Chapter 70: Weak? I Don’t Care If the Ajin Group Acquisition Falls Through?

“Weak? You don’t care if the Ajin Group acquisition falls through?”

My grandfather’s expression was tight with tension.

I wasn’t surprised or flustered. Instead, I looked slightly annoyed.

Is this the face someone makes when their threats don’t work?

“Don’t tell me you were taking the Ajin Group acquisition lightly? Were you planning to give up if things didn’t go your way?”

Ah, I must have looked like I was giving up too easily.

Giving up was the word my grandfather hated most.

“Of course not. Are you under the impression that I won’t be able to acquire Ajin Group if the merger falls through?”

“That’s the first condition of the acquisition.”

“Situations change. Right now, it’s a ‘state of emergency’.”

“Some things don’t change.”

“Yes?”

“My influence, for one. If I break off the merger and make a few calls to the creditor banks, the banks, the Blue House, and the National Assembly, the acquisition decision will be reversed. And then there will be another bidding, right? Then Chairman Joo of Daehyun Group will contact me, offering a drink.”

How many days until the government’s official announcement that the Deputy Prime Minister applied for a bailout from the IMF? It’s definitely the end of November.

He’ll truly understand that the influence of the great Soonyang Group’s chairman means nothing once he sees that announcement.

“Grandfather.”

“What? Are you starting to get scared now?”

“The government poured 11 billion dollars into the foreign exchange market, but the exchange rate is still soaring. Did you see the Bloomberg article? Our available foreign exchange reserves are only about 2 billion dollars. Deputy Prime Minister Kang Kyung-shik publicly begged friendly nations for loans on TV.”

“Are you saying my power has diminished because of the foreign exchange crisis?”

“No. It hasn’t diminished. It’s gone.”

“What did you say?”

Today, I witnessed my grandfather’s most surprised expression.

“Everyone will be struggling just to survive. Do you think your calls will still hold weight? I think you need to take this state of emergency more seriously.”

He was speechless.

Now it’s my turn to threaten.

“Well, if your influence works and there’s a rebidding, that would be great for me. No one else will bid, leaving Miracle as the sole bidder. Even if I offer 800 billion won with the 120 billion won I have, I bet the creditor banks would bow deeply to me, don’t you think?”

My grandfather remained silent, his lips tightly sealed.

“Chairman Joo of Daehyun Group must be breathing a sigh of relief right now. He would have been in quite a predicament if he poured 1.2 trillion won into Ajin and had no cash left.”

“Do-jun.”

“Grandfather, just a moment. Let me say one last thing.”

My grandfather nodded.

“Deep down, you still hold onto the hope that this emergency will soon pass. Or maybe it’s just wishful thinking. But… that won’t happen. If you just look at the facts, you’ll see that our country absolutely cannot avoid this crisis.”

It’s unsettling when what needs to collapse doesn’t.

That was the sentiment of everyone, not just Chairman Jin. But there was a vague belief that an economy the size of South Korea couldn’t fall so easily. This belief was suppressing the anxiety.

But now, my grandfather’s expression had changed.

He had abandoned that belief.

“Your conviction is unwavering?”

“Yes, sir. Something huge is about to happen. And it’s only a matter of days.”

“Does that mean Soonyang Group desperately needs the 1 billion dollars you have?”

“Our country’s foreign exchange reserves are barely 2 billion dollars. I hold half of that, 1 billion dollars. The moment that money enters Korea, every bank and company will rush to Miracle’s office.”

“I’ll need a number ticket just to meet you then.”

“You’re number zero, Grandfather. Aren’t you meeting with me right now?”

After a moment of thought, my grandfather spoke very slowly.

“I need to call Lee Hak-jae and give him a thorough scolding, then talk to my grandson again.”

It was the first time I’d seen him back down.

Moments like this make me realize how incredible he is. A chaebol chairman who listens to his young grandson – that’s a rare breed.

