Chapter 82: Comparison
JK Group Chairman's Office.
[JK Group has announced its personnel appointments. Kang Min-seong, the second son, has been tapped for construction, and Kang Beom-seong, the third son, for securities.]
[(Namdo Co., Ltd. continues to face mounting bad news. Following construction and securities, Namdo Distribution has now been acquired by Athena, the owner of The Times.}]
It was a triumph born of Kang Min-ho's strategy. Kang Jin-gwang, watching the news, had a smile stretching from ear to ear. By effortlessly claiming two of the industry's top core affiliates, JK Group had taken another monumental step forward. The chairman wore a deeply satisfied grin as he spoke.
"When I scraped together my first ten billion, I wondered if I'd ever see a day this joyful again... Turns out, living long has its rewards."
Moon Sang-oh, neatly organizing the reports, replied, "It's an unprecedented pace—one that's hard to find parallels for."
"They'd all turned their eyes to the mutual savings bank mess, so this was practically a walkover."
"Young Master Min-ho doesn't just see a move or two ahead; that doesn't even begin to describe it. He seems to be gazing far beyond."
Kang Jin-gwang couldn't help but nod in full agreement. With a beaming smile, he replied, "Exactly... He's not just one step ahead—he's laying out the entire board and toying with it at will. Watching him is pure delight."
"I feel the same. Chairman, may I ask you one question?"
"In this mood? I'd answer anything."
"What are your thoughts on the young master's acquisition of Namdo Distribution?"
"What do you make of it?"
"It's hard to chalk it up to money alone—there are too many parts that don't add up."
The chairman agreed with his butler's assessment. He pondered Min-ho's motives for taking Namdo Distribution. He suspected there was more to it, but couldn't pin it down exactly. After a moment of deep thought, he spoke gravely.
"He's my own flesh and blood, but... I can't read that boy. Feels like he's hiding a dagger or two... You sense it too?"
"Yes. Unlike others, with him, it always feels like there's an extra awl tucked in his pocket."
"We'll know soon enough just by watching... Anyway, how's the distribution stake coming along?"
Athena's ownership in the distribution firm was under 4%. If the major shareholders and executives dug in their heels, they could easily wrest control away. There was no need to shoulder that risk. To preempt the worst, the chairman had ordered a stock buildup for Athena Distribution. With him solidly backing it from the shadows, it was like pouring concrete around Min-ho's control. Moon Sang-oh pulled out documents and began his report.
"We've completed accumulation to 6% under nominees."
"Six percent... Not bad at all."
"We're pacing it to avoid excessive price spikes from rushing."
"Get it to 15%, and we'll be golden."
"Understood."
The chairman pushed the papers aside and lit a cigar, puffing thoughtfully. Sensing the worry, Moon Sang-oh ventured carefully, "Chairman, is something troubling you?"
"That distribution president spot... He'll put one of his own there, no doubt, but I can't guess who."
"It's premature before the official announcement, but... someone has already been tapped."
"Dong-gwan's got business chops, but not quite... And he wouldn't slot in Jong-hoon... Do I know them?"
"Yes. Former Chief of Staff Yang Sang-pil."
An utterly unexpected name slipped from the butler's lips. The chairman's face twisted in disbelief as he double-checked. "You... what did you say? Sang-pil? That Yang from next to Doo-hak?"
"Yes."
"Min-ho... poached Sang-pil?"
"That's the current read. I'll confirm details and report back."
The chairman's mouth fell open, and he burst into booming laughter that shook the office. He laughed relentlessly until he choked, ending in coughs. Moon Sang-oh swiftly handed him prepared water.
"Chairman, are you all right?"
"Thanks to my grandson, I'm laughing so hard my lifespan's shrinking. How'd he snag that stone-faced Sang-pil?"
"Apologies—haven't verified that far. My guess? He tipped him off that Namdo Group was about to crumble."
In truth, Yang Sang-pil was a prize coveted by many heavyweights. Razor-sharp judgment, ruthless action for the group's sake, and unyielding loyalty. He had every trait a master strategist needed. Of course anyone would want to pry him from Namdo. Kang Jin-gwang himself had been one of them—once offering a blank check in person. Yang had politely refused out of loyalty to Chairman Han Doo-hak. Even a mind-boggling sum hadn't swayed him. Unable to acquire him despite craving the talent, the chairman could only laugh heartily at the news that Min-ho had succeeded.
