[The Price of Arrogance]
At that moment, Jo Yoon-tae had to force himself to swallow the urge to unleash a string of profanities. “No, are you serious? It’s one trillion won! One trillion! How are we supposed to overcome that kind of financial power!”
To Jo Yoon-tae’s blood-curdling cry, Kang Jang-hwan retorted, “What’s wrong with one trillion? We have three trillion!”
‘You son of a bitch!!’
How wonderful it would have been if he could actually speak his mind. It was true that the total assets of the Sinsang Group amounted to three trillion won. But the problem was that those three trillion weren't exactly liquid cash that could be mobilized at a moment's notice. And even if those three trillion were in cash, what would happen if they siphoned off one trillion to invest in a chicken game? They would fail. They would absolutely fail. After all, total assets represented the scale of a company, not some magical number that could be moved around at will.
“Have you lost your mind?” Jo Yoon-tae had tried to phrase it as politely as possible, but it was enough to ignite Kang Jang-hwan’s fury. Kang Jang-hwan immediately roared back.
“You’re backing down because you’re scared of a measly one trillion? One trillion doesn’t even put them in the top 20! We are 8th! 8th!”
“One side is an individual holding one trillion, and we are a group with three trillion in total assets. Why are you blinding yourself to that extent?” Jo Yoon-tae wanted to tear Kim Seong-pil down, but he held back for now.
“Director Jo. Let’s say they discovered an oil field as you claim. Does that immediately turn into one trillion won? No! It takes time to extract the oil and sell it, and you can’t sell it all at once. That doesn’t mean they have one trillion in short-term investment capital, so why are you worrying so much?”
“Chairman, why on earth are you acting like this? That applies to us as well. It’s three trillion on paper, but how much of that is money we can actually operate with right now? I’d be happy if it were even one-tenth. But you know it’s not even that much, don’t you? Why on earth… The former Chairman surely told you. He built the foundation so that the company would grow even if we just sat still. So why are you, for the sake of some politician… Ugh!”
As he spoke, Jo Yoon-tae clutched his nose and slumped to the floor. It was because of an ashtray that had come flying at him. Since it was a plastic ashtray, it didn't result in a shattered bone, but it was heavy enough to make Jo Yoon-tae’s nose bleed. Two droplets hit the floor with a soft thud. Soon, those droplets turned into dozens, then hundreds, as they began to spill onto the floor.
“Get out! Get out!” His pride wounded, Kang Jang-hwan threw everything he could get his hands on at Jo Yoon-tae, and eventually, Jo Yoon-tae had no choice but to leave the Chairman’s office.
‘Damn it! Why did the former Chairman have to pass the group down to a guy like that…!’
In fact, before the former Chairman passed away, Jo Yoon-tae had suggested that the group be passed to the grandson rather than the son. The reason, naturally, was his personality. As a close aide to the former Chairman who had watched Kang Jang-hwan cause trouble in his youth, Jo Yoon-tae was worried about the future of the Sinsang Group. At first, he suggested passing the group to the daughter, but he was nearly fired from his director position for it, and later, he suggested the grandson.
When he made this suggestion, the former Chairman was quite old, so instead of getting angry, he held Jo Yoon-tae’s hand from his sickbed and said, [You must assist Jang-hwan. He is my son, after all…?]
Recalling what was essentially the former Chairman’s last will, Jo Yoon-tae felt bitter, but he shook his head and steeled his resolve once more.
‘Damn it, where on earth is President Kang? They said there were no departure records… I have to find him. If I can’t find him, the Sinsang Group will be ruined.’
After receiving tissues from the secretary in front of the office to plug his nose, Jo Yoon-tae began to move hurriedly, leaving drops of blood on the hallway floor. His chest ached, perhaps from a cracked rib, and blood flowed endlessly from his nose. Yet, despite enduring such pain, Jo Yoon-tae could not find the place where Kang Seok-ho had been imprisoned.
In the American land where vast plains stretched out, Yoon-gi draped his right arm over Merrill’s shoulder and pointed at the plains with his left hand.
