Stingray Banquet
JK Group chairman's office.
The More Times exclusive had turned the entire nation upside down. News outlets were relentlessly pumping out related stories without pause. Chairman Kang Jin-gwang, watching the broadcasts, couldn't wipe the smile from his face.
[The Ministry of Land, Infrastructure and Transport has yet to issue a statement on the Suseo housing scandal first reported by The More Times.]
[Not only lawmakers from both parties but even Namdo Group's Chairman Han Du-hak, currently under detention, are reportedly implicated.]
This bombshell had drawn all public attention to one spot. When a bear and a tiger clash, the snake watching from the shadows reaps the greatest reward. There was no better scenario for Chairman Kang.
He stared silently at the More Times on his desk before speaking to Butler Moon.
"That grandson of mine is spoon-feeding his old man."
"In the current climate, Namdo Group won't escape this crisis easily."
"True enough—even for a titan like Du-hak, this storm looks too fierce to weather."
"I'll meet with the editorial directors of the major papers to ensure they run aground completely."
In the old days, he might have mobilized the press himself, but no longer. Chairman Kang shook his head.
"The More Times will soon surpass Myeongguk Ilbo—no need to set fire to a sinking ship."
"You're saying none of this is mere coincidence?"
"How else could it be explained...? It's not just chasing money; they're grabbing the source."
"I couldn't fathom Young Master's moves at first—acquiring a newspaper instead of investing in business."
"Today's news changed your mind, eh?"
"Yes, Chairman."
Chairman Kang nodded and turned his gaze to the newspaper on his desk. He clicked his tongue at the large photo of Minister Kim Dae-geun of the Ministry of Land, Infrastructure and Transport.
"Mouth small as a mouse turd, yet trying to swallow an elephant whole... What do you make of these fools?"
"Minister Kim Dae-geun won't escape dismissal."
"Frogs forget their tadpole days and play big games—now he has no choice but to step down. By the way, how's Yeouido faring?"
"I'll check right away."
Butler Moon picked up the receiver and called a Yeouido brokerage to gauge the market. He jotted numbers swiftly on a notepad before hanging up.
"All Namdo Group affiliates are at the daily limit down. Nothing but sell orders."
"Is that so?"
"From Chairman Han Du-hak's perspective, it's a double whammy."
"Indeed—for us, it's an unparalleled opportunity... You know how long I've waited for this moment."
Chairman Kang closed his eyes, reminiscing about the past. Top conglomerates, fearing JK's vast funds, had lobbied the government endlessly to keep him confined beyond Myeong-dong. He'd struggled to break free from that well, only to be tripped by inexplicable regulations each time. Just as exhaustion set in, Min-ho appeared, handing him JK Telecom and pulling him out.
With Namdo Group foundering and the government and Yeouido fixated elsewhere, he knew this rare chance wouldn't come again.
Staring out the window, he seemed to steel his resolve and issued orders to Butler Moon.
"My grandson's brought a mountain of gifts—I can't leave them unopened."
"Yes, Chairman. Starting today, we'll begin accumulating Namdo Construction and Securities shares."
"Do that. And..."
Pausing, Chairman Kang turned to the bookshelf behind him. At the top sat stacks of the More Times inaugural special edition, carefully wrapped in plastic—his grandson's gift.
Memories of turbulent days as chairman, paternal pride as grandfather, gratitude toward his grandson... Emotions swirled.
After a long gaze at the shelf, he gave the order.
"Call The More Times. Tell them to run as many ads as they want—pay whatever they ask, no skimping."
***
To establish Korea's first mega discount chain at Athena, acquiring Namdo Distribution—the big fish of the industry—was essential.
Min-ho meticulously reviewed the plan once more with Lawyer Choi Jong-hoon and Section Chief Cheon Dong-gwan.
"As I've explained, we must acquire Namdo Distribution. Questions?"
After poring over the materials, Chief Cheon hesitantly spoke.
"Forgive me, but... every neighborhood has shops and mid-sized marts. Why do we need something so massive?"
"Let me flip that: Do you think we don't need a hypermarket?"
"Yes, in my view. With corner stores and decent marts everywhere, I wouldn't trek far."
It was the early '90s, pre-hypermarket era. Chief Cheon's thinking was perfectly natural.
Min-ho smiled.
"My goal in acquiring distribution and building marts has two parts. First, dominate the sector—as expected. Second?"
Choi and Cheon racked their brains but couldn't guess Min-ho's intent.
"No clue."
Min-ho sketched a Seoul map on the whiteboard.
"Why did the Suseo housing scandal happen?"
"Money, obviously."
"Spot on. Building a hypermart needs vast land. Does that land just sit idle?"
