Chapter 46
Chapter 46
Translation: Godtl
"Chief. We've scraped together as much as humanly possible."
We gathered and gathered every last Jintetsu corporate bond circulating in the market.
1.5 trillion won.
That was our limit.
"Didn't Jintetsu issue about 5 trillion won in short-term corporate bonds?"
"Yes. But other entities are currently sweeping up bonds in massive quantities besides us."
"Other entities? Who?"
"The Kangsung Group. They're pouring capital from their securities firm and group funds to buy up everything—we almost got left sucking our thumbs."
The Kangsung Group?
This was unexpected.
"Why would Kangsung suddenly hoard corporate bonds?"
"That's what I'm saying. It's strange."
"Wait. Didn't you and the president meet with Chairman Kang of Kangsung Group recently? You don't think something was discussed then...?"
That day, Chairman Kang had asked me whether holding these bonds would be profitable.
Could he really have taken my words at face value and started scooping up that massive volume of corporate bonds?
"Hard to say."
At my terse reply, Section Chief Seo furrowed his brow.
"Why are you asking the chief such sensitive questions? The higher-ups must have had their private discussions."
"Ah. My apologies. I shouldn't have asked—"
It wasn't exactly that.
It's just baffling that Chairman Kang would casually throw around trillions of won based solely on a brief conversation with me.
"But Chief, most of the short-term corporate bonds we've purchased are nearing maturity. That's why we bought them at face value. When they mature, we'll receive the principal plus minimal interest—hardly any significant profit."
Corporate bonds approaching maturity revert to their face value.
So even if some special event occurred, their prices wouldn't skyrocket.
Government bonds and corporate bonds prioritize stability—their prices don't experience high volatility with dramatic rises or falls.
"Then why did we buy such a massive amount of these bonds? It's practically just recovering the principal."
"Sigh. Like I said earlier. The chief has his own calculations. Has the chief ever invested just to scrape together petty cash before?!"
"W-well, that's true, but short-term corporate bonds have almost no price fluctuation—"
"This is exactly why the chief doesn't bother explaining in depth. No matter how much he explains, our brains wouldn't grasp it anyway."
"Ah."
"I overstepped again with my presumptuousness. My apologies."
I quietly observed Section Chief Seo as he effortlessly reined in the staff.
Why did this feel familiar?
My military PTSD was resurfacing.
Still, thanks to Section Chief Seo, I didn't have to launch into lengthy explanations.
It was an efficient system, in a way.
I'd activate my intuition to make investment decisions, Section Chief Seo would relay my instructions to each employee, and everyone would execute the investments swiftly without a single complaint.
Times like these reminded me of my guild members.
Since they're older brothers, during raids I have to input every single action they need to take.
And then, without a word of protest, they'd move exactly as instructed and clear the raid.
When I quietly compare our department to my guild, there's a strange sense of kinship.
Even in games, there are occasionally guild members who challenge the raid leader's authority—in those cases, the older brothers would handle the discipline themselves.
Here, Section Chief Seo played that role.
'But if we've gathered about 1.5 trillion won, that means Kangsung Group took 3.5 trillion.'
The problem is, as the staff pointed out, there's no way to make money from these bonds.
'Even if we receive repayment at maturity, the fees would actually leave us at a loss.'
What on earth was Chairman Kangsung thinking?
It's already sending chills down my spine.
＊＊＊
"Fortunately, things seem to be wrapping up faster than anticipated. After we announced the complete overhaul of our production lines and testing processes, and actually began implementing systemic changes, the positive evaluations have been pouring in."
"But didn't we spend a fortune to create that positive public opinion?"
"That's correct. We recruited influential figures to generate positive evaluations of our company, and we also deployed hired commentators across all communities, both domestic and international, which seems to have had a significant impact."
Though Kangsung Electronics had plummeted into the abyss due to the K7 Battery Explosion Incident, their swift response had allowed them to barely cling to a lifeline and pull themselves back up.
Of course, the enormous funds poured into the K7 recall and marketing costs remained a problem, but they were simply grateful to still be clinging to that lifeline.
"Well, that's part of it. But ultimately, it was the Chairman's quick decision-making that prevented the fire from spreading further. If we had missed the timing this time, we might have had to shut down our mobile business for good."
"Exactly. Had it not been for the Chairman's decision, it would have been truly harrowing."
Kangsung Chairman's decisive leadership had played a crucial role in all this.
"······."
But the executives' praises didn't reach Chairman Kang Sung-ho's ears.
His mind was entirely fixated on one thing.
'Jintetsu... What on earth is there?'
After the meeting, Kang Sung-ho had thoroughly researched the Jintetsu Group.