“Merrill, do you see that very beautiful mansion on the plain?”
There was no mansion to be seen. In a place that was literally nothing but plains, Merrill looked at Yoon-gi with a puzzled expression.
“I don’t see a mansion, let alone an anthill…?”
“That’s because it’s going to be built soon. Merrill, a nest for us when we are in America will be built there. A very beautiful mansion. And our family will be able to visit there anytime. The private jet my grandfather had in the military, the countless employees—everything will be housed in that mansion.”
“Yoon…”
“If you don’t like a mansion built from scratch, we could buy one that’s already built, right? Choose any mansion you want. I don’t care where it is, as long as it’s where you want to live, Merrill.”
Merrill could no longer hold back and leaned into Yoon-gi, and Yoon-gi held her, feeling her scent.
Then, Choi Deok-bae’s voice shattered the mood.
‘Are you not working?’
‘No, other grandfathers don’t express themselves so embarrassingly like you do.’
‘What about the fool?’
Watching Yoon-gi nod with a dissatisfied face, Choi Deok-bae began to praise himself. At least he wasn’t wrong. Yoon-gi was deep in thought about how to shut Choi Deok-bae’s mouth, when Choi Deok-bae proved his worth. It was information that could wash away all the annoyance he had felt until just now.
‘Kang Jang-hwan imprisoned Kang Seok-ho, didn’t he?’
Yoon-gi, having had a good idea, nodded quietly, and at that feeling, Merrill asked as if puzzled.
“Yoon, are you crying?”
A meeting gathered the key figures of the group. There, Kang Jang-hwan announced to his subordinates and employees once again.
“Our Sinsang Group’s plan remains unchanged. To pull down YK Department Store and take that spot for ourselves. That is the goal our Sinsang Group must pursue starting this year.”
At Kang Jang-hwan’s powerful words, all his subordinates clapped. Only a few knew that Kang Jang-hwan was doing this because of Kim Seong-pil. Therefore, they all thought Kang Jang-hwan was pushing this forward because he had the foresight and a plan.
“We will take all the military privileges that YK Department Store has, and furthermore, we will become the number one company in South Korea, the number one chaebol. And you all will receive treatment befitting the number one chaebol!”
[[[WOOOOAAAH!!!]]]
Thunderous cheers and applause erupted, and Kang Jang-hwan looked at his subordinates with a satisfied expression.
‘Did you see that, Seong-pil? This is how much power I have. No matter what happens, I will avenge your children.’
The image of that guy, Choi Yoon-gi of YK, kneeling before his friend Seong-pil. And the image of him being crushed underfoot—the canvas of Kang Jang-hwan’s imagination was suddenly crumpled by the door opening.
“Seo, Seok-ho. How did you…?”
The sight of his son, Kang Seok-ho, bursting through the meeting room door. Kang Jang-hwan’s brow furrowed as he confirmed the identity of the person next to Kang Seok-ho.
“Is it you?”
Jo Yoon-tae, whose nose bone had collapsed and was treated with gauze and medical tape, appeared. And he could see bandages inside his dress shirt, as if he had them wrapped around his chest as well.
“Yes, it is me. I cannot stand by and watch the group go to ruin anymore.”
Despite the pain of his cracked bones, Jo Yoon-tae stood tall and spoke to Kang Jang-hwan.
“Go to ruin! Ruin! Where is it going to ruin!”
The answer didn’t come from Jo Yoon-tae, but from his son, Kang Seok-ho. He looked haggard from being imprisoned for a while, but his eyes were sharp enough to overwhelm his father.
“Of course it will ruin! If we continue to compete with YK!”
“Didn’t I say we would win!”
At his father’s words, Kang Seok-ho turned his head and looked at the group in the meeting room, which consisted of his father’s subordinates mixed with some of his own forces.
“Everyone, you must be aware of the fact that Choi Yoon-gi, the actual owner of YK Department Store, has come to own an oil field worth one trillion won, right?”
It was already all over the newspapers. As everyone nodded, Kang Jang-hwan threw a tantrum again.
“We are three trillion! We are three trillion!”
