Chapter 22
CHAPTER 22
[In Gyeyang-gu, Incheon, an incident occurred where a city hall official disappeared with Jeonse funds of a villa he owned...]
[Jeonse fraud victims are increasing rapidly every year. Entering this year, Jeonse fraud scale is estimated to exceed 1.2 trillion won...]
Rampant Jeonse fraud. Now it wasn't someone else's story. In communities, stories of those who easily became victims could be heard.
— Scammed Jeonse fraud. Really want to die. 100 million gathered for lifetime disappeared in an instant. There was no one compensating.
— My cousin scammed Jeonse fraud this time and made extreme choice but barely saved life.
— Came down to hometown in a hurry at news that high school classmate passed away this time. Heard he hung himself losing property gathered for lifetime scammed by Jeonse fraud. Hope people know it's mere money to someone, but money gathered for lifetime to someone.
To the majority of stories, people grieved and hurt together. But not everyone did so.
— If looking into a bit don't get scammed Jeonse fraud. Getting scammed not knowing that.
— Honestly aren't kids getting scammed also at fault?
— Why get scammed Jeonse fraud? Everything comes out if issuing certified copy of register.
— In the first place entering tin can (house with debt exceeding value) is fault.
There were also those who drove it as if the victim was at fault. One thing certain is the point that Jeonse fraud became not someone else's story anymore.
Because Mother was also scammed. Although the contract period remained, the lessor was already preparing to run away.
"The lessor contracted with the CEO's mother is a company called UJ Village. Villas possessed by this place are 130 units in total. Among these, 41 households whose contracts were made first are not receiving deposits back."
The situation was bad. If not solving even a day earlier, JS Construction, which was the developer, could run away.
"Let's proceed quickly."
"Yes. First, contract with a law firm to handle work related to lawsuit is needed."
What an accounting firm could do was limited. However, if signing a contract with a legal representative, they could solve up to lawsuit directly. So forming a team partnering with a law firm and accounting firm was most ideal. Gang-hyeon, who obtained advice, signed a contract with Choi & Jang Law Firm, the best law firm in Korea, immediately.
"This is Lawyer Choi Gyeong-min who will help with this dispute."
"Nice to meet you, I am Choi Gyeong-min."
"Manager Jeong Min-jun of Samil PwC."
They exchanged simple greetings and explained the plan.
"Understood all. Team members of our office will cooperate together and support this case."
Choi & Jang was a place moving in team units. Since not all of them could come out to the field, Team Leader Choi Gyeong-min accompanied as representative.
"How far is the current preparation?"
"Finished up to preparation to launch a new corporation. Will make a company called KH Recovery Inc. placing KH Capital as holding company."
"Appropriate choice. Because if KH Capital, a Family Office, steps forward in this matter, the image of an investment company might be tarnished."
Choi Gyeong-min grasped the current picture at once.
"Then shall we start right away?"
"Good."
With the domestic best law firm accompanying, it was reassuring beyond measure.
Choi So-yeon came out to the office.
"Will transfer funds."
"Yes, proceed."
As she, in charge of the finance team, processed funds, the first stage preparation ended.
"Transfer completed."
"Good work. Sorry for asking you to come out to the company suddenly while on vacation."
"No! I spend time watching Netflix at home even during vacation anyway."
"Should have gone on a trip at least. You stayed home?"
"Hehe, I like home."
Ways to heal were all different for each person. She was a thorough homebody and had her own healing method.
"Is there anything more to do?"
"No, it's okay now. This is taxi fare."
"Ay! It's okay! Received lots of bonus too. I will go in now!"
"Go in safely."
Sending her off, he called Lawyer Choi Gyeong-min immediately.
"Just completed transfer."
Lawyer Choi Gyeong-min took charge of representation of KH Recovery and entered NPL purchase. That cost was not easy.
Banks try to organize quickly before the value of bonds with high insolvency rate drops further. Important thing now is entering bargaining for bonds dropped to value of 250 billion won.
Gang-hyeon moved ballpoint pen on blank paper.
Up to how much can discount? 200 billion won?
When wrote 200 billion, very pale red light appeared. What that meant was one thing. Meaning not fair price.
190 billion?
Color became a little darker.
170 billion.
Lowering price little by little.
140 billion.
Checked price he should buy.
115 billion.
And light brighter than ever poured out from number.
Found it.
Gang-hyeon confirming that said to Choi Gyeong-min immediately.
"Please match price to 115 billion."
Phone cut off. Seemed there was brief hesitation.
"Well, will be fine."
Lawyer of most trustworthy place in Korea. Work process was clear to be finished more neatly than ever.
Hollow laughter came out. To cut 3 billion more than price he said.
Not saying Choi & Jang, Choi & Jang for nothing.
Now time to wrap up.
"Will go soon."
JS Global Construction. CEO Oh Jeong-seok crumpled his impression looking at Gang-hyeon in front of eyes.
A greenhorn acquired all bonds?
Early 30s at most. Such a guy acquired all bonds.
Does it make sense?
It made sense.
"It is document that acquired bonds. Check it."
Lifted document and checked. It was real. Bonds all passed to company called KH Recovery.
Why didn't I know this?
If bonds pass, that fact is notified to company. But it was strange that he didn't know that fact until this man came. This is what Gang-hyeon intended. When doing bond transfer contract, he put in clause not to notify fact that creditor changed until legal notice goes. As this clause went in, could delay timing as much as possible.
"Since checking seems finished, will tell main point."
Oh Jeong-seok's gaze fixed on Gang-hyeon.
"Representing creditor KH Recovery, request to notify debt repayment date exactly."
"That... even if you say like this suddenly, company situation is difficult these days. If you say repay immediately, there is no way for us."
