Like Slicing Up a Frozen Pollack
For the past several days, while the world buzzed with scandal, Kang In-hyuk received a summons to the chairman’s office at Taeshin Mulsan and paid a visit.
Tae Geon-seung stared at the tablet screen and let out a heavy sigh.
The list of names alone totaled ninety-two. Their fates fell into three categories: disciplinary dismissal for executives, and either termination or provincial reassignment with salary cuts for regular staff. The sheer scale and severity left Tae Geon-seung visibly stunned.
Yet In-hyuk’s expression remained perfectly calm.
Of course, none of this came as news to him. He had known every rotten detail since the days he first handed Taeshin over to Tae Seok-ho and the moment he ripped it back from those same hands.
A soft chuckle slipped from In-hyuk before he could stop it.
“Was it that obvious?”
“Very. I’ve already drawn up successors for every executive slated for dismissal and every employee facing termination. Operationally, the company won’t miss a beat even if we remove the current staff entirely. Here’s the draft.”
Tae Geon-seung’s eyes widened progressively as he scanned the updated tablet.
“You’ve planned out the exact headcount as well? Are their abilities truly reliable?”
“There was a surprising amount of dead weight among the existing senior personnel. The fact that work continued at all means other people were carrying the real load.”
“And you identified every last one of them?”
Until recently the TF headquarters and audit team had simply analyzed personnel records alongside assigned duties. Everyone assumed it was merely part of the re-audit process.
But In-hyuk had cross-checked every name against those who needed to be removed, then slotted in the exact individuals who had successfully executed each project in his previous life.
“I can’t predict how they’ll perform long-term, but for now they won’t be any worse than the people they’re replacing. The audit team will need to monitor them regularly until everything stabilizes.”
Another impressed sound escaped Tae Geon-seung.
“Is that even possible within the given timeframe?”
Barely a month had passed. In that short window he had reviewed not only the group headquarters but every affiliate and subsidiary under the Taeshin umbrella.
Finding it hard to believe, Tae Geon-seung waited for an explanation.
“That’s why I’ve been running around day and night.”
“Not exactly a satisfying answer.”
“Believe whatever you like.”
“Then what about Taeshin SpinTech? Why did you suspend the president and all the executives from their duties? What exactly were they doing there?”
In-hyuk let out a small sigh.
“It’s not as if I’m the only one emptying my pockets. So, son-in-law, don’t hold anything back.”
Successful completion of this matter would earn him a stake in Tae Shin Asset Management. If that transaction closed, management control of the asset management firm could be fully severed from both its parent company Tae Shin Life and from Taeshin Mulsan.
“I’ll hand over what you’re curious about once the investigation concludes. More importantly, Texcellence—the company developing the new materials—will enter the military uniform bidding. Taeshin SpinTech has already been selected to supply part of the production process.”
“Texcellence is bidding? I heard they had problems of their own.”
As chairman of Taeshin Group, he naturally kept close tabs on competitors in the same industry, including the company he had once ordered to be established.
“There was a technology leak issue, but it’s been resolved. The real problem was that RSK, originally slated to handle the production line, suddenly imploded. That forced Texcellence to step forward directly.”
“True, there’s been nonstop chatter about it lately. Corruption finally surfacing after five quiet years makes sense.”
Not only CEO Lee Hyun-geon but a large number of connected military officials had been arrested. Given the long-standing collusion, neither a quiet resolution nor a clean ending had ever been likely.
Tae Geon-seung frowned slightly.
“So what do you plan to do with RSK? In its current state the financial hole looks too deep for anything but a workout program.”
“Texcellence intends to acquire it.”
“Them? Even if RSK is on the brink of collapse, the production plants and equipment represent a massive sum. Wouldn’t it be better for us to support Taeshin SpinTech and let them acquire it instead? We could restructure the share ratio using the Taeshin Department Store bonds held by Mulsan and bring it back into the family of affiliates.”
In-hyuk shook his head.
“Texcellence’s new material cannot be excluded from the bid. If Taeshin SpinTech ends up controlling most of the production lines through the RSK acquisition, they will simply demand a higher profit split.”
“In other words, they bulk up their body but have nothing left to feed it. Still, couldn’t we apply pressure from our side and adjust the terms in our favor?”
It wasn’t impossible. But it wasn’t the scenario In-hyuk had designed.
“AMK Partners stands behind Texcellence, and we have transaction records showing that Lumen Holdings holds RSK’s shares and bonds.”
“AMK? So that’s why Texcellence is making the move. Did they foresee the company’s growth from the beginning?”
“It appears so. The Texcellence acquisition of RSK has been assigned to the M&A team at Tae Shin Asset Management.”
Tae Geon-seung let out a hollow laugh.
“Given the size of the deal, Tae Shin Asset Management will receive substantial M&A incentives.”
Of course, the real profit flowing in was far more than any mere kickback.
“So in your view, Texcellence acquiring RSK is unavoidable.”
“The shares and bonds in RSK previously held by Lumen Holdings have already moved to AMK Partners. The remaining shares needed to secure management control have been purchased, giving them the ability to proceed while completely ignoring both CEO Lee Hyun-geon and the current board.”
This time an impressed whistle escaped the chairman.
“What if Lee Hyun-geon uses the slush funds to secure additional shares and mounts a defense?”
He was picturing a dirty, drawn-out fight. It was also the best way to avoid bankruptcy, so the existing board and shareholders would likely welcome the move.
