Chapter 48
Chapter 48
Translation: Godtl
"Did you enjoy your meal?"
"Hmm? Ah, yeah. To be honest, I couldn't even tell what I was tasting. The alcohol didn't go down well either."
At Chairman Kang's words, his chief of staff looked troubled.
"I'm sorry the food wasn't to your liking."
"No, it's not because of the food."
It was actually because of Jeong Jin-ho.
Hearing that bastard's absurd claims had ruined his appetite entirely.
"Speaking of which, Chief Kim. If you were in Jeong Jin-ho's position, how much do you think you'd demand for those bonds?"
Chief Kim pondered briefly before answering.
"I'd probably start by asking for 50% more."
"Why?"
"That way, even if we negotiate the price down, I could still secure at least a 30% profit."
"I see. That would be the normal way of thinking, wouldn't it?"
"Yes, sir. Frankly, even demanding 50% is greedy. But... may I ask how much Jeong Jin-ho demanded?"
Chairman Kang let out a hollow laugh.
"Double."
"Excuse me?!"
For a moment, Chief Kim doubted his own ears.
Double?
Is that guy completely insane?
"I thought he was just inflating the price to leave room for negotiation. But no. That bastard genuinely wants double."
"But... double is completely unreasonable, isn't it?"
We're talking about a staggering 3 trillion won.
An absolutely astronomical sum.
Even for an organization as powerful as Kangsung Group, 3 trillion won is a burdensome amount.
"You didn't actually agree to pay that, did you?"
"Are you crazy? 3 trillion crosses the line. I was so dumbfounded I just ate quickly and left."
"This Jeong Jin-ho fellow is excessively greedy. 3 trillion is way too much."
"I can't tell if it's youthful audacity or if he genuinely believes that's the fair price."
"Perhaps your recent kindness has made him overconfident, Chairman?"
For a moment, Chairman Kang wondered if the young man saw him as an easy mark.
But something felt unsettling.
Had anyone else demanded double, he would have dismissed it as nonsense and walked out after throwing a drink in their face.
The problem was that it was Jeong Jin-ho making this demand.
"Yet somehow, I keep feeling like I might actually pay the price he named."
"Then I'll do everything in my power to stop you, sir."
"Good. If I ever seriously consider paying double, slap some sense into me if you have to."
"Understood."
Chairman Kang could vividly recall the mad glint in Jeong Jin-ho's eyes when he named that price.
He'd noticed it before too—the young man had never once shown fear in front of the chairman of Korea's top conglomerate.
And now this insane demand for double the price.
That bastard was definitely unhinged.
＊＊＊
"They're at it again."
"Indeed. They fired again."
North Korea conducted another missile launch over the East Sea today, continuing its show of force.
In the past, whenever North Korea fired missiles, markets would fluctuate wildly, descending into chaos.
But now, even multiple missile launches leave the markets completely unfazed.
As if nothing had happened at all.
"Poor North Korea. They're working so hard—firing missiles, conducting nuclear tests, doing everything to get attention, and no one cares."
"True. Our country is preoccupied with other issues, and there have been so many major incidents abroad."
Despite North Korea firing missiles at every opportunity since the start of the year, they've failed to capture the spotlight.
Between the Greek default, terrorist attacks in France, Brexit, and major earthquakes—
All the attention has been stolen by other countries.
"They should use that money to feed their starving people instead. Tch."
"Though I heard Taiwan and the Philippines were in more of a panic than us."
"Yeah. There were rumors the missiles might land there. Thankfully, that didn't happen."
Meanwhile, people in South Korea—right beneath the flight path—just shrugged as missiles flew overhead, treating it as routine.
"But Jin-ho."
"Yes?"
"Should we really just be lazing around like this?"
"Good question. We came here to work, but all we're doing is enjoying a vacation."
Our purpose in Japan was to act as bondholders.
That was it.
Apply pressure, then leave.
That was all Kangsung had asked of us.
According to plan, we were supposed to transfer our bonds to Kangsung.
