Desiring Concentrated Power
Behind the wheel, Kim Seong-ho glanced sideways at Lee Gyeong-eun, who was still thinking about the Seocho land, and spoke.
"There's land Ilhyeon Fashion bought right next to it, isn't there?"
Lee Gyeong-eun nodded slowly at his words.
"You mean the plot my sister bought to create a fashion district?"
"Yes. Add that in and it comes to roughly seventy thousand pyeong. I've already told your brother about a project to build the headquarters of Ilhyeon Electronics and the other major affiliates there."
"You want me to tell Father about that project?"
"Yes. If he says he'll take charge of it himself, he'll be able to return to Ilhyeon Construction."
Lee Gyeong-eun looked at Kim Seong-ho with open admiration.
"That's actually a brilliant idea."
She seemed to like it even more on second thought; she let out a soft sound of appreciation and gave him a thumbs-up.
"You're really something, Seong-ho. How do you even come up with ideas like this?"
Kim Seong-ho only smiled faintly at the praise.
The idea of building Ilhyeon Town had not simply fallen out of the sky. It was a project the Ilhyeon Group had poured years of effort into in his previous life, which was why he had brought it up now. He had even taken part in it himself back then, so he knew exactly how hard it had been to finish.
Back then Homyeong Construction refused to release the land, so we had no choice but to buy it at far above market price.
Homyeong Construction had played hardball with the land price and nearly killed the entire project. Only when Homyeong itself fell into trouble and was forced to sell did the stalled project finally move forward. Recalling that history was why Kim Seong-ho had offered Homyeong Construction a loan on the condition that they put up the Seocho land as collateral.
This time we can push the project through much earlier than before.
Because of Homyeong Construction, they had only been able to acquire the land roughly eight years later in his previous life. Now, however, the timing was perfect to buy both Homyeong's plot and the surrounding land, so he could pull the entire project forward.
Kim Seong-ho pictured a new Ilhyeon Town rising larger and more magnificent than the one from his past life.
It wasn't mine last time. This time it will be.
The thought of seizing Ilhyeon Town after completing his revenge brought an automatic smile to his face. While Kim Seong-ho was smiling, however, a strange look crossed the face of the still-admiring Lee Gyeong-eun.
"But Seong-ho…"
She lowered her thumbs-up and asked in a puzzled voice,
"We only took Homyeong Construction's land as collateral, right? If they repay the loan we have to give it back. How are we supposed to build a town on it?"
"That is…"
While Kim Seong-ho was speaking to Lee Gyeong-eun, Lee Sang-jong was making the exact same proposal to Lee Tak-hyeon in Pyeongchang-dong.
After listening to Lee Sang-jong, Lee Tak-hyeon sat with his legs crossed and scowled. Lee Sang-jong watched his father's expression and swallowed dryly.
"Father. No—Chairman. I'm confident. No, I am confident."
Nervousness kept tangling his words. He loosened his tongue and spoke more seriously.
"Trust me and leave it to me. I will lead Ilhyeon Construction well and realize our group's hundred-year plan."
Still drumming his fingers on his knee, Lee Tak-hyeon looked at him and snorted.
"Why all the fuss? Hundred-year plan? It's just a few buildings. Don't make such a big deal out of it."
He regarded Lee Sang-jong with open disdain for inflating something so ordinary. Yet it was not entirely ordinary.
"Still, I have to admit the idea is tempting. Having the headquarters of the major affiliates all in one place would certainly be convenient."
"Exactly."
Seeing his father seem interested, Lee Sang-jong eagerly listed the advantages of gathering the headquarters.
"The entire group will be able to move as one. Efficiency will skyrocket, of course. And the added value created simply by being together will be incalculable. Forming a town and concentrating the affiliates is pure gain."
"Yes, there would be more than a few benefits. But…"
Lee Tak-hyeon kept his legs crossed and fixed his son with a steady stare.
"That land isn't ours. It's only collateral we hold. How do you propose to develop it?"
"That is the key."
As if he had been waiting for exactly that question, Lee Sang-jong leaned forward.
