The People’s Representative?
"What do you mean, you have no assets to pass down? You are the chairman of a major conglomerate, after all." Unlike Choi Ki-hyun, who acted as if he were slightly offended but remained calm, Park Hae-chan was huffing and puffing, clearly in a state of extreme agitation.
"Ha! Do you think I don't know who we're talking about when we mention Samwoo? Why are you pretending not to know when you know everything! You've already passed down everything you could to your grandson through YK!"
"Heh, why would that be my property? It is my grandson's property. I did not build YK."
Choi Ki-hyun was stating a 'fact.' However, there was not a single person in the room who would accept this as the truth. To them, it simply looked like Choi Ki-hyun was toying with Park Hae-chan.
"Ha, do you expect me to believe that? You built YK from the ground up! It seems you think you've reached a certain level of success and now want to weaken the rest of us chaebols, but do you really think you can stay in that position after doing this?"
"How does the Chairman know that?"
Choi Ki-hyun looked at Park Hae-chan with a puzzled expression before turning his gaze elsewhere. As if prompting him to take a look around, Park Hae-chan followed his gaze. A moment later, his eyes landed on JD.
"Your Excellency, are you really planning to listen to Chairman Choi?"
Park Hae-chan was incredibly brave. But perhaps he had no choice. Park Hae-chan was in his mid-70s, and he was currently in the process of working to pass the chairmanship to his son. In such a situation, having Choi Ki-hyun present an amendment that directly targeted him made it impossible for him not to be agitated. If that bill were passed? It was obvious that Haeseong would plummet from its current third-place position. In short, it meant the downfall of Haeseong. Since the situation would be the same whether he sat still and fell due to the amendment or died while ranting in front of JD, Park Hae-chan chose to act aggressively.
"Your Excellency!"
Frustrated by JD, who was staring at him silently without answering, Park Hae-chan called out to him again. But it was Choi Ki-hyun who answered.
"Chairman Park, I am very curious. Aren't you acting this way because of 'succession'?"
Perhaps feeling that he could communicate with Choi Ki-hyun, Park Hae-chan's emotions softened slightly. "Yes, that's right. How can someone who knows that propose such an amendment?"
However, Choi Ki-hyun was not speaking to appease Park Hae-chan.
"That is strange. Why do you say this amendment threatens succession?"
"Are you asking because you don't know? Do you really not know how much tax we have to pay to the state if we inherit through normal means?!"
Park Hae-chan knew this wasn't something to say in front of JD, but he had no choice but to speak his mind. Because without saying it, he couldn't explain the situation. Once the dice were cast, he had no choice but to move, whether it was one space or six.
"Why does paying taxes cause the right of succession to collapse? That is strange."
Choi Ki-hyun's counter-question was, in a way, natural. Articles criticizing the unfairness of taxes while citing 'management rights' poured out endlessly even in the 2010s. But it was nothing more than nonsense.
"Inheritance tax doesn't have to be paid in a lump sum, and your assets aren't entirely made up of stocks. You can dispose of physical assets and real estate, or increase dividends as a major shareholder to pay the taxes with those dividends, so why are you so excited?"
"No, what is that..."
Just as Park Hae-chan was about to say something, Choi Ki-hyun continued even faster. And firmly, at that.
"The very act of going public is an admission that the company is no longer yours!"
"What are you talking about! I built Haeseong!"
Park Hae-chan began to lose control of his emotions again, his veins bulging.
"You may have built Haeseong! But once you went public, you sold the rights to the company to the general public. If you became the third-largest conglomerate by going public and selling shares, shouldn't you have thought about paying inheritance taxes? If you were so afraid of management succession, you shouldn't have gone public!"
Choi Ki-hyun's words hit exactly on the parts that chaebols desperately tried to ignore, and the parts that the common people didn't know well. That's right. The moment a company goes public, it is no longer an individual's property. While one might operate it like a private company if they hold a large stake, the very purpose of going public is to drive up the value of the stock and sell the shares one holds. Therefore, going public is the same as giving up individual ownership.
Even in the 2010s in Korea, they kept scaring the country as if it would collapse due to 'management crises,' but in reality, this was nothing more than media play. Media play by the rich to avoid losing their wealth.
"Do you think you have the right to say such things to me? As I said before, you can say that because you have no assets to pass down! Your main body is YK!"
Thinking he had landed a proper attack, Park Hae-chan wore a satisfied expression for a moment. However, only a sneer hung on Choi Ki-hyun's face.
"Then, why didn't you do the same, Chairman?"
"What...?"
"Didn't you hear me? You could have done as I did. Why are you blaming me for your own lack of ability?"
"Ugh...!"
In the end, Park Hae-chan, who hadn't even broken even, thought he couldn't win against Choi Ki-hyun and turned his head back to JD.
"Your Excellency! Please say something! Do you really intend to pass this insane amendment?"
However, this 'small rebellion' of Park Hae-chan was settled by JSD.
"Your Excellency, I will handle this well."
JSD's low voice as he stared at Park Hae-chan. At that sight, Park Hae-chan felt as if his heart had stopped for a moment. But it was surprisingly JD who saved Park Hae-chan.
"Now, a proposal is not something to be decided on the spot. It just means we need time to think. So, we will give an answer to this proposal at the next luncheon."
