The Chaebeol’s Youngest Son Chapter 213

[213]Devastated Room 1

“so? “Who took your shares?”

“It’s my brother.”

“I’m glad.”

Vice Chairman Jin Jin-gi suddenly shouted at Chairman Jin, who spoke as if he was a spectator.

“father!”

“Hey! Be thankful that you didn’t escape. “What would have happened if the wrong guy had taken the share of Sunyang?”

To my father, the difference is just the size of his left and right pockets. His vibrator had to change his father’s mind.

“There’s still plenty of time to get it back.”

“Enough time but not enough money?”

“yes.”

“so? “You’re not really asking me to give you that little money, are you?”

“I’m sorry, father. Please help me just this once.”

“I have no money.”

Chairman Jin walked away, not paying attention to what his son said. The inside of the vibrator, which was chasing my father as he walked in the garden, turned black. The last rope is about to break.

“What did I say when I liquidated the group shares? “You said you wouldn’t get involved even if everyone ruined it, right?”

The vibrator made my mouth tingle, but I gritted my teeth and held it back.

Money, not equity!

The money has not been handed over yet. Even a toddler knows that trillions of won worth of money is lying dormant somewhere far across the ocean, and the problem can be solved by taking out just a portion of it.

However, talking about overseas slush funds is a taboo. My pride did not allow me to act like a childish person whining for money.

“Ah, father. I would like to ask you this. “I won’t ask for money, so please at least call the bank.”

“bank? Shake it off. my money… .”

“That’s not it. “Please at least arrange a loan.”

Chairman Jin, who had been taking steps, turned around and shouted.

“There is no way. Nowadays, all the bank presidents in Korea are in trouble. The government is investigating these guys with open eyes, so do you think unfair lending is even possible? “Don’t you have any collateral?”

This is too shabby an excuse for rejection.

He didn’t even ask me why I lost my shares. It means you already know the inside story.

The vibrator felt dizzy.

Chairman Jin called his son, who was horribly disfigured.

“It’s motivation.”

“… yes.”

“You’ve never had a difficult time until now, right?”

I couldn’t decide what answer to give. He worked at the company for nearly 30 years. When he was young, he went from company to company and did all sorts of things, but he found the fun of work from the moment he grew up.

How has it not been difficult since then?

But now it is not a difficulty but a crisis. It’s also a crisis that could lead to being kicked out of the Sunyang Group.

“father. “No matter how much I walked on the flowery path that my father laid, how could I have never experienced hardship?”

“It’s a life-threatening risk.”

That’s right now. Are you asking knowingly?

This too was not said out loud.

I lost my life-threatening group shares. If the older brother secures a majority stake, he will be kicked out of the Sunyang Group headquarters building. And he has to live like a corpse.

Chairman Jin sighed when he saw his son keeping his mouth shut.

“The saying that a crisis is an opportunity did not just come out. Get over this difficult time now with your own strength. Then your older brother Yeonggi will be shaken.”

I know what you mean, but there is no way to overcome the crisis.

The vibrator took out the last card. It’s about throwing away everything you have.

“To get through this crisis, I have no choice but to borrow money using all of the remaining group shares I own as collateral.”

“Anyway. “Isn’t that the only thing you have that you can use right now?”

As Chairman Jin spoke without thinking for a single second, the vibrator felt as if blood was being drained.

I was abandoned.

His father abandoned him.

This does not mean that the shares of affiliates will be used as collateral. He said he was putting his controlling stake in the group up as collateral, but his father didn’t even blink.

I know very well that you are not the kind of person who will just sit back and watch Sunyang’s control become collateral for a bank.

The moment his shares go into the bank, his father will get them back. And he will pass it on to someone else.

That someone is either a brother or a nephew.

Now the last remaining means are blocked.

The vibrator said nothing, just bowed its head and walked away.

Chairman Jin clicked his tongue as he looked at the helpless back of his second son.

“You don’t even know who the person stabbing with a knife is, but you threaten your father. “Tsk, tsk.”

* * *

Entry to the conference room in the annex of the Central Government Complex, which was completed in December last year, was strictly restricted except for a few officials.

Today, the newly launched government stands at an important crossroads that will determine whether its decision will succeed or fail. If the results of today’s meeting are not good, it will remain as a case of failed policy for the next five years, or forever.

That’s not all. The business community, which sees this as an opportunity, will counterattack by claiming that the government’s immature response destroyed a healthy company.

Any checks or sanctions will become impossible in the future.

The attendees of the government meeting who knew this well, namely the Vice Minister of Finance and Economy, the Senior Secretary to the Blue House for Economic Affairs, and the First Director of the Financial Supervisory Service, had solemn expressions.

There were middle-aged men who were just as nervous as these people.

They are creditors of Sunyang Card. Executives from financial and investment companies who were responsible for Sunyang Card’s short-term liquid funds were summoned to this event, regretting their delay in not taking action sooner.

If the government’s coercive sanctions continue, their bonds become nothing more than scraps of paper. However, they sent a look with a glimmer of hope to one of the meeting attendees.

The only person in this conference room who wasn’t nervous, a man who looked like he was about to have a chat. It was Oh Se-hyun, CEO of Miracle.

Isn’t this the savior of the business world, taking over insolvent companies and putting them back on track? The fact that he was here was a hint to what the government’s blueprint was.

“First of all, I would like to say thank you to everyone who took this difficult step. “I hope that today’s meeting ends meaningfully.”