"I dangled a blank check for Sang-pil myself, and he shot it down flat. This old man couldn't do it, but my grandson pulls it off—I'm stunned and so damn proud."
"I was shocked too when I first heard."
"Even a dullard like Doo-hak should've seen his incompetence this time. I wondered why... Now it makes sense."
"So you're saying Yang Sang-pil stood by idly?"
"Min-ho must've ordered it. Otherwise, that guy's not one to just take it lying down. A clash between them would've been a sight."
Glancing at his watch, the chairman said, "Beom-seong said he'd come early, but what's keeping him till now?"
"An interview ran long— he's 20 minutes late, just called."
"New president's first day—cut him slack. When's Min-ho due?"
"Eleven."
"Been a while; let's eat out. Reserve his favorite spot."
"Yes, sir."
A secretary knocked timidly and reported.
-Chairman, President Kang Beom-seong has arrived.
***
Moon Sang-oh opened the door. In strode Kang Beom-seong, the chairman's third son and incoming president of JK Investment Trust Securities. Catching the butler's eye, Beom-seong murmured just loud enough to hear, "Butler Moon... hanging in there?"
The butler bowed silently in greeting. Beom-seong approached the chairman briskly and bowed at the waist.
"Kang Beom-seong, president of JK Investment Trust Securities."
"Striding in with such vigor—what's it like being out in the field?"
Beom-seong grinned slyly. "Dad, heading to work this morning without swinging by Myeong-dong felt so weird."
"You toughed it out in Myeong-dong. Swamped yet?"
"Ugh, don't ask. Interviews, congrats calls—endless. Ate dinner at 10 last night."
"All for the grind—don't skip meals for your health."
"Don't worry. I'll make JK Securities number one in a year."
"The bigger the dream, the better..."
As they chatted over coffee, the door flew open. Only one person on earth dared that. Kang Myeong-seon burst in with flowers, all bubbly energy.
"Couldn't miss a day this great! Daddy's here!"
"True to the baby girl... that charm's unchanged."
"Our house men are all so stiff. Someone's gotta loosen things up. Daddy, look—which is prettier, these flowers or me?"
The chairman just chuckled, so she pouted playfully, demanding, "Answer, or I'm out!"
"All right, all right—my Myeong-seon's prettiest."
Grinning in satisfaction, she handed flowers to her brother. "Congrats on president, big bro."
"Thanks—now sit. You scatter my brains."
"You couldn't work without me, right? That okay?"
"That's why I called—help your bro out."
Since the mid-80s three-low boom, Korea's economy had soared. Stocks should've thrived too, but surprisingly, the opposite held. The government massively expanded margin lending to prop up prices—that sparked the trouble. Retail investors swarmed like moths, leveraging margins. Prices spiked briefly but couldn't hold; declines accelerated. With five-month max terms, forced liquidations and "tin can accounts" exploded. Securities firms' profits tanked. Over 20,000 bad accounts and 200 billion-plus in losses gripped the market. Even third-ranked JK Investment Trust Securities couldn't escape. Acquisition was easy, but without fixing this, progress stalled. The chairman had summoned Beom-seong and Myeong-seon to tackle it.
As he opened the discussion, the light mood darkened sharply.
"I figured the scale loosely, planned light questions—but it's worse than that, as you know. Here to hash out solutions."
Myeong-seon, after thought, replied, "Dad, how about dumping all the credit debts to info for 30 billion? Better than zero from tin cans—even 20% recovery."
"Already considered. Filling the gaps would take a decade more. Not sound judgment. Beom-seong, you?"
"Speed up liquidation notices, then offload uncollectibles to Myeong-seon..."
The chairman sighed deeply at their empty ideas.
"Bro's right—fastest fix now. Send notices quick, check credits, pass the duds to me."
"Damn greedy fools. Think they'll turn frog to prince? Pennies anyway."
"Hey, boosts my performance."
Shifting uncollected securities debts to JK Credit Info—even partially—was pragmatic, the best call now. But the chairman's worries deepened. It wasn't just 30 billion gnawing at him. As JK head, he unconsciously compared them to Min-ho. He knew he shouldn't, but Min-ho's image sharpened in his mind. Closing his eyes, he pictured his grandson. What would Min-ho do? He'd arrive with a flawless fix beyond imagination. Myeong-seon and Beom-seong kept pitching, but nothing registered. Their words only amplified his longing for his grandson. At that most desperate moment, Min-ho opened the door. The chairman gazed at him adoringly, smiling in pure bliss. Myeong-seon watched her father's expression intently.