[214]Devastated room 2
The civil servants came to their senses at Oh Se-hyeon’s cold-hearted words.
It is not only the financial sector that must take economic responsibility. The same goes for ordinary consumers who swipe their cards on a whim.
“Oh, CEO. So what do you plan to do with credit card delinquent borrowers?”
“Will the government write off our debt?”
“no. There are no plans yet. If it were a living debt, I would try something, but this is a credit card. “I am afraid of public criticism of moral laxity and other issues.”
“If the government won’t get involved, I will take care of it. “You don’t have to worry about it.”
The Blue House Senior Secretary for Economic Affairs looked perplexed. If Oh Se-hyun tries to force too many recoveries, this will also be a burden.
“Are you planning on selling bad debt? “For a company that specializes in that kind of thing.”
Those companies specialize in so-called ‘credit information’.
They purchase bad debts that credit card companies, commercial banks, mutual savings banks, and installment finance companies have given up on collecting, at an average price of 30% to 10%.
They then mobilize employees who specialize in debt collection and pressure debtors to a level similar to private loan sharks to collect money.
Now is the heyday of these credit information companies.
The number of credit delinquents is approaching 3 million, and the amount of bad debts that credit card companies have already written off as losses amounts to 4 trillion won, and an amount exceeding 2 trillion won will be written off as losses in the future.
The total arrears of individuals with credit delinquency of less than 100 million won amounted to 44.7 trillion won, and the arrears of savings banks and installment finance companies alone exceeded 4 trillion won.
The Republic of Korea in 2003 is a delinquent republic.
“of course. Sunyang Card’s debt collection staff alone cannot solve the problem. I don’t plan on losing even 10,000 won on this deal. “I plan to sell bad debts in response to those whispering outside.”
This means that if the financial sector holding short-term bonds sets a recovery rate of 30%, it will sell all overdue amounts at 30%.
“Don’t fall into an unnecessary sense of victory. The Cruiser Card is just the beginning. It is said that all eight credit card companies are fighting for their lives against credit delinquents, although there are only slight differences. “If the current government has made a bold decision, it must show that determination until the end.”
Oh Se-hyeon said while looking at the embarrassed expressions of the public officials.
“If you think about the next election and implement a policy to help delinquent delinquents, they will rush in like a pack of wildcats to demand that you take responsibility for tens of trillions of trillions in arrears. “Card companies and financial institutions, including me, are turning into those cats.”
When public officials were unable to open their mouths, financial industry officials crowded into the conference room.
Seeing their stiff expressions, Oh Se-hyeon spoke first.
“Before you tell me the results, please know this.”
The eyes of everyone in the conference room turned to Oh Se-hyun.
“The moment the acquisition of Sunyang Card is decided, I will hand over all malicious delinquent amounts to the credit information company. And I would like you to introduce the credit information company.”
In an instant, the eyes of financial executives changed. Greed seeped in.
Whether they know it or not, banks have credit information companies. It is created by former executives and employs employees who were fired from the bank as debt collectors.
Current executives also invest in these companies and make a lot of money. If collection is done well, the bank’s loss is the credit information company’s profit.
They exchanged glances with each other.
“Oh, CEO. “This is our decision.”
They handed Oh Se-hyeon a note paper folded in half.
“If you negotiate with us regarding collection, we will pay a little more attention.”
Oh Se-hyeon checked the note and put it in his pocket.
“Please prepare the contract. There isn’t much time left, right? “I will do everything in it.”
As Oh Se-hyeon stood up, the 1st Director of Policy said.
“What is it? “You need to tell me how the recovery rate was determined.”
“Director. This is confidential between companies. I don’t need to tell you, and you don’t need to know. And doesn’t the government just need to get one pledge?”
When Oh Se-hyun fired back, Director 1 looked embarrassed.
“We will normalize all Sunyang Card services within 48 hours. “Isn’t this enough?”
Oh Se-hyun, who was about to leave the conference room, tapped his head and turned around.
“Oops, I forgot something.”
He came to the Blue House Senior Secretary for Economic Affairs and whispered something in his ear.
“Please take a close look at how I organize the Sunyang Card, and if you are satisfied, please entrust me with the Daehyun Card as well.”
The Senior Secretary to the President for Economic Affairs was unable to even say hello to Oh Se-hyeon as he was trying to determine whether he was an ally or an enemy while looking at his unpredictable behavior.
* * *
Vice Chairman Jin Jin-gi checked the documents in front of him several times and was devastated, unable to say anything.
“I came here because I was wondering if there was a need to hold a general shareholders’ meeting. In fact, the only thing that changes is that there is no connection between the vice president and Sunyang Card.”
It was Oh Se-hyun’s voice that showed no emotion.
It felt as dull as a number on a document, without the arrogance of a winner or the regret of taking away the company.
“Then why did you bring this to me? You don’t have to tell me. All you have to do is report changes in major shareholders… .”
“I would like to discuss a few things.”
“discussion? “Didn’t you just say that you have no connection with the cruise card?”
“There is only one thing left. “It is called Sunyang.”
At first I didn’t know what it meant. But I soon realized that I didn’t want to give up the name Sunyang.
“Let’s go right away. “What do you want?”
“How about joining hands with me?”
“what?”
Vice President Vibrator’s upper body, which was leaning on a chair, bounced like a spring. What does this mean again?