“That’s total assets! What business are you going to sell to fight YK Department Store? And do you think you’ll get the proper value when you sell it?”
“Shut up! Shut up!”
Even with Kang Jang-hwan’s half-insane attitude, Kang Seok-ho continued.
“And everyone seems to look down on YK, but look at this.”
At Kang Seok-ho’s words, Jo Yoon-tae’s subordinates began distributing a report to the people.
“YK’s total assets have long since entered the top 100 groups. Of course, since most of those assets are luxury goods, it is true that they are undervalued compared to typical top 100 groups.”
“Yes, so isn’t that why I’m saying we’ll win!”
Kang Seok-ho ignored the shouting Kang Jang-hwan and continued.
“But YK’s terrifying potential is none other than its net profit. Their net profit is at a level that could enter the domestic top 20. And that’s for a non-listed company. On the other hand, our Sinsang Group’s net profit? It is certainly higher than YK’s, but it is by no means overwhelmingly so.”
The expressions of the people who read the report began to harden. Until now, information about YK was a kind of open taboo that only those in the know were aware of. But seeing it for themselves, they realized that YK Department Store was much more solid than they had thought.
“It is true that YK Department Store’s cash reserves are very low. As a non-listed company, it is thanks to extreme dividends and constant reinvestment. That is why Sinsang Group recently caused damage by poaching logistics drivers working at YK Department Store.”
This was also something that everyone here knew to some extent, but most had thought it was a preemptive strike to suppress YK. However, thinking about it again based on this information, most felt that the bright future they had imagined was suddenly fading.
“We will not lose.”
At Kang Seok-ho’s sudden, out-of-place remark, everyone looked puzzled, while Kang Jang-hwan’s face brightened.
“See, didn’t I say we won’t lose?”
“YK must have thought of this as well. If YK and Samwoo combine their strength, they won’t lose to Sinsang Group. However, if a fight starts, there will be massive damage. That will be the same for us as well. Two giant groups fighting at the cost of losses? There will be damage bordering on bankruptcy.”
“You bastard!!”
Finally, Kang Jang-hwan began to foam at the mouth and tried to rush at his son, Kang Seok-ho. But this time, Kang Seok-ho’s bodyguards subdued Kang Jang-hwan, and he was dragged out of the room.
“You bastards! Do you know who I am? Let go! Let go!”
“If Samwoo and YK combine their strength, a picture is painted where both will be ruined. But here, an oil field worth one trillion won has appeared in the name of YK’s actual owner. Then who will win?”
A scale was drawn in everyone’s minds, and the weight on that scale tilted decisively toward YK.
“I think you all understand now. Since my visit to the Chairman’s office last time, I have been imprisoned by my father, and my father, who knew everything, still tried to fight YK. All because of friendship…!”
At Kang Seok-ho’s words, as he trembled with anger, the expressions of the people hardened seriously.
“I will soon convene a shareholders’ meeting and a board of directors meeting to dismiss my father. Although I might be dismissed as well… I hope for your rational choice.”
With those final words, Kang Seok-ho left the meeting room, and only those remaining whispered to each other, anxiously predicting the future of the Sinsang Group.
Chairman Kang Seok-ho. Through the shareholders’ meeting and the board of directors, Kang Jang-hwan eventually had to step down from the Chairman’s seat. The person who sat in his place was, naturally, Kang Seok-ho. Kang Seok-ho was having an important conversation in the Chairman’s office with Director Jo Yoon-tae, who had become his new closest aide.
“That note that was in Director Jo’s mailbox. If it hadn’t been for that, our Sinsang Group would have perished.”
“That is correct. I don’t know who left it, though…”
The note containing Kang Seok-ho’s location of imprisonment. Because of the note left by Im Si-chan, the Sinsang Group escaped the crisis of ruin.
“It’s just a feeling, but I think I know who left that note.”
“Who do you think it is?”
Kang Seok-ho looked at Jo Yoon-tae instead of answering.
“Director Jo.”
“Yes, Chairman.”
