RR 45
[045] Hunting Season Begins 1.
“Do-jun.”
“Yes.”
Jin Young-jun, examining my face flushed with alcohol, whispered softly.
“Among our brothers, you’re the only one who’ll amount to anything. The others are completely hopeless. Even when they get older and mature, I don’t think they’ll have the ability to run a company.”
I was so dumbfounded, I couldn’t even laugh. My cousins now are no different from Jin Young-jun in his twenties. And even in Jin Young-jun himself, I don’t see much potential.
Considering he’s been playing with celebrities since returning to Korea, and what the advertising model said earlier, it means he was inviting them over to play even when he was abroad.
“Honestly, I don’t care if you pass the bar exam or become a prosecutor. Let’s work together, with your brilliant mind, by my side. You’ll be Sunyang Group’s number two.”
Was it due to his wariness of me? Or was he genuinely looking for a trustworthy right-hand man?
“Oh my god, an oppa this handsome is smart too? Then you’re my boyfriend starting today.”
A pretty girl clung to my side, not letting go. Our conversation was cut short because of her.
“You’re quick-witted. Do well. If our dongsaeng likes you, you’ve really landed yourself a proper sponsor. That high schooler has hundreds of millions in assets. Haha.”
The girl’s eyes sparkled at the mention of hundreds of millions, and Jin Young-jun patted my shoulder and went upstairs, his arms around the waists of two women.
“Life is so unfair. A third-generation chaebol, and smart too. Handsome face, tall build. This is just, well, a perfect ideal type.”
“You were born pretty too. That’s why you’re here.”
I said, releasing her hand from my waist.
“Just one question. How do you know my hyung?”
“That’s more curious than who I am?”
“You’re a celebrity, I guess. Or an aspiring one. Just answer my question quickly.”
“This industry is small. Once you know one popular person, it’s just introductions from then on. You get numbers, meet people, get introduced again. After a while, your phone’s full of female celebrity names. Though, you need money to back it up.”
From his casual dismissal, it seemed Jin Young-jun didn’t need a separate procurer. Was it because he was still young?
“And I’m not an aspiring artist. I’m debuting soon. Preparing an album too.”
“Singer?”
“Yeah. You know H.O.T, right? The kids who debuted this summer.”
“Yeah, I know them.”
“It’s that kind of concept. But with cute girls like me as members.”
A girl group? Then, could it be…?
“How old are you?”
“Seventeen.”
Oh my god! She’s still a high schooler, isn’t she?
“Get a grip. Don’t follow people to places like this… Cherish yourself.”
“……?”
I cringed as I saw the girl blinking her round eyes, staring at me.
What kind of old man’s meddling was this?
Wanting to hide my awkwardness from my unnecessary words, I got up from the table.
“There seem to be plenty of empty rooms, so sleep well and get some rest. Make sure to lock your door.”
Before she could say anything, I went outside.
Thank goodness. If she had been an adult, I wouldn’t have been able to give up so easily.
The chilly winter air cleared my head.
My heart ached when I saw the man dozing in the driver’s seat with the engine running.
Perhaps he had a family. Why was he enduring such hardship when he had a warm home? Earning a living was so difficult.
As I opened the passenger door and sat down, the man startled awake.
“So-sorry. I dozed off.”
“It’s alright. I’m sorry for making you wait so long.”
“Oh, no problem. But please, sit comfortably in the back seat, young master.”
“I’m neither your superior nor your boss, so the back seat is uncomfortable. Let’s just go.”
The car started, and for a while, only silence filled the air. The man driving, feeling uncomfortable, cautiously spoke.
“Would you like to listen to the radio, young master?”
“It’s alright. More importantly, ‘young master’? That’s cringey.”
When I spoke politely, the man glanced at my face, as if surprised.
“Do you work in the Group Strategy Office?”
“Yes, how did you know?”
“I often talk with your grandfather, the chairman. So I know well that the planning office is divided into two parts. One part consists of talented individuals from prestigious universities who actually formulate group strategies. And…”
I glanced sideways and saw his hand on the steering wheel tremble slightly.
