» The Youngest Son of Sunyang
The Youngest Son of a Chaebol Family-290
[290]Splitting It Nicely? 1
"Oh, don't even talk about it. Do you know how much we lost because of you, Director? We had just managed to suppress the media, but then Sunyang's young star suddenly appeared out of nowhere and announced that the national economy was shaking... We had no time to react. Haha."
"I see. This... I apologize for that. As for me, I was in such a desperate situation... If another economic crisis breaks out, the financial companies under my charge would be in danger first, you see."
"No, not at all. It's something to laugh about now that it's in the past."
The Blue House Senior Economic Secretary hurriedly waved his hand dismissively at my polite apology.
"But with something like this happening again, I feel like I'm going crazy. When Director Jin called to meet, I was absolutely astounded, I tell you. Is something even bigger about to erupt...? My worries are piling up like a mountain."
Hadn't a big problem already erupted? Does he still not grasp the severity of it?
"Actually, interview requests are pouring in from the heads of major domestic construction companies. Including Sunyang, of course. But your call, Director, was the most welcome. Because first, understanding the situation is paramount."
The Senior Economic Secretary carefully observed my expression.
"By 'major construction companies,' you're referring to Sunyang and Daehyun, aren't you?"
"Yes."
"Do you know the amount both companies are tied up in?"
"No. I haven't confirmed it yet."
"It's almost 10 billion dollars, which is 10 trillion Korean won."
The Senior Economic Secretary blinked, holding the teacup halfway to his mouth. That's probably because it's a figure hard to truly comprehend.
"Ten... ten trillion? Are you certain?"
"I am a member of Sunyang. And I also have a finger, so to speak, in HW Construction. This information was obtained through various channels, so it is accurate."
The Senior Economic Secretary put down his teacup and quickly pulled out his phone.
"Secretary, how about you make that call after I've finished speaking?"
"Ah, yes."
He put his phone away again.
"Dubai isn't the end of it. The apartment construction projects scattered across the provinces domestically, the sparks will fly there. Do you understand why the construction company CEOs are requesting meetings with you, Secretary?"
He probably vaguely assumed it was just a request for loan arrangements, but this goes beyond that scope. It's to the extent that corporate bailouts are needed, just like during the IMF Crisis.
I could clearly see him racking his brains. They would soon be entering the third year of their administration. The more bad news that breaks out, the faster the lame duck period arrives. For the Blue House to exert influence in next year's local elections, this situation must be resolved with minimal impact.
"I'm more curious about why you, Director, wanted to meet, rather than why they did. Do you, by any chance, have a solution?"
"I have a solution that is somewhat radical, but clean."
Perhaps my words didn't sound very welcome due to the expression 'radical'. Even though I said it could be resolved, his expression didn't brighten.
"It would be troublesome if things got noisy."
"From the Blue House's perspective, the noisier, the better."
"Pardon?"
"For the past two years, the opposition party's offensive has mainly been about 'business-friendly' policies... In other words, pro-chaebol policies, right? Oh, I have no intention of criticizing at all. Because I'm a beneficiary."
When his expression stiffened at the mention of 'pro-chaebol,' I even waved my hand as I spoke.
"Until now, it was policy, but this situation will be called 'special favors.' So, how about you just leave it entirely to the market?"
"Leave it to the market...?"
"Yes. If they can't withstand the double shockwave of the US financial crisis and the Dubai moratorium, they'll go bankrupt; if they endure, they'll survive. Without government intervention, that is."
"You, of all people, are saying such things? If both companies go bankrupt, it will be uncontrollable."
Ignoring his concerns, I continued speaking.
"The government should show that it's taking care of the struggling local small and medium-sized enterprises. Then the opposition party will be embarrassed, and it will be a huge help for next year's local elections."
"Well, that's a good suggestion, but are you saying that without realizing that if a major construction company collapses, all those other things will become useless?"
The insolvency of Daehyun and Sunyang is incomparably larger than the government's support for SMEs. The government's gesture would instantly be buried.
"The market won't be affected at all. Because there's a place that will fully acquire both companies."
"Acquire?"
"Yes. It will be under very favorable terms. They won't ask for special favors like debt reduction or loan extensions; they will acquire it solely with the company's own strength."
Only now did the Senior Economic Secretary realize why I had asked to meet.
Unlike the others who came asking for help or special favors, I was simply asking them not to interfere.
"Which company is that?"
"It's HW Group."
"Ah...!"
"In particular, HW Group is largely shouldering the money tied up in Dubai."
"Is that so? This is the first I'm hearing of it."
"The moment HW Group throws the promissory notes it holds, that will be the final bankruptcy date for both companies. A chain of bankruptcies is as plain as day."
This was a man who held the position of Senior Economic Secretary to the Blue House.
At this point, it was as good as him having peered into a grand scenario.
"So, HW meticulously planned the acquisition strategy for both companies. Therefore, you're implying that the Blue House should just watch and not throw ashes on a finished meal, aren't you?"
"Of course not. If it were a pre-planned scenario, it would mean HW Group knew about Dubai's moratorium a year in advance... It was something even global companies couldn't predict. HW isn't that brilliant."
My rebuttal didn't matter to the Senior Economic Secretary.
The Blue House not intervening. This was also a very important role for the Blue House.
If they helped Sunyang and Daehyun, HW's acquisition strategy would be for naught, so simply watching was indeed a special favor to HW Group.
The Senior Economic Secretary's expression and demeanor suddenly changed.
It was because he now realized that I was no different from other chaebols begging for special favors, and he was in the position of receiving a petition on behalf of the Blue House.