Jo Yoon-tae was already treating Kang Seok-ho with the same respect he had shown the former Chairman. That meant he trusted Kang Seok-ho’s foresight that much. Because Kang Seok-ho knew this, he shared his honest thoughts with Jo Yoon-tae.
“In your opinion, Director Jo, what kind of result do you think will come from the incident our Sinsang Group caused this time?”
Jo Yoon-tae wore a bitter expression regarding Kang Jang-hwan’s errors, which he didn’t want to think about but had to realistically deal with.
“We will certainly have to pay a price… YK is fundamentally an entity that has special relationships with the highest levels of power. We at Sinsang launched a direct attack on such a YK. Fortunately, we won’t have to go to the ANSP, but there will certainly be a counterattack from the other side.”
“What do you think will happen?”
“The worst case is that they will label us as anti-communist and force the withdrawal of all Sinsang branches from overseas companies.”
Kang Seok-ho nodded.
“YK is certainly a group with the power to do that. If we don’t continue the fight, YK will have a justification. But if we continue the fight, it is inevitable that Sinsang will be ruined.”
Jo Yoon-tae’s expression darkened further.
“That is correct.”
“And the second worst thing that could happen is the banks demanding loan repayments. If the banks rise up all at once to demand repayment of Sinsang’s debt, our Sinsang will inevitably go bankrupt. Ah, now that I think about it, this is the worst.”
For a moment, Jo Yoon-tae looked horrified.
“Oh, no, is that even possible?”
“I looked into it a while ago, and they said that if the ‘Distressed Corporate Management System’ is implemented in earnest, they will use the companies’ debts to dismantle them in mid-air.”
“Haaah…!”
Jo Yoon-tae gasped and stepped back without realizing it. The debt of companies in this era sometimes reached 500 percent, making it a literal feast of debt. They would take out loans to expand their businesses. High bank interest rates meant that whatever business they did, they would likely succeed. Because of that, surprisingly, many companies went bankrupt. It was because they couldn’t get a loan when they needed more money, or they had no cash because they had too many businesses when they needed to pay back their debts.
“My father has done something more enormous than I thought. If he had at least competed fairly, YK would have had no justification. But Sinsang forcibly poached YK’s drivers, and that became the justification for YK to hold the sword. If you were Director Jo Yoon-tae, would you just let it pass when you had the chance to dismantle a competitor?”
“Ugh…”
In a situation more serious than he had thought, Jo Yoon-tae began to tremble and fell into deep thought about what to do.
“Director Jo.”
“Ah, yes. I’m sorry. I was thinking for a moment…”
At Jo Yoon-tae’s answer, Kang Seok-ho shook his head with a bitter smile.
“No, it’s fine. That can happen. But I want to hear your opinion on one thing.”
“What is it?”
“If you were the Chairman of the Samwoo Group, Director Jo, would you have the confidence to raise it to the top 10 within 10 years, based on the time when it was ranked 100th in the business world?”
Jo Yoon-tae shook his head without even thinking.
“It’s impossible. I don’t have the ability to do that, and the competitors around me all possess similar abilities, so how could that be possible? Even the former Chairman couldn’t achieve that level of growth.”
“Would I be able to?”
Jo Yoon-tae thought for a moment, then shook his head with an apologetic expression.
“It would be… difficult. I am truly sorry.”
“No, that kind of honest answer is good. Now, let’s get to the essence of the question. Director Jo, Sinsang just staying as it is and heading toward ruin, or entering under someone who is clearly more capable than us. Which do you think is more rational?”
Finally, Jo Yoon-tae realized Kang Seok-ho’s intention.
“But, if that happens, the Chairman’s prestige…”
Kang Seok-ho cut Jo Yoon-tae off at the right moment.
“But it’s better than the group’s people ending up on the streets overnight. And if my guess is correct, it could surprisingly be a good choice.”
“Are you sure we won’t be abandoned?”
“According to my investigation of ‘that person’s’ aides. Those who offer loyalty are certainly treated well… At least that’s how I judge it.”
Kang Seok-ho stood up as if it were time to put it into action.
“Prepare to go to the main house of the YK… no, the Samwoo Group Chairman.”