Chapter 98
Chapter 98
Chapter 98. A Pathetic Bastard (2)
TSF Investment's Korean branch was struggling to acquire Baeseong Corporation. They considered pulling out, even belatedly, but with the second and then the third set of account books surfacing, the losses exceeded 300 billion won.
The prosecution and the Financial Supervisory Service had both become involved. Consequently, the banks dealing with Baeseong Corporation, which had been temporarily holding back, couldn't remain idle and began to push to recover even a small portion of their principal.
Amidst all this, another matter caused Kwak Chi-young, the head of TSF's Korean branch, to feel a pain in the back of his neck.
"What is MH Distribution doing?"
Oh Han-sung, who was standing beside him giving the report, bit his lip slightly before answering again.
"It's a distribution system developed by Livio Soft. KEDEX, a massive logistics and delivery company in the United States, has completed testing and signed a contract to use it starting next year. MH Distribution has also announced that they will be using it."
Kwak Chi-young frowned deeply and clicked his tongue.
"Tsk! But wasn't Livio Soft the place where Baek Shin-woo made a significant profit by pulling some strings?"
"That's correct."
"While we were busy trying to acquire Baeseong Corporation, he was moving like that? Is the distribution system contract a domestic exclusive?"
"KEDEX in the United States and MH Distribution in Korea are the only ones. Logistics companies in other countries are reportedly contacting Livio Soft after seeing the news about KEDEX."
That meant it was a groundbreaking distribution system.
Kwak Chi-young's head began to ache.
"If things don't work out, we were planning to hand over even just Baeseong's distribution affiliates to MH Group at a bargain price, but it seems that's going to be difficult too."
"Are you considering giving up the acquisition?"
"Even scrap metal needs to have some raw material value to be worth something. But right now, Baeseong Corporation is in worse shape than scrap metal..."
He also had to pay attention to the TSF China branch's affairs. As that thought crossed his mind, Kwak Chi-young looked at Oh Han-sung and asked.
"...You said the Three Fiends' request was definitely taken care of, right?"
"We eliminated all those involved, leaving no trace, and even incinerated the internal facilities. And before killing them, we confirmed whether they had divulged any related information."
"Hmm... If the China branch is still quiet, does that mean there's no problem?"
Oh Han-sung continued his report.
"Even the Seven Circle Society has started to move. However, it seems quiet on the China branch's side as well, thanks to the Macau Slush Fund data being taken care of."
"Damn... It shouldn't be quiet. Leak information to the Seven Circle Society. Make it as natural as possible."
A look of concern flickered across Oh Han-sung's face.
"If the higher-ups find out about that... won't they make an issue of it?"
"It depends on when they find out. Of course, Dorothy McDaniel will probably settle things with the Seven Circle Society before that. And anyway, the higher-ups were planning to deal with the Seven Circle Society eventually."
The Seven Circle Society was a necessary channel for moving Black money within China, but it was also the biggest obstacle for TSF Investment.
Of course, there had been a plan to deal with them before starting the Black Ground Project. However, the existence of the Seven Circle Society was essential to create confusion in preparation for any potential tracing of funds, so they had planned to deal with them while wrapping up the project.
"I understand what you mean. I'll give the instructions immediately."
For now, Kwak Chi-young hadn't been able to accurately confirm the issues with the Black Ground Project funds in China. By using the China branch's conflict with the Seven Circle Society, he also intended to properly assess whether there was a problem.
In other words, killing two birds with one stone.
"We can wait and see how things go with the China branch, but now Myung In-chul is the problem."
"Are you planning to make a decision?"
Myung In-chul and Baek Shin-woo were still on Kwak Chi-young's scales.
"Baek Shin-woo's lack of trust in me is understandable, but Myung In-chul is honestly going too far."
"You're referring to the Livio Soft distribution system, aren't you?"
"The news must have come out internally first, but he didn't even give us a heads-up... He knows very well what kind of impact that would have on our acquisition of Baeseong Corporation."
