The Chaebeol’s Youngest Son Chapter 291

[291]Get along well with each other? 2

Chairman Hak-jae Lee requested a meeting of creditors. The banks, which had been watching the giant corporations like Sunyang and Daehyun, rushed to see what was going on. There was no reason to refuse when he offered to put a bell on the cat’s neck.

However, they felt a chill down their spines at Lee Hak-jae’s words at the meeting.

“I’m not that generous. “Why should we take into account the circumstances of those who have earned a lot of money for free?”

When told that they would throw away all their bills, the bank presidents unanimously waved their hands.

“Chairman Lee. We are well aware of the financial circumstances of Sunyang Construction and Daehyun Construction. If you throw them all, you can’t block them. Bankruptcy is certain.”

“President. In case of bankruptcy, it is impossible to recover the bonds. “It may take years to get things back to normal.”

“I thought we gathered together to find a way to collect the debt. “We didn’t gather together to shut down the two companies, did we?”

Chairman Hak-jae Lee shook his head at the surprised bank presidents.

“The damn guy must be ruined. “Have you already forgotten what happened to those incompetent bastards who treated you like they were big?”

These bankers still have vivid memories from 10 years ago. From then on, didn’t the banks that were thought to be iron rice bowls also begin to fail?

“And you don’t have to take the money, no, you don’t have to take it. “Instead, I will laugh heartily at the sight of two companies closing down and me sitting on the street.”

There is no one who does not know that the amount of money not received is at least trillions. We all know where the distribution to throw it comes from. I can show courage like that because I have a reliable financial supporter.

But banks are different.

The moment of bankruptcy, bond recovery is over, and isn’t it a given that serial bankruptcies of subsidiaries under the two construction companies will occur?

The bank will once again suffer huge losses and stumble, and some of them will lose their business cards as bank presidents.

The most scary thing is that the government is fiddling with the card of expelling and consolidating insolvent banks. The surviving bank doubles in size.

However, isn’t it the duty of the industry for everyone to eat and live together, even if they eat a little less, rather than just those who survive eating better and living well?

Everyone tried their best to make Chairman Lee Hak-jae feel better and dissuade him, but Chairman Lee remained steadfast. Instead, he even called people who shared the same idea.

When another person appeared, the bank presidents knew that no one could stop them.

* * *

“You guys probably owe this guy quite a bit.”

Chairman Hakjae Lee introduced me to the bank presidents with these words.

“Debt? What is that… ?”

One of the bank presidents got upset as if it was a nonsensical statement, but it wasn’t wrong.

“I lent my money to the bank, right? Since you lent money, isn’t the bank paying you interest on a regular basis? “If it’s not a loan, it’s an investment. Are there any cases where interest is paid to the investor?”

All depositors are in debt and their bank accounts are IOUs. Although it has been subtly changed to a more plausible phrase like leaving money in a bank or depositing it, it is more accurate to say borrowed money.

So they create various financial products to lure depositors who are in debt. This is because you don’t have to repay the borrowed money if you lure them in with sweet words that say you can earn more profits.

I am a debtor because I am not invested in financial products but am simply a depositor.

“I lent a lot of money to the bank. But if you want to use that money to save a company that is almost certain to go bankrupt, there is nothing you can do.”

The bank presidents’ complexions turned earthy, as if they had anticipated what I was saying.

“I want to get back all the money lent by Sunyang Financial Group and the money lent to me personally. “I will withdraw it tomorrow morning when business opens.”

The bank presidents said nothing to Chairman Lee Hak-jae’s plan to throw the note and me to recover all deposits.

I realized that it wasn’t something I could stop, and I had to know exactly what my goal was. I also know that the two of us are not stupid enough to be stubborn.

After being silent for a while, they cautiously opened their mouths.

“Hey, Chairman Lee and Director Jin. Are we perhaps missing the right topic?”

“Is this meeting to discuss acquisition methods, not plans for the bankruptcy of Sunyang and Daehyun?”

We did not hide our spontaneous smiles.

“HW Group lost close to ten trillion won. I lent trillions of won worth of money to your bank. If you convert this into time, it would be tens of billions per second. “Now I won’t waste my golden time talking nonsense.”

“So you spent that much money to have two construction companies?”

“Please call it an investment. “There is no need for anyone to be surprised because we plan to not only cover the basics but also make a lot of profit.”

The long sighs exuded by bank presidents are their relief.

There was no longer a need for restructuring due to bad loans, and there was no need for him to be removed from his position as bank president. However, if this acquisition is completed well.

“But before we begin the normal underwriting process, please tell us how much you will be taking home.”

“What are you saying…?” ?”

The old men who understand everything but pretend not to know, are like bankers who never want to take a loss.

“Do you know this? Banks should also help when reviving a bankrupt company. “How far will you go in reducing the bonds of the two construction companies?”

Everyone fell silent at the explicit question.

“It is an amount that anyone can say is appropriate. You have to bear that much to the bank as well. If you think that even a single penny of bond reduction will not be possible, you can leave this place. “It means it’s a strong bank, so you don’t mind taking out all my money, right?”

Silence continues again.

“Oh, just in case. Stop thinking that the government will step in and provide a bailout. The Blue House is not answering any calls from the two construction companies. “It’s a call that even aides to the National Assembly members in Yeouido avoid.”

Not a single person could leave.

Chairman Hakjae Lee opened his mouth towards them.

“As the largest creditor, I will take the helm. All you have to do is row hard in the direction my fingertips are pointing. “I’m sure you have no objection, right?”

