinks this phrase is a combination of incongruous words, like fragrant garbage.