Chapter 19
Chapter 19
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Translator: Vine
Chapter: 19
Chapter Title: An Unexpected Opportunity
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“This won’t be the last time? What do you mean by that?”
Chairman Han, who had interjected so suddenly, looked at me with narrowed eyes.
“I mean that even if you provide a line of credit to Wooyoung Heavy Industries now, you won’t be able to stop it from ultimately failing.”
“……”
“Then, to avoid losses, you'll have to keep supporting them, which is just throwing good money after bad.”
Since my words were based on fact, I had nothing to fear.
Wooyoung Heavy Industries, which had managed a dramatic recovery even after being abandoned by the banks, had repeatedly fallen back into the swamp of insolvency, only to be miraculously revived each time it seemed on the verge of collapse.
The key point here was that it was all thanks to Chairman Han Myung-ho’s assistance.
If things were left as they were, Chairman Han's losses would only grow, and Kim Pan-woo, having been revived using him as fertilizer, would become a cancer on this country for years to come.
“But Wooyoung Heavy Industries developed the manufacturing technology for ship engines, which we used to rely solely on Japan for. Do you really think a company like that has no chance of recovery?”
“I’m sorry, but that technology is nothing more than something Mitsubishi tossed to Wooyoung out of ‘generosity’ after it had outlived its usefulness.”
“……”
“Simply put, the technology Wooyoung claims to have developed is no longer marketable. For your information, Mitsubishi has already developed a new engine with over twenty percent more power and fuel efficiency than the previous model.”
Chairman Han’s brow furrowed.
It wasn’t that he didn’t understand; he seemed to be questioning the truth of my statement.
“I’ve never heard anything of the sort.”
“That’s because Mitsubishi hasn’t officially announced its development yet. They’ll likely keep it a closely guarded secret until they unveil it to the market early next year.”
“……”
Chairman Han Myung-ho clenched his jaw.
If I had to interpret his expression, it would be something along the lines of, ‘Then how in the world do you know about it?’
There was no need for me to answer that, so my job now was to drive the final nail in the coffin.
“Ultimately, what I’m trying to say is, if you were planning to use that technology as collateral for a loan, you should reconsider. Besides, a company’s recovery depends on the CEO’s will, but can you really say a man who siphons money overseas while his employees aren’t even getting paid properly has that will? If you truly care about Wooyoung Heavy Industries, it would be better to let it pass to a more ethical manager at this opportunity.”
Suddenly, Chairman Han’s eyes widened.
He abruptly stood up and went somewhere, only to reappear a long while later.
“Can you stand by that statement? That Kim Pan-woo has been siphoning money overseas.”
Of course, I could.
The political world was in an uproar when that very issue was belatedly exposed after he became a member of the National Assembly.
Kim Pan-woo ultimately failed to be re-elected due to the scandal, but he somehow managed to re-enter politics in the next election.
“That’s something you can look into, isn’t it?”
“I’m already in the process of doing so, but the matter is so grave that I had to ask again. Depending on my decision, Kim Pan-woo may never recover.”
“I’m sorry, but I don’t speak of things that aren’t true.”
“……”
He wore a contemplative expression for a while.
After some time had passed, his darting eyes finally settled on Hee-jin with a look of resignation.
“Call Lee and tell him to just come back today without saying anything. And if this turns out to be true, we're pulling all the funds we previously provided to Wooyoung.”
“You’ve already provided funds?”
I asked, as Hee-jin left the room.
Judging by the way he clenched his jaw, it wasn’t a small amount.
Just as I began to think I might have been a little too late, he let out a dry, hollow laugh.
“That’s my business to handle, so you don’t need to worry about it. By the way, are you aware that your father and I have a special relationship?”
“Yes, I’ve heard.”
In fact, before arriving here, I had confirmed his connection with Chairman Jin.
Whenever Jaewoo was in trouble, he had always been there to help, and it was thanks to this old man’s support that Jaewoo Defense was able to acquire companies larger than itself back in the day.
What was a bit surprising was why I had never heard of a man who held such influence throughout the business world. Perhaps that was the most definitive proof of this old man’s power.
To have never once graced the headlines while countless political regimes changed meant his power was immense.
“Come to think of it, the bond between our two families runs quite deep. To see the children connected after their parents…”
Chairman Han’s eyes were filled with reminiscence.
As I remained silent, his expression changed in an instant, and he looked at me.
“I apologize, but my intention in inviting you to a meal wasn’t solely because of what happened with Hee-jin.”
I had more or less expected it.
He wouldn’t have been so persistent, at the risk of being rude, without some other reason.
In truth, I hadn't refused his offer precisely because I wanted to confirm that reason.
“Actually, I’ve been keeping a close eye on Jaewoo Group’s movements lately. Whether it was a coincidence or not, my curiosity was piqued even more when my daughter told me you had helped her.”
“I don’t know why you’re interested in Jaewoo, but the matter with your daughter was purely a coincidence.”
“I know, but they say that if coincidences repeat, they become fate. In fact, my first meeting with your father also began with a coincidence.”