"Isn't Myung In-chul testing the waters?"
"He's probably acting out because we haven't shown any movement."
Myung In-chul was growing anxious as Baek Shin-woo's position grew stronger.
However, Kwak Chi-young's postponement of the previous plan had stopped him from pushing further. He could be understood as deliberately staying quiet and allowing the current situation to persist as a form of protest.
That was how Myung In-chul interpreted it, at least for the time being.
"Then what are you going to do?"
"It's not us who are anxious, it's Myung In-chul. But we can't just leave Chairman Myung Joong-hwan alone, so we need to make a move too."
"Without making a decision?"
"Myung In-chul and Baek Shin-woo. If we just throw the ball between the two of them, we can gauge the situation, can't we?"
That meant he would deal with Myung Joong-hwan first, skipping over Im Hee-yeon.
"Should we proceed with the plan we established before?"
"Yes, but let's set one condition for Myung In-chul."
"...You're talking about Baeseong Corporation."
Baeseong Corporation had become a headache for TSF's Korean branch. In a situation where they had to bear losses, they needed to plug the holes to keep the China branch in check.
"Let's see him soon."
"Understood..."
Vibration- Vibration-
As he was finishing his reply, Kwak Chi-young's phone rang. After checking the screen, Kwak Chi-young had a strange expression for a moment.
"Oh my... A call to me at a time like this."
Oh Han-sung looked at Kwak Chi-young's face with a puzzled expression.
"Who is it?"
"Baek Shin-woo. Wait a moment."
As the call connected, Shinwoo's voice was heard.
[If you have time, would it be alright if I came to see you?]
"Now?"
[There's something important I'd like to discuss. If it's difficult, I can visit you next time.]
He had been weighing Baek Shin-woo until just now.
Such a sudden request couldn't help but pique Kwak Chi-young's curiosity.
"No, it's possible. About when will you arrive?"
[I should be there in under 30 minutes.]
"I'll be waiting."
After ending the call, Oh Han-sung looked even more puzzled.
"What business does CEO Baek Shin-woo have?"
"He said it's important. What on earth could it be?"
.
.
.
Not long after, Shinwoo arrived at TSF Investment's Korean branch, accompanied by Lee Doo-heon and bodyguards.
Guided by Oh Han-sung, who had come down, he was able to enter the branch manager's office. At the same time, Kwak Chi-young greeted Shinwoo warmly.
"I was surprised by your sudden call. What brings you here?"
"As I mentioned earlier, I have some important business."
They sat facing each other.
Kwak Chi-young had been talking about Shinwoo until just now, so his expression was filled with even greater curiosity.
"I don't know what it is, but I'm a little scared since CEO Baek has never visited like this before."
"I don't think I've ever asked for anything unreasonable."
With that, he sent out Lee Doo-heon, who had come in with him.
As the atmosphere settled, Kwak Chi-young's expression turned serious.
"Speak. What brings you here?"
"It's about the Baeseong Corporation matter. I thought you might be having a headache because of the current situation."
Kwak Chi-young couldn't help but twitch his eyebrows as the most sensitive topic for TSF was brought up. Even so, he maintained the smile on his lips and continued with a question.
"Frankly, it's hard to deny that the stock price is falling every day. So why are you bringing up Baeseong Corporation?"
"I came to offer my help if you're thinking of giving up the acquisition and disposing of it, even now."
"Why do you think we would give up?"
Shinwoo showed no reaction to the slightly provocative question.
"With the third set of account books being revealed, I didn't think you could continue to hold onto Baeseong Corporation. And the current losses are also enormous, aren't they?"
"It's hard to deny that. But does CEO Baek have a solution? MH Group won't need it since Livio Soft is introducing a new distribution system."
If there had been another way, Kwak Chi-young wouldn't be racking his brains like this. Baeseong Corporation was beyond recovery by any means.