But I can’t let him back down so easily.

“Grandfather, this isn’t fun for me anymore.”

“What? This brat is making fun of his grandfather because he has some dollars?”

“I’m serious. I need to wrap up the Ajin Group acquisition quickly. I have a lot to do. I need to find companies to scoop up with my dollars in my shopping cart and negotiate prices.”

That’s the second time he’s looked flustered.

A strange sense of pride welled up inside me. He was the founder of Soonyang Group, a legendary figure in my eyes. The thought that I had momentarily gotten the better of such a person brought a small thrill.

“You… just how many dollars do you have?”

“I can’t show you my whole wallet, but it’s enough to put Woosung Automobile in my pocket.”

“Woo, Woosung, you said? Is that true?”

“Yes. I’m going to combine Ajin and Woosung, the two car companies. If we add Soonyang Automobile, wouldn’t that be a similar size to Daehyun Automobile?”

I pushed my chair back and stood up.

“I’ll bundle them all together and put the Soonyang Automobile sign on them for you. This is another gift from a filial grandson to his grandfather.”

My grandfather began to stare at me with burning eyes.

“I’ll await your second offer. Discuss it in your meeting and see how much time you have left… Please make a quick decision. The waiting list is getting longer.”

“For a threat, that was a little weak.”

His words stopped me as I was leaving the study.

“It ain’t over till it’s over. You said that, didn’t you? It’s not entirely nonsense.”

“There’s also a saying that you need to know when to step down. Those are your words, Grandfather.”

“That’s complete nonsense. Hahaha.”

My grandfather’s hearty laughter only elicited a dumbfounded sigh from me.

* * *

As soon as his grandson left the study, Chairman Jin picked up the phone.

“Hak-jae, come home right now. Bring the presidents of Electronics, Life, Automobile, Logistics, and Construction too. Quickly!”

After hanging up the receiver, Chairman Jin couldn’t sit still and paced around the study.

The crisis his grandson spoke of.

He felt the crisis too. But the scale and depth were different.

The temporary difficulty of foreign exchange depletion was nothing unusual. Every time this happened, the government borrowed dollars from the US, Europe, and Japan or solved the problem with currency swaps.

His grandson was saying this time was different. The economic powers weren’t lending money or exchanging currency. If 2 billion dollars was truly all the foreign exchange they had, it was like having plenty of food but no water.

They wouldn’t die of hunger, but of thirst.

Knock. Knock.

“Chairman.”

People rushed in as the knock sounded.

“Logistics and Electronics! Inform all departments. From today, hold onto all incoming export payments in dollars, and pay for expenses with loans. And Construction.”

“Yes, Chairman.”

“Bid 10%, no, 20% lower on overseas projects. But get the contract payment or installments as quickly as possible. And Life.”

“Ah, yes, Chairman.”

“Recover all the money invested in overseas financial products. I don’t care about the penalty fees. Cancel everything and secure dollars.”

“Ch-Chairman, the losses will be enormous. Our financial standing…”

“Shut your mouth and recover everything. We can pass the losses onto the customers.”

They knew why the chairman was doing this, but the extent was alarming. It was as if he were planning a midnight escape after securing cash right before bankruptcy.

“Chairman. Please calm down…”

Lee Hak-jae cautiously spoke, and Chairman Jin stopped and began to breathe heavily.

“We have already made thorough preparations. Foreign exchange in all affiliates is under strict control.”

Chairman Jin waved his hand vigorously.

“Thorough preparation isn’t enough. Prepare with the resolve of losing a limb. Do you understand?”

“Chairman, have you spoken with the owner of Miracle?”

“Who?”

“Miracle, the one with 1 billion dollars.”

“Yes.”

As Chairman Jin nodded, everyone’s faces darkened.

Things must have gone wrong.

The sturdy lifeline of 1 billion dollars wouldn’t be coming down.

“Did they refuse?”

