Chapter 85: Soonyang Audit Team Gets to Work
by xennovelThe Soonyang audit team took off their suit jackets.
“We’ll sort these for you, just look at what we give you.”
They opened boxes and quickly began scanning documents.
“Oh, and start by finding and checking last year’s financial statements. We’ll look at the rest.”
Only then did the Yeouido accountants snap to attention, opening other boxes and starting their search for the financial statements.
The Soonyang audit team rapidly sorted through the files, only glancing at the titles. They seemed to know exactly what evidence they were looking for.
The Soonyang Group audit team knew their stuff.
Within the group, wasn’t it known as an organization more fearsome than the prosecution? The prosecution needs warrants, but the audit team can investigate anything without one.
Even if they demand access to the person being audited’s bank accounts, they have no choice but to comply. If they refuse, they have to resign.
But resigning isn’t the end of it. The moment they resign, the company assumes they’ve committed irregularities and immediately requests a prosecution investigation.
It’s far less stressful to cooperate with the audit team’s investigation and reach an agreement at a reasonable level. That’s the best way to avoid a headache.
As someone in charge of cleaning up the owner family’s messes, I had never once met the audit team.
Watching them work, I was reminded that to control a massive corporate conglomerate, you need all sorts of organizations. And these organizations need to be filled with my people, and only my people.
As this thought crossed my mind, the Yeouido guys and the Soonyang guys suddenly huddled together, comparing the documents and data they had checked.
“Mr. Oh, take a look at this.”
Oh Se-hyun adjusted his glasses and began meticulously examining the complex documents.
“This looks like currency arbitrage. And the last remittance didn’t even enter the country.”
“They manipulated the exchange rate and siphoned off dollars?”
“Are you sure?”
A Soonyang audit team employee chimed in.
“They pretended to import raw materials to siphon off funds and used that money to start currency arbitrage. With the current fluctuating exchange rates, they made a killing.”
“The raw material imports themselves are fake?”
“Yes. Looking at this invoice, they imported luxury interior materials like chandeliers… This amount would require at least six containers, given the volume. But it’s listed as only one. These bastards even bribed the customs officials.”
“Are you certain?”
“The items listed on the invoice are products we’ve handled hundreds of times. I might not know the number or price of the bowls in my house, but I know the prices and sizes of these items inside and out. I’m sure of it, so let’s go with this.”
Confident in the Soonyang audit team’s attitude, Oh Se-hyun nodded and stood up.
“Shall we go make a deal?”
“Let’s make a call first.”
I picked up my cell phone and instructed the lawyer waiting at the courthouse to file an application for an injunction to suspend the duties of Dae-ah Construction’s management and to file charges and complaints for embezzlement and violation of the Foreign Exchange Control Act. I also informed Grandfather of this fact.
“You’ve sent truly remarkable people. Not even two hours have passed, and they’ve already hit a jackpot. At this rate, the reins are as good as in my hands.”
– See? I told you they were real workers.
“The documents have been submitted to the court. Now….”
– I’ll talk to the chief prosecutor. They’ll have a search and seizure warrant by the end of the day.
After ending the call, Oh Se-hyun and I went up to the president’s office.
* * *
“Hasn’t enough time passed for a thorough review? Or are you tired of straining your eyes looking at documents?”
A glimmer of relief appeared on the faces of the Kang brothers.
Frankly, it was a short amount of time to find anything. They probably believed it was impossible for those nobodies from a Yeouido investment firm to find what they had hidden in just two hours.
“Honestly, with such a poor eye for talent, no wonder the company is in this state. Do we look like the kind of people who would just give up and leave in two hours?”
“Who are you? Who’s the one with the impudent way of speaking?”
President Kang Mu-sung glared at me and smirked.
“My apologies. How rude of me to speak without introducing myself. I’m the one who just reported Dae-ah Construction’s management and owner family to the prosecution. I don’t think we need to stand on ceremony for a conversation, do you?”
“What!”
“What was that?”
The two men jumped up from the sofa, yelling in disbelief.
“You must have a few straws stuck in the prosecution, so feel free to check if you don’t believe me.”
As Oh Se-hyun gestured to the dumbfounded pair, his younger brother, Executive Director Kang Mu-jin, hurriedly pulled out his cell phone and went outside.
“You, what in the world are you doing? Adding fuel to the fire? Are you trying to make us all go down together? If the company goes bankrupt, your shares will be worthless!”
President Kang Mu-sung roared at us.
It’s only the beginning, and he’s already falling apart like that? What’s going to happen later?
“It seems we’ll have to postpone having coffee and a calm discussion for another time.”
As Oh Se-hyun and I stood up, Executive Director Kang Mu-jin burst back in.
“B-Brother! The Western District Prosecutor’s Office’s Financial Investigation Department has issued a warrant! Judging by how quickly things are moving, someone must have applied pressure….”
Kang stopped speaking and glared at us.
“After acquiring Ajin Group and swallowing Soonyang Motors, it seems we’ve also grown some straws. It’s amazing how eager people are to help each other… Oh, and Mr. Kang, do we need to offer hush money when public officials voluntarily step forward to help us? You have experience with this, so any hints would be appreciated…”
Oh Se-hyun needled the two men. I added a crucial fact.
“The entire family and every member of management are probably under travel restrictions. Forget about fleeing in the dead of night on a plane and just cooperate with the investigation.”
As we opened the door to the president’s office, Oh Se-hyun threw them a lifeline.
“Look, if the prosecutor’s office interrogation room is scary and tough, and you want to settle, give me a call. You know my number, right? If you blurt everything out in front of the prosecutor, you’re screwed.”
***
Among the eight people gathered in Chairman Jin’s study, three were seeing it for the first time.