"Homyeong Construction put up the Seocho land as collateral and borrowed thirty billion won from us interest-free, with a one-year repayment deadline."
"Skip the things I already know and get to the point. What's the method?"
"It's simple."
Lee Sang-jong smiled meaningfully.
"Homyeong Construction just has to go bankrupt."
"Homyeong Construction… has to go bankrupt?"
"Yes."
His smile deepened.
"We don't even have to wait a year for them to default. If they go under right now, the Seocho land becomes ours."
Lee Tak-hyeon stared at him in silence. What the Ilhyeon Group had expected when it lent the money was that Homyeong would fail to repay after one year and forfeit the collateral. He had assumed his son would say they only needed to wait a year. Instead Lee Sang-jong was talking about driving Homyeong under immediately. The uncharacteristic shrewdness made Lee Tak-hyeon study him for a long moment.
Under that gaze, Lee Sang-jong continued.
"Besides Jaei Bank, Homyeong Construction already owes Bujeon Bank more than three hundred billion and Dongseong Bank another two hundred billion. Both banks are currently debating whether to roll over the debt. If we stop that…"
"Then Homyeong goes under regardless of Jaei Bank."
"Exactly."
Lee Sang-jong slapped his knee and spoke with urgent sincerity.
"Then we don't need to wait a year. We get the Seocho land at once and can start development as early as tomorrow."
"Not bad."
Color rose in Lee Sang-jong's face. For once his father, who usually scolded or dismissed him, had said something close to praise. He had no intention of letting the chance slip.
"I will handle the development myself. Please trust me and leave it to me."
"Trust you and leave it to you…"
Lee Tak-hyeon appeared to ponder for a moment, then nodded.
"Fine."
He uncrossed his legs and faced his son.
"I was just wondering who to appoint as president of Ilhyeon Construction. If you're coming back, I have no reason to refuse."
"Thank you. I will work hard—really hard—so that I do not fall short of your expectations, Father. No—Chairman."
"Don't cause any accidents this time."
"Yes. I will do exactly as you say, Chairman. Please trust me."
Lee Sang-jong made the promise with a face full of joy. Lee Tak-hyeon told him he understood and dismissed him. Even as he left the study, Lee Sang-jong bowed several more times; he even embraced Chief of Staff Hwang Do-beom, who was entering after him, in pure delight.
Hwang Do-beom closed the door, stepped inside, and smiled at Lee Tak-hyeon.
"Sang-jong seems very happy."
Lee Tak-hyeon snorted lightly and asked,
"What's the condition of Bujeon Bank and Dongseong Bank?"
"Bujeon and Dongseong?"
Hwang Do-beom tilted his head briefly at the question that followed right after Lee Sang-jong's departure, then answered.
"Both banks' non-performing loans have already exceeded the critical threshold. The situation is serious."
"Perfect."
Lee Tak-hyeon briefly recounted the conversation he had just had with Lee Sang-jong. Hwang Do-beom's face hardened.
"I will meet the presidents of Bujeon Bank and Dongseong Bank myself."
Lee Tak-hyeon smiled slightly at the way Hwang Do-beom already understood exactly what he wanted without being told.
"Just drop a hint. They'll get the message."
Still, he added a cautionary word. Hwang Do-beom immediately grasped the concern and reassured him.
"Yes. I will make sure it never comes across as pressure."
Satisfied that Hwang would handle it properly, Lee Tak-hyeon said nothing more. Years of working together had given him absolute faith that Hwang would manage things correctly even without further instruction.
Once the order was given, Lee Tak-hyeon turned to the biggest question still on his mind.
"But tell me—how did that boy Sang-jong come up with this?"
"You mean cleaning up Homyeong Construction and swallowing the Seocho land?"
"Yes."
Lee Tak-hyeon stared at the door Lee Sang-jong had left through, eyes full of suspicion.
"Did that boy ever have that kind of judgment?"
Hwang Do-beom shared the same doubt. The current display was completely different from Lee Sang-jong's usual self. Yet if he too voiced suspicion, it would only lower Lee Sang-jong's standing further, so he tried to put the best face on it.
"Perhaps spending time with you here in Pyeongchang-dong has taught him a great deal."
