[289] Pandemonium, pure family 5
“Then build it just one floor higher than the main building.”
“Look. Chairman, you also have that kind of greed, right? “Hehe.”
A sense of superiority looking down on competitors. That too is a number. Even one floor higher, even 1 meter higher… . Although it is only the number 1, an astronomical amount of money is spent to obtain this number.
“Anyway, if you finish your work here, let’s get started.”
After discovering what was going on, Chairman Lee turned his face away.
I won’t make that kind of expression in front of the person I’m meeting tomorrow evening. There is nothing to hide and nothing to get caught.
“Then, shall we enjoy another luxury today? “In a 7-star hotel?”
“Officially it is 5 stars. “It’s so different from other 5-star hotels.”
“The cost of lodging was also enormous. “It costs over 30 million won per night.”
“So you didn’t come to pick us up in a limousine like this?”
Chairman Hakjae Lee tapped the roof of the limousine with his hand.
When we arrived at the hotel, about a dozen employees who would be in charge of service during our stay were lined up at the entrance and bowed their heads.
As I entered the hotel lobby with their guidance, I couldn’t keep my mouth shut again because of the interior, which was entirely decorated with gold and real gold.
“I’m drooling. “Don’t embarrass me, just shut your mouth.”
It was like seeing the height of luxury. Dubai’s moratorium declaration is natural.
From ancient times to the present, history tells us that the end of luxury is destruction. This was also a place where the history of destruction was recreated.
When morning dawned after a good night’s rest, Chairman Lee Hak-jae quickly swallowed a piece of bread and then went out.
“I’m going to take a look around the site, so take a break. “I’ll call you in the afternoon.”
I was thinking about going together, but decided against it. This is because it is not desirable for authority to be divided.
Until Chairman Lee arrived, he enjoyed the hot heat and blue sea at the 1.7 million pyeong artificial island ‘Palm Jumeirah’, which shows another extreme of luxury.
Chairman Lee, who returned late in the afternoon, had a stern expression on his face.
“The atmosphere is a mess. There are even European companies that are already withdrawing. “It was a bit late to comfort the field staff as their morale was a mess.”
“It will boost our morale to know that we are the only ones left alive.”
“We have to make it like that. let’s go. Even though it is a business that does not pay money, it is a super business. “It’s rude to keep you waiting.”
We moved to the hotel’s yacht floating on the sea with colorful lights.
There is no place like this for quiet conversation.
A middle-aged man with the long name ‘Ahmed bin Saeed Al Maktoum’ was expected to appear wearing a ‘kandura’ and ‘kefiya’, the traditional garb of Middle Eastern men, but he appeared in a neat Western-style suit.
Although he was only the financial director of Dubai World, he had more power than just an executive because he was a member of the Dubai royal family.
Ahmed, son of Sayed of the Maktoum family. This is the meaning of the long name. I briefly wondered what to call it, but Chairman Hakjae Lee, whom I had already met, took my worries away.
“See you again. James.”
“Nice to meet you, Mr. Lee. “You didn’t wait long, did you?”
I heard perfect American English pronunciation.
Oh my, this guy must have been living in America since he was young.
When Chairman Lee introduced me, I also said my English name.
“It’s an honor to meet you. “This is Howard Zinn.”
Chairman Hakjae Lee explained to the person who was looking at him a little puzzled.
“Howard is the head of Miracle, an investment company that is the largest shareholder of our HW Construction.”
Largest shareholder and investment company.
His eyes changed as if he was interested in this word.
After a bit of formal conversation, hiding our true feelings from each other, Director Ahmed asked.
“Are you also planning to withdraw from HW Construction?”
“We have no choice but to follow Sunyang Construction’s wishes. “If they decide to leave, we have to go back together.”
“Then there’s no particular reason to meet me… . “You didn’t come from Korea to tell me that, right?”
“This guy will tell a story that will make James happy. I’m just curious about the end of the conversation the two of you will have today. haha.”
“Is that so? Then, shall we take a listen?”
When his eyes turned to me, I said two numbers first.
“80 billion dollars. And $60 billion. Is that correct?”
They were both surprised at the same time, but they knew what this number meant.
Chairman Lee was only surprised because the number was larger than expected, and Director Ahmed was surprised because it was almost the exact number.
“Our company’s judgment is that it has already lost its ability to pay. “I expect that there will be a heated discussion at Dubai World right now about whether or not to declare a moratorium.”
Ahmed Isa, with his lips tightly shut, did not say anything. His expression became increasingly stern, as if he was upset.
“Just to be clear, I have made a suggestion as Mr. Lee said. “I don’t know yet whether Mr. Ahmed will be happy with that offer or not.”
“Let’s hear that offer. “I hope this is a welcome story.”
“Dubai’s total debt is $80 billion, of which Dubai World’s debt is $60 billion… .”
“$59 billion to be exact. Of course, these numbers are as of the end of this year. “It’s also an estimate.”
“yes. “It is also our company’s expectation that there will be no further increase.”
There is no way it can increase further. Because we cannot cover this debt, we are declaring a moratorium.
“Fortunately, our company still has financial resources.”
“That’s good news. But that company… You said Miracle, right? What does Miracle’s financial capacity have to do with us? . wait… Do you happen to be with Miracle Investment in New York? ?”