“That will probably prove difficult.”
“You’re saying Lee Hyun-geon swallowed the slush funds and is simply letting RSK go under?”
“From what I’ve heard, the prosecution located the slush fund account and froze it.”
Tae Geon-seung’s eyes widened.
“You have connections inside the prosecution as well?”
“Just information floating around various circles. In any case, for Taeshin SpinTech you only need to watch while Texcellence acquires RSK and wins the bid. Once the factory begins operating under the pre-signed production contract, sales should increase by at least three hundred percent over previous levels.”
This was the revival plan In-hyuk had prepared for Taeshin SpinTech.
Yet Tae Geon-seung’s expression remained subtly unconvinced.
“That part isn’t bad. However, the cleanup at Taeshin SpinTech won’t end there.”
“Is there more?”
At In-hyuk’s slightly cheeky reply, Tae Geon-seung’s brow furrowed.
“Are you doing this on purpose? Or do you want me to be the one who says it out loud?”
In-hyuk leaned back deeply into the sofa.
“It concerns my own son.”
“To me he is my wife’s uncle. He is also the executive director of Taeshin Mulsan.”
Tae Geon-seung cleared his throat awkwardly.
“Ahem! So what did you find?”
“I located records of funds sent from Taeshin SpinTech to an overseas paper company. Whether President Lee Chang-hwan will talk easily is another matter.”
Lee Chang-hwan had already been removed from his position and was currently under prosecution for embezzlement and breach of trust.
“You’re saying evidence will be hard to obtain? That would mean we cannot confirm whether Executive Director Tae Seok-ho diverted the funds. So how can you be so certain it was him?”
When In-hyuk had deliberately left the implication hanging, Tae Geon-seung had seized it at once.
In-hyuk thought for a moment, then pulled a bundle of photographs from his inner pocket and handed them over. As Tae Geon-seung examined them, his frown deepened again.
“Lee Jae-jun meeting privately with President Lee Chang-hwan. Recent?”
“I discovered it while investigating President Lee Chang-hwan before my trip to America. It was prior to any official TF headquarters activity, so Vice Director Lee Jae-jun must have had his reasons for the meeting.”
“Hmm…”
At the chairman’s sigh, In-hyuk continued.
“After that point the paper company receiving funds from Taeshin SpinTech began to be liquidated. From here, it will be faster if you look into it yourself, Chairman.”
“…So you’re telling me to finish the job personally.”
“It’s not healthy to always rely on others’ hands.”
“You make me sound like I’ve been lounging around.”
“Honestly, didn’t you leave far too much of this in my lap?”
Tae Geon-seung’s frown finally eased and he gave a small chuckle.
“My son-in-law has quite the bold streak. I heard you also visited my son’s sickbed. Were you trying to provoke him?”
“I only stopped by after hearing the news. He is still an elder of the family.”
“That doesn’t sound particularly respectful. Still, the work is done, so I must provide the promised compensation.”
At his words, his gaze shifted. Song Tae-ho, the chairman’s secretary and bodyguard who had been standing beside the desk, gathered a document and brought it over.
“Twenty-five percent of the Tae Shin Asset Management shares held by Tae Shin Life. That should allow you and Ju-ha to manage the company with true independence.”
Tae Ju-ha currently held 5.34 percent. Adding twenty-five percent brought the total to 30.34 percent—enough to secure complete management control and fulfill the exact condition In-hyuk had set.
“That should be slightly more than the two hundred billion won you mentioned earlier. No discount?”
“So my son-in-law knows how to joke after all.”
“I wasn’t joking.”
“…But can you afford to purchase it with Tae Shin Asset Management’s operating funds right now? Overextending could create problems for day-to-day management.”
Tae Geon-seung ignored the remark. Nothing here was being given for free.
In-hyuk had understood the terms from the very beginning.
“The MP division has accumulated considerable funds. Once the RSK acquisition closes, we’ll have even more breathing room.”
“Is it really that much? And you can use those funds without the representative—my granddaughter Ju-ha—approving?”
“Authority over those funds rests with me. That was the condition under which I accepted the position of MP division head.”
“I see. A husband securing shares for his wife… It’s heartening to see how much consideration you have for each other.”
In-hyuk responded by loudly sipping the tea in front of him, pointedly ignoring the comment.
Tae Geon-seung continued in a calm tone.
“This isn’t some kind of alimony, is it?”
“Cough—!”
Startled, In-hyuk turned to look at him.
“Why… would you think that?”
“From the start, it was never a good marriage for you. I genuinely hoped you and Ju-ha would build a good life together.”
“Honestly, I can’t claim otherwise.”
“Is there no room to reconsider?”
“I will take the chairman’s words into consideration.”
“I ask that you do.”
The conversation ended there.
As In-hyuk rose and left the chairman’s office, he glanced back at Baek Si-hwan who followed a step behind. The man had been accompanying him constantly since the visit to Tae Seok-ho’s sickbed.
“Manager Baek.”
“Yes, Division Head.”
“I need to look into someone. Is that possible?”
Baek Si-hwan tilted his head slightly.
“A background check?”
“For now, yes.”
“Just give me the details and I’ll handle it.”
In-hyuk, who had been walking toward the elevator, paused.
“Do you remember the woman who was present when I visited Executive Director Tae Seok-ho?”
“I remember.”
“Find out her name, background, and exactly why she was there.”
Baek Si-hwan hesitated for the briefest moment before answering.
“I will look into it.”