"I can't say you won't have to bear any losses, but what if there's a company that would buy Baeseong Corporation for a slightly higher price than the current one?"
"Do you think there's such a company in Korea? Or are you just testing the waters?"
It wasn't a method that Kwak Chi-young hadn't considered.
But who would try to buy Baeseong Corporation, which was falling to the bottom? In that situation, MH Group even announced that they would be introducing a distribution system like KEDEX.
There was no way that a domestic competitor would push for the acquisition of Baeseong Corporation, which would be a minus in any way.
"I'm not talking about domestically."
"It makes even less sense overseas. Baeseong Corporation is a company with a distribution network based in Korea. Which country's company would buy that?"
"What if there was one? Would you be willing to sell it then?"
Shinwoo stared intently at Kwak Chi-young with a confident expression. There wasn't even a slight tremor in his eyes, which supported that his question wasn't a lie.
"How much are they willing to offer?"
"How much capital has been invested in Baeseong Corporation, and what's the loss rate?"
Because it was a sensitive question, Kwak Chi-young hesitated for a moment before reluctantly opening his mouth.
"The capital invested in acquiring the shares is about 700 billion won. The loss rate is about 62%."
Originally, TSF's Korean branch had planned to acquire Baeseong Corporation with a budget of 1 trillion won.
Of course, they had tried to proceed faster as Baeseong Corporation began to shake rapidly, but the aftermath of the account books progressed faster than expected and became uncontrollable.
Naturally, the invested capital was bound to be tied up, and they faced a difficult situation like the one they were in now.
"So you've already lost about 430 billion won."
"It's not good. So how much is the company that can acquire Baeseong Corporation offering?"
"How about 500 billion won? Then, even if you lose 200 billion won, wouldn't you be able to make up for the mistake of not pulling out sooner?"
"You're saying we should hand over all of our shares in Baeseong Corporation, which we bought at that price. Where is it?"
"It's a private equity fund that I recently came to know through a connection in China. I can't tell you much about it, but I heard they were looking for a place to buy it cheaply, break it up, and sell it expensively. Of course, their target isn't just Korean companies."
That meant it was a company that operated in the same way as TSF Investment.
However, any country would inevitably have prejudices against foreign capital and react sensitively. That's why they have branches in each country, even if only on the surface, and operate from there.
At this, Kwak Chi-young pondered, rubbing his hand around his mouth and chin.
"How long do we have to make a decision?"
"Depending on the decline in Baeseong Corporation's stock price, they'll also have to bear some of the burden, so the longer it takes, the lower the offered amount will be."
The countdown had already begun. However, billions of won would be changing hands on an hourly basis.
"Damn... If there was such an offer, you should have told me sooner."
"I thought TSF would be able to take over Baeseong Corporation without any problems. That's why I told you the important information, wasn't it?"
The secret of Baeseong Corporation's eldest son, Bae Sung-hwan's birth. That had greatly shaken the existing succession structure of Baeseong Corporation.
Thanks to that, Bae Min-sook, who had originally been aiming for the chairman's position, was also pushed out. And although the second son, Bae Sung-wook, had seized the chairman's position, he was just sitting on a sandcastle in the current situation.
"I don't know what the person who has those account books is thinking."
"I feel nothing but displeasure towards that person, since CEO Kwak is suffering because I unnecessarily recommended Baeseong Corporation."
Kwak Chi-young smiled as he heard those words.
"No, Baeseong Corporation was our target anyway. And CEO Baek, you just gave us a little more momentum. Anyway, let's proceed with what we discussed earlier, handing over all of our shares in Baeseong Corporation for 500 billion won."
The decision was made quickly.
At this, Shinwoo's lips stretched into a smile, and he shook hands with Kwak Chi-young.
In the midst of that, Shinwoo's phone rang in his pocket. It was a call from Lillian.
"Excuse me for a moment."
Shinwoo pressed the call button, and his face hardened at Lillian's shout from the other end of the line.
[I think you need to come back now!