It wasn't because JD was a gentleman that he said this. 'YK said they would provide full support, but I need to see how the other chaebols react.' Although he had seized power through a military coup, JD hadn't achieved everything in his life by luck. Regardless of the method, he was someone who had climbed to the pinnacle of the political scene, often called a 'living organism.' Therefore, rather than siding entirely with Choi Ki-hyun, he chose to observe the situation to see which side would benefit him more. In any case, siding with Choi Ki-hyun meant making most of the chaebols his enemies. If so, depending on the circumstances, JD could stand on the side of the 'majority of chaebols.' Depending on the conditions they offered.
And there was not a single person in the room who didn't know JD's true intentions.
"Thank you for doing that, Your Excellency. Furthermore, I apologize for my rudeness here today."
Following Park Hae-chan's quick apology, Choi Ki-hyun also bowed his head toward JD to apologize. "I apologize as well."
"Well, don't days like this happen when discussing important matters? Anyway, it seems you've all finished your meals, so let's call it a day."
JD's order to leave. The chairmen leaving the Blue House, with the exception of Choi Ki-hyun, moved together and decided to hold a meeting at a new location.
* * *
"Surely none of you agree with the words of that senile old man, right?"
Everyone nodded at Park Hae-chan's words.
"Of course we must oppose it. Everyone was just afraid of His Excellency on the spot, so they couldn't speak, but everyone must be on Chairman Park's side. Isn't that right, everyone?"
Chairman Yang Yi-yoon of the 5th-ranked Kangshin Group supported Chairman Park Hae-chan.
"I am the same. Honestly, I don't know how happy I was to hear Chairman Park's words on the spot. Chairman Park is truly the representative for all of us."
Han Ho-jun, chairman of the 2nd-ranked Cheonma Group, also supported Park Hae-chan. With the 2nd and 5th supporting him, would the others be any different? In the warm atmosphere, everyone entered into the main agenda.
"I, Park Hae-chan, believe that we must all join forces for this matter."
Chairman Yang Yi-yoon nodded immediately. "I think so too. We are already suffering because of inheritance taxes, and if the methods related to foundations are also blocked, we cannot survive."
Chairman Han Ho-jun also agreed and added his support. "I am the same. We have dedicated our bodies and minds to the nation and the people until now, and now they want to tighten the noose around us? This is nonsense. This is all because Chairman Choi has gone senile."
Jung Woo-ho, chairman of the 8th-ranked Haeshin Group, who had been listening to them, nodded.
"This is Chairman Choi throwing down the gauntlet at us. Anyway, the inheritance tax Chairman Choi has to pay is very small. If His Excellency accepts this amendment, Chairman Choi will be able to surpass all other chaebols. He probably aimed for that."
A cold analysis. Thanks to this, the chairmen became even more heated.
"That's why we need to join forces. I want to kill him, but because of his connection with the ANSP Director, I can't..."
At Park Hae-chan's words, Chairman Yang Yi-yoon also sighed and nodded. "That's right. The ANSP Director is the biggest headache. In the end, it means we have no choice but to win through a frontal attack."
"What do you mean by a frontal attack?"
"It's simple. His Excellency is still withholding judgment. That means it depends on who brings the more delicious reward."
"Phew, His Excellency is too greedy. How much more does he intend to squeeze out of us before he comes to his senses?"
Chairman Park Hae-chan's words were close to blasphemy by the standards of the era, but no one refuted him. Because as long as JD did not draw a clear line with Choi Ki-hyun, JD could never give a good impression to them either.
"First, the simplest way is for us to give His Excellency cash. A huge amount of cash at that."
At the words of the 2nd-ranked Chairman Han Ho-jun, Chairman Park Hae-chan sighed again.
"Phew, we've already paid a huge amount in donations, and now you're saying we have to give him cash that can't even be processed as tax?"
"Don't we have no choice? If we create an amount that YK can never follow and give it to His Excellency, His Excellency will have no choice but to take our side."
Most were in a positive mood at Chairman Han Ho-jun's words, but only the 8th-ranked Chairman Jung Woo-ho tilted his head. The Haeshin Group, which rose to 8th place after the Shinsang Group was disbanded due to the insolvent company management system. As if to prove that rising to 8th place was not just luck, Chairman Jung Woo-ho hit the nail on the head.
"Are you confident you can win a chicken race with YK in cash? It's not in Chairman Choi's name, but he owns oil fields in the US and is making massive profits through YK Department Store and Japan's Segawa Japan Commodity. If he raises cash through these, we won't stand a chance. If we want to make it a game..."
Jung Woo-ho looked at Kim Nam-ik, the chairman of the Daeyoung Group, the number one chaebol in the country, and continued.
"The power of the Daeyoung Group is absolutely necessary. You haven't said a word so far, what are your thoughts, Chairman?"
Kim Nam-ik, chairman of the Daeyoung Group, currently in his late 50s. Although he was young by the standards of chairmen, it was Chairman Kim Nam-ik's own power that made the Daeyoung Group number one. Having faced so many hardships and storms, his hair had turned completely white even in his late 50s. Along with deep wrinkles. His appearance certainly didn't look like someone in his late 50s, but his voice did not lie about his age.
"I..."
Just as everyone was holding their breath to listen, the Daeyoung Group chairman made a shocking declaration.
"I will not be involved in this matter."