Lee Tak-hyeon's head turned slowly toward Hwang. He wore an expression of pure incredulity.
"That boy… changed because he stayed with me? Are you asking me to believe that?"
Hwang looked sheepish and gave an awkward laugh.
"If it isn't that, then honestly it's hard to explain…"
"Hard to explain? Why?"
Lee Tak-hyeon looked as though he already knew the real reason.
"The youngest came early today, didn't she? Brought japchae?"
Hwang recalled the morning and nodded.
"Yes. Gyeong-eun arrived an hour early saying she had made japchae… Ah!"
As he answered, something clicked.
"Seong-ho told Sang-jong the method!"
"Exactly. Nothing else can explain Sang-jong's behavior right now."
Even Hwang, who had been trying to polish Lee Sang-jong's image, fell silent. Lee Tak-hyeon was right; no other explanation fit.
"Even without the japchae he would have found some plausible excuse to arrive early and teach Sang-jong this approach."
Hwang nodded in agreement.
"That's why he jumped in so eagerly to support the promotion to president. I thought it was strange at the time. Normally in a situation like this Sang-jong would throw up every obstacle he could, yet he actively backed it."
A deeper smile spread across Lee Tak-hyeon's face.
"The two of them are in cahoots, pushing and pulling for each other. Seong-ho used Sang-jong to clear the obstacle to his own promotion, and in return Sang-jong learned a way to reclaim the presidency of Ilhyeon Construction."
"Could Seong-ho have switched to Sang-jong's side? From what I gathered recently he seemed to support Mun-jong… and today Mun-jong did support Seong-ho's promotion as well."
The more they talked, the thicker the suspicions grew in Hwang Do-beom's mind. Lee Tak-hyeon, however, only looked more intrigued.
"I don't think Seong-ho has fully sided with Sang-jong. If he had completely switched camps, Mun-jong would never have supported him."
"Then…"
"He's probably walking the tightrope between the two. Playing both sides, constantly testing which one will benefit him more."
"Is that all right?"
Hwang looked worried.
"If you have already figured it out, Mun-jong and Sang-jong will eventually notice as well. When that happens…"
"When that happens?"
Lee Tak-hyeon narrowed his eyes at him.
"When that happens, what exactly do you think will happen?"
"Well…"
"You think the two of them might fight over Seong-ho?"
"Or perhaps both of them will end up resenting him…"
"Yes. Resentment from both sides suits the story better than a fight over him."
Lee Tak-hyeon's narrowed eyes slowly widened. Amusement gathered at the corners and he smiled.
"But wouldn't that be interesting?"
"Chairman."
"Two boys fighting over succession rights, and one boy both of them come to hate. Doesn't the board get more entertaining the more complicated it becomes?"
Hwang squeezed his eyes shut. What might be entertainment for Lee Tak-hyeon could turn into hell for Kim Seong-ho.
"I hope that situation arrives soon. So give them everything they asked for. Announce officially that Sang-jong is returning to Ilhyeon Construction, that Seong-ho is taking the president's seat, and that the Restructuring Headquarters is being spun out of the Secretariat into a direct-report body under me."
As he spoke, another amusing idea seemed to strike him; delight filled both his eyes and the corners of his mouth.
"And while you're at it, add that I am throwing my full weight behind the Restructuring Headquarters."
"You are giving power to the Restructuring Headquarters?"
"Yes. Tell them that the life-and-death authority over every affiliate, as well as every decision related to new businesses, will go through the Restructuring Headquarters. Make it clear that the Headquarters' word is my word and its decisions are my decisions."
"In that case, whatever Seong-ho, as head of the Restructuring Headquarters, says or does will…"
"Become my will. Well? Doesn't that make it even more fun? Hahaha."
Just talking about it seemed to amuse Lee Tak-hyeon; he burst into laughter. But the sound only made Hwang Do-beom's heart heavier. The decision was driving Kim Seong-ho into an even tighter corner.
Yet contrary to Hwang Do-beom's concerns, the concentration of power into the Restructuring Headquarters was exactly what Kim Seong-ho wanted.