“…the other part consists of people from lesser universities, like you, who do errands for our irresponsible brats and clean up their messes. You’re probably in the latter, hyung-nim.”
The veins on the back of his hand, gripping the steering wheel, bulged. His tightly pressed lips also trembled.
Shame, humiliation. I knew that feeling well.
“Hyung-nim, you’re much luckier than those guys from elite universities who strategize in offices.”
“Me, me…?”
“Think about the chairman’s age. He’s almost eighty. How much longer will he live? When the chairman passes away, there will be three of my uncles and one aunt, making four in total. Their eyes will turn bloodshot, trying to tear Sunyang Group apart. The vice chairman will be performing a sword dance to monopolize it.”
His face, devoid of shame or humiliation, was now filled with utter shock.
“At that time, the secrets of this family that you know, hyung-nim, you’ll be able to sell them for a very high price. You’ll get more money in one go than those bastards from elite universities who strategize in offices could earn in a lifetime.”
“You… what are you? What are you talking about?”
“The title ‘young master’ gives me goosebumps… but informal speech makes me angry. Let’s be careful.”
My eyes met his. Did he understand?
“I’m tired, so I’ll close my eyes for a bit. Please wake me when we arrive home. Hyung-nim!”
He said nothing, only increased the car’s speed.
.
.
Hando Group Collapses
On January 22, 1997, four bank presidents, including the Industrial Bank of Korea, Korea Exchange Bank, Choheung Bank, and Cheil Bank (Hando Group’s main creditor), spent an entire day persuading Chairman Chung of Hando Group.
“Chairman. If this continues, everyone will die. The government is concerned about preferential treatment controversies ahead of the presidential election.”
“Haven’t you already failed to cover 15 billion won in bills since the 18th? You’re practically bankrupt! Don’t you realize the reality yet?”
“Think of the 850 subcontractors and partner companies too. Over one hundred thousand breadwinners will be out on the streets.”
“Just give up your family’s management rights, Chairman. Then Cheong Wa Dae (The Blue House) will also approve. There will be a justification to support Hando. The government also wants to prevent Hando’s bankruptcy. If you just give up management rights, we will provide emergency fund support and even manage funds jointly with the banks.”
Chairman Chung ignored the desperate pleas of the bank presidents, letting them flow past him as if it were someone else’s problem.
“Cheil Bank 1.12 trillion won, Industrial Bank 890 billion won, Choheung Bank 500 billion won, Korea Exchange Bank 450 billion won. That’s the money I borrowed. Right?”
Chairman Choi, despite being the bankrupt party, had a much more relaxed expression than the bank presidents.
He accurately understood the rule of “Too Big to Fail.”
If Hando Group collapsed, the banks would struggle to bear trillions of won in non-performing loans. While it was possible to inject trillions of won again, recovering the already lost trillions was difficult.
Chairman Choi didn’t for a second think that the banks would choose mutual destruction.
However, Chairman Choi didn’t realize the gravity of the situation.
The next day, on the 23rd, Hando Steel, which was building a steel mill in Dangjin on the west coast, collapsed. The decision by politicians and banks had beheaded Chairman Choi.
As a result, Hando Group, ranking 9th in credit management standards, 14th in assets, and with 22 domestic affiliates alone, was on the verge of being dismantled.
Its main creditors trembled, and over 70 other financial institutions were also put at risk.
Now, predators eyeing their mortally wounded prey began a war of nerves. The chaebol heads, gathered under the pretext of an emergency FKI (The Federation of Korean Industries) meeting regarding the Hando incident, quickly folded their hands and exited the poker game once they realized that Sunyang and Daehyun, vying for the top 1st and 2nd spots in the business world, coveted Hando.
“I recently bought a closed school to create a training center for the kids who work in the factory. And I hit the jackpot, you know. The trees that grew along the school wall were incredibly expensive. They were well over double the price of the school acquisition.”
Joo Young-il, Chairman of Daehyun Group, said, fidgeting with a cigarette.