* * *

Joo Tae-sik, chairman of Daehyun Motor Group, groaned while reading the morning newspaper.

The media covered the Dubai incident every day and amplified the crisis of Sunyang and Daehyun by taking advantage of plummeting stock prices.

The fact that the press article could not be blocked due to the power of Daehyun Group and Sunyang Group means that there is no way to turn back.

When Chairman Joo Tae-sik put down the newspaper, he saw his younger brother sitting on the sofa with his head down.

“Is Dubai everything?”

“huh?”

“If I just stop this, everything will be solved?!”

Joo Min-sik, the third son of the late Chairman Joo Young-il, who inherited the construction division, could not answer. Apartment construction and reconstruction of shopping malls in local areas are all being carried out with debt.

It’s easy, but there are secrets that everyone knows. There were so many holes here and there that they had to be plugged with the sale price.

“Everyone in the financial world knows that the government is ignoring it. “You have to stop this.”

“Big brother. If you hand over a bill at HW, you cannot avoid bankruptcy. The only way to solve it at the group level… .”

Juminsik managed to open his mouth, but all he got back was his eldest brother’s cold response.

“Group level? Aren’t you the one talking about Daehyun Construction Group? I’m from the automobile group? We are not one family. “If it’s at the group level, the construction group can solve it.”

“older brother. “That’s not what you mean, is it?”

“I know it’s not. But are we the owners of the local supermarket? There are tens of thousands of family members. We can’t starve to death just to save you. We are different from Sunyang. The division of subsidiaries has been completed. Daehyun Motor Group will not suffer any harm if you go bankrupt.”

“older brother! Isn’t construction the origin of Daehyun? The thing that kills this is my dead father… .”

“It’s terrible. Since when did you think about your father’s honor? How could this bastard have dragged his father in so recklessly! Get out, you bastard!”

Chairman Joo Tae-sik kicked out his younger brother and fussed for a while.

I am not angry because of the crisis at Daehyun Construction. It was anger toward his late father, who had handed over construction, the birthplace of the group, to such an idiot.

When I had calmed down my excitement, the secretary quietly knocked on the door.

“President. It is Chairman Lee Hak-jae’s promised time. Would you like to leave?”

“let’s go. “He is a man who should not be kept waiting.”

* * *

“Oh my brother. “How long has it been since this?”

Chairman Hak-jae Lee smiled brightly and grabbed Chairman Tae-sik Joo’s hand.

“Chairman Lee. For a person who was bequeathed a huge amount of money, he has a lot of luck. I guess I still have a lot of money saved up. haha.”

“Don’t say that. I’m dying. “I’m having a hard time holding on to a bunch of bills that I can’t even get back.”

The two men shook hands firmly and smiled brightly at each other.

We briefly chatted about each other’s well-being and personal affairs, and then brought up the purpose of today’s secret meeting.

“Chairman Lee. “Are you sure that once this situation is resolved, things will go back to normal?”

“of course. The U.S. government has already poured an astronomical amount of money into it. “The money invested in Dubai can be recovered in just two years.”

“HW Construction is stuck in Dubai.”

“yes. “If I didn’t believe in revival, I would have withdrawn.”

“If Dubai comes back to life, the HW situation will definitely improve. “I won’t say that I don’t know a company that has maintained its loyalty.”

“They are also businessmen. If you don’t make money, there’s no point in being loyal. haha.”

Chairman Joo Tae-sik, holding a teacup, looked at Lee Hak-jae with envious eyes and said.

He takes charge of the majority shareholder group and leads the company with a long-term perspective. It is entirely possible for him, but he has no time to spare due to the succession task facing his children.

I briefly thought about how great it would be if a professional manager like Lee Hak-jae worked for Daehyun.

“Anyway, brother. “Are you sure you have no intention of saving the construction?”

“That’s right. You can’t do something stupid like spend an astronomical amount of money to save it. As you know, the automobile group also owns a construction company called Daehyun Industrial. “It would be better to use that money to support my company.”

“Then I guess you will accept my offer.”

“So, aren’t you laughing and talking with Chairman Lee here?”

Now it is Chairman Lee Hak-jae’s turn to listen to Chairman Joo Tae-sik’s demands.

“Then tell me which company you want.”

Chairman Joo Tae-sik took out a neatly folded piece of paper from his pocket.

“This is what we have urged our children to take care of. “Take a look.”

When I opened the paper he held out, there were several company names and a number valuing the company.

This is a list of affiliates of the third son, Joo Min-sik, including Daehyun Construction, Daehyun Cement, and Daehyun Development.

“It’s too much. Are you saying we should only take construction?”

“Don’t misunderstand. I only listed companies that are essential to our Daehyun industry. It’s not like they only selected companies that made money. And let’s hand over Daehyun Construction’s valuable subsidiaries intact.”

“Of course we should take over Daehyun Construction’s subsidiaries. We spent all the money and even blocked the Blue House. “We have the bank in our hands. Isn’t this too cruel?”

“This person, Chairman Lee. My father built it. If I grit my teeth and step forward, I can even protect Daehyun Construction. That’s a concession, but you’re being mean? How much do you have to take to be satisfied? “Do you really need to take half to be satisfied?”

“older brother. In times like this, the rule is to close your eyes and cut it in half. “Isn’t this a rule that even snotty children know?”

Chairman Lee had no intention of bringing half of it. When dealing with the greedy Joo family, the method of cutting in and then giving in a little has always worked.

This time too, it’s a satisfactory negotiation as long as we get a couple more.

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