Chapter40: < The Ghost Employee of the Secretariat (6) >
“Mom! Mom!”
Yeon-hee shouted as she came clattering down the stairs, phone in hand.
President Song Eun-chae, who was drinking wine in the living room, furrowed her brow.
“Even if we’re at home, you should be more careful. What will you do if you fall?”
“Mom, this is huge...”
Paying no mind, Yeon-hee sat down next to President Song.
Seeing her strange expression, a mix of seriousness and as if she’d seen a ghost, President Song asked.
“What is it? What’s with that face?”
“Yeonghun said he just met with Executive Director Lee Hyeong-jun.”
“And?”
“He said it looks like we can get a 500 billion won loan from Shinyoung Bank.”
The glass President Song was raising to her lips stopped dead, as if frozen.
“What did you say?”
“But there’s a condition. We have to acquire Hyesung Enterprises. In return, they’ll also extend the maturity of our 500 billion won bond due next year.”
“Is that true?”
“He’s not the type to joke about something like this.”
“What’s the acquisition price for Hyesung Enterprises?”
“He said the price is negotiable from the previous offer, but we need to discuss the exact amount with the working-level staff. And there’s partial debt forgiveness, and he said if we negotiate well, we might get even more.”
President Song couldn’t collect her thoughts.
It was an unbelievable story no matter who heard it—that a mere new employee had gone alone and settled this.
Naturally, President Song asked the first question that came to mind.
“Why? Why would Executive Director Lee Hyeong-jun lend us money? What reason does he have? And 500 billion won at that? If our company goes under, Shinyoung Bank would be on the hook for 1 trillion won, including the maturing bond.”
“I don’t know either.”
“Does this even make sense? Isn’t Executive Director Lee Hyeong-jun just messing with us? Why would the grandson who’s set to inherit Shinyoung Group make a deal like this?”
Yeon-hee shrugged.
What else could she say in this situation?
Besides, she didn't fully believe it herself.
“...”
“Well, we’ll know for sure tomorrow. Whether it’s true or not...”
President Song tried her best to make a calm judgment.
If she got swayed by the words of a mere new employee and made a mistake, the entire company could be shaken.
The next day, President Song immediately summoned Senior Managing Director O Jae-sik of the Finance Team.
Noticing that President Song had once again called for O Jae-sik, Chief of Staff Hong Seung-dae secretly contacted Executive Director Yang and Senior Managing Director Cha.
*
“You have the store proposal and the PPT presentation, right? Just bring one sample bag, and don’t forget Seo Ga-eun’s photoshoot file.”
Assistant Manager Noh Hyeong-seok was full of energy from the morning.
Just yesterday, his shoulders had been slumped as if the world had ended, but he had regained his vitality after receiving a store proposal email from Mirae Department Store this morning.
Because of this, Yeon-hee had to move frantically as soon as she got to work, without even a chance to ask Yeonghun a single question.
Manager Yun Seong-woo gave some last-minute instructions to the team members leaving for the meeting.
“Don’t give away too much on the lease fee. Don’t just do all the work for their benefit.”
“Understood.”
“If this goes well, you’re looking at a promotion to manager. Let’s do a good job.”
“Thank you. I’ll work hard.”
As Assistant Manager Noh, encouraged by Manager Yun Seong-woo, was about to head to the Mirae Department Store Gangnam branch with a confident stride, Manager Yun turned his gaze to Yeonghun and asked.
“You’re Choi Yeong-hun, right?”
“Yes, that’s correct.”
“Hey, do we have to take him too?”
Assistant Manager Noh didn’t know the reason, but he knew for certain that Yeonghun wasn’t necessary for the meeting.
“No, sir. It’s fine.”
“Can I have you run an errand for me?”
“Of course.”
“Then the rest of you can go.”
Yeon-hee, disappointed she couldn’t go along, met his eyes once before leaving dejectedly.
Manager Yun Seong-woo looked Yeonghun up and down and said.
“Are you strong?”
“Honestly, I’m not the brawny type.”
“You look it. But you have to go. You know the brand ‘Lady Lauren,’ right?”
“Yes.”
“That’s one of ours. We released a new coat for this fall, and the response has been better than expected. The factory requested support, and it looks like the youngest members of each team have to go. You know Yeon-hee is part of the royal family, right?”
“I’m aware.”
“Those people act like they’ll die if you ask them to do menial work. They’ve probably never done it, so they wouldn’t be any help anyway. All your fellow rookies are going, so don’t feel too singled out.”
He would have been fine with it even if he had to go alone, so there was no reason to complain when he heard his peers were going too.
“It’s fine. I should go.”