The bankrupt Hando Steel and the soon-to-be-bankrupt Hando Construction were no different from that closed school. If the debts were written off and acquired at a cheap price, valuable trees would come along.
The prime real estate owned by the two companies. This land was the ‘trees’.
“Why are you fidgeting with that cigarette, it’s bothering me? Smoke it!”
“I have to refrain from smoking with a cigarette right in front of me to succeed in quitting. Chairman Jin, you also quit smoking not long ago, didn’t you? Hold back. When you don’t want to smoke even with a cigarette in front of you, that’s when you’ve succeeded in quitting.”
Chairman Joo waved a cigarette in front of Chairman Jin’s eyes. It was a signal to withdraw from the Hando Steel acquisition battle.
Chairman Jin let out a snort, snatched the cigarette, and put it in his mouth.
“Got a light?”
Chairman Joo’s face stiffened when Chairman Jin extended his hand.
“You need to carry a light to make the temptation stronger. Anyone can resist a half-hearted temptation, can’t they?”
Chairman Jin extended his hand to Director Lee Hak-jae, who was waiting nearby, and he politely handed over a lighter.
Without hesitation, Chairman Jin lit the cigarette and took a long drag.
He seemed dizzy from the smoke inhaled after a long time, resting his head against the chair and closing his eyes for a while.
“Chairman Joo. Do you think I quit smoking because of my health? I quit because as I got older, the old man smell got stronger. Health? If I cared about that, I would have been an athlete, not started a business.”
Chairman Joo’s eyebrows twitched.
It was Chairman Jin’s declaration that he would not give up Hando Steel. He even showed his resolve not to abandon the acquisition, even if it meant a loss for Sunyang Group.
“You’ve finished your calculations, haven’t you? You’ll have to pay 1 trillion won in local currency and $1 billion to even see the steel mill’s blast furnace. Hando Construction, which will follow, will also cost 1 trillion won. If Sunyang keeps up with our Daehyun in this race, we’ll just be fattening the banks, won’t we?”
“If your hands are trembling, then get out.”
When Chairman Jin taunted him, Chairman Joo bit his lower lip.
“It’s been a while, but let’s do something good. If the banks are strong, the national economy is good, right?”
No one could get under someone’s skin like him. A while ago, he infuriated me with his grandson’s Suneung scores, and now he was getting under my skin with his money-flaunting.
Chairman Joo Young-il subtly took the cigarette from between Chairman Jin’s fingers and took a drag. It was an action to show his willingness to accept losses as well.
The fiery gazes of the two men intertwined in the air.
Pride was added on top of the objective of acquiring a company beneficial to the group at a low price.
There was nothing more humiliating for a wealthy person than to back out of a deal due to money.
Chairman Joo felt as if he had a handful of sand in his mouth.
The acquisition amount, which he had thought would be 1 trillion won, might double. Or perhaps even more.
.
.
The Game Has Different Rules
“Chairman. You were a bit too harsh. Chairman Joo will prepare thoroughly, won’t he?”
“Did it seem that way?”
“Yes. Seeing him grit his teeth, he seems willing to spend over 2 trillion won.”
“Hahahaha. With his temper, he’d do even more than that.”
Chairman Jin burst out laughing, seemingly unconcerned by Lee Hak-jae’s worry.
“This is no time to laugh. The government is pressuring the creditors to reduce the impact of the bankruptcy. The bidding for Hando Steel will begin immediately. We’ve secured 1 trillion won and $1 billion… but that’s all we have.”
“What about Daehyun?”
“Last year, they received a lot of oil money. Since non-price factors are similar anyway, the side that bids higher will win. We’ll be outmatched in terms of funds.”
Chairman Jin rolled down the car window. The freezing cold wind rushed into the car.
“Is there any game with only one rule? There are many rules to the game. Fouls and bad calls are also part of the game.”
“Do you perhaps have another way?”
“Once the creditor review committee is formed, arrange a meeting. They’re going to suffer, so I should buy them a meal.”
Handing out envelopes of money to creditors was something Daehyun could also do.
Lee Hak-jae couldn’t fathom what Chairman Jin was thinking.
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