Then Kangsung would carve up Jintetsu on their own, and we'd quietly return to Korea.
Even if we held the bonds ourselves, could we dismantle Jintetsu and profit from it like Kangsung could?
"It was something we couldn't handle on our own."
That's why transferring the bonds at a high price and bowing out was the best scenario for us.
"But I never expected you to quote double the price..."
"Was it too much?"
"No. You must've had your reasons. Honestly, this isn't even the first time. You always name prices that seem outrageous to others. The funny thing is, you always get that amount."
"I'm sorry, hyungnim. I should've discussed it with you first. Chairman Kang suddenly asked me to name a price on the spot."
"Heh. That man knew too. That if he asked me, it'd still have to go through you anyway. That's why he went straight to you."
Fortunately, hyungnim didn't make a big deal out of it.
"But what worries me is whether they'll actually accept double the price. The situation's been developing strangely."
The Jintetsu Group wasn't just under attack from Kangsung Group—they'd also been targeted by JT Group, who'd always viewed them unfavorably, bringing them to the brink of collapse.
But as if there was no rule saying they had to die completely, rescue funds had stepped in to save them.
"Honestly, those bastards are no different. They just got stomachaches watching Kangsung Group try to devour Jintetsu alone. You know this too. Jintetsu's struggling to raise 5 trillion won right now, but they hold considerable real estate assets. Just that alone is quite juicy."
These funds aren't helping Jintetsu out of the goodness of their hearts.
They just didn't like Kangsung Group trying to hog all the tasty bits for themselves.
They, too, intend to tear Jintetsu apart—just like Kangsung Group.
"Kangsung needs to think carefully. If they mess up, the other side could repay all the bonds and leave them as the dog that chased the chicken only to lose it."
"Then we're in danger too."
"Right. After all this chaos, we might end up empty-handed with nothing to show for it."
That's why we've received this offer now.
"30%. That's the maximum amount they're offering."
Some funds had been quietly watching from afar before suddenly jumping into this game.
They're offering us 30% above our price if we hand over the bonds.
One strange thing is that it wasn't the funds but a law firm that set this price.
"Mossack Fonseca. Heard of it?"
It's the world's third-largest offshore financial services law firm.
When you think of offshore, the most famous place is Switzerland.
Here, "offshore" simply refers to utilizing tax havens.
Switzerland, Hong Kong, Singapore, Panama—there are plenty of places used as tax havens.
Firms like Mossack Fonseca act as intermediaries connecting these locations.
At first glance, tax havens might seem like places where illegal activities happen, inevitably drawing negative perceptions.
But tax havens aren't illegal—they're legitimate tax-saving methods.
They allow tax savings within the bounds permitted by each country's tax laws.
All major active funds legally establish corporations in these tax havens to manage international investment funds.
Mossack Fonseca is currently in the top three in this field.
"From what I've heard, money's been pouring into this firm lately. They're probably mediating this deal. At the same time, they've also made a business inquiry to us."
"What kind of business?"
"We're making a lot of money now, right? Overseas, too. Seems they've caught wind of that. They suggested we consider establishing a corporation in a tax haven instead of keeping our company domestic."
"It's not illegal, right?"
"Mossack Fonseca is top three in offshore services worldwide. You think they'd be crazy enough to do something illegal here?"
I skimmed through the business proposal Mossack Fonseca had sent.
Our company had already completed all the translation work on the contract, so reading it wasn't an issue.
If there was a problem... well, taxes are always difficult no matter how much you study them.
"They say taxes are the most complicated thing in the world. And every country keeps changing their tax laws. There's a reason tax professionals get paid so much."
"What do you think, hyungnim?"
"Well, other financial groups also set up investment companies in tax havens. Asset managers especially use this method often when opening overseas funds. If we anticipate more overseas investments, it wouldn't be a bad idea for us either."
"Same goes for you, hyungnim."
The employees who reviewed the proposal also seemed to think it wasn't a bad decision.
"It's not tax evasion or anything like that, right?"
