The Third Force, Daeyoung (3)
Kim Nam-ik, who had been watching Choi Hee-doo’s phone call, was just as shocked. To be labeled as a company under management for insolvency? This meant that Daeyoung would end up exactly like Shin-sang, which had been crushed not long ago.
“No, Director. What exactly does that mean?”
However, Choi Hee-doo was finding it just as difficult to accept the reality of the situation.
“W-wait just a moment.”
After exchanging a few more words while still holding the receiver, Choi Hee-doo hung up and looked at Kim Nam-ik with a devastated expression.
“I don’t know the details either. But... it is true that Daeyoung Group has been placed on the list of companies under insolvency management.”
“This is insane!”
Kim Nam-ik didn’t say another word to Choi Hee-doo; he stormed out of the office.
“Father! We have a huge problem!”
As soon as Kim Nam-ik entered the chairman’s office, his son, Kim Jung-tae, who had been waiting, stood up from the reception sofa and shouted.
“What on earth is happening right now?!”
Usually, Kim Nam-ik maintained an indifferent expression. But faced with a situation where his company—no, his entire group—could be wiped out overnight, he couldn’t keep his composure.
“The government didn’t give us a detailed explanation. They only said we’ve been placed under insolvency management and that if we don’t settle our current debts quickly, we’ll go bankrupt...”
“This is madness! How am I supposed to resolve that kind of debt right now!”
The debt ratio of chaebols in this era was a baseline of 500 percent. To put it in terms of a building owner, it was like someone owning a building worth 1 billion won but having taken out 5 billion won in loans. And this massive debt held by the chaebols would eventually explode in 1997, becoming the primary cause of the IMF crisis. Of course, it wasn’t the companies that had to pay that debt back, but the citizens.
“We have almost no time. Two weeks... they said we have to settle the debt within two weeks. Father, what should we do?”
Kim Jung-tae, Kim Nam-ik’s eldest son, was talented enough to be his father’s favorite. But even he was currently unable to perform his duties as a staff member. The fact that Daeyoung was under insolvency management had already been broadcast. Stock prices were plummeting, and the pressure from creditors was reaching an extreme level.
“Wait! Quiet!”
Kim Nam-ik’s brain began to spin furiously. Why was Daeyoung placed under insolvency management? What could it possibly be?
Without even sitting down, Kim Nam-ik paced, his mind racing, until he finally let out a sigh that sounded like a lament.
“Ha... I’ve been had. I’ve been played. The fact that we won the lawsuit this time was all part of a scripted drama.”
“Father, surely...”
Kim Jung-tae, who had grasped the situation at his father’s words, looked at Kim Nam-ik with trembling eyes.
“Yes...”
Kim Nam-ik sat down and continued.
“Our Daeyoung won the civil and criminal cases this time. Up to this point, we achieved our goal. But what if Daeyoung is placed under insolvency management and goes bankrupt?”
“We would effectively be unable to receive compensation from the civil lawsuit against the company.”
The most important thing in this lawsuit wasn’t the civil or criminal cases against individuals. The ultimate goal was to extract massive damages from the target company. In fact, Daeyoung had won the third trial and was in a position to receive a staggering amount of money. But if Daeyoung went bankrupt and the legal entity disappeared, the opposing company’s obligation to pay would vanish. Why would they pay damages if the entity they were supposed to pay no longer existed?
“I never thought Chairman Choi was such a strategist... I thought Chairman Choi would side with us, or at least with the other chaebols. But to think he would stab both us and the chaebols in the back like this...”
If the opposing chaebols had won the first, second, and third trials, Kim Nam-ik would have formulated a new strategy. But they had won the second trial, the third trial had gone well, and they had ultimately won. Or rather, they thought they had won. But.
“If it comes to this, the civil and criminal lawsuits against the individuals are also meaningless. This must have been Chairman Choi’s goal all along...”
“His goal must have been to throw all the chaebols who were hostile to him into prison, and the civil lawsuits we filed against them...”
Kim Nam-ik finished the sentence for his frustrated son, Kim Jung-tae.
“Yes... it won’t proceed as quickly as it did this time; it will surely drag on. To the point where we can’t endure it. Damn it! He pretended to support the chaebols, but in reality, he screwed over both us and them!”
“Chairman Choi... he seems to be a much scarier person than we thought...”
Kim Jung-tae, plunged into despair, slumped onto the sofa. He looked as if all the strength had drained from his body, and Kim Nam-ik was no different.