"In any case, it's not a matter I can decide alone. Especially, just watching two companies representing Korea go bankrupt is too great a burden."
The Senior Economic Secretary delayed his decision, then tilted his head.
"But Director. One of Sunyang's flagship companies is going to another entity... I'm curious why you're taking the lead in this."
With an embarrassed expression, I subtly scratched my head.
"Do I really have to talk about family matters today? Haha."
"Oh, no, it's fine if you're uncomfortable speaking about it."
"No, it's a story the whole world knows, anyway. Actually, I've joined hands with HW Group. If HW acquires Daehyun and Sunyang, I will take back Sunyang Construction. A nephew directly acquiring his uncle's company wouldn't look very good, you see."
I could hear him racking his brains again. The Blue House only needed to secure the best outcome in the current situation.
To him, as he thought hard, I stated the matters he absolutely needed to consider.
"As long as Sunyang Electronics and Daehyun Motors remain stable, both Sunyang and Daehyun will be secure. It's simply that an enormous enterprise called HW Construction will be born. Isn't this beneficial in many ways?"
Electronics, automotive, and construction.
It was meant as a subtle hint for him to think carefully, as the political sector would gain another powerful entity to rely on.
He remained silent, deep in thought. This was an act to make me unwrap more of the gift package I could offer.
At times like these, throwing a small personal gift is effective.
I took out several hotel key cards and placed them on the table.
"I know it's difficult these days with so many eyes watching. Use them when you need to have confidential discussions, like today. Give one to each of your fellow secretaries. They'll be kept vacant 365 days a year, so you can use them anytime."
"These are for a hotel...?"
"Yes. I've also assigned a dedicated manager. If you call when you're setting out, they'll make full preparations to ensure your utmost comfort."
Blue House secretaries have to meet with reporters, sometimes cajoling them, sometimes making requests. They have to meet with ruling party members to convey the Blue House's intentions, and meet with opposition party members to hand over 'pocket money'.
What they need is a secret place. It was a common practice even ten years ago, but it has gradually disappeared. Places where illegal activities were carried out had been eliminated.
Perhaps because he had missed such things deeply, the Senior Economic Secretary's face brightened considerably.
"This, truly, scratches where it itches. I will put it to good use, thank you."
"And to help with buying lunch for reporters, I'll leave a small box for each of you. Feel free to stop by and pick it up when you have time."
"Oh my, this... I wonder if there will be any trouble after taking this."
"I received my business lessons from my late grandfather. I know very well that a gift is just a gift, nothing more. Don't worry."
The Senior Economic Secretary wore a satisfied expression.
All businessmen only request presidential interviews through the secretaries. And all they do is toss a single envelope for 'interview arrangement fees' and leave.
It's not easy for them to find a patron who scratches where it itches, like me.
"I earnestly await the Blue House's wise judgment."
When I bowed respectfully, he too hastily bent at the waist.
"Isn't leaving things to market forces the most important principle of our government? I'll do my best."
Doing nothing at all – that's the easiest choice.
There's no need for him to choose the difficult path.
* * *
"What the hell are you all doing? Did I tell you to bring money? Or to recover promissory notes? Is arranging a meeting with the Blue House really that difficult?"
Vice Chairman Jin Donggi shouted, but everyone just lowered their heads, mimicking mute people who had eaten honey.
"How much money have you taken over the years, claiming it was for political funds and whatnot? The money you took during last year's general election alone would have been enough to prevent this whole situation. Did you cause a delivery mishap? Did you pocket all of it!?"
Vice Chairman Jin Donggi knew best that this was merely venting his frustration for nothing.
The Blue House avoids even his own calls, so how much more would they avoid calls from executives? They probably wouldn't even pick up.
"Connect me quickly! Raid Yeouido and ransack the government complex. Mobilize all those who've taken my money over the years and make them pound on the Blue House's door. The longer this is delayed, the sooner the banks will act."
It's still too early to give up. The risk of killing a 'big fish' would be a burden even for the Blue House.
Jin Donggi sought out his elder brother, feeling as if he were grasping at a rotten rope.
But before he could even utter a word, Vice Chairman Jin Younggi waved his hand dismissively.
"Don't even mention it. I have no money. This financial crisis isn't just hitting you. I'm overwhelmed right now too. America and Europe have collapsed. With the two biggest markets shattered... It's hard enough just to hold on."
"Elder Brother. I'm not asking for Electronics' money. I'm asking you to open the bank, to open the bank vault."
"The banks have a bigger fire on their feet. Forget about getting a loan under Sunyang Electronics' name."
"Elder Brother!"
"Don't shout. You're not ignorant of the current situation. So, let's each clear the stones in our own path as we go. Are you the only one having a hard time? I'm dying here too!"
It wasn't surprising for Jin Donggi that his elder brother had turned his back on him.
But what he feared most was that his crisis might become his elder brother's opportunity.
Jin Donggi knew better than anyone that this was a once-in-a-lifetime opportunity for his elder brother to seize control of Sunyang's construction and heavy industries divisions.
Jin Younggi's gloomy gaze was more frightening than the banks.
* * *
As the brothers exchanged shouts, Chairman Lee Hakjae diligently made calls.
"We can't wait indefinitely, can we? I haven't even contacted Sunyang Construction or Daehyun. What's the point of calling when it's obvious they can't pay back what they owe?"
Chairman Lee Hakjae spoke in a gentle voice with the presidents of major commercial banks.
This was a feast Dojun had prepared entirely.
He was the only one holding a spoon and chopsticks, and all that remained was for the banks to carry that feast and place it before him.
And finally, the Blue House, which had the power to overturn the feast, wasn't even looking in this direction.
All that was left was to enjoy the meal.