Chapter 52: An Unforeseen Offer

“Goodness, I apologize for gathering such busy people.”

“Don’t mention it, Chairman.”

As Chairman Jin opened the door to the private room in the Japanese restaurant, the three bank presidents hastily stood up.

“Alright, let’s sit down.”

As the bank presidents took their seats respectfully, the dishes began to arrive.

“I hear Chairman Song of Ajin has been meeting with the three of you frequently these days… How is that going?”

The bank presidents, who were reaching for their chopsticks, paused and put them down again. They hadn’t expected the conversation to start so abruptly.

“He seems to be spending more time in Yeouido than with us.”

“He’s probably busy trying to align himself with the next administration.”

“It won’t be very effective. It’s not like that would help him with his presidential ambitions.”

Chairman Jin nodded, placing a piece of sashimi in his mouth.

Only then did the bank presidents pick up their chopsticks again.

“The tide isn’t turning?”

The three bank presidents exchanged glances and put down their spoons. They had to give up on eating until Chairman Jin finished speaking.

“Perhaps the Chairman has some words of advice for us?”

“I feel sorry for Chairman Song. We’re not strangers. I just hope you won’t push him too hard… What do you think?”

“We apologize, but we also have our own position… The pressure from economic officials to handle this quickly is immense.”

“Chairman Joo must have spread a lot of bait. It looks like even the Blue House is involved.”

He used the term ‘economic officials’ euphemistically, but it was no use. Wasn’t Chairman Jin the one who knew the inner workings of this world best?

“By any chance, is the Chairman also considering Ajin Automobile?”

The banks didn’t need to get involved in a fight between whales. The two groups would fight, and the banks would just follow the outcome.

The key point to grasp now was whether the Soonyang Group would belatedly join the fray.

“Let’s not have long talks at the dinner table. I have only one request. Delay it as much as possible. If it gets to a point where you can’t hold on any longer, let me know.”

The three bank presidents exchanged subtle glances before nodding. They had to do this much to eat in peace.

Having received the desired response, Chairman Jin smiled broadly.

“Alright, let’s eat. The sashimi seems particularly fresh today, haha.”

* * *

“I met with Chief of Staff Lee Hak-jae yesterday. Your grandfather seems quite angry.”

“It’s because of the Daehyun Group, right?”

“Yes. He owns 7 percent of Ajin Automobile’ stock and wants to use that to shake things up. Using me as a front, that is.”

“How so?”

“He says we have a hundred billion won of Chairman Jin’s slush funds in Miracle. He wants us to use that to buy shares and assert the rights of a major shareholder.”

“You refused, of course? There’s no reason to buy plunging stock.”

Oh Se-hyun nodded lightly.

But I could already read his mind. He wasn’t the type to bring up a matter he’d already dismissed.

“But Uncle, it seems like you have something else to say?”

Oh Se-hyun cleared his throat a little and then slowly opened his mouth, looking at me.

“You’re serious about wanting Ajin Automobile?”

“Yes.”

“It’s a massive conglomerate with over 14 trillion won in sales. Acquiring Ajin Automobile, the parent company, means acquiring the entire Ajin Group.”

Oh Se-hyun looked visibly excited.

“If… if we acquire Ajin, what are you planning to do?”

“What do you think I should do, Uncle?”

“Logically, you’d have to liquidate all 28 subsidiaries. Throw away what’s worthless, sell the usable parts at cost.”

“And sell the valuable parts for a high price?”

“Sell to the highest bidder, even if it’s just for an extra ten thousand won.”

That’s just the gambler’s answer.

“And if we weren’t being logical?”

The corner of Oh Se-hyun’s mouth quirked up, his face even slightly flushed.

“Try to revive it properly. Cut away the rotten parts, apply some ointment, and give it a shot of nutrients.”

“And then?”

“That’s…”

His expression now turned regretful. I could tell how conflicted he felt.