“Alright, there’s a bus waiting on the first floor. Go and work hard.”
Just as Manager Yun had said, a large bus was waiting when he went down to the first floor. In front of it, new employees were gathered in small groups, talking with slightly disgruntled expressions.
Just then, he saw someone waving.
“Mister!”
It was the always cute and cheerful Lee Yun-ji.
Next to her stood Park Chan-gi, a Korea University Business School graduate who had been in her group, and Jang Ga-ram, a graduate of a regional national university.
“Am I late?”
“Not at all. The bus leaves in ten minutes.”
“But can you work in those clothes?”
Lee Yun-ji was wearing a tight skirt that came up to her mid-thigh, which didn’t seem suitable for physical labor.
“If I’d known this would happen when I came to work today, I would’ve worn pants. Can’t be helped. Hmph...”
Yun-ji pouted, but it didn’t seem like they were making exceptions for women.
Though it seemed Yeon-hee was spared not because she was a woman, but because she was part of the royal family.
Just then, Park Chan-gi asked cautiously.
“How are things after the New World deal fell through? Is the mood still bad?”
With frequent posts in the orientation group chat and occasional drinks after work, everyone already knew what was going on in each team.
“Fortunately, we got a store proposal from Mirae Department Store this morning, so they went for a meeting.”
“Wow~”
“That’s great.”
“Congratulations.”
Yeonghun smiled warmly at his colleagues’ congratulations.
“It was all Assistant Manager Noh Hyeong-seok’s doing. By the way, has everyone had breakfast?”
“No, I’m starving.”
As Yun-ji rubbed her stomach and pouted, Yeonghun said.
“Shall we grab some toast before we go? We’ll need our strength there, and we can’t work on an empty stomach, right?”
“Toast sounds amazing.”
Jang Ga-ram was the first to shout.
Yeonghun led them to a food truck located across the street from the company building.
*
Senior Managing Director O Jae-sik of the Finance Team couldn’t make sense of the recent turn of events.
When Shinyoung Investment & Securities had offered to sell the shares at 15,500 won, he had honestly thought that President Song’s daughter, Yeon-hee, was going to marry Executive Director Lee Hyeong-jun.
Otherwise, in a situation that was no different from a war of succession, there seemed to be no reason to sell those shares, whose future value was unknown, at that price.
Of course, the misunderstanding was later cleared up when he was told that wouldn’t happen, but the directive he received today was beyond imagination.
Was it something so incomprehensible that it could only be explained by a marriage between third-generation chaebol heirs?
“Senior Managing Director, is there any point to this?”
Manager Lee Sang-myeong of the Finance Team, who had received O Jae-sik’s instructions, asked as if to say, what is this pointless exercise?
“You’re being insolent. Didn’t I tell you this was an order from the President?”
Though he called him insolent, the relationship between O Jae-sik and Lee Sang-myeong wasn’t strictly hierarchical.
When Manager Lee Sang-myeong had joined the company, O Jae-sik had been his mentor, and they had stuck together like glue ever since, weathering numerous hardships.
That’s why it was okay for Manager Lee to talk back like this sometimes.
“If it weren’t the President’s orders, I would have thought you were joking.”
“Quiet. How much should we offer for Hyesung Enterprises?”
“After running the numbers, anything over 250 billion won is difficult.”
“250 billion... So that means we’d effectively get 250 billion in our accounts? It’s a lot of money, but it’s ambiguous. At this rate, it’s the same as having to sell the building in Pangyo. Hmm... that aside, they asked for 350 billion. Can we really slash a hundred billion off? Will they even accept that?”
“Even if Shinyoung Bank forgives some of the debt, Hyesung Enterprises fundamentally has no future value. Assuming we liquidate all of its real estate, its value is exactly 200 billion. The other 50 billion is a premium for its completely useless construction capacity and management rights.”
“Isn’t it too early to call it completely useless? Our company doesn’t have a construction firm. If we acquire Hyesung Enterprises, the synergy with a construction company would be incredible.”
“Theoretically, yes, but the problem is we have no immediate use for the company after acquiring it.”
“True, we don’t have any immediate construction work to pour concrete on after the acquisition.”
“Still, 250 billion doesn’t seem too bad. Like you said, Senior Managing Director, there could be synergy later on. But putting Hyesung Enterprises aside, are they really going to give us 500 billion won?”
“You asked that same question when we were talking about buying the stocks.”
Manager Lee Sang-myeong scratched his head and spoke again.
“I’m sorry. I just keep having doubts... But isn’t it strange? If I worked at a bank and a subordinate of mine approved a loan like that, I’d curse them out and chew them out for three months and ten days. And how can I easily believe they’d extend the maturity of the 500 billion won bond due next year?”
