Chapter85: < A Cruel Winter (5) >
A significant number of financial company headquarters were clustered around Euljiro 1-ga Station.
And among them was the Shinyoung Financial Group.
Inside a large sedan gliding into the underground parking garage of the towering Shinyoung Financial Group headquarters sat Chairman Im Chang-ho of Hyunjin Heavy Industries.
He was currently in a very foul mood.
This was because, despite his requests for a meeting for several days, they had dragged their feet with the excuse of being too busy, only now saying they could spare a moment if he came over.
It wasn't that his pride was hurt by having to visit like this.
It was the feeling that some bad news was about to be delivered from the extraordinary shareholders' meeting currently underway.
He wanted to storm into the Hyunjin Tourism conference room where the extraordinary shareholders' meeting was being held, but he knew that going unprepared would only damage his prestige.
"Well, it's been a while. Since the business federation luncheon... has it been almost half a year?"
Chairman Lee Gyeong-ho, who was around the same age as Chairman Im Chang-ho, was meticulously tending to his orchids.
"My knees ache, so I can hardly come up to Seoul. How can you be so cold, leisurely tending to your orchids like this?"
As Chairman Im Chang-ho sank into the red leather sofa and spoke bluntly, Chairman Lee Gyeong-ho let out a hearty laugh.
"Hahaha. You seem to be quite angry."
"I'm not joking. Have I ever done anything to upset you? Unless you were determined to screw me over, there's no way you would have avoided my calls at such a crucial time."
At Chairman Im's resentful tone, Chairman Lee shook his head and sat in the seat of honor.
"Don't be like that. Do you think I did it out of some deep-seated grudge? It's not like we've only known each other for a day or two. But... aren't you and I both men who will be stepping down soon?"
"So?"
"Thinking back, my youth was incredibly hard. To survive those poor times, I did it all—shining shoes as a kid, working in restaurants, and once I had some muscle, laboring on construction sites. Life felt impossibly difficult then, but looking back, it seems it was a decent life. It was hard, but I could always laugh when I was with my family. There was hope."
"Why bring up the old days all of a sudden?"
"After graduating from commercial high school and starting at the bank, the world was my oyster. I felt like I could do anything. You had times like that too, didn't you? I remember when you were in your prime, you borrowed money from me to expand the shipyard."
"Man, I'm going to pass out listening to you. What are you trying to say?"
"Let's pass the work on to our children. Don't you think it would be fun to just live our lives watching our grandchildren's antics?"
Chairman Im Chang-ho shook his head firmly.
"Your son may be talented enough for you to trust him, but my children are still lacking. Even though I've taught them every little thing, they're still like children I can't leave unattended. They can't seem to do anything right, so how can I possibly let go?"
Chairman Lee Gyeong-ho glanced at him, amused.
"What are you talking about? Your daughter-in-law and granddaughter are so brilliant."
"What?"
"My grandson... you know him, right? Hyeongjun. I've brought him around a few times."
"Let's just say I have."
True to his character, Chairman Im Chang-ho wasn't one for empty words, so he didn't pretend to remember when he didn't.
"A shame. Bragging about my Hyeongjun is one of my greatest pleasures these days. Anyway, it was Hyeongjun who brought me this Hyunjin Tourism investment deal."
The topic he had been waiting for had finally come up, but Chairman Im hesitated to press the issue.
The fact that it was Chairman Lee's grandson, of all people, who had brought him the deal.
Chairman Lee had just casually uttered words that could easily escalate this into a war between their two companies.
This meant one of two things.
Either he had reached a point where he didn't even consider Hyunjin Group a threat, or this situation wasn't as detrimental to Hyunjin Group as it seemed.
For now, Chairman Im suppressed his boiling anger and listened quietly.
"You know that both Shinyoung Morgan Stanley and Shinyoung Investment & Securities have been in a tough spot lately with their poor performance. The stock market has been a real drag with the US and China fighting. From the company's perspective, it was an opportunity we couldn't pass up... but we Koreans have a sense of loyalty. The idea of stabbing you in the back just didn't sit right with me."
"And yet you were still going to turn a blind eye and hand it over to Shinyoung Morgan Stanley?"
"No."