They had been to the chairman’s office in the Soonyang main building a few times for direct reports, but it held no great significance. However, entering the chairman’s home study signified a promotion to the first tier.
Already, the faces of the three were flushed with excitement.
“Who’s the youngest one here?”
“Yes, Chairman. It’s Director Kim Kyung-shik from the Construction Support Division.”
At Hong Song-cheol, the president of Soonyang Construction’s introduction, Director Kim stood up straight and bowed deeply.
“When were you promoted to director?”
“I was promoted to executive during the regular personnel reshuffle last spring, Chairman.”
“You’ll be promoted again in a year, then. You’re lucky. Haha.”
From director to managing director? In just one year?
Every eye in the study, except for President Hong Song-cheol and Chief of Staff Lee Hak-jae’s, turned to Director Kim Kyung-shik.
Did that guy have some special connection with the chairman? Their eyes seemed to ask, but even Kim looked surprised rather than pleased.
Only the chairman could answer everyone’s questions.
“Chief of Staff Lee, please explain.”
“Yes, Chairman.”
Lee Hak-jae pulled out a simplified organizational chart.
“You will soon be transferred to other companies. Of course, with better treatment and a promotion of one or two ranks compared to your current positions at Soonyang Construction.”
The increase in rank and salary wasn’t the important part. Transferring companies? Even worse, if it was a subsidiary instead of an affiliate, it was a clear demotion.
“Executive Managing Director Baek Jae-jin will become CEO and President, Managing Director Jung Gwang-tae will become Vice President, and….”
Six names were announced in order, with Kim Kyung-shik’s being the last.
“Director Kim will be reassigned as Managing Director of the Management and Administration Division.”
Everyone’s eyes were glued to Lee Hak-jae’s lips.
Where could it be?
If it was an affiliate company of similar standing to Soonyang Construction, it would be a promotion, but if not?
However, if it was just a demotion, there would be no need to announce it in the chairman’s study.
They held onto this fact as a glimmer of hope.
“Your new workplace is Dae-ah Construction.”
Instead of disappointment, questions flooded their minds at the name Dae-ah.
Wasn’t that company about to go bankrupt? Moreover, it had no connection to the Soonyang Group. It was a name that should never be uttered in this study.
“You must be wondering why Dae-ah Construction….”
“That’s enough. I’ll explain. You all look like you need reassurance. Haha.”
Chairman Jin smiled and looked at the bewildered people as he spoke.
“Miracle will soon take over Dae-ah Construction. You know Miracle, right?”
“The investment firm that acquired Ajin Group and merged with Soonyang Motors….”
“Yes, that’s the one. We’re working on it now, and they will become the majority shareholder of Dae-ah Construction within two to three months at the latest.”
“But there are widespread rumors of bankruptcy….”
“We’ll take it over before it goes bankrupt and bring it back to normal. But you all seem very uneasy. Cutting me off like that. Well, I suppose it can’t be helped….”
“We, we apologize, Chairman.”
A couple of people quickly bowed their heads, and Chairman Jin waved his hand dismissively.
“It’s alright. It’s a very sudden development, so it’s understandable. Anyway, what you need to do is clear. Make Dae-ah Construction normal as quickly as possible. I expect your full effort until it regains its original state.”
“Yes, Chairman.”
They answered loudly, but a trace of unease still lingered in their eyes.
How could the people who were supposed to revive the company be filled with anxiety?
Chairman Jin continued to boost their morale.
“Once Dae-ah Construction is normalized, it will become a Soonyang Group affiliate within two years. It won’t merge with Soonyang Construction. I wouldn’t want to reduce your positions after you’ve worked hard to build it up. It will become another construction company within the group.”
Their anxiety vanished at the words that they could return.
“Hong Song-cheol is holding onto that CEO position so tightly, isn’t he? Take advantage of this opportunity.”
President Hong laughed, and the others relaxed and smiled.
“Chairman, if I may be so bold, what is the relationship between Miracle and our Soonyang Group? Could it be that Miracle is an investment firm established by you, Chairman….”
President Hong had been curious since Soonyang Motors was handed over to Ajin Group, but he had held back the question until now.
The automobile deal was a merger, but this time, people were being specifically selected and dispatched to support. This was an unbelievable situation unless there was an unusual relationship.
“I wish Miracle was mine. They say they have so much cash.”
“Then… ?”
Lee Hak-jae had also refrained from asking directly. He had a hopeful look, wondering if he could finally get the answer today.
“The majority shareholder of Miracle is someone I trust as much as I trust you all. You can think of it as a company created with that person’s capital.”
Only for a moment, but Lee Hak-jae’s eyebrows twitched. The puzzle pieces finally clicked, and he understood Miracle’s true identity.
Oh Se-hyun, who was successful at the global investment firm PowerShares, was said to be managing Jin Do-jun’s Bundang ranch sale proceeds.
Soon after, he left PowerShares and established an investment firm called Miracle in the US. Ten years later, they had acquired Ajin Group, supported Soonyang with dollars, and were securing an enormous amount of capital to take over Dae-ah Construction.
If so, the owner of this money was none other than Jin Do-jun.
The youngest member of this family, still a college student, might be richer than Chairman Jin himself in terms of personal assets.
With Jin Do-jun’s land sale money as seed money, Oh Se-hyun had grown it to this extent.
Someone Chairman Jin trusts as much as Soonyang’s key personnel, someone who would generously support Miracle in its acquisition of domestic companies.
Chairman Jin wouldn’t send his trusted aides to help unless it was someone with his bloodline.
It had to be Jin Do-jun.
Lee Hak-jae struggled to conceal the shock he felt.