"According to the business proposal, no. Well, there are some bastards who do use tax havens for evasion, but if that were the case here, I wouldn't have accepted it at all."
I see.
I nodded and was about to flip through the proposal when—
"!?"
The moment I saw crimson blood spreading from my thumb holding the corner of the paper, I startled and jerked my hand away.
"What, what's wrong?"
"Ah. I think I cut my hand."
"Huh? Really? Wait. It looks fine to me."
I checked my thumb.
Just as hyungnim said, it was perfectly fine.
But I'd seen it clearly.
The red blood spreading from my fingertips.
"..."
Yet the paper was as pristine as my hand.
Not a single drop of blood was visible.
"Guess you didn't actually get hurt after all."
"Ah, yes. I thought I'd been cut, but apparently not."
It was a bizarre experience.
Had I seen a phantom?
I'd distinctly seen something red spreading, and at that moment, I'd felt something chilling.
Something so intensely vivid it could jolt one awake.
"..."
Moreover, that icy sensation still lingered at my fingertips.
This wasn't some hallucination.
Though it was my first time experiencing something like this, an inexplicable sense of foreboding kept prickling at the nape of my neck.
"Hyungnim."
"Yeah?"
"This company... it's really safe, right?"
＊＊＊
We'd practically secured Jintetsu Group.
But as they say, you don't just pass by a sparrow's mill without stopping.
Hyenas from all over the world, hearing that Jintetsu was about to fall into Kangsung's hands, came swarming in.
Some, finding it tougher to get in than expected, backed off, while others saw it as an opportunity and placed their bets.
Among them was one that offered Gwangun Securities a 30% premium.
So Chairman Kangsung Ho delivered his ultimatum to Gwangun Securities.
40%.
He wouldn't go a penny higher.
And he made sure to include a warning: reject this offer, and Kangsung would never purchase their bonds—they'd be on their own.
Just as we were closely monitoring Gwangun—no, Deputy Director Jeong Jin-ho's final decision and the movements of funds scrambling for a piece of Jintetsu—
"Are we absolutely certain this has nothing to do with us? If even the slightest connection comes to light, all hell will break loose."
Chairman Kangsung Ho was seriously considering whether to return to Korea immediately.
A massive financial scandal had erupted overseas.
The so-called Mossack Fonseca Big Scandal.
An employee at Mossack Fonseca, which provided services to facilitate tax avoidance through tax havens, had leaked internal documents, triggering the scandal.
By releasing a staggering 2.6 terabytes of files, it was revealed that Mossack Fonseca had assisted wealthy clients—major corporations, politicians, celebrities, athletes, you name it—in setting up paper companies to evade taxes.
"Fortunately, Kangsung hasn't collaborated with Mossack Fonseca. However—"
"However?"
"One of our former executives appeared on the leaked list."
"Is that going to be a problem for us?"
"Probably not. No. We'll make sure it isn't."
Chairman Kang let out a sigh of relief.
It's not like major corporations haven't evaded taxes once or twice before—why the fuss?
Had this been just another domestic tax evasion case, he wouldn't have batted an eye. A slap-on-the-wrist fine would've wrapped it up.
But this was on a whole other scale.
The massive terror attacks that had occurred until now.
The funds used for those very attacks had been funneled through paper companies managed by Mossack Fonseca, revealed to have financed all sorts of crimes—that's what made this a problem.
Now, countries worldwide were scrutinizing every individual and company linked to Mossack Fonseca.
"Especially the U.S.—they've declared they'll hunt down every company that evaded taxes through Mossack Fonseca and deliver justice. So double-check everything. If anyone, it's the U.S. you don't want catching you. That'd be a complete disaster."
"Understood. We'll comb through everything again, just in case."
The entire world was in upheaval over this scandal.
From globally renowned sports stars and celebrities whose names everyone would recognize to former presidents' families—they were being reeled in one after another, like dried pollack on a string.
Thankfully, Kangsung had used a different company for its tax haven operations, narrowly escaping this storm.