Now grasping it, they nodded vigorously.
"You're factoring in land appreciation."
"Grab distribution, pocket the rising land values. Who builds the structures?"
"Not confirmed, but the construction firm Chairman acquired."
"Distribution, land, construction—all three at once. If that's clear, moving on."
Min-ho launched into the acquisition strategy.
"About Namdo Distribution: It'll keep dropping, but today's market cap is roughly 300 billion won."
Listening intently, Lawyer Choi spoke up.
"Chairman Han Du-hak and his eldest son, Vice Chairman Han Tae-young, are major shareholders. Combined, about 20%."
"Meaning 60 billion won minimum today."
"Yes. We're woefully short on funds. Any solutions?"
Min-ho handed Choi the shareholder list Yang Sang-pil had just sent.
"Shareholders with 1%+ of Namdo Distribution. Source is Manager Yang—no worries."
"Ideal if they all side with us, but we can't predict their motives. Too many variables."
"Fair point. But if we perfectly grip their weaknesses?"
"Tough, but 3% buy-in could seal it. How, though?"
As Min-ho opened his mouth, the conference room door burst open. President Jo stumbled in, panting, too winded to speak even after locking eyes with Min-ho.
Min-ho passed him water.
"If President Jo bursts in like this, it's no trifle. Did Kim Il-sung drop dead?"
"I... Representative, a call just came from JK HQ."
"Details?"
"They said run ads on every page."
"I mentioned that yesterday."
"Slightly different. They said ad spend doesn't matter—whatever it takes. Unheard of."
Min-ho had gifted his grandfather construction and securities. This was clear reciprocation. No reason to refuse.
Min-ho calculated swiftly and instructed President Jo.
"I'm delegating full ad authority to you. Handle it unless specified otherwise."
"I can really decide?"
"Wrap up quick, then dinner on me."
"Thank you."
Min-ho handed him the Namdo Distribution shareholder list. Bewildered, President Jo could only stare.
"No idea what this is—may I ask?"
"Namdo Distribution shareholders. Shake every last speck of dirt from these people."
"Dig into their backgrounds? Got it. Give me time—I'll handle perfectly."
President Jo bowed and left.
"Meeting adjourned. Chief Cheon, keep tracking Namdo Distribution shares."
"Understood. Good work."
Even after Cheon left, Lawyer Choi pored over documents, brow furrowed in concern.
"What's the issue this time?"
"Following your plan minimizes risks. But one fatal threat."
"Manager Yang Sang-pil, right?"
"Yes. If he flips, everything unravels."
"No worries. It's not about trusting the man—it's the situation. To survive, he'll grab my hand."
Min-ho picked up the receiver, leaving a number on Yang Sang-pil's pager. The call came instantly.
"Yang Sang-pil."
"Got the shareholder list."
"No trouble. Anything else, just say."
"You know the situation?"
"Yes. Someone's accumulating Namdo Construction and Securities."
"Who do you suspect?"
Yang swallowed hard before answering cautiously.
"Could it be... Athena?"
"For now, yes. More importantly: Does Vice Chairman Han Tae-young hold all decision-making power at Namdo Group?"
"Theoretically."
"In reality, he's calling all shots?"
"Yes. Execs are self-preserving cowards; Vice Chairman Han Tae-young... he's a puppet."
The throne was vacant. The son was incompetent, doing nothing. It was like bleeding out, awaiting death.
Seizing the moment, Min-ho grabbed Namdo Group's hair.
"Tell Vice Chairman Han Tae-young: Athena's accumulating construction, securities, and distribution."
"Publicly? Acquisition costs will skyrocket."
"To lower them."
In M&A, secrecy is lifeblood—common sense, no textbook needed.
Declaring intent would make even inept Han Tae-young defend, hiking prices.
Min-ho's counterintuitive play left Yang flustered.
"Leaks raise costs inevitably. No second thoughts?"
"Han Tae-young's dumb, inflexible, incompetent, and stupid. Faced with this mess, what does he do?"
"His type? Dodge blame and watch."
"You missed the key."
"What?"
"Father's gone, execs spineless. Who does he lean on?"
As Min-ho said, Han Tae-young—with all nominal power—had only Secretary Manager Yang Sang-pil. Real control would flow to Yang naturally.
With Yang in Min-ho's pocket, Namdo's fate was sealed.
Having known Namdo's innards as JK's rival in his past life, Min-ho's bold call was informed.
Impeccably precise and daring strategy—Yang could only admire, hiding his remaining claws with a bow.
"Shake Vice Chairman Han Tae-young until he clings to Manager Yang. Everything resolves."