“There are now 18 hours left until Sunyang Card’s business is suspended. The best outcome is to cancel the business suspension, and the next best outcome is to minimize the business suspension period. and… . The worst thing is going out of business.”

As soon as the government officials finished speaking, Sunyang Card creditors complained.

“I believe there is a solution for our tied up funds.”

“Actually, shouldn’t you at least let us know about these emergency measures before they are announced? “It’s so absurd, Won.”

The Financial Services Commission’s first policy director, who had been silently listening to their complaints, slowly opened his mouth.

“When lending money, private lenders also prepare a clear recovery plan. Those people here… . “Even though it is Korea’s leading bank, didn’t it just buy short-term bonds based on the name Sunyang?”

When no good words came out of the mouth of the first director of policy, the faces of financial executives hardened. It occurred to me that perhaps today’s measures might not include a plan to collect debts.

“When lending ten million won to an ordinary person, you are the ones who lent tens of billions of won on credit alone while establishing a clear recovery plan by calling yourself a collateral or guarantor. Should the government even play the role of a troubleshooter who goes around trying to get money?”

It was a statement that gave a glimpse of the government’s clear will. In any case, the financial sector will have to bear the brunt of the losses caused by the cruise card incident.

Suddenly everyone fell silent and politely lowered their eyes. The attitude of executives at financial companies has changed to the point where they are just waiting for a disposition. The government has enormous influence on personnel decisions in the financial sector, so it is inevitable.

“Come on, there’s still plenty of time to say harsh words. “Let’s start with something hopeful.”

The Blue House Senior Secretary for Economic Affairs looked at Oh Se-hyun and said.

“There are exactly two things that everyone gathered here must decide within 18 hours. First, what do we do with malicious consumers who are unable to pay with their credit cards? Second, what percentage of recovery rate are the financial sector officials here satisfied with? Isn’t this it?”

Oh Se-hyun began speaking to executives in the financial sector.

“If you ask me to take responsibility for all short-term bonds, I will stand up. As the Director of Policy said a moment ago, those of you who threw money in Sunyang’s name must also be held accountable. That responsibility is the recovery rate.”

Oh Se-hyeon paused for a moment and then smiled.

“Think carefully before you speak. There is no push-pull negotiation. I believe you all know that the government’s will is firm. If I refuse to take over the Sunyang Card, the short-term receivables of the Sunyang Card you currently have will become dormant. “If you want to prevent this kind of tragedy, please move my heart.”

In the past, this would be a statement that could be snorted and ignored.

But everyone swallowed their saliva and exchanged glances.

Five years ago, the IMF left a clear example. Even a bank that was thought to be an impregnable castle can fall and collapse depending on external influence.

Of course, the bank will not collapse to the extent of the current short-term credit card debt, but it will continue to grow. Insolvent credit card companies are waiting for them.

The same goes for investment companies other than banks. An insolvent credit card company is waiting for them with a number. Investors are already withdrawing their funds. It is the duty of the executives attending this meeting to reassure them.

Everyone knows it. Rather than holding on to a piece of toilet paper, it is better to salvage it at least as much as possible.

Those who had been silent opened their mouths.

“Oh, CEO. “Let me check one thing before that.”

“yes. “Please tell me anything.”

“If you say something like that, can I take it to mean that you have secured the management rights of Sunyang Card?”

“We will decide after looking at the results of today’s meeting. If I get satisfactory results, I will buy all of the Sunyang Card sales that are pouring into the stock market tomorrow. Then, by securing 40% of the shares, you become the largest shareholder. And if we combine the shares held by the financial sector, we immediately secure management rights.”

Oh Se-hyeon looked at all the attendees at the meeting and expressed confidence.

“One more thing, if the performance is good, I am willing to take over even the shaky Daehyun Card. “I hope this fact will be of some help in your decision.”

Now, the standards for determining the bond recovery rate have changed. If Miracle acquires Daehyun Card, it will save some more bonds that may become waste.

“Please excuse me for leaving the room for a moment to make that decision.”

Financial executives briefly bowed their heads and then left the conference room.

As soon as they left, the Senior Secretary for Economic Affairs, although in a low voice, poured out the words he had been holding back like a waterfall.

“Oh, CEO. “Is this true?”

“What do you mean?”

“Have you purchased Sunyang Card’s stock yet? “Is this different from the promise?”

His complexion was already turning red.

The Blue House does not want Sunyang Card to suspend its business.

If the bond issue was resolved today, the plan was to announce that the Sunyang Card situation had been resolved instead of suspending business 18 hours later. Isn’t it the early days of the administration’s administration that it desperately needs to be evaluated as having resolved the crisis very smoothly?

The premise of today’s meeting is that Miracle will take over Sunyang Card. However, Miracle, which has not yet taken over management rights, is not qualified to attend this meeting.

“We have already secured 42%.”

“ah… !”

“If Miracle has already taken over Sunyang Card, those people will come out as doublers.”

Oh Se-hyeon pointed outside the conference room.

“I will do my best to normalize the acquired credit card company, but I cannot bear all the losses alone. Those who poured out money on a spending spree should also be held accountable. And that’s the responsibility, sir.”

The corners of Oh Se-hyun’s mouth rose as he looked at the Senior Secretary for Economic Affairs.

“Responsibility is not a moral responsibility. You lose economically. “Only when the money is broken can you reflect and feel responsible.”

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