Frankly, there was nothing particularly special about them.
Jintetsu had one goal.
To surpass JT Group, which dominated Japan's railway industry.
But they couldn't compete in the same railway business.
So, they had opted for an octopus-like expansion into various industries.
Investments, real estate, railways, hotels, department stores—they were branching out into quite a few fields.
Their goal was to overtake JT Group within ten years.
And their plan was steadily progressing.
They had taken a hit by making a wrong bet on Kangsung Electronics, but it was merely a minor hiccup—not enough to extinguish their ambitions.
But why on earth would holding their corporate bonds be advantageous?
"Chairman. I heard you were preparing to deal a heavy blow to Gwangun Securities. Are you not proceeding with that?"
At an executive's words, Chairman Kang snapped back to attention.
"I've decided to observe the situation for now."
"But those insolent bastards really crossed the line. How dare they throw a tantrum, demanding 2 trillion won from Kangsung Group? If it weren't for CEO Kang Mi-ra, those bastards would've— Ahem."
"Ah, Chairman. I heard that Kangsung Group withdrew over 3 trillion won from the securities sector to purchase corporate bonds... May I ask what prompted such a sudden investment?"
"I heard about it too. And that you specifically bought short-term corporate bonds."
The executives were circling the real question.
Why had he moved over 3 trillion won without so much as a word of discussion with them?
An executive position could be replaced at any time if Chairman Kang Sung-ho was displeased.
But even so, moving trillions without consulting them was enough to make them feel slighted.
"That... I'll explain properly later."
"Ah, yes. Well, since they're short-term bonds, the principal will be repaid in full upon maturity."
Though there would be some fees involved.
It wasn't exactly a loss.
But what if it turned out to be absolutely nothing?
Both inside and outside the company, Chairman Kang would become a laughingstock.
They'd say he gambled without even knowing the basics of investment.
If that happened, Gwangun Securities had better brace itself.
"For the next agenda, regarding the new semiconductor division—"
Just then.
The chief of staff, who always stood at the back during executive meetings, received a report and startled before quickly approaching Chairman Kang to whisper urgently.
"······!?"
Chairman Kang, upon hearing the report, turned to the chief with a look of disbelief.
"That... Is it real?"
"Yes. It's just breaking news."
Seeing Chairman Kang's face turn deathly pale, the executives paused their reports and tilted their heads in confusion.
"Chairman, is something—"
"Turn on the TV first."
"Ah, yes."
The TV flickered on in an instant.
The breaking news was displayed in massive letters across the entire screen from the very first frame.
[Kumamoto Magnitude 7.5 Earthquake]
"What?!"
"An earthquake?"
"Isn't Kumamoto the industrial hub Japan's been pushing hard to develop?"
"..."
While the executives buzzed with shock over the earthquake news,
Chairman Kang stared blankly at the screen when something suddenly flashed through his mind.
"Director Kim. Bring me the Jintetsu Group documents. Quickly."
"Ah, yes, Chairman."
Chairman Kang swiftly scanned through the documents brought by his secretary.
There was definitely something he'd seen in the previous report.
Just as he suspected.
"...!"
The Chairman's gaze froze on the list of Jintetsu Group's current projects.
[Kumamoto Industrial Complex Project]
'So this is it...!'
While expanding their real estate ventures, Kumamoto—where they'd been broadening their construction sector—had been working to transform the area, already home to numerous automotive factories, into a full-fledged industrial complex.
After gaining recognition in construction by erecting Osaka Harukas, Japan's tallest skyscraper, they'd begun massive investments to build factories throughout Kumamoto.
But now a magnitude 7.5 earthquake had struck.
At that scale, not only construction sites but even operational factories were likely reduced to complete rubble.
Particularly as a railway company, Jintetsu had been laying extensive rail lines throughout Kumamoto alongside the industrial complex development—meaning they were now facing catastrophic losses on all fronts.
In other words, Jintetsu had just been hit by a super-sized crisis caused by natural disaster.
'But if over 5 trillion won in bonds come due right now...'
Whoever holds those bonds would instantly become the executioner.
As this realization reached him, a shiver ran from the soles of his feet to the crown of his head.
"...Director Kim. Can earthquakes be predicted by humans?"
"While we can assess risk factors to some degree, I've heard no one can predict exactly when or how they'll occur. They say that's the domain of gods."
The domain of gods.
True enough.
Had Japan known the earthquake was coming, their government would've evacuated people beforehand.
'But how did Jeong Jin-ho know about this?'
Did he truly predict the earthquake?
No. How could an individual know something even the Japanese government didn't?
Could this also fall under that "algorithm" he'd mentioned?
No idea.