Nothing changed even if owner of bonds changed.
If I say cut my belly (sue me), what can you guys do?!
If corporation goes bankrupt, possessed assets are divided and distributed to creditors and corporation disappears. In other words, there is no debt representative Oh Jeong-seok takes responsibility for. There is no way Gang-hyeon doesn't know this fact.
"Even if you bankrupt corporation, if evidence of embezzlement or breach of trust comes out, Representative cannot escape criminal responsibility."
"E... Embezzlement! Do you have evidence?!"
Gang-hyeon smiled and introduced Manager Jeong sitting next.
"Greet. This side is Manager Jeong Min-jun of Samil PwC."
Jeong Min-jun handed business card matching timing. Face of Oh Jeong-seok receiving that stiffened.
If Samil, aren't they experts of M&A? These guys are guys specialized in finding out corruption dusting until one grain of dust of dissolving company...
Not end there.
"And this person here is Lawyer Choi Gyeong-min of Choi & Jang."
"I am Choi Gyeong-min."
Business card handed this time too. Face of Oh Jeong-seok receiving that dyed with pale color.
Up to Choi & Jang? What on earth is this human's identity?
It was questionable who this young man appearing accompanied by even lawyer of Choi & Jang, domestic best law firm, is. But important thing was, if these two firms rush, seemed they could make corruption even if there isn't.
If thoroughly dusted all embezzlement will be revealed...!
Oh Jeong-seok wasn't a sound businessman. Every night used money in bars utilizing corporate funds. Put family as executives and siphoned off company assets and manipulated request forms to acquire unfair profits. Besides that committed illegal things knowingly or unknowingly. If those are revealed criminal responsibility cannot be escaped.
Shaking.
Gang-hyeon saw through Oh Jeong-seok shaking and threw wedge.
"If you cooperate with me, can reduce criminal responsibility."
"Co... operation you mean?"
"Yes."
Came over completely. Now time to take out card he wanted.
"You hold 66 percent shares on JS Global Construction right?"
"Yes... that is correct but."
"Hand that over to me."
Oh Jeong-seok's eyes hearing story grew big.
Story that removes corporate debt. This human, don't tell me thinks can pull out money with land?
If person not knowing construction business or PF properly could be so. Land value of Yeongjong-do villa complex was 180 billion won level.
Since non-performing loan even if bought at roughly 50 percent it's 150 billion won. If lower than that might think can recover and leave profit when selling all land.
Looking from outside could think so sufficiently. But if villas are built on land story is different. Unless dismantling all villas land had no value. Law was like that.
Other criminal responsibilities remain, but stop if run away before that. Plus where is becoming free from responsibility on 300 billion?
Civil responsibility on 300 billion. Since no thought to bear that intended to run away to Cambodia. But if handing over company becomes free from that responsibility.
No way lawyer of Choi & Jang or accountant of Samil didn't advise such thing but...
Oh Jeong-seok knew well. How much human full of confidence doesn't listen to other's advice. Since he was like that thought other would be so too.
This is opportunity!
Golden opportunity visited in his life. No thought to miss this.
"Good, will hand over shares!"
At his choice Gang-hyeon's smile became thick.
Procedure proceeded swiftly. Choi & Jang and Samil joined hearts finishing share procedure and searched inside company thoroughly. And result came out was one.
"Operated company like trash. Was withdrawing and using corporate funds like own money."
"Embezzled corporate funds in way making inflated estimate through several partners and taking out money."
"Plus continued construction using lower quality materials than contracted content."
"Operated company in nonsensical way."
Oh Jeong-seok had operated company like own possession. As result solid mid-sized construction company collapsed in few years.
"Select related contents and proceed accusation. Report parts suspected as tax evasion meanwhile to FSS side too."
"What do you intend to do with part negotiated?"
"Let's ignore embezzlement for recent 2 years. Since that is negotiation content."
"Phew, even saying 2 years there are many things done before that so seems no big meaning."
Since corruption was so many couldn't avoid prison sentence even if relieving a little.
Because becoming free from responsibility on 300 billion debt must have been 1st priority.
At Gang-hyeon's words Manager Jeong Min-jun asked carefully.
"CEO, by the way what do you intend to do now? Although land value is higher than bond purchase price, as told last time difficult to sell land."
Gang-hyeon also knew all facts already. And things he had to do afterwards too.
"I know. So seems two people have to move a little more."
Two people's gaze headed to Gang-hyeon.
"Please purchase all villas built on this land currently. If under corporate name you can do in direction acquiring corporation itself."
At Gang-hyeon's words Jeong Min-jun asked.
"Do you know what that means? Currently villas in this area are all tin can Jeonse. If acquiring all corporations possessing villas all Jeonse deposits become CEO's responsibility. Even if calculating 100 million per unit that amount is 230 billion."
"Yes, I know. Corporations don't have confidence to handle that amount so will hand over at giveaway price if condition that our side takes responsibility for Jeonse deposits."
"T... that would be so but, if so possibility recovering invested funds lowers."
Funds injected in bonds 112 billion won. Funds entering purchasing villas about 230 billion. Just this alone is 342 billion won. There was no case where large-scale land and buildings of this degree sold at once. No, not absolutely none. Lawyer Choi Gyeong-min listening to story asked Gang-hyeon.
"Don't tell me CEO knows something comes into this side area?"
If large-scale government project or local government project proceeds could buy land and buildings of this scale at once. Lawyer Choi Gyeong-min seeing through that asked. But Gang-hyeon moved gaze to map attached on wall instead of answering. Map displaying Yeongjong-do villa complex was burning blazingly like campfire of midwinter night.
"Will know if wait and see."
(End of Chapter)
— Translated by Prime Works —