This Is Actually a Good Opportunity
This is actually a good opportunity for me.
Hwang Do-beom, having completely forgotten why he had come, hurriedly fired a question at Kim Seong-ho.
“Are you planning to restructure Ilhyeon Electronics?”
Before even hearing Kim Seong-ho’s answer, Hwang Do-beom set the approval documents down and held up his palm.
“No. Not Ilhyeon Electronics. Somewhere else…… No, don’t restructure anything more. Finish with what you’re doing now and leave it at that.”
Hwang Do-beom’s expression was absolute in its refusal.
Kim Seong-ho quietly watched him, then smiled as he picked up the documents Hwang had set down and held them out again.
“Chief of Staff. You know as well as I do that in a group-wide restructuring, we cannot restructure some affiliates and leave others untouched.”
Hwang Do-beom’s face hardened, but Kim Seong-ho did not stop.
“Until now we’ve prioritized the places that needed immediate attention and have more or less finished them. That means it’s time to move on to the group’s core affiliates. And as the first among them, I intend to take on Ilhyeon Electronics—the heart of the Ilhyeon Group.”
At those words Hwang Do-beom squeezed his eyes shut. He could think of no rebuttal.
He opened them again, looked down at the approval board Kim Seong-ho was holding out, and asked in a drained voice,
“Do we…… really have to do this place?”
“Yes. We must.”
Faced with Kim Seong-ho’s unwavering reply, Hwang Do-beom let out a deep sigh and spoke in a heavy voice.
“If even Ilhyeon Electronics is butchered…… one wrong move and the entire Ilhyeon Group could be shaken. If that happens, even the Chairman’s decision to seat you as Head of the Restructuring Headquarters will become a laughingstock.”
“Just wait and see.”
Kim Seong-ho’s voice was full of conviction.
“Even those who are criticizing this choice now will all come around.”
“I hope…… I truly hope it turns out that way……”
In a drained voice, Hwang Do-beom accepted the document board.
“I’ll go back, approve it, and report to the Chairman right away.”
“Thank you.”
Kim Seong-ho bowed his head in gratitude. Then, looking at Hwang Do-beom—whose face seemed to have aged by half in that brief exchange—he asked,
“But Chief of Staff, what did you come here for? Did you just come to see my face?”
Only then did Hwang Do-beom recall why he had sought Kim Seong-ho out.
“Ah, I forgot to tell you why I came.”
He briefly wore a bitter expression, then conveyed the instruction from Chairman Lee Tak-hyeon.
“The Chairman says he wants you to accompany him to the upcoming Federation of Korean Industries meeting, Head of Headquarters Kim.”
“The Federation of Korean Industries?”
“Yes.”
Hwang Do-beom glanced down at the approval board and spoke with a conflicted look.
“Just understand that the Chairman isn’t taking you there to introduce you.”
“He’s taking me so I can speak directly about the restructuring in front of the other conglomerate chairmen, I presume.”
Kim Seong-ho knew precisely why he was being taken.
Hwang Do-beom, who had been looking down, raised his head. Seeing the unexpectedly expectant expression on Kim Seong-ho’s face, he asked curiously,
“You know why you’re going and you’re still that happy? One wrong move and it could stain your reputation.”
“What great meaning is there if my already scant reputation gets a little worse?”
“No meaning?”
“None.”
Kim Seong-ho spoke with an excited look at the thought of attending the Federation of Korean Industries meeting.
“On the contrary, I think it’s even better because I can talk about our Ilhyeon Group’s plans there.”
“You……”
Hwang Do-beom was about to explain once more what kind of place that gathering was. But he stopped at the sight of Kim Seong-ho’s expectant face.
He’ll find out once he goes himself.
Feeling that Kim Seong-ho would not listen no matter what he said without having been there, Hwang Do-beom simply looked at him.
But Kim Seong-ho knew full well what kind of place it was. In his past life he had attended it every year for over ten years alongside Lee Mun-jong. Moreover, he even thought that if he used the occasion properly, he could create an opportunity.