“That’s the limit. I don’t have the confidence to manage a major corporation. I’d like to, but it’s beyond my capabilities.”

“Then how about we go that far? We can think about the next steps later.”

“More importantly, we need to consider that our chances of winning the acquisition are low, no, practically nonexistent.”

“Then why are you suddenly showing interest? You’re not one to join a losing game.”

Oh Se-hyun lowered his voice.

“If your grandfather’s 7% stake in Ajin Automobile comes into our hands, we can use that to examine Ajin Automobile inside and out. And…”

“And what else?”

“Your grandfather, Chairman Jin.”

Of course!

It would be difficult without Soonyang’s power.

“You could probably cover the acquisition cost of Ajin Automobile with your own money. But you know this isn’t a game you can win with just money. We need the influence to sway the evaluation committee, the creditors, and the political circles… Isn’t Soonyang the only one that can rival the Daehyun Group?”

Oh Se-hyun’s eyes were fixed on me.

The eyes of a child asking for a toy.

“Understood. So, you’re in favor of it, Uncle.”

Having made the decision, Oh Se-hyun seemed calmer.

28 subsidiaries, over 50,000 employees, 14 trillion won in sales.

It was a massive gamble where the winner took all.

If we were soldiers going to war, with money as bullets instead of real ones, and the livelihoods of tens of thousands at stake instead of casualties, shouldn’t we maintain composure rather than excitement?

“I’ll meet with Chief of Staff Lee Hak-jae. You…”

“I will meet with Chairman Jin Yang-cheol of Soonyang Group.”

Facing each other, we exchanged a smile instead of a handshake.

* * *

“Chief of Staff, you owe me a big treat.”

“I’ve always wanted to treat CEO Oh, but you always managed to make me angry, didn’t you?”

“This time will be different.”

“Well, you asked to meet first, so I have some expectations.”

Lee Hak-jae was prepared to meet and persuade him multiple times to carry out the chairman’s instructions. So, when he asked to meet first, he rushed over, and hearing positive words from the start couldn’t help but raise his hopes.

“I’ve persuaded our Miracle’s shareholders and investors. I explained the nature of the funds and the prestige of the Soonyang Group in Korea in detail.”

“Could it be about Ajin Automobile’ stock…?”

“Yes. I received approval to acquire all the shares and demonstrate the rights of a shareholder.”

I threw out the good news first. Isn’t that basic give and take?

Oh Se-hyun watched Lee Hak-jae’s expression brighten considerably, then scratched his head as if embarrassed.

“But there’s a condition. This is a non-negotiable condition, and I hope you can understand, Chief of Staff.”

After all, we held the purse strings. Just because the money didn’t have a name tag didn’t mean we’d throw it away.

Oh Se-hyun was a person whose instinct was to gain and earn more, even a single penny. If he played this opportunity well, a fortune would come his way again.

“I have a bad feeling about this. Especially the ‘non-negotiable’ part……”

“When deciding on the acquisition price, they say we need to consider the reality. Investing a hundred billion in the stock of a failing company, stock that might become worthless, is something they oppose.”

Lee Hak-jae considered his priorities.

First, it was to thoroughly examine the inside of Ajin Automobile and find grounds to obstruct the Daehyun Group’s acquisition.

Finding the slush funds was secondary.

Ajin Automobile’ stock price was plummeting day by day. Perhaps holding onto the stock would lead to even greater losses if it became worthless.

“What’s the desired amount?”

“Half, fifty billion won.”

Lee Hak-jae’s deliberation didn’t last long.

“I accept. But give me some time.”

“Time as in?”

“Time to report to the Chairman and persuade him.”

“Of course, I should wait that much. But you’d better hurry. The rumors circulating in Yeouido are worse than you can imagine. It’s as if Ajin will go bankrupt tomorrow.”

“I’m aware. But we still have plenty of time. Soonyang will create the time we need.”