“……”
“Anyway, my daughter told me you were on the guest list for the business leaders’ luncheon. So, thinking it might be an opportunity, I asked for some of your time, but… tsk, let’s just skip over that part.”
He tried to gloss over it, but I had already caught the meaning behind his words.
He wanted to show that his pride had been wounded.
They say people become childish in their old age; I never thought he would actually hold a grudge over it.
“Were you offended that I declined?”
“It was more that I was slighted in favor of Lee Yong-moon. Frankly, from my perspective… what, are you laughing right now?”
“My apologies. It’s just hard to get used to.”
“To what?”
“It’s a shock to me that there’s someone who can stand up to the great Chairman Lee Yong-moon.”
“The great Lee Yong-moon? Please. If it weren’t for my money back in the day, his father would have already run the company into the ground.”
“I’ve heard as much.”
“Chairman Lee told you that himself?”
His meaningful gaze fell upon me.
Just as I was wondering if it was such a big deal, he suddenly changed the subject.
“That aside, if there’s anything I can help you with, let me know.”
“……”
“If what you said about Kim Pan-woo is true, then I owe you a great debt. I can’t just stand by and do nothing in that situation.”
“I only offered that advice because I could clearly see you were about to suffer a loss. Please, just think of it as a simple favor.”
“No, my pride won’t allow it.”
“……”
It seemed his stubbornness wouldn’t be easily swayed.
If that was the case, there was no reason to refuse.
As I looked at him silently, a sly smile suddenly appeared on his face.
“If there’s nothing specific you need help with, what would be good… Giving you something half-baked won’t make much of an impression. Ah, by any chance, are you thinking of investing in real estate?”
I wasn’t just thinking about it; I was determined to do it.
I had even been searching for a suitable property.
The moment I looked at him with curiosity, he pulled a piece of paper from a notebook on the table.
“Then let me recommend a property. It’s a building that was worth around 70 billion won before the IMF crisis, but its market price has now dropped to 40 billion. The important thing here is that if I step in, I can lower the price to 30 billion. What do you say, want to give it a shot?”
The price perfectly matched the budget I had.
But how on earth could he bring the price of a 70-billion-won building down to 30 billion?
Even with the flood of properties on the market due to the economic crisis, that was extreme.
“How is that possible?”
“It’s possible if it’s an auction.”
“……”
“From your expression, it seems you hadn’t thought of that.”
“No, I hadn’t…”
“Auctions are like that. If no one else gets involved, the price can drop in an instant due to failed bids. The key here is that if I enter the auction, no one will dare to try and get a piece of that property.”
In that moment, I, too, agreed that our connection was no ordinary one.
I was already looking for a place to invest my surplus assets, and then this old man appeared.
If I could get his help, I could go beyond simply making a profit and drastically shorten the time needed to raise my stake in Thales.
“……”
Come to think of it, I had plenty of time.
It would take at least a few more months for the smart shell sensor modules I commissioned from Samjung to be completed.
If I could grow the funds needed to secure my shares in the meantime, it would be absolutely perfect.
‘In fact, it’s better to secure at least a minimum stake before the smart shells are completed.’
If the supply deal became public knowledge, the stock price would soar, and who knew how much more capital I would need to secure my shares then.
Still, it felt a little awkward to suddenly bow my head after holding it so stubbornly high.
*Thump!*
“I’ll take that property.”
Embarrassed, my ass.
That’s just how life is.
***
“We will now begin the auction for property case number 1998-610081.”
A few days later, Chairman Han Myung-ho and I participated in an auction being held at the Seoul Central District Court.
The property was a large building in Gangnam, with a pre-IMF market price of 70 billion won.
Its current appraised value was 43.2 billion.
What was unusual was that an individual, not a corporation, owned a building of this size.
Unable to handle the skyrocketing bank interest rates, the owner had tried to sell it, but when it didn’t sell in time, it ended up in auction.
“Most of the mortgage is held by Korea First Bank. The loan is about 30 billion. Since it was set at 120 percent, you can assume that Korea First Bank will recover most of the winning bid.”
“They gave a 30-billion-won loan on a building that had a market price of 70 billion, not even its appraised value?”
“It was during the Gangnam boom. Even the banks couldn’t have predicted this kind of economic crisis. Besides, back then, you could inflate the loan-to-value ratio as much as you wanted by just slipping some money to the loan officer.”
“Then couldn’t they contest the result?”
That possibility couldn’t be ignored.
Frankly, banks were ruthless.
They would surely raise an objection the moment the winning bid fell short of their desired amount.
“What if I just keep letting it fail? Then they’d risk getting even less.”
“……”
I had forgotten that point.
The one who controlled this auction house was Chairman Han Myung-ho.
If such a powerful figure intentionally induced failed bids, who could possibly stand in his way?
Any bank with a bit of sense wouldn’t want to see the price drop by twenty percent with each failed auction.
They would rather cut their losses at a reasonable level.
“I was considerate enough to only let it fail twice, so they should be feeling lucky. Honestly, in an auction, letting it fail only twice is being pretty generous. Well then, shall we hear the results?”