Han Juhyeong of Hanyeong Auto (1)

Seo Seong Securities, Global Headquarters.

Seo Minju’s gaze was locked on the report that had come in from the Research Center. Circular shareholdings between affiliates, accounting fraud, interest payments covered by fresh borrowing—the long-buried signs of a failing enterprise were erupting one after another without restraint.

Seo Minjae’s words had been true?

She had already suspected that something was wrong with the Yuseong Group affiliates. She simply had never imagined it would be this bad. Overnight, the credit of the entire group was collapsing.

The moment the financial fraud came to light, investors panicked. From major institutions down to individual holders, everyone dumped Yuseong Group corporate bonds. The prices plummeted without end. In a market like this, liquidating Seo Seong Securities’ two-hundred-billion-won position was impossible. If she put in sell orders now, the prices would only fall further.

Seo Minjae’s warning flashed through her mind.

It would be best to clear the Yuseong bonds. If the credit rating is downgraded, a fire sale will follow.

She hated to admit it, but that moment had been the only exit. She had kicked it away.

I’m stuck!

Completely stuck. The price of Yuseong Group corporate bonds had been cut in half. Seo Seong Securities’ two-hundred-billion-won position had shriveled to a hundred billion. This was no longer a mere paper loss; it was a threat to the firm’s capital soundness.

If the disaster had struck without warning, it could have been written off as an ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠act of God. Financial markets were unpredictable; sudden shocks happened. There would have been room for leniency. But this had been a disaster with advance notice. During the “U.S. credit-rating downgrade bet” that had once swept ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠through Seo Seong Securities, Minjae had repeatedly brought up the distressed bonds. Lately the firm was full of whispers.

“Management must have known about the bad bonds. Why didn’t they deal with them?”

“Right? Even the rank-and-file knew.”

“You know how it is between those two…”

“Shh!”

Seo Minju had never once taken the arrow herself. Whenever trouble arose, Seo Minjae had stepped forward. She had always claimed the victories and the glory, and always foisted the failures onto someone else. This time was different. Because Minjae had neatly sidestepped responsibility, every arrow pointed straight at her.

Why had she ignored the warning? Why had she sacrificed the firm’s safety?

What am I supposed to do?

Facing failure for the first time in her life, Seo Minju went to see her father. The president’s office already contained Seo Minjae. Both men’s eyes swung toward her the moment she appeared. Minjae smiled and offered a slight bow.

“Division Head.”

Lee Jaseung’s first deal had become the talk of the firm, and the PBS desk was receiving far more attention than anyone had expected. To be valued so highly on the strength of a single initial performance—the smooth start would make all future business far easier. A man who had lived his entire life in the shadows had suddenly been thrust into the light. Something twisted inside her, but Minju quickly arranged her usual easy smile.

“I have something to discuss with the president. Would you mind giving us the room?”

It was the president who answered.

“No need. Minju, sit down as well. We were just talking about the corporate bonds anyway.”

“The bonds?”

The president nodded toward Minjae, indicating he should speak. Both sets of eyes turned to him.

“I’ll handle the two-hundred-billion-won distressed bond position.”

“……?”

Minju blinked. After days of agonizing over the problem, Minjae was volunteering to solve it for her? Relief at the chance to dump the mess warred with sharp suspicion.

Why would he take this on?

At the very moment he was drawing everyone’s attention, he was offering to cover himself in filth?

“You’re going to handle the Yuseong Group bonds?”

The wary question contained a hidden “why.” Minjae caught it and answered.

“In exchange, allow me to serve as the representative of the creditors’ committee.”

“You’ll fix the problem if we give you the authority?”

It was a trade. Ordinarily a seasoned executive sat on a creditors’ committee. Handing that much power to a department-head-level employee was irregular.

But the deal itself isn’t attractive enough to justify that authority… Is there some pearl inside this cesspool that I don’t know about?

Seeing her hesitate, Minjae took a step back.

“If you’d rather not, Division Head, you could take it yourself…”

“……No. I don’t care either way. I already have plenty of other projects. If you’re willing, you should handle it. It’ll be good experience for you.”

