[070]First fight 2
“Are you weak? “Do you mind if I take over Ajin Group?”
The grandfather’s expression was full of strength between his eyebrows.
I wasn’t surprised or embarrassed. On the contrary, he looks a little angry.
Is this what you look like when your threats don’t work?
“Surely you took the acquisition of Ajin Group lightly? “Were you planning on quitting if things didn’t work out?”
Ah, I guess it came across as giving up easily.
My grandfather, the word he hated the most was giving up.
“It can’t be. “Do you think I won’t be able to take over Ajin Group if the merger falls through?”
“It is the first condition of the acquisition.”
“Things change. “This is truly an ‘emergency situation.’”
“Some things don’t change.”
“yes?”
“That’s my influence. If you break up the merger and make a phone call to creditors, banks, the Blue House, and the National Assembly, the acquisition decision will never have occurred. And you’ll bid again, right? Then, Chairman Joo of Daehyun Group will contact me and offer to treat me to a drink.”
How many days are left until the government’s official announcement that the Deputy Prime Minister applied for a bailout from the IMF? It’s definitely the end of November.
If you see this announcement for yourself, you will keenly realize that the influence of the Chairman of Dae Sunyang Group is not working at all.
“grandfather.”
“why? Are you starting to shake now?”
“The government poured $11 billion into the foreign exchange market, but the exchange rate is still skyrocketing. Did you see the Bloomberg article? Korea’s available foreign exchange reserves are only $2 billion. “Deputy Prime Minister Kang Kyung-sik openly asked on TV to lend money to a friendly country.”
“Does this mean that my power has diminished because of the foreign exchange crisis?”
“no. It hasn’t decreased. “It’s gone.”
“what?”
Today, I saw my grandfather’s most surprised expression.
“There will continue to be difficult times as I find my way to live. But will Grandpa’s phone call work? “I think your grandfather needs to take the current emergency situation more seriously.”
can’t say anything
It’s my turn to make threats.
“Well, if my grandfather’s influence works and I re-bid, I would be very grateful. Because no one else will bid, Miracle will be the sole bidder. “Don’t you think creditors will bow down to me even if I spend 800 billion instead of 120 million in acquisition funds?”
Grandpa still has his mouth shut and can’t say anything.
“Chairman Joo of Daehyun Group, you must be heartbroken right now. “If we had poured 1.2 trillion won into Ajin and had no cash, we would have been in quite a bit of trouble.”
“Dojun.”
“Grandpa, wait a minute. “Let me say one last thing.”
Grandfather nodded.
“There is definitely a hope in my grandfather’s heart that the current emergency situation will soon get better. No, it could be a wish. however… . That doesn’t happen. “If you look at the facts carefully, you will realize that our country will never be able to avoid this crisis.”
I feel anxious when something that should fall apart doesn’t fall apart.
This was the feeling of not only Chairman Jin but also everyone. However, there is a vague belief that an economy the size of South Korea cannot collapse easily. This belief is suppressing anxiety.
But now, the grandfather’s expression changed.
I abandoned my faith.
“Is your confidence unwavering?”
“That’s right. Something big happens. “There are only a few days left.”
“That means our Sunyang Group really needs the $1 billion you have, right?”
“Our country’s foreign exchange reserves are only $2 billion. I’m holding half of it, $1 billion. “The moment those dollars come into Korea, all banks and companies will rush to Miracle’s office.”
“If I want to meet you then, I’ll have to at least hold a number ticket.”
“Grandpa is number 0. “Aren’t you meeting with me right now?”
After gathering his thoughts for a moment, the grandfather spoke very slowly.
“I guess I’ll have to call Lee Hak-jae first, scold him, and then talk to my grandson again.”
It was the first time I saw him take a step back.
When I see something like this, I can’t help but feel that it’s truly amazing. A chaebol chairman who knows how to listen even to his young grandson would be rare.
However, it is something that cannot be allowed to go away gracefully.
“grandfather. “I’m not having fun anymore.”
“what? “Is this guy kidding me about spending extra money because he has some dollars?”
“I’m serious. The acquisition of the former Ajin Group must be done quickly. There is a lot of work ahead. “You have to wave the dollars in your hand, look for companies to put them in your shopping cart, and negotiate prices.”
The second look of embarrassment.
For some reason, a feeling of pride arose. To me, he was the founder of Sunyang Group, a phenomenal and legendary figure. It was also a small joy for him to have defeated such a person, even if only for a moment.
“you… . “How many dollars are you holding on to?”
“I can’t show you my entire wallet, but it will be enough to fit a Woosung car in my pocket.”
“Woah, did you say Woosung? “Is this true?”
“yes. We will tie up the two automobile companies, Ahjin and Woosung. “If we add a cruiser car, wouldn’t it be in a similar weight class to Daehyun Motors?”
I pulled back my chair and stood up.
“I’ll tie it all up and put up a cruiser sign. “This is another gift I give to my grandfather as a filial son.”
Grandpa started looking at me with burning eyes.
“I’ll wait for your second offer. Have a meeting to find out how much time is left… Please come to a quick conclusion. “Before the waiting list increases.”
“It’s a bit weak for a threat.”
These were the words that held my feet as I left the study.
“It’s not over until it’s over. Is this what you said? “It’s not completely bullshit.”
“Some say you have to know when to step away. “This is what my grandfather said himself.”
“That’s complete bullshit. haha.”
The grandpa’s loud laughter only made me sigh in confusion.
* * *
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Chairman Jin picked up the phone as soon as his grandson left the study.
“Hakjae. Come home right now. CEOs of electronics, life insurance, automobiles, C&T, and construction were all brought along. hurry!”
Chairman Jin put down the receiver and paced around the study, unable to sit still.
The crisis that Sun Tzu spoke of.
