He Was Certain
This guy had been certain.
Bank President Park Don-su of Modu Bank and his deputy had been staring at the empty table with growing anxiety for over thirty minutes.
“Why isn’t he here yet?”
“Stop fretting. It isn’t eight o’clock.”
“But it’s almost—”
Just as the deputy was pointing out how close they were to the appointed hour, the door opened and Kim Seong-ho, the man they had been waiting for, stepped inside.
“I hope I haven’t kept you waiting too long.”
Park Don-su and the deputy bank president shot to their feet and bowed toward him.
“Not at all. You’re right on time.”
“A pleasure to meet you. I’m Kim Seong-ho of Ilhyeon.”
Seong-ho extended his hand first; Park Don-su clasped it firmly.
“I’ve heard a great deal about you. Park Don-su of Modu Bank.”
Seong-ho exchanged a few smiling words with Park, then greeted the deputy as well.
“Shall we sit?”
He gestured them into their seats and, still standing by the door, ordered the waiting staff to bring the meal.
“So—what made you want to see me?”
Park Don-su began with gratitude.
“First of all, allow me to thank Director Kim for making time for us.”
“There’s no need.”
When Park even lowered his head, Seong-ho half-rose, caught the bank president’s shoulder, and waved the apology away.
“It isn’t just anyone—it’s the president of Modu Bank asking for a meeting. I’d make time that doesn’t exist. Please, relax. We’ll be seeing a lot of each other; if you overdo the formalities at our first meeting, I’ll be the one who feels awkward.”
“That won’t do.”
Park shook his head and spoke in a serious tone.
“I should have arrived early and paid my respects first. I’m late, and I apologize.”
“I apologize as well.”
When Park bowed, the deputy beside him bowed too.
Seong-ho had stopped them from bowing when they offered thanks; he made no move to stop the apologies.
Park Don-su sensed that something had shifted, though he had no leisure to examine the feeling. What mattered now was not some vague impression.
He slowly raised his head and faced Seong-ho.
“Director. The reason we asked to see you is simply this… We came, at the risk of presumption, to ask whether Ilhyeon truly intends not to participate in the Doa Motors auction.”
Seong-ho tilted his head.
“I believe we already made our position clear. The Deputy Prime Minister was informed at the Korea Chamber of Commerce and Industry, and that statement went out through the press. You arranged this meeting just to ask me that again?”
“We know Ilhyeon’s position. We came to beg you to… change that decision.”
“Change it?”
Seong-ho’s expression still said he failed to understand.
Park wet his dry lips.
“I fully understand why you would refuse to bid. We’ll remove that worry for you. We will handle the union’s resistance.”
“Modu Bank will handle the union’s resistance?”
Seong-ho barely suppressed a laugh. The word “handle” sounded ridiculous.
You stir the pot behind the scenes and then offer to handle it?
He kept the real thought to himself and simply listened.
“Yes. We plan to use the temporary manager currently on-site to open contact with the union. Modu Bank will then mediate between the union and Ilhyeon. Talking through a buffer like us should be far more comfortable than dealing with Ilhyeon directly, don’t you think?”
“I suppose so.”
Seong-ho nodded as if in agreement. Encouraged, Park pressed on.
“And after the bid, during negotiations, we are prepared to lower the acquisition price for you.”
Not a firm commitment—only a willingness to consider it. Seong-ho let out a soft snort.
“Prepared?”
Park broke into a sweat and tried again.
“We haven’t finished consulting every creditor, so I hope you’ll understand why I can’t speak with absolute certainty.”
“Even if the creditors disagree, isn’t Modu Bank’s view the creditors’ view in the end?”
“That’s true, but… Director. The only thing I can say with certainty here is that Modu Bank will do its utmost to lower the bid price. And if we do our utmost, a good result should follow, shouldn’t it? So please trust us and re-enter the auction.”
Park was trying to soothe him with “we’ll do our best” instead of a promise. Seong-ho answered at once.
“I understand what you’re saying. I’ll go back, think it over carefully, discuss it with the Chairman and the others, and then decide.”
“Ah… but here and now—”
“I’ll do my best as well.”
Seong-ho simply echoed the bank president’s own non-committal phrase. Park could not press for a firmer answer; he had offered “utmost effort” first and therefore could not demand certainty from Seong-ho alone.
Noticing the food arriving at last, Seong-ho smiled.
“Then let’s leave the talk there and eat. We’re already late for dinner.”
Park watched each dish settle onto the table with open regret. Pretending not to notice, Seong-ho picked up his chopsticks and reached for the food first.
In his study, Lee Tak-hyeon listened to Hwang Do-beom’s report on the meeting between Kim Seong-ho and Modu Bank.
“The bank president’s face looked bad when he left the restaurant?”
“Yes. He kept smiling until Director Kim got into the car. The moment the car pulled away, his expression twisted.”
“Hahaha. So they got nothing.”
“Chairman… isn’t Director Kim pushing Modu Bank a little too hard?”
“Why? Are you worried?”
Lee Tak-hyeon looked up at the concerned chief of staff with clear amusement.
Hwang Do-beom gave a small nod.
“I was thinking it might be better to yield a little at this point and strengthen our bidding position through the lead creditor, Modu Bank.”
Having started, he decided to finish the thought.
“If we have no intention of acquiring Doa Motors, fine. But if we do, isn’t offering a concession one way to play it? We aren’t strangers who will never meet again. Yield a little, collect goodwill, and take the practical benefit—wouldn’t that be good?”