The president, who had been watching them both carefully, gave a slow nod.

“I’ve heard the PBS desk is putting up strong numbers. If you resolve this matter as well, the firm will be grateful. I’ll grant the authority—but you’ll also bear responsibility for the outcome.”

And so the position of creditors’ committee representative fell to Seo Minjae.

“Yes. I’ll deliver good results.”

Minjae left the president’s office looking confident. The hand that closed the door trembled slightly.

I did it because he told me to, but…

…This is going to be fine, right?

Seo Minjae’s anxiety was only natural. There were no buyers, the sellers had no intention of selling, and Lee Jaseung had simply stepped in and created a market out of thin air.

This is insane.

Even thinking that, Minjae had accepted Jaseung’s proposal. The success of the first deal had been that powerful. For the first time he had gained the upper hand against Seo Minju.

Could I actually do this?

That first glimpse of possibility had moved him. He went to find Lee Jaseung.

“I got onto the creditors’ committee just like you said. What now?”

“We secure a buyer for Yuseong Steel.”

Jaseung rose from his seat and walked to the desk. From a neatly ordered stack of documents he selected a file and handed it over.

“I’ve spent the last few days organizing the buyer pool. Take a look.”

Minjae opened the file. Automakers, heavy industry, steelmakers, private equity—candidates of every sort were listed. For each one, financial condition, market share, and special notes had been meticulously recorded. Yes. The special notes were the problem.

Minjae shot him an incredulous look. Jaseung merely shrugged, as if to ask what the issue was.

“What?”

“You picked them by the same criteria I would have.”

“Of course.”

Of course he had chosen parties with succession problems. While unloading Yuseong Steel he would also secure his second client.

“The seller has to be desperate and the buyer has to be desperate. That’s how the story becomes dramatic, doesn’t it?”

What he needed was a dramatic story—one that would raise his own value and appeal to other chaebol families. So on top of the usual acquisition criteria he had added one more check: the desperation of the heir. It was an intimate standard that no outsider could ever grasp, known only to an insider of the chaebol world like himself.

“You’re meticulous as always.”

“I know.”

Minjae returned his eyes to the documents and after a moment nodded. As expected of a list curated by a perfectionist, there were no errors to be found. One thing still bothered him, though.

“Looks solid. But Hanyeong Auto is in here?”

“Yeah. I was thinking of meeting just three first, including the Hanyeong Auto Group. What do you think?”

“Uh… it’s a good choice, but… Hanyeong Auto is a major conglomerate, so they’ve got the capital, the industrial fit is good, the ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠post-acquisition synergies would be solid… Still…”

Watching Minjae drag his feet, Jaseung frowned.

“If there’s a problem, just say it.”

“Did you ever settle things with Juhyeong?”

“I fought with him?”

“…….”

The pure puzzlement on Jaseung’s face as he asked the question left Minjae momentarily speechless.

“You seriously don’t remember?”

Even under the pointed question, Jaseung still looked completely blank. Han Juhyeong was the eldest son of Hanyeong Auto Group and had attended the same high school as the two of them. Their relationship had never been particularly bad.

“Explain properly. When exactly am I supposed to have fought him?”

“Wow…”

He really didn’t remember a single thing. A powerful premonition told Minjae that simply letting him make contact like this would be a disaster.

“When we were studying abroad you invested in some startup, fought with Juhyeong, and came back with blood on you. You honestly don’t remember?”

“Ah.”

Only then did something subtle shift in Jaseung’s eyes. It had been just before he finished his MBA, while they were still in the States. Juhyeong, determined to show his father some ability, had dragged his friends into a startup investment. Startup investing was basically a lottery, and the target selection had been pathetic, but Jaseung had gone along without complaint—ten billion won wasn’t a burdensome amount. During the selection process their opinions diverged, and in the end the two of them invested in different companies. Jaseung had exited with a modest profit. Juhyeong had lost everything. Not merely lost it—unable to let go, he had poured several more billion into the dying company and then lost that too. To Jaseung it had been an incomprehensible act. Worst of all, afterward the man had gotten drunk and taken his irritation out on him.