“I… I made money even during the Korean War. War didn’t scare me. But… I’m scared now.”

An unexpected answer.

A man who wouldn’t flinch even at thunder and lightning was saying this.

“The guy with the dollars is even worse. He didn’t even blink an eye and threatened me. He’s the most ruthless I’ve ever seen.”

Lee Hak-jae, who had been by Chairman Jin’s side the longest, couldn’t believe it.

Could there really be someone more ruthless than Jin Yang-cheol?

“Dae-ho.”

“Yes, Chairman.”

“What percentage of affiliate shares does Automobile hold?”

“We always maintain 12%.”

“Hak-jae, if we go to the limit for management rights defense, how much can we increase Automobile’s shareholding?”

President Jo Dae-ho hadn’t anticipated this question, but Chief of Staff Lee Hak-jae immediately provided the number.

“We can increase it to 17%. Any more than that would involve touching Soonyang Life’s shares, which would require restructuring the entire group’s shareholding structure.”

“There’s no time for that. Just be ready, and transfer them when I signal.”

“Yes, Chairman.”

Not a single person knew what was happening. But they could all clearly sense that dark clouds were gathering over the once-impregnable Soonyang Group, and cracks were beginning to appear.

* * *

On November 19, 1997, Lim Chang-yeol, newly appointed as Deputy Prime Minister and Minister of Finance and Economy, expressed a strong will to ‘resolve the current crisis without going to the IMF.’

However, two days later, on the night of the 21st at 10 PM.

He held an emergency press conference, citing the IMF’s demands, including improving the balance of payments, stabilizing currency value, liberalizing trade, opening capital markets, and enhancing corporate management transparency, and announced the application for a bailout. The next day, President Kim Young-sam announced a special address to the nation regarding the IMF bailout application.

The IMF had begun.

South Korea’s national credit rating plummeted, and the KOSPI fell below 400 points. Nine merchant banks received suspension of business orders, and Hanlla Group went bankrupt.

And….

Miracle Investment’s office and Oh Se-hyun’s cell phone were ringing off the hook.

“Honestly, Mr. Bank Manager! We need to finalize the merger before we can transfer the acquisition funds! Please read the contract carefully. The negotiation deadline is February next year. There’s still plenty of time. And why are you asking for payment in dollars? I’ll give you 1.2 trillion won in King Sejong, so you know!”

Oh Se-hyun hung up the phone irritably.

“Was that Korea First Bank?”

“Yeah. It’s chaos, utter chaos. They whine a dozen times a day.”

“They should at least whine with an enticing offer if they want us to consider it.”

“Tell me about it. A bank manager acting like a child. Tch!”

Oh Se-hyun shook his head, looking exasperated.

“But how’s it going on your end? Is Chairman Jin still calculating?”

“Yes. It doesn’t look like he’s planning to just give it to his grandson. He’s ruthless.”

“What do you expect from a chaebol? You’re just as bad, if not worse. You’re scheming to squeeze every last drop out of your grandfather…”

Oh Se-hyun chuckled and approached me, wearing a very friendly expression.

“But Do-jun, if the exchange rate keeps rising, what happens if it hits 2000 won?”

“That’s a total thank you. 3 trillion won becomes 5 trillion won.”

“That’s what I’m saying. You’ll be a 5 trillion won asset holder. And you’re only twenty. How does it feel?”

He shrugged and lightly bumped my shoulder.

“Don’t tempt me. I’m dying to take that money and live the life of a European aristocrat.”

“Then do it.”

“Uncle. What’s better, a European aristocrat with a lot of money or a Korean chaebol chairman who controls the country?”

Oh Se-hyun smacked his lips and leaned back.

“You’re no fun.”

“Just wait a little longer. I’ll become a Korean chaebol chairman, and you can enjoy retirement like a European aristocrat.”

The whole country was in mourning because of the IMF, but the two of us laughed and imagined a brighter future.