I need to firmly imprint my name.
Kim Seong-ho thought a good chance had arisen to engrave in people’s minds that what had been called the Ilhyeon Group’s restructuring was, in fact, the Ilhyeon Group’s restructuring under Kim Seong-ho’s command.
Hwang Do-beom gently shook his head as he watched Kim Seong-ho’s expression grow brighter with anticipation. In his eyes it simply looked as if the younger man was delighted at the prospect of meeting the conglomerate chairmen of the Republic of Korea.
The Federation of Korean Industries’ regular meeting was held twice a year—once in the first half and once in the second—a gathering where they discussed what voice the business world should raise.
In the early days after its founding, group chairmen or company representatives had attended these meetings and spoken themselves. No one knew a company’s situation better than its chairman, and only a chairman’s words could match the weight of those from other groups.
But as time passed, attendance rates dropped one by one for reasons such as urgent business, and eventually the meetings transformed into a place where chairmen sent proxies rather than attending themselves. In the end, the current Federation of Korean Industries gathering had become little more than a social get-together.
“Are you nervous?”
In the car heading to Yeouido, where the hall for the Federation of Korean Industries meeting was located, Lee Tak-hyeon asked Kim Seong-ho.
Kim Seong-ho, sitting beside him, shook his head.
“No. I’m fine.”
“There’s no need to be nervous. The Federation of Korean Industries is a gathering established under the leadership of my father, the founding Chairman Lee Jung-seok. Strictly speaking, I’m practically the host of that gathering.”
Even though it was a fact he already knew, Kim Seong-ho nodded as if hearing it for the first time. He knew that would make it easier to continue the conversation with Lee Tak-hyeon.
As expected, Lee Tak-hyeon’s story continued.
“We’re attending this meeting with the qualifications of the host. So there’s no need to be nervous.”
“Yes. Understood.”
Hearing the reply, Lee Tak-hyeon casually glanced at Kim Seong-ho. It was to see the face of the man who claimed not to be nervous yet must surely be tense.
Lee Tak-hyeon looked at Kim Seong-ho’s profile with interest. There was not the slightest hint of tension on his face.
Lee Tak-hyeon’s eyes gleamed, and he turned his head. He headed toward the Federation of Korean Industries hall harboring curiosity about whether Kim Seong-ho would still look the same when they arrived.
“Chairman. It’s been a long time.”
A man with white hair who appeared to be in his late fifties bowed his head to Lee Tak-hyeon.
Lee Tak-hyeon looked at him for a moment before nodding.
“Yes. It’s been a while. How have you been?”
“I’ve been well, thanks to you, Chairman.”
The white-haired man slightly raised his head and extended his hand. Lee Tak-hyeon took it, shook it lightly, and introduced Kim Seong-ho.
“This is my youngest son-in-law. He’s accompanying me today as my attendant.”
The white-haired man looked at Kim Seong-ho upon hearing the introduction, then smiled and greeted him.
“We met at Gyeong-eun’s wedding, didn’t we? Nice to see you.”
“It’s a pleasure to meet you, Chairman Moon.”
Chairman Moon took Kim Seong-ho’s hand and asked curiously,
“You remember me?”
“How could I not know the Chairman of Seongro Group? It’s an honor to meet you.”
“Hahaha. Yes. I’m Moon Yeong-gwang of Seongro.”
Moon Yeong-gwang laughed heartily and looked Kim Seong-ho up and down. Then he smiled at Lee Tak-hyeon.
“Your son-in-law is very handsome.”
“What good is being handsome? He needs to be good at his work.”
“I’ve heard plenty that he’s good at his work too. I hear the Ilhyeon Group’s restructuring is this young man’s handiwork?”
Moon Yeong-gwang spoke and then wore an ambiguous expression. Lee Tak-hyeon did not miss it.
“Chairman Kim is over there. Don’t you have more people to greet? I need to go talk with Chairman Kim for a bit.”