“I remember. That half-wit.”

Minjae sighed. This competent psychopath…

“……I’ll call Juhyeong myself.”

The succession races among the major conglomerates had entered full swing. To secure their positions, third-generation chaebol heirs were jostling to appear at the front lines of management, and Hanyeong Auto Group was no exception. Han Juhyeong was the eldest son of the Hanyeong Auto Group chairman. His only younger sister was interested solely in fashion and was completely free of the succession contest. On paper he had the ideal conditions for a smooth inheritance. But becoming the heir meant more than simply receiving a title. He had to prove his own ability, secure the support of key figures inside the group, and win recognition from the market and the public. Han Juhyeong had managed none of the three.

Obsessed with the digital world, he had pushed new businesses aimed at digital transformation and failed spectacularly. In the end the Hanyeong Auto chairman himself had stepped in with a warning.

“Better to switch to professional management than let an incompetent son take the chairmanship and ruin the group.”

In effect it was a threat to strip him of heir status. He had quietly shelved his dreams of new business and was concentrating solely on management training when the call from Seo Minjae came.

The moment he heard the name Lee Jaseung, Han Juhyeong’s face hardened. Memories of their study-abroad days came flooding back. Back then, just as now, Juhyeong had burned with passion for the digital world. After reviewing and analyzing countless startups he had decided to invest in an autonomous-driving company. He had met with the founders every week to discuss direction, attended technical seminars in person, and even run pilot tests at Hanyeong Auto’s plants. When the company ran into funding trouble he had dug into his own pocket to keep it alive. In the end the company collapsed. He had poured years of heart into it and grown attached in his own way; the emptiness was crushing. He had believed it was the chance to realize his vision…

Then the startup Jaseung had invested in hit it big, and the sense of loss doubled. It wasn’t regret that he hadn’t bet on that one.

If only my own baby had done that well.

That night, drunk, he had poured those feelings out to Jaseung. The reply that came back, accompanied by a look of pure contempt, had been—

You fucking idiot.

Juhyeong had lost his reason and thrown a punch. The two of them had brawled in the middle of the bar. Recalling it now, his voice immediately turned surly.

“Lee Jaseung? What’s he doing, starting a business?”

“You didn’t know?”

In truth he had known. He had been keeping quiet tabs on Jaseung all this time. He had already heard that after establishing the family office Jaseung had scored a massive win on his first investment. But he couldn’t show that, so he only grumbled in an irritated tone.

“Do I have to know every little thing that guy is doing?”

“Not really, but it seems like Jaseung’s been thinking about you a bit.”

At that, Juhyeong’s ears pricked up. Even as he scowled, a subtle interest colored his voice.

“That bastard? About me?”

“Yeah. Looks like he feels a little bad.”

“Then he should have apologized ages ago.”

“You know Jaseung’s not the type. So here’s the thing—Jaseung’s the first among us to start his own business. We figured we’d throw a little celebration and get the guys together. You coming?”

Juhyeong fell silent for a moment. Every possible calculation raced through his head.

Is this that bastard’s way of apologizing through Seo Minjae?

If not, he would just be the spineless fool who trotted after someone who had called him an idiot. Yet he couldn’t exactly come out and ask, “Is Jaseung trying to apologize?”

“……Why would I? I’m a busy man.”

“Of course I know that. But Jaseung’s got connections inside Yuseong Group. You never know what information he might drop. Could be useful for you, right?”

“……!”

Juhyeong’s mind spun into overdrive. Right now Yuseong Group was the single hottest topic in the business world. The affiliates still held valuable assets—plant equipment, accumulated technology, unrivaled market share. Once those assets fell under creditors’ management they would come onto the market at steep discounts. Cash-rich companies would eye them as ways to fill gaps in their portfolios, and in the process the entire chaebol landscape could shift.

Juhyeong made sure to set the record straight.

“I’m not going because of Lee Jaseung. I’m just going to listen for information.”

“Ah, I know. Of course I know.”

Laughter colored Seo Minjae’s voice. Juhyeong asked, still pretending to be reluctant,

“So where am I supposed to show up?”