Even during their first meeting, it had been impossible to grasp what thoughts lay behind that inscrutable demeanor—now it was even more unfathomable.
Only one thing was certain:
'Good thing we didn't make an enemy of him.'
Had he ignored that advice and crushed Gwangun Securities that day... what alternate reality might have unfolded?
Just as Jintetsu Group now stood unaware of who held a blade to their back, might Kangsung Group have invited such crisis upon themselves?
Of course, this was mere conjecture.
Perhaps it was simply incredible luck that everything aligned perfectly.
But his father always used to say:
Above those who run are those who fly.
And above those who fly are the absurdly lucky.
＊＊＊
The Kumamoto earthquake struck first with primary tremors, then hit again with even stronger secondary shocks that multiplied the damage.
With nearly twenty aftershocks battering the region, the Japanese government estimated total damages at nearly 50 trillion won.
Consequently, nations worldwide—including ours—were extending condolences while offering aid.
Yet when the Great East Japan Earthquake struck previously, our country had been the fastest to respond—providing billions in donations along with transport planes and power generators—only for Japan to claim Dokdo territory rights three weeks later, adding it to textbooks in a blatant betrayal.
Major Japanese online communities even mocked Korea in the aftermath.
The conflict ran deep on multiple fronts.
Perhaps that's why our government was now gauging public sentiment, refraining from committing significant aid this time.
"Well, it's not like our government can focus on Japan right now anyway. Aren't we in the midst of our biggest political turmoil?"
Chairman Kang Sung-ho savored the tea with a satisfied smile.
"To be honest, I don't usually drink tea much, but this one is excellent. You have fine taste, President Hwang."
"Yes. As I've gotten older, coffee just doesn't sit well with me anymore. I'm glad you like it. But..."
Hyungnim—no, President Hwang—was staring at Chairman Kang with an expression of disbelief, as if he couldn't quite fathom why the chairman of Kangsung Group was sitting in the office of Gwangun Securities.
"I didn't expect you to come all the way here."
"My apologies for that. I should have scheduled a formal meeting, but time was too tight to arrange one."
Apparently, the matter was urgent enough that Chairman Kang had come straight to our securities firm without prior notice.
"...But, Director Jeong."
"Ah, yes?"
"Did you... know about this earthquake in advance?"
Chairman Kang's eyes flickered as he studied me.
"No."
"Do you know which company suffered the most damage from this earthquake? The Jintetsu Group. They were running a major project in Kumamoto. Did you know that?"
"I was aware of that."
"And yet, you loaded up on useless short-term corporate bonds instead of anticipating this outcome?"
"Chairman, if I could predict earthquakes, wouldn't the Japanese government have known and taken precautions?"
"...Right. That makes sense."
Though he conceded the point, his gaze remained thick with suspicion.
But even I had only sensed that something was coming—I never imagined it would be an earthquake.
"I won't pry further. What matters now is the immediate problem at hand."
The reason Chairman Kang had rushed here was none other than the corporate bonds we were holding.
"After looking into it, I've confirmed that Jintetsu Group doesn't have the capacity to repay this 5 trillion won right now. They took a hit with Osaka Harukas, then went long on Kangsung Electronics only to get burned by the battery scandal, and now this Kumamoto project. They can't possibly cover that amount."
"But couldn't they issue additional bonds?"
"Technically, yes, as you say, President. But I won't let that happen. We've already been spreading rumors—that Jintetsu Group is on the verge of bankruptcy."
"What? Jintetsu, bankrupt?"
"Not really, but you know how rumors work. They turn fiction into fact—just like how it's now accepted as truth that Kangsung colluded with unscrupulous forces to fleece the hunters."
Ironically, one of those "hunters" was Jintetsu Group.
If word spread that Jintetsu was teetering on bankruptcy, no one would touch their newly issued bonds.
"Right now, Kangsung holds 3.5 trillion won in corporate bonds, and Gwangun holds 1.5 trillion. What do you think? If we join forces, we can strip Jintetsu down to the bone."
"So you're suggesting we go all-in and become real bandits."
"Well, that's how they'll see it. But from our perspective, we're just creditors rightfully demanding repayment."
The problem was, that "repayment" amounted to a staggering 5 trillion won.
For Jintetsu, it would be nothing short of a catastrophe.
"We're already pressuring them to prepare the funds. I'm sure they'll try to scrape together whatever they can."
"I've heard Jintetsu owns a lot of real estate... Couldn't they liquidate some assets?"
"They do, but we're talking about 5 trillion won. How could they raise that much in such a short time?"
Originally, Jintetsu Group's plan was likely to issue new bonds to refinance the 5 trillion won debt when it matured.
