Chapter 55
Chapter 55
Translation: Godtl
"No. W-wait, suddenly?"
"I'm not saying this as an empty compliment—I'm being serious. You've been taking company shares as part of your incentive compensation for a while now."
As I earned money in the billions, my incentives had grown proportionally.
Earning was all well and good, but one problem arose from this.
To receive my incentives, I had to withdraw the funds I was currently investing.
I already had many places to allocate capital, and with the need to expand my principal even further, I didn't like the idea of reducing my investment pool just to take my incentives.
That's why we'd agreed to mix incentives with company shares instead.
"But the speed at which you're earning is truly remarkable. So much so that I'd considered establishing a subsidiary—not another securities firm, but an investment company. But after careful consideration, I wondered—was that really necessary? What's the point of creating an investment firm? Even if you took shares in a new subsidiary, the core would still be Gwangun Securities."
"I wouldn't mind receiving shares in a subsidiary."
"It's me who's uncomfortable with that. It feels like I'm just creating a subsidiary as a token gesture and patching things over with shares from it."
It seemed the idea had been weighing on the Guild Leader's mind.
Personally, I had no issue with it whatsoever.
"Still, suddenly becoming CEO is a bit... What would you do if I took that position, hyungnim?"
"Me? I'd finally enjoy my retirement playing all the games I never had time for. Wahahaha!"
The Guild Leader burst into hearty laughter.
But I knew better.
That wasn't his true intention.
Wasn't this someone who genuinely loved what he did?
"Just kidding. I'm not handing over the position immediately. Don't you still need someone to act as a breakwater for you?"
The head of a department.
The CEO of a company.
The weight of those roles differed entirely.
Until now, the Guild Leader had served as the face of Gwangun Securities, standing as a shield in all official settings.
But the moment he stepped down as CEO, if another shareholders' meeting like last time became necessary, I would have to step forward.
"Becoming the head of a company means taking on that much more responsibility. In other words, if anything happens at the securities firm, its leader must take responsibility. Just like in our guild—when a member causes trouble, doesn't the Guild Leader post apologies and make amends?"
That was the role of someone leading an organization.
To shoulder all responsibility and steer the group forward.
Of course, the problem was that many only wanted the crown without the accountability.
And the Guild Leader despised that mentality more than anything.
"Right now, asking you to take on that role would probably be too heavy a burden."
The reason I could invest comfortably was entirely thanks to him.
He always assured me that no matter what happened, he would ensure no backlash reached me—that he would take full responsibility himself. How could my mind not be at ease?
"But Jin-ho. Every person has their own vessel. Mine is only fit to remain as CEO of a mid-sized securities firm, but yours isn't. You're clearly someone who will leave a lasting mark on financial history. You're already doing so. That's why you can't stay just a department head forever."
"Ah, hyungnim, you're being too generous. You're the truly remarkable one here."
"No. I once had grand ambitions too—tried building a conglomerate even. But I came to painfully realize how small my vessel was. Especially after meeting you, Jin-ho. Seeing you made me understand—those destined for greatness show it from the very beginning."
Both in the guild.
And now at this securities firm.
The Guild Leader had been like a protective wall to me.
Yet now, that wall was preparing to fade away.
"If you keep investing and growing your returns, you'll soon surpass my shareholding. So while it's not immediate, start preparing yourself mentally. All the executives have already agreed. Even if you suddenly took the CEO position, no one would dare oppose it. When the right time comes—when the moment feels right—I'll pass it to you directly."
The Guild Leader seemed to have made up his mind.
Now I would have to run the securities firm without him.
My heart already feels heavy, as if a part of me has been hollowed out.
"So you're really planning to step away from this side of the business completely?"
"Didn't I tell you earlier? I'm going to enjoy my retirement life. Thanks to you, I've made plenty of money—shouldn't I spend at least some of it? I'll live leisurely like an immortal sage and watch how much our Jin-ho grows. Hehe."
"Judging by how you're talking, it seems you've already made concrete plans?"
"Yes. After handing over my position to you, I plan to spend some time abroad."
He'd only ever gone overseas for business trips.
He'd said he'd hardly ever traveled abroad for leisure.
"Now I should take my time to travel properly. I want to try staying long-term and experiencing foreign cultures too."
"Where are you thinking of going?"
"Singapore. Isn't it called the dream country for the wealthy?"
The nation of wealth, the financial hub—Singapore.
Taxes, financial infrastructure, living conditions, business opportunities, luxury residential options for high-net-worth individuals—Singapore was so earnest about attracting the wealthy that the government actively stepped in.
It was a country where, if you had money, you could enjoy countless benefits, which was why it was called the dreamland of the rich.
"...?"
But why?
The moment I heard the name "Singapore," a slight shiver ran through my body.
"What's wrong?"
"Ah, nothing. It's just that hearing you talk like this makes it feel real—that you're truly determined to leave. It's a bit... bittersweet, I guess."