He felt the crisis himself. But the size and depth are different.
Temporary difficulties due to depletion of foreign exchange are not unusual. In these cases, the government solved the problem by borrowing dollars from the United States, Europe, or Japan or through currency swaps.
The grandson says this time is different. Large economies do not lend money or exchange currency. If $2 billion is really all there is in foreign exchange, it would be like saying there is a lot of food but no water.
You don’t die of hunger, you die of thirst.
Knock. Knock.
“President.”
People came rushing in with a knock on the door.
“Products and electronics! Notify all departments. Starting today, we will hold the export proceeds in dollars as they come in, and borrow the money to pay. And construction.”
“yes. President.”
“For overseas projects, bid 10%, no, 20% cheaper. Instead, receive the down payment or interim payment as soon as possible. And life.”
“Ah yes. President.”
“Recover all the money invested in overseas financial products. Any amount of penalty is fine. “Cancel everything and secure dollars.”
“Chairman, the loss is too great. Management balance… .”
“Shut up and take everything back. “You can pass all the losses on to the customers.”
It’s not that I don’t know why the chairman is doing this, but it’s serious. It looks like he was planning to secure cash and run away at night just before going bankrupt.
“President. Calm down… .”
As Lee Hak-jae spoke cautiously, Chairman Jin stopped talking and began to breathe heavily.
“We are already fully prepared. “The foreign exchange of all affiliates is strictly controlled.”
Chairman Jin waved his hand vigorously.
“Thorough preparation is not enough. Be prepared to have at least one limb blown off. Do you understand?”
“Chairman, have you ever talked to the owner of Miracle?”
“who?”
“The Miracle that holds $1 billion.”
“okay.”
When Chairman Jin nodded his head, everyone’s complexions turned dark.
There must be something wrong with the story.
The strong rope of 1 billion dollars will not come down.
“Did they reject it?”
“I… This is the guy who made money even during the 6.25 uproar. I wasn’t scared of war either. however… “It’s scary now.”
Wrong answer.
I wondered what it would be like for someone who didn’t move even when thunder and lightning struck.
“The guy holding the dollar is even more. He didn’t even blink in front of me and even threatened me. “I’ve never met someone more toxic than me.”
Hakjae Lee, who watched Chairman Jin closest to him, could not believe it.
Is there a person in the world more poisonous than Jin Yang-cheol?
“Daeho.”
“yes. President.”
“How much stock does Automobile own in its affiliates?”
“We always keep it at 12%.”
“Hakjae. “If we go to the limit of protecting management rights, how much can we increase our car ownership stake?”
It was a question that President Cho Dae-ho had never expected, but a number came straight out of Director Lee Hak-jae’s mouth.
“You can raise it to 17%. Anything more than that would affect Sunyang Life Insurance’s shares, so the entire group’s shareholding structure would have to be readjusted.”
“I don’t have time for that. Just get ready and move when I give the signal.”
“yes. President.”
No one had any idea what was going on. However, they were fully aware that dark clouds were hanging over the once fortress Sunyang Group and that cracks were beginning to appear.
* * *
Lim Chang-yeol, who was appointed Deputy Prime Minister and Minister of Finance and Economy on November 19, 1997, showed a strong will to ‘resolve the current crisis without going to the IMF.’
But two days later, at 10 p.m. on the 21st.
An emergency press conference was held to announce the request for a bailout package, including improving the balance of payments, stabilizing the value of the currency, liberalizing trade, opening the capital market, and enhancing corporate management transparency, saying that this was a requirement of the IMF. The next day, President Kim Young-sam issued a special statement to the public regarding the application for a bailout package. announced.
It was the beginning of the IMF.
Korea’s national credit rating fell and the comprehensive stock index fell below the 400 level. Nine banking companies were ordered to suspend operations, and Halla Group went bankrupt.
and… .
Miracle Investment’s office and Oh Se-hyeon’s cell phone caught fire.
“Oh, well. President! Don’t you think the acquisition fee will be paid only after the merger is completed? Please read the contract carefully. The deadline for negotiations is February next year. There is still a long time left. And why pay in dollars? “I will give you 1.2 trillion won as King Sejong, so please know that!”
Oh Se-hyeon hung up the phone nervously.
“Is it Korea First Bank?”
“okay. Uproar, uproar. “He whines twelve times a day.”
“You have to whine and make an unconventional offer before they’ll even think about it.”
“That’s right. The guy who does everything is not a kid. Ugh-!”
Oh Se-hyeon shook his head as if he was pathetic.
“But, how are you doing? Chairman Jin, are you still calculating?”
“yes. I don’t think you have any intention of giving him a rough name as your grandson. “It’s terrible.”
“How else would you be a chaebol? If you add, you add more, not less. While I was trying to tear off even a little bit more of my grandfather’s… .”
Oh Se-hyeon smiled and came next to me. With a very friendly expression.
“But Dojun. “If the exchange rate rises further, what happens if it goes down to 2,000 won?”
“Thank you so much. “Isn’t 3 trillion won equivalent to 5 trillion won?”
“That’s what I’m saying. You are worth 5 trillion won. And that too at the age of twenty. How do you feel?”
He shrugs and nudges my shoulder.
“Don’t blow it. “I’m going crazy because I want to spend that money and play noble in Europe.”
“You can do it.”
“uncle. A rich European aristocrat and the chairman of a Korean conglomerate who controls the country. “Which do you like better?”
Oh Se-hyeon sat back and quenched his appetite.
“Oh my, you boring guy.”
“Please wait a little longer. “I will become the chairman of a Korean conglomerate, and I will allow your uncle to enjoy retirement like a European nobleman.”
Although the entire country was in a mourning mood due to the IMF, the two of us had fun imagining things and bursting into laughter.
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