“As you know, Miracle holds a 16% controlling stake in the group. ah… . Of course, I’ll have to check again. I don’t know how the two vice presidents modified the shareholding structure. But I expect it to be at least 15% or more.”
“So?”
“Soonyang Card is completely separated from its affiliates. If you are asked to move out of the group headquarters, you will have to pack your moving bags. “If I tell you not to use my name, I have to change it.”
“You don’t want to change your name or move?”
“yes. I just want to sit here. Because company employees are also afraid of change. If the name Sunyang remains the same and the location of the workplace does not change, you will feel at ease. In fact, what does it matter to the people who is the king? “As long as making a living remains the same, I don’t really care who the major shareholder is.”
Vice President Vibrator’s eyes sparkled.
“Does that mean there will be no change in management?”
“I want to avoid major changes. I plan to cut some foolish people who looked at this credit card situation with complacency… .”
Only major shareholders change.
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Even if Vice Chairman Jin Jin-gi had held the cruise card, some of the executives responsible for this situation would have been blown away anyway.
“Then what do you mean by joining hands with me?”
“As a result of this, didn’t 7% of your shares end up in the hands of your older brother, Vice Chairman Jin Young-ki? “The support base within the group will be shaken a lot, but I will support you so that it does not shake.”
“So, you will protect me with Miracle’s 16%?”
“It’s not 16%. Now it’s 23%. “The shares you put up as collateral will be returned.”
Vice Chairman Jin Jin-gi closed his eyes tightly.
I lost both the company and its shares, and I forgot that the guy in front of me was picking them both up.
Himself 26%, Miracle 23%… .
Now he has risen to the same level as himself.
The vibrator opened his eyes that had been closed for a while.
This isn’t just about keeping the name and not moving.
If Miracle supports him, he will immediately secure 49% of the shares. Only 2% for more than half.
To that extent, all you need to do is attract a few executives. The tide turns in an instant. And don’t you have a nephew?
If 10% of Jin Do-jun sides with him, he can kick out his brother right away.
“Hey, CEO Oh. Hand over the voting rights of that share to me. I’m not asking for a share. I only have voting rights… .”
The vibrator had to close its mouth because Oh Se-hyun was smiling and raising his hand. It means a clear rejection.
“When I asked to hold hands, I meant something different. This means that I will only help the Vice President maintain his current position. “If we join hands, won’t we be able to prevent Vice Chairman Jin Young-ki from shaking the whole group in his hands?”
The nervous vibrator spoke as if it were an earnest request.
“CEO Oh. Honestly, isn’t my brother unqualified to be a manager? Do you know how many companies have gone bankrupt so far? “It’s easy, but there are well over ten.”
Vice Chairman Jin Young-ki was once nicknamed ‘The Hand of Destruction’ because it was said that he would be ruined if he touched it. Fortunately, after I got older, I neither created a new company nor expanded it.
This was because of Chairman Jin’s strict order to only think about protecting a healthy company.
“Vice Chairman. Those words are useless to me. I don’t care how stupid or reckless Vice President Jin Young-ki was in the past. “I only see the present.”
Oh Se-hyun calmly shook off the hanging vibrator.
“Look at the current management indicators carefully. There is no fault whatsoever. Shunyang Electronics makes a lot of money.”
“Isn’t that because the market conditions are good? “Even if you put a scarecrow in that place, the results will come out!”
Jin Dong-gi thought that Chairman Jin’s words that crisis was an opportunity were now. I was desperate to seize this opportunity to turn the tide.
“I prefer the scarecrow-like Vice Chairman Jin Young-ki.”
“what?”
“If you were Vice Chairman, you would have definitely started a new business based on Sunyang Electronics’ enormous operating profits. That’s what a capable manager does. “Isn’t endless expansion and expansion the ultimate goal of large conglomerates?”
“But why?”
“I am a shareholder. Stability takes precedence over adventure. “Stable dividends are better than uncertain growth.”
“Oh CEO… .”
“Please stop. My opinion doesn’t change. Rather, please just answer whether you accept what I have said or not.”
There is no choice.
Oh Se-hyun smiled as he watched the vibrator helplessly nodding his head.
“Then please inform Sunyang Card’s management of this. I’m done… .”
Vice Chairman Jin Jin-gi asked Oh Se-hyun, who was trying to stand up, a very important question.
“CEO Oh. I’m asking because I held his hand. What is Dojun’s position in Miracle? if… ?”
I couldn’t bear to say it until the end. He was afraid of the consequences to ask whether he was the number one shareholder.
“Dojun? hmm… . We have invested quite a bit of money and the stake is quite high. “Why are you doing this?”
“Oh, no.”
Oh Se-hyeon said with a chuckle.
“If you are wary of your nephew, there is no need to worry. Dojun pursues something different. “The goals are different.”
“What is his goal?”
“well. I don’t know exactly, but he probably had a more ambitious goal than the chairman of Sunyang Group. haha.”
Oh Se-hyeon left after saying something incoherent.
The vibrator, who had been sitting blankly for a while, stood up.
I have overcome the risk of being kicked out by my older brother. Now we have to seize the opportunity.
It would be despairing if there were no opportunities, but there are concrete opportunities. That guy who just went outside is his chance. If you just bring that guy in as an ally, you can shake up the entire cruiser group.
Vibrator moved to Sunyang Card’s president’s office to handle the work instructed by Opportunity.
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