"Don't worry. Just because I'm abroad doesn't mean I'll neglect the game. Since you're busy, shouldn't I manage the guild properly?"
"I still don't want to see you go, though..."
"Sorry, but you don't really have any grounds to stop me, do you? Heh."
If President Hwang weren't in the company, it would feel so empty.
"So if there were grounds, would you stay?"
"Hmm. Would there ever be such a thing?"
Still, there was no excuse strong enough to forcibly hold back someone who was willingly—without a hint of greed—handing over both his shares and the presidency to me.
Just as he wishes.
To let him enjoy his retirement in peace.
The right thing to do is to send him off without a worry, so he can live comfortably.
'But... why do I have this feeling about Singapore?'
＊＊＊
They say you should leave when the applause is loudest.
President Hwang felt that now was precisely that opportune moment.
Jin-ho was growing rapidly, continuously increasing capital with his astonishing investment skills.
No matter how much the company pushed for him, there was inevitably a limit to how far he could rise as just a department head.
'Besides, Jin-ho has what it takes to become the world's greatest investor.'
That's why he wanted to create an opportunity for him to leap even higher.
Honestly, if he were acting out of greed, it would've been entirely possible.
'He could've just handed over a subsidiary and told him to settle for the shares there...'
Most others would've probably taken that route.
But Hwang Dae-un couldn't do that.
He couldn't exploit his most cherished junior brother like that.
And when one era passes, a new one must come.
To prevent stagnation, it was time to step aside.
'So I'll stay just until then.'
For Jin-ho, who was still growing—until that kid could spread his wings and soar even higher.
I'll hold this position and shield him from the storms.
＊＊＊
OPEC had achieved their goal.
Crude oil prices had finally reached $60.
Whether that was the peak or not, my intuition reacted immediately, and we liquidated our positions without delay.
The magic of 2 trillion won turning into 3 trillion in an instant.
The only regret was that the sums were so large we couldn't use leverage.
"Department Head, the report you requested is here. It's about Singapore."
After drinking with President Hwang last night, I couldn't shake off that strange feeling, so I'd asked the research team to look into it.
The research team was already operating 24/7, ready to gather and compile data the moment I made a request.
"Anything noteworthy?"
"Nothing particularly unusual, it seems."
Singapore is a city of trade.
It boasts the world's most bustling port, with its trade industry forming the backbone of its economy.
For this very reason, banks in Singapore are said to have poured the most money into marine plants.
They issue numerous loans and hold massive amounts of bonds from these companies.
In particular, they hold bonds from Geum-u Shipbuilding & Marine, the second-largest shipbuilder in our country.
"Geum-u has been surrounded by crisis rumors lately, hasn't it? The entire shipbuilding industry is like that. Even Daegwang is struggling desperately right now. I heard Geum-u Shipbuilding can't even secure domestic loans at this point."
Since domestic loans weren't coming through, they must have turned to overseas sources instead.
It seemed Geum-u Shipbuilding had also taken out loans here.
"...!"
That was it.
Right there—it felt like a hook had suddenly caught on something.
"Section Chief, could you look into Geum-u Shipbuilding for me? Also check how widely their bonds have been distributed."
"Yes, sir. I'll look into it right away. Oh! And Gwangun Shipping has requested your advice, sir."
Lately, whenever something comes up, President Kim Du-yeong keeps sending official requests asking for my opinion.
"Gwangun Shipping has really hit the jackpot this time, hasn't it? Their capital keeps piling up. They're wondering where to allocate it..."
Truthfully, Gwangun Shipping has plenty of places to spend money right now.
There are many areas that need funding to fix issues that have been creaking since the Hanjong era.
Most of all, they can't handle the flood of incoming contracts, so there are countless places where they need to inject funds.
[Investment?]
So I wrote the word in my notebook and waited, but I felt nothing.
I jotted down a few other important items, but it was the same.
[Holding?]
"!"
That's when the feeling struck.
No. Really, don't spend it?
Even when there are so many places to use it?
"...Tell them to hold onto the money for now and not spend it anywhere."
＊＊＊
Jeong Jin-ho.
To Kim Du-yeong, Jeong Jin-ho's words were akin to divine will.
You could call it cult-like, but anyone who had personally witnessed the miracles Jeong Jin-ho had performed would inevitably feel the same way.
Why else would Gwangun Securities' rule be to unconditionally follow Section Chief Jeong Jin-ho's decisions?
"Ah, President Kim. Sorry, I'm a bit late, aren't I?"
"Not at all. It's because of Geum-u Shipbuilding & Marine, isn't it?"
"Yeah. No—how the hell did those bastards manipulate things for three whole years? And the Financial Supervisory Service missed it—unbelievable."
A major scandal had erupted at Geum-u Shipbuilding & Marine, which was already plagued by crisis rumors.
It was revealed that the management had been cooking the books, deceiving everyone for a staggering three years.
"The scale alone is 5 trillion won. Absolute lunatics. If this goes to trial, they'll get at least ten years."