But Kangsung Group was cutting off that escape route.
"If they beg for more time, we won't grant it. Kangsung must exercise its rights to the fullest."
In other words, if they couldn't pay, Kangsung would seize Jintetsu's assets at fire-sale prices.
"But is that even feasible? The Japanese government won't just stand by and watch."
"That's right. That's the problem. Just as Korea has anti-Japanese sentiment, Japan's anti-Korean sentiment is stronger than you'd think. Moreover, a group like Jintetsu falling into the hands of a Korean company? They'd be foaming at the mouth."
"That does make sense. Ultimately, we need a company to act as a shield in front of Kangsung instead... If we push forward with Kangsung, the Japanese government would try to stop it due to public opinion alone."
Even without active anti-Korean sentiment, there would inevitably be backlash if a domestic Korean company fell into foreign hands.
And if a Korean company were seen tearing apart a Japanese conglomerate piece by piece until it collapsed, Japanese public opinion would erupt.
This was precisely why LK Group, despite having its roots in Japan, had worked tirelessly to erase its Japanese image while operating in Korea.
So much so that before the management battle erupted, people hadn't even known LK was owned by a Japanese company.
Wait.
LK?
The moment that name crossed his mind, his body trembled violently in his seat.
"Director Jeong. Don't you have any opinions on this? We're suffering headaches over this matter too."
"Chairman. I do have one suggestion."
"Oh? What is it? Let's hear it."
"...By any chance, are you close with the chairman of LK Group?"
"Huh?"
＊＊＊
Jeong Jin-ho had clearly answered that he didn't know.
But in that fleeting moment, Chairman Kang hadn't missed the expression that flashed across his face.
That face that clearly seemed to know something.
And it wasn't just because of that expression.
There was how he'd taken massive short positions in Kangsung Electronics right before disaster struck.
And how he'd scooped up all the bonds right before the massive earthquake hit.
Jeong Jin-ho had firm grounds for every investment he made.
Though what those grounds were remained unknowable.
'Good grief. Now I'm running errands like this.'
The world works in mysterious ways.
Here was the mighty chairman of Kangsung Group, following every word of a securities firm director.
"It's been a while, Chairman."
"Pfft. Who are you here to make jealous this time? Came to see with your own eyes how thoroughly you've trampled us?"
In the time since they'd last met, Chairman Oh Jae-hyun had grown considerably haggard.
Wasn't LK Group currently swirling with bankruptcy rumors, public sentiment in turmoil?
"How harsh. Not even offering me a glass of water."
"I'd rather not drag this out, so state your business."
Chairman Kang understood why Oh was being testy.
After Kangsung Group intervened, hadn't Oh faced nothing but headwinds?
His father had even been dragged off by prosecutors after collapsing from illness.
But ultimately, Chairman Oh was still a businessman.
He'd want to save his group by any means necessary.
Shouldn't business and personal matters be kept separate?
"...So you're saying you want us to be your figurehead?"
"Correct. In exchange, transfer the shares currently controlled by the Japanese companies overseeing LK Group to us. We'll purchase them at a fair price."
"You're trying to seize corporate control in this crisis!?"
"We won't interfere in management. You'll remain as chairman."
"But that would make me nothing but a puppet—!"
"Chairman."
At Kang Sung-ho's lowered voice, Oh Jae-hyun stopped mid-sentence.
"You have no choice right now, Chairman. This is your last lifeline. I understand wanting to preserve your pride, but don't—just grab it. At this point, pride aside, survival comes first, doesn't it?"
"..."
"If LK Group collapses like this, hundreds of thousands of jobs will disappear. How do you plan to bear that resentment? I don't want to see that happen either."
Judging by his expression, Chairman Oh seemed to recognize he had no choice either.
Kang Sung-ho smiled faintly as he rose from his seat.
"Think it over and give me your answer. Just remember—time is running out."
As he turned to leave—
"Wait."
"Yes?"
"Is this... also part of that bastard's scheme?"
"That bastard? Who?"
"Don't play dumb. I've been wondering—why did that bastard target our LK of all companies? Out of countless possibilities? But it was all groundwork for this. From the very beginning, he set up the board to use us as pawns. Haha."
Leaving behind Oh Jae-hyun—who seemed caught between hollow laughter and tears—Chairman Kang stepped outside.
"..."
That bastard.
That bastard—
Could the "bastard" Chairman Oh meant be Director Jeong Jin-ho?
Come to think of it, LK's current predicament, even Chairman Kang personally visiting Oh today—it all originated from Jeong Jin-ho.
"Does that mean he really..."
Had Jeong Jin-ho been aiming for this outcome from the very beginning?