“yes. “It’s the same company.”
Ahmed Issa’s eyes grew infinitely wider.
He already heard it too. In this U.S. financial crisis, Miracle is the only company that not only survived the devastated Wall Street, but also made astronomical profits amounting to tens of billions of dollars.
So, you must have realized how much power I just mentioned is there.
“okay. “Keep talking.”
Now he was sitting close to me, very curious about my proposal.
“What do you plan to do if two Korean companies, Sunyang and Daehyun, decide to withdraw?”
“You have to accept it. “There is no way.”
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Since a rich guy is sitting in front of him, he doesn’t hesitate to complain.
“The two companies are responsible for the core areas: Al Maktoum International Airport and Dubai World Central. “There are other residential areas in new cities.”
“Howard. Are you saying that by providing financing to Dubai World, you are telling us to prevent the withdrawal of the two Korean companies? Then HW construction continues… .”
“no. I am not generous enough to feed Sunyang and Daehyeon with my company’s money. However, I would like to ask if you would like to entrust the ongoing project to HW Construction if the two companies withdraw.”
“There is no reason to object. We have already seen the capabilities of HW Construction with our own eyes. but… .”
I have no money. The Middle Eastern royal family in front of me was never able to say these words.
“In that case, we will take responsibility for cutting the ribbon at the completion ceremony. “Don’t worry about the money.”
“Can you specifically tell me not to worry?”
“We will give you a sufficient grace period. Isn’t Dubai World a state-owned company? Moreover, the jewel of the Middle East… . These are AAA-rated bonds that are much more reliable than those on Wall Street. “I believe this will be resolved in a short period of time.”
Ahmed’s expression suddenly changed to one of joy.
“If you just do that, I have one less big worry. “Do you know the exact amount?”
“yes. “I remember that the total amount currently unpaid by Sunyang and Daehyun is a little over 7 billion dollars.”
“You also know that it will cost over 10 billion dollars until completion, right?”
Chairman Hakjae Lee, who had only been listening until now, intervened. The purpose is not to warn me, but to show off in front of Middle Eastern royalty.
“of course. “I can afford it.”
It’s an offer too sweet to refuse, but it’s normal to always be skeptical when receiving favors for unknown reasons. Director Ahmed asked cautiously.
“I cannot express my gratitude enough for this generous offer. “But can you tell me why you are making this suggestion at a time when everyone is about to withdraw?”
There is no need to elaborate here. Knowing my true intentions doesn’t change anything.
“Soonyang and Daehyun are competitors that are far ahead of HW. If we build a new city that surpasses them, it will be an opportunity to surpass them. We have the money and they don’t. “Isn’t it natural to compete by leveraging our strengths?”
The simple reason is competition, but there is nothing more powerful than this.
“Furthermore, we look forward to a strong bond between Dubai and our HW Group.”
Chairman Hakjae Lee was condescending once again.
Whatever the reason, isn’t someone who helps you in difficult times a true friend?
The Dubai royal with a long name smiled with great satisfaction.
“Forgetting to eat, I have been very rude to a friend who came from far away.”
And a very long meal followed.
* * *
Sunyang Construction President Seo Hyeong-kyun became CEO after being selected by Vice Chairman Jin Dong-gi. And after taking office as CEO, he took charge of Dubai, the largest project, and proceeded without any problems, but today he had to deal with the biggest problem.
But I knew it from the first feeling.
The biggest problem is that it can’t be solved, and the money received from Dubai World is gone.
The end of business is collecting money.
No matter how high your sales are or how many copies you have, if you don’t get paid, it’s all in vain.
Director Ahmed, who represented Dubai World, ended the negotiations with just one word.
“There will be an official announcement from the Dubai government soon. Please wait until then.”
“Please tell me what it is about. “I can’t just wait again.”
“This is not something I can say on behalf of the government.”
He was firm but also full of composure. President Seo Hyung-gyun couldn’t give up a glimmer of hope because of his relaxed expression.
Daehyun Construction also did not hear the official announcement from the Dubai government that President Seo Hyung-kyun could not hear.
They threw the final card that they would stop all construction and withdraw if they did not promise to pay the arrears, but the answer they received was the same.
“We respect your choice, but please understand that we cannot make any promises at this time.”
Unlike Sunyang, Daehyun read that Dubai World’s attitude was not one of leisure but one of giving up.
The last words of a cornered person are: Get your stomach full.
Daehyun heard these words clearly.
Not long after, Dubai World shouted, ‘Take a boat!’ to the whole world. With the plausible expression of a moratorium declaration!
This headline was the Dubai incident commonly expressed by the world’s media.
The miracle collapsed and the Korean stock market also collapsed.
2009 was a year in which so many things disappeared.
A respected cardinal passed away, and two former presidents were given state funerals.
And the world-famous pop star, whom we would never see again, left amid tears from fans.
Chairman Jin Jin-gi trembled while holding a paper filled with numbers. That number felt like a death sentence.
An amount that cannot be held responsible or covered. He was devastated and could do nothing.
There was another person who felt the same way. He was the chairman of Daehyun Construction.
In time, they came to their senses and knew exactly who would save them. Finally, I placed all my hopes on him.
“Call the Blue House. Tell him I really want to see you. quietly.”
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