I could see the pride, no, the arrogance, revealed in the name Soonyang.

“Chairman Song of Ajin has been running around frantically these days. Our Chairman has already made a few calls. Asking them to carefully consider Chairman Song’s request. Our Chairman will probably decide when to refuse his pleas.”

“Well then, please hurry. Before our investors change their minds.”

Oh Se-hyun didn’t forget the final bluff. He knew that not giving them time to think was the best way to maintain the initiative.

* * *

“You rascal. Why aren’t you going to school? Even the university president called.”

“Admission is the goal, not graduation. And I’ve been studying non-stop; I deserve a break.”

“What? A break? Is this rascal lying to his old grandpa now? Did you think I wouldn’t know you’ve been going to Yeouido instead of school early in the morning?”

Oh!

Kim Yoon-suk’s reports are even reaching my grandfather.

I thought Chief of Staff Lee Hak-jae would filter them… Is he someone who hides nothing?

“That’s my way of taking a break.”

“I even had the Soonyang Scholarship Foundation slip you some money because I heard you’d fail due to lack of attendance, you rascal. Why are your attendance fees costing more than your tuition?”

Ah, this is driving me crazy.

I was planning to attend university for six or seven years, but without my knowing, my grandfather is sabotaging it.

I might have to take a leave of absence after this semester. I’ll be incredibly busy from the latter half of this year to the first half of next year.

“Donating to scholarships is a good thing.”

My grandfather chuckled at my bitter expression and probed slyly.

“But what do you do all day in the Yeouido office? Are you learning something from that Oh Se-hyun fellow?”

“Something like that. Right now, I’m studying Ajin Automobile.”

“What? Ajin?”

He couldn’t help but be surprised. Our interests aligned.

“Yes. No matter how I look at it, it seems like it’ll go bankrupt soon.”

My grandfather looked at me with a great deal of interest and opened his mouth.

“Really? Why do you think so?”

“First, the financial sector has turned its back, and with Woosung Automobile’ success last year, Ajin Automobile’ sales have been poor. Naturally, their liquid assets would have dried up… And the Daehyun Group has started tightening the noose.”

“Then what will happen if it goes bankrupt?”

“Someone will quickly snatch it up. Just like you snatched up Hando Steel, Grandfather.”

A smile slowly spread across my grandfather’s face.

Even though the eldest grandson, Jin Young-jun, who was involved in management, might have received such reports, he certainly wouldn’t have come up with this conclusion on his own.

“That’s an 80-point answer.”

“Why not a perfect score?”

“You’ll get a hundred points if you guess who will snatch it up.”

“No one knows that yet.”

“Didn’t you say it yourself? That the Daehyun Group is tightening the noose.”

“There have been plenty of times when people chased a pipe dream only to lose everything. It’s hard to be certain until it’s in your hands.”

My grandfather’s smile disappeared, and he continued with his questions.

“Is that so? There won’t be anyone to buy Ajin Automobile even if it’s put up for sale. You know the current atmosphere is unusual, right?”

“Yes. You’re talking about the foreign exchange crisis that started in Southeast Asia?”

“That’s right. We need to be careful too. Several chaebols have already collapsed. That’s why everyone is either short on cash or hoarding it. Only Soonyang and Daehyun have the purchasing power for Ajin… And I’ve already spent my money.”

“Wouldn’t there be others hiding beneath the surface? Like me, for example.”

“Well, there might be… What? What did you just say?”

I should have been more careful. My grandfather’s jaw trembled from the shock.

It would be a disaster if he collapsed now; I was too careless.

“Grandfather, are you alright?”

“You rascal. This old man is fine. But tell me again what you said a moment ago. What was it?”

“I mean, I could acquire the Ajin Group. Didn’t you mishear me?”

I tried to be as cautious as possible, but it was no use. He even grabbed the back of his neck.

“Grandfather, are you okay?”

My grandfather waved his hand dismissively and began gulping down his water.