It was Lee Tak-hyeon’s roundabout way of telling Moon Yeong-gwang to leave. Moon Yeong-gwang understood, said his goodbyes, and departed.
Kim Seong-ho quietly watched his retreating figure, then spoke to Lee Tak-hyeon in a low voice.
“Chairman. Seongro Group is currently in a very precarious state.”
Meeting Lee Tak-hyeon’s gaze, Kim Seong-ho continued quietly.
“Because of Chairman Moon Yeong-gwang’s aggressive investments, Seongro Group is deeply in debt. In particular, the beer company established in a joint venture with an American firm is crushing them. Already Jaei Bank has said they won’t extend the upcoming loan, and other banks will take the same stance. Right now they’ll have difficulty even covering the two billion won in notes coming due next month.”
Hearing this, Lee Tak-hyeon furrowed his brow.
“Are you certain?”
Kim Seong-ho checked their surroundings before answering.
“Yes. So it would be best not to get further involved with Chairman Moon Yeong-gwang. He might make a difficult request of you. Wasn’t his father close with the late founding Chairman?”
“That’s right. Moon Yeong-gwang’s father and my father were close.”
“He might use that old connection as an excuse to come asking you for help. And if you hear such a request, you’ll find yourself in a difficult position, so it would be best to avoid Chairman Moon if possible. I’ll also inform Chief Hwang.”
Lee Tak-hyeon stared fixedly at Kim Seong-ho as the younger man finished speaking and looked around.
“Chairman. It would also be best not to get involved with Doa Motors over there.”
“Doa Motors too?”
Lee Tak-hyeon widened his eyes and looked at Chairman Kim Seong-mun of Doa Motors. Kim Seong-mun also seemed to have spotted Lee Tak-hyeon from afar and was approaching with a smiling face.
Kim Seong-ho quickly spoke in a small voice.
“It’s the same as Seongro Group. Doa Motors is also currently mired in a severe funding crisis. They’re under heavy pressure not only from domestic banks but also from overseas bondholders. So it would be best to keep your distance from Chairman Kim Seong-mun of Doa Motors as well.”
“……Just where do you learn these things?”
It was information he had never heard through the secretariat. Lee Tak-hyeon couldn’t help but look at Kim Seong-ho with curiosity that he knew such details. But he never received an answer.
“Chairman Lee. How long has it been?”
“……Yes. Chairman Kim. How have you been?”
Before they knew it, Chairman Kim Seong-mun of Doa Motors had approached and greeted Lee Tak-hyeon. Kim Seong-ho slightly stepped back behind Lee Tak-hyeon and watched the conversation.
The reason he knew the futures of Seongro Group and Doa Motors was because the details about those groups had been thoroughly written in the leather diary. In preparation for when similar situations might unfold, Kim Seong-ho had meticulously recorded when, how, and for what reasons each company had collapsed.
Once Lee Tak-hyeon finished greeting Chairman Kim Seong-mun, Kim Seong-ho continued providing information about the companies attending the meeting.
“It’s fine to maintain friendly relations with Chairman Jo and Chairman Park. Both of their companies have relatively sound financial conditions. But keep your distance from Chairman Kim over there. His financial condition is even worse than Seongro Group’s. There’s a high possibility he’ll collapse in a similar fashion.”
Lee Tak-hyeon looked at Kim Seong-ho strangely for a moment before receiving the greetings of the approaching chairmen. Rather than how Kim Seong-ho knew such facts, exchanging greetings with the business titans who had come was the priority.
Having finished speaking, Kim Seong-ho stepped back behind Lee Tak-hyeon again and thought.
Things I wrote down to prepare for a financial crisis that might come again someday have ended up being used for the very IMF crisis I’m facing again.
Finding it amusing that he was using the contents of the leather diary not for a similar situation but for the exact same one, Kim Seong-ho watched Lee Tak-hyeon conversing with a smile on his face.