"But Chairman, this seems like an incredible opportunity for us."
"Why do you say that?"
"You know those funds that were scrambling to take a share of Jintetsu alongside us? They're all withdrawing now."
Chairman Kangsung tilted his head in confusion.
"Why is that?"
"Because Mossack Fonseca's main operation was creating paper companies to manage funds. It turns out all those players who got involved in the Jintetsu deal came from there. Specific fund names and even real identities have been leaked, so they're in complete panic mode right now."
But the good news didn't stop there.
"Moreover, it's been revealed that Jintetsu and several other Japanese companies were using Mossack Fonseca to create slush funds and evade taxes. The Japanese government can't help them now—if anything, they'll have to investigate them."
"Wait. If that's the case..."
"It means all remaining restrictions have disappeared. We can completely dismantle Jintetsu now."
Kangsung's lips curled up so high they nearly touched his ears.
Just moments ago, he'd been anxious that the massive financial scandal might implicate Kangsung Group. But now he realized—this was an opportunity sent by heaven.
The sword he couldn't wield because of those sudden jackal-like interlopers—he could finally swing it freely now.
"So you're saying if we use our bonds to tear into them as much as we want, even the Japanese government can't help them?"
"The banks won't intervene either. Other funds won't be able to step in. They've already been branded as companies that committed major illegal acts. Plus, Japanese public opinion is fiercely condemning Jintetsu right now—no one would bat an eye if we tore them apart."
There's a cultural concept called 'Murahachibu.'
An ancient tradition meaning "eight parts severed from the village."
It refers to the practice of thoroughly ostracizing and isolating those who break rules or disrupt communal order.
This tradition still persists today. When a corporation commits a major transgression on the global stage, the Japanese public unleashes overwhelming criticism.
It's an undeniable cultural force—powerful enough to trigger massive boycotts.
Which means there's not even a shred of public sympathy left to help Jintetsu now.
"So all we have to do is cook them up and feast?"
"But Chairman, there's one problem."
"What problem?"
"The remaining bonds held by Gwangun Securities. If they also rush in to tear into Jintetsu the same way we plan to, things could get complicated. They might snatch up the prime real estate and valuable assets before we can get to them."
In simpler terms, Gwangun Securities could become unwanted guests at what should be our exclusive feast.
If we let the maturity date arrive as is, Gwangun Securities would also get to carve up Jintetsu with their knives and forks.
"Rather than exhausting ourselves with that competition, wouldn't it be better if we feasted alone?"
"Yes. With Kangsung's capabilities, we could suck them dry down to the marrow."
"But we'd have to pay 3 trillion won for that?"
"Well, that's true, but..."
The executives seemed uncertain whether this was truly worth 3 trillion won. The only way to know would be to completely dismantle Jintetsu first.
But with all restrictions gone like this—
It was undeniably easier to wield the sword when holding all the bonds.
'I want to say we absolutely can't give it to them—'
Kangsung closed his eyes briefly.
If Jeong Jin-ho had predicted all of this, then he was truly a terrifying presence.
How could anyone compete with someone who might as well be seeing the future?
In the end, he opened his mouth with a bitter smile.
"Alright. Let's pay it. 3 trillion won."
As the executives said, it would be better to acquire the bonds held by Gwangun Securities.
Though it pained him to part with that blood-like 3 trillion won, they could always extract even more from Jintetsu.
'Plus, it'll be good for appearances.'
Today's events made one thing clear—maintaining friendly relations with Jeong Jin-ho would be wise going forward.
"I'll handle negotiations with them personally. In the meantime—"
Just then, Chairman Kangsung turned at the sensation of someone's gaze from behind.
There stood his chief secretary.
Why was he fidgeting like that with such an uneasy expression?
Then he suddenly remembered their promise from last time.
"Chief Kim. Should I hit you now?"
"Wh-what? N-no, Chairman! How could I possibly—"
Chairman Kang burst into quiet laughter.
But strangely enough—
Even though he hadn't been struck, his ears burned with a stinging sensation.