“We won, but we didn’t win... We won, but we didn’t win...”
As Kim Nam-ik repeated the same words, his son, Kim Jung-tae, managed to gather a bit of strength and spoke up.
“Father... what should we do now? If we can’t cover the debt, Daeyoung will... disappear. Even the money left with JD...”
Kim Nam-ik shook his head.
“No, that would be meaningless. There’s a high chance JD will just take the money and not listen to us... My god... to think he would wipe out Daeyoung, the number one company in the business world, with this insolvency management label...”
Hearing his father, Kim Jung-tae asked, as if he couldn’t comprehend it at all.
“Father, why on earth is JD going this far? Even if he is close with YK, it’s unthinkable to wipe out Daeyoung, the number one company in the country. If we disappear, it will immediately affect the GDP and GNP; I truly cannot accept this.”
Listening to his son’s voice filled with indignation, Kim Nam-ik recalled one fact. The reason JD took such an extreme measure. It wasn’t just because he was close with YK.
‘I was too hasty...’
Along with this lawsuit, there was one agenda Kim Nam-ik had been pursuing without anyone knowing. Finally remembering it, Kim Nam-ik bitterly regretted his mistake.
“Those sons of bitches. How dare they forget our grace and plot such things?”
JD, who was in his office, read the report on Daeyoung Group’s insolvency management and continued.
“How do you think it will turn out?”
The Chief of Staff, who received JD’s question, nodded with extreme tension.
“It doesn’t look like Daeyoung has any possibility of repaying the debt. In the first place, the average corporate debt of 500 percent is something Your Excellency has been allowing out of generosity.”
Companies in this era could receive an enormous amount of loans. And through those loans, it was possible to expand their power aggressively. However. The moment they caught the eye of the regime, they were crushed for any reason. Shin-sang was proof of that. Then what about Daeyoung? There was a reason for everything.
“To think they dared to apply for naturalization in Vietnam... That guy didn’t just have guts; he had none at all. Kim Nam-ik... that senile old man to plot such a thing.”
“I didn’t expect it either. Naturalization in Vietnam. And seeing as he was disposing of his assets one by one, it seems he intended to move to Vietnam the moment the naturalization was approved.”
“JSD finally earned his keep for once. I wondered why this old man wasn’t siding with the other chaebols, but he had his own schemes. Wait...”
Suddenly, JD’s face twisted.
“Could it be that the old man was the one who publicized this amendment in the newspapers?”
The Chief of Staff reacted in a way that was neither confirmation nor denial. Because he truly didn’t know.
“Well... it’s certainly not impossible, but I think there’s insufficient evidence to arrest him for it. It’s true that Chairman Kim Nam-ik committed some absurd acts, but strictly speaking, he didn’t commit any ‘illegal’ acts...”
“Damn it! That slippery old man!”
JD slammed his desk, calmed his excitement for a moment, and then spoke to the Chief of Staff.
“The civil and criminal cases Kim Nam-ik filed against the chaebols, the third trial is finished, right?”
“That is correct.”
In fact, JD hadn’t been very interested in the lawsuit between Daeyoung and the other chaebols. It wasn’t a matter that would bring him money. However, there was now a reason to pay attention. He had recognized Kim Nam-ik as a complete enemy.
“Drag out the civil case as much as possible. And once Kim Nam-ik becomes a Vietnamese citizen, create a situation where there’s no problem even if the defendants don’t pay. Understand?”
“I understand.”
Additional orders followed to the nodding Chief of Staff.
“And for the criminal cases, handle all those who were sent in this time with retrials. If the Chief Justice says that’s a bit difficult, just pardon them appropriately with a special amnesty.”
“I will do that as well.”
“It’s nice that you don’t have excuses like JSD.”
“Thank you.”
JD leaned back in his chair with a satisfied expression. A posture that looked comfortable to anyone. Because of that, JD truly couldn’t have imagined it. The fact that JSD was wiretapping every single word he said.
“No, how could you do this?”
At Choi Hee-doo’s words, N bowed his head as if he had no face to show.
“I’m sorry... I really... couldn’t have imagined it. That JD would do such a thing...”
Choi Hee-doo, who had been angry, was flustered by N’s apology, which seemed sincere.
“No, it’s not that. I’m not saying this because of you, senior. I’m just... talking about His Ex... no, about JD.”
The word ‘JD’ came out of Choi Hee-doo’s mouth instead of ‘Your Excellency.’ This meant that his loyalty to JD had faded significantly. Therefore, N was certain he had achieved his goal.