“I said the exact same thing you did.”
“To the President?”
“Yes.”
“So what did she say?”
O Jae-sik tilted his head and said.
“This is the really crazy part, but it seemed like the President didn’t really know either.”
“Pardon?”
Manager Lee scowled, his expression asking what kind of nonsense he was spouting.
“It’s just a feeling. The President spoke in circles, but when you get down to it, the conclusion was that she doesn’t know. Why wouldn’t she know?”
“Why wouldn’t she know?”
“Shit, so... are the guys at Shinyoung Bank crazy?”
“Bankers are not your average smart guys. They’re lunatics when it comes to making money with money.”
“You think I don’t know that? Anyway, we’ll find out when I take this upstairs.”
Senior Managing Director O Jae-sik stood up, holding the documents Manager Lee Sang-myeong had prepared.
Manager Lee asked.
“But if this actually goes through, are you going to proceed? Like you said, even if we get this loan, we’d still have to sell the building in Pangyo, right?”
“Still, that’s better than nothing, isn’t it? And we can’t refuse this deal when it means extending the 500 billion won we have to pay back next year.”
“I can’t tell if Shinyoung Bank is handing us gold or poison. If this goes wrong, the entire company could be handed over to them.”
“By that logic, every company belongs to a bank.”
Executive Director Oh spoke firmly and headed for the president’s office.
He entered, steeling himself with the determination that they absolutely had to secure at least 250 billion won, but President Song Eun-chae simply glanced over the documents and nodded.
“So, you’re saying we can proceed with the acquisition if it’s 250 billion won?”
“That amount should be acceptable. Shall I send the proposal?”
“No. We’ll negotiate directly through the person in charge.”
“The person in charge? Who might that be?”
Normally, Executive Director Oh Jaesik rarely showed curiosity about matters that weren’t his own.
His play-it-safe personality made him utterly detest office politics, and to avoid them, he believed that ignorance was bliss.
Nevertheless, this was something he couldn’t help but ask about.
But President Song found this question difficult to answer as well.
“I’m sorry, but I can’t tell you the details of this situation. Please understand.”
How could she possibly explain it?
That the one in charge, the person who had orchestrated this incredible deal, was one of the new employees currently doing manual labor down at the Pyeongtaek factory.
“Ahem, that’s quite alright. As long as everything is resolved smoothly...”
“It will be. I’ll do my best to secure the 250 billion won.”
“Understood.”
After Executive Director Oh Jaesik left, President Song Eun-chae was lost in thought.
Originally, Yeonghun had said the working-level manager could contact Director Lee Hyeongjun directly, but President Song couldn’t entrust the finalization of this deal to Executive Director Oh.
Since she didn’t even know why this lopsided contract had been established in the first place, she had no baseline for the negotiations—what could be included in the deal, and what shouldn’t be touched.
That’s why she wanted Yeonghun, the person in charge, to finalize this deal, but...
After some deliberation, President Song finally dialed the number Yeon-hee had given her.
*Ring, ring, ring!*
After a few rings, the call was answered.
“Hah... hah... Hello?”
“You were working, weren’t you? This is President Song. I know you’re busy, but I called because it’s urgent.”
“Ah, yes. It’s fine. What can I do for you?”
Finding the situation absurd, President Song had no choice but to speak.
“It’s about the acquisition of Hyeseong Corporation...”
Before President Song could finish her sentence, Yeonghun’s voice cut in.
“If you don’t accept that, the deal is off. You have to accept it. But if you’re worried it’s too expensive, ask if you can pay one hundred billion won now and pay the rest in installments.”
Installments...
Wasn’t this basically trying to fleece Shinyoung Bank for all it was worth?
“I mean, that would be great, but isn’t that too much to ask?”
“They’ll probably accept it.”
“You think they’ll accept this?”
President Song, who never used `informal speech` unless she was very close to someone, didn’t even realize she had let her words slip.
“Probably? That’s what I think, but just in case I’m wrong, if you’re really concerned, I can ask after I finish work.”
Just then, a gruff voice came through the receiver.
“Hey! Choi Yeong-hun! Stop slacking off and come carry this. And a young guy like you shouldn’t be bragging on the phone like that. Do you think a hundred billion won is chump change...?”
At that, Yeonghun spoke in a flustered voice.
“Yes! I’ll be right there. I’m sorry, I have to go now. I’ll call you back after work. Well then...”
“Hello?”
*Beep... beep...*
< The Ghost Employee of the Secretariat (6) > End
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