“True. That would be good too.”
Lee Tak-hyeon seemed to agree. Encouraged, Hwang added the rumor from the Blue House.
“Word is that Cheongwadae is uncomfortable.”
“Is that so?”
Hwang lowered his voice.
“They planned to use Doa Motors as the starting point for restructuring across the business community. Once the brakes went on with Doa, every subsequent restructuring case they had prepared has stalled as well. Chairman, shouldn’t we also save face for the new president? If we slam the brakes right at the start, they may not look kindly on Ilhyeon.”
“True. That could happen.”
Lee Tak-hyeon nodded and lifted the teacup in front of him. After he drank, he said nothing more. Hwang waited, then finally spoke carefully.
“Chairman…”
Still holding the cup, Lee Tak-hyeon turned his head.
“What is it?”
“Do you intend to leave things as they are?”
“Listen, Hwang.”
He set the cup down. Hwang straightened.
“Yes, Chairman.”
“You worry too much.”
“Sir? I worry too much?”
“Do you think Director Kim doesn’t know everything you’ve just thought of? Or that he doesn’t know Cheongwadae is uncomfortable?”
Hwang stayed silent. He understood the questions were not meant to be answered; he simply waited for the rest.
“Kim knows all of it. Aren’t you curious why he’s still leaning so hard on Modu Bank? I’ve started to wonder whether, for this auction, there simply is no alternative except us. I think Kim has already figured that out and is acting accordingly. Doesn’t that sound plausible?”
“Chairman, the German company’s participation is confirmed. They have already informed the government of their intent and finished preparing their bid.”
“Participating in an auction doesn’t automatically mean they will acquire the company.”
Hwang’s eyes widened. Lee Tak-hyeon had spoken as if the idea were obvious—something Hwang had never considered.
Most people assumed that anyone who bid was eager to buy. Interest led to bidding; bidding led to acquisition. That was the natural sequence. Yet Lee Tak-hyeon was saying it might not be so.
“There’s no real reason for a German company to take over Doa Motors. They aren’t short of production capacity—the plants they already have are more than enough. They certainly don’t need Doa’s technology. And using the Doa brand would actually hurt them; it would damage their premium image. So why would they bother?”
Listening to the explanation, Hwang realized the German company truly had no motive to acquire Doa.
“Then Director Kim already knew…”
“If he didn’t, he wouldn’t treat Modu Bank so casually.”
Lee Tak-hyeon lifted the cup again and took another sip. Hwang looked down at him in open astonishment.
“How did Director Kim know that?”
“I’d like to know myself.”
Still holding the cup, the chairman gazed at the ceiling for a moment, then murmured the thought that had been forming.
“Even I only pieced it together after watching Modu Bank’s behavior and Kim’s actions. But Kim must have known from the beginning that the German bid was pure theater. That’s why he staged the whole performance of visiting Doa’s Gwangmyeong plant—to seize the initiative. He was certain. But how… how on earth did he know?”
No matter how long he stared at the ceiling, Lee Tak-hyeon could not find an answer that satisfied him.
Even though the Ilhyeon Group had declared it would not bid, the schedule could not be postponed. The Doa Motors auction proceeded exactly as planned.
Most people assumed that without Ilhyeon the German automaker’s acquisition was a foregone conclusion. No other domestic company could take on Doa Motors. Seonwoo Group, having already absorbed Duryong Motors, had no need for Doa. Among the firms that might have wanted a foothold in the auto industry, none possessed the capital to swallow a company carrying more than ten trillion won in debt. Ilhyeon alone could have done it. Once Ilhyeon stepped aside, the German bid looked certain.
Jo Byeong-jin could not sit still; he kept pacing. Jeong Byeong-ju waved him down.
“You’re making me nervous. Sit.”
“You’re not nervous, Team Leader Jeong? I’m about to lose my mind.”
“I’m just as tense as you are. But what can we do?”
Jeong glanced at Kim Seong-ho. Unlike everyone else in the room, Seong-ho remained perfectly calm. After staring at him for a moment with a mixture of wonder and envy, Jeong turned back to Jo.
“We’ve done everything we can. So sit quietly and wait.”
Jo returned to his seat, then looked at Seong-ho.
“Director Kim… will it really fail to attract a bid? The talk going around is that the German company will take Doa Motors as the sole bidder…”
“And if it doesn’t fail?”
Jo’s voice jumped.
“If it doesn’t fail, then we can’t acquire Doa Motors, right?”
“Exactly. And then what?”
“Uh… what?”
Seong-ho smiled and looked around at the people seated with him.
“What have we been analyzing all this time? We found more than a hundred reasons why we should not acquire Doa Motors. So if we end up unable to acquire it, we can simply take comfort in those reasons. Relax.”
Jo found himself without a reply. Seong-ho was right: the Restructuring Headquarters had dug relentlessly for every reason not to buy Doa. To feel disappointed now at the prospect of failure would be absurd. By rights they ought to be relieved if the deal fell through.
Yet the people in the room still wanted the acquisition. If they lost Doa, not only would their globalization strategy falter, they might even fall behind Seonwoo Group—which already owned Duryong Motors—inside Korea itself. That sense of crisis was real, and Seong-ho surely knew it.
The staff believed that the very arguments against acquisition would, with time, become powerful cards in any future negotiation. But the process was already over. The auction had begun without the Ilhyeon Group. They had reached the final moment without ever playing those cards.