"Fortunately, it seems Gwangun Securities doesn't hold any of their stocks."
"Yeah. I sold them all a while back when the shipbuilding industry started struggling."
Geum-u Shipbuilding, with a market cap of 1.6 trillion won.
But after the scandal broke, its already battered stock price was now plunging through the floor.
"Singapore was already in chaos, but this incident is going to shake things up even more."
"Huh? Why bring up Singapore all of a sudden?"
"You know, don't you? Singaporean banks primarily invest in marine plants."
Singapore, the hub of marine logistics.
As the region serving as the largest hub, banks there mainly issue loans and invest in marine plants.
"The problem is, our Gwangun Shipping swept up all the contracts this time, right? Because of that, other shipping companies are left with nothing."
"Ah, I heard. They said the contracts piled up enormously."
"Yes. They've piled up to an unmanageable extent—it's a huge problem. They need to inject funds immediately to scale up, but Section Chief Jeong said not to spend it and to hold onto it."
"Jin-ho? No way. Even when it's urgent?"
"Yes. I wondered why at first... but now I understand. He had it all figured out."
Hwang Dae-un tilted his head in puzzlement.
"What do you mean by that?"
"Thanks to us sweeping up all the contracts, several overseas shipping companies are now on the brink of bankruptcy. The Chinese ones go without saying. They could barely stay afloat if they held out a little longer, but currently, Singaporean banks aren't processing their non-performing loans or extending their credit lines."
"Suddenly? Don't they usually do that?"
"Yes. But there's a reason Singaporean banks can't afford to right now. If they don't recover their loans quickly, they're facing a potential bank run."
Bank run.
It means everyone rushing to withdraw their money from the banks.
"I haven't been in this field for very long, but I know roughly how things operate here. Singaporean banks typically hedge their risks by investing in oil alongside their marine plant financing."
While futures markets are often used by individuals for pure speculation, large financial institutions like banks use them for risk management rather than speculative purposes.
The primary hedge Singaporean banks used was oil.
"Apparently, they anticipated crude oil prices would drop in the near future and placed massive short positions. That would've been the logical move at the time, since everyone expected oil prices to fall."
"Then they must've taken huge losses this time?"
"Yes. We can't know exactly how much they've lost, but given that the banks were leveraging in collaboration with each other, the damage is undoubtedly substantial."
Only then did he understand why the bank run was happening.
Singapore is a globally renowned financial hub.
Naturally, rumors of banks suffering massive losses would spread like wildfire.
"The banks won't actually shut down, will they?"
"That would be disastrous. The government will do everything to prevent that. If the banks collapse, all hell would break loose. That's why both the government and the banks are scrambling to gather every penny they can—selling off their bonds at rock-bottom prices and pressuring borrowers to repay loans."
This domino effect was now spreading to countless shipping companies.
"But recently, Manager Jeong has been scooping up Geum-u Shipbuilding's bonds."
"What? That company's on the verge of collapse!"
"Yes. And at dirt-cheap prices too. The banks are desperate to offload them. Frankly, with the company facing bankruptcy, those bonds are practically worthless. But just hypothetically—if we were to acquire Geum-u Shipbuilding..."
CEO Hwang Dae-un blinked several times.
"Then... all the debts we'd have to repay later would disappear at bargain prices?"
"Exactly. And remember how Manager Jeong told me not to spend money and to save it instead? It seems to me, sir, that Manager Jeong is drawing up an enormous blueprint right now."
"Blueprint?"
"With Gwangun Shipping's dominance, all other marine companies are scraping the bottom, aren't they? They have to sell everything to pay off their debts, and their stock prices are practically worthless now."
In other words, since they couldn't handle the demand, this was essentially a massive clearance sale for Gwangun Shipping, which needed broader infrastructure.
Wasn't Gwangun Shipping already so overwhelmed with contracts that they were outsourcing some to other companies for commission fees? But if they selectively acquired only the most useful shipping companies now at their lowest prices, they could fully meet the surging demand.
Now, Hwang Dae-un too began to see the blueprint Kim Du-yeong was describing.
"W-wait. Are you saying this is really the picture Jin-ho's painting?"
"Yes. Isn't it incredible? I don't know where or when he started drawing this up, but it's clear things are unfolding exactly as Manager Jeong Jin-ho intended."
But there was a problem.
If they expanded their subsidiaries this much, they'd run afoul of Korea's Fair Trade Act.
Because securities firms can't own more than one subsidiary.
Unlike foreign countries, Korea's laws mandate full disclosure when acquiring subsidiaries—all information must be made public.
So what did that imply?
"It means we'll inevitably have to establish a holding company and form the Gwangun Group."
Gwangun Group!
This was an essential step to complete this blueprint.
That kid Jin-ho...
Last time, he was going on about foundations and whatnot.
Could it possibly—?
"It seems Manager Jeong is trying to make you the chairman, sir."