"What do you mean, no?"
"We weren't handing it over to Shinyoung Morgan Stanley. It was Hyunjin Corporation."
For a moment, Chairman Im Chang-ho thought he had misheard.
"What did you just say?"
"Hard to believe, isn't it? I was the same at first. Why would Hyunjin Corporation want to take over Hyunjin Tourism? But after thinking it over, I realized it wasn't entirely nonsensical. Your daughter-in-law... I never took her for one, but she's a real formidable woman. You were always complaining about her, but that was all just talk, wasn't it?"
For a moment, Chairman Im couldn't grasp what any of this meant.
"So what are you saying?"
"I'm saying Hyunjin Corporation orchestrated this whole thing. We just played along and got paid for our part."
"Then at the shareholders' meeting right now..."
"Hyunjin Corporation must have proposed the dismissal of the CEO."
Chairman Im Chang-ho couldn't hide his agitation.
He downed the still-warm tea in one gulp and spoke.
"She has that kind of nerve?"
"Why are you asking me? She's your daughter-in-law, shouldn't you know her best?"
"I'm asking because I didn't know!"
As Chairman Im shouted, Chairman Lee covered his ears and said.
"Don't shout. Did you swallow a train whistle?"
"That's because I don't live an elegant life just tapping a calculator like you. If I speak quietly, I can't be heard over the machinery, so shouting has become a habit. Satisfied?"
"Such a temper... You know your daughter-in-law exchanged her Hyunjin Tourism stock for 200 billion won in cash, right?"
Only then did Chairman Im's voice soften.
"I do."
"She used the Hyunjin Tourism shares our group held, along with her own, to set the stage for a takeover. She must have been persuading minority shareholders and collecting proxies for a long time now. The CEO's dismissal is unavoidable."
"Heh..."
With a hollow laugh, Chairman Im Chang-ho leaned back against the sofa.
But as Chairman Lee watched him, his eyes held not pity, but a spark of interest.
"In the end, your daughter-in-law just took what your daughter had. No matter who holds it, they're still your blood, aren't they? And having a capable daughter-in-law and your own granddaughter in charge isn't necessarily a bad thing. Honestly, you know it too, don't you? I can't speak for your grandson, but your daughter... she's a bit lacking when it comes to leading a massive corporation."
"She may be lacking, but it wasn't something she couldn't handle with help from those around her."
Though his words denied it, his voice held no anger.
Chairman Lee Gyeong-ho, who had been watching him intently, asked.
"If you insist, I'll give it back. We may not be childhood buddies, but we have a bond from all our years of doing business. I can take a loss for you, just this once."
"Forget it."
Chairman Im slowly shook his head.
For him to say that much, the motion to dismiss the CEO must have already passed.
To overturn the proxy votes now?
The fallout would be enormous, needless to say, and the greater the fallout, the more exponentially the cost to Hyunjin Group would rise.
Chairman Im hadn't lived all these years so naively as to believe he would simply "take a loss."
Besides, even if, by some miracle, Lee reversed course, braved the immense fallout, and demanded nothing from Hyunjin Heavy Industries in return, Chairman Im had already lost the will to fight.
His disappointment in his daughter was compounded by his disappointment in Tae-min, from whom he had expected so much, only to see him stand by helplessly as this happened.
And he thought of his granddaughter, the one who had sent that precious boy—a child so dear it wouldn't have hurt to have him in his eye—to heaven.
It broke his heart to see that child snatching what belonged to her aunt just to save her own skin.
"I should be going."
"Are you sure you can just leave?"
"What else am I supposed to do? Don't say things you don't mean. And this tea is awful. If you've got the money, you should buy some better stuff."
"Heh heh... You have such a picky palate."
Chairman Im Chang-ho left the office and got into his car.
"Where to, sir?"
After a moment's thought in response to his chauffeur's question, Chairman Im answered.
"Let's go to Hyunjin Tourism."
"Understood."
He had originally planned to go to Nonhyeon-dong to console his daughter, but he changed his mind.
It didn't take long to get from the Shinyoung Financial Group building to the Hyunjin Tourism headquarters.
He had called ahead, so when the car stopped at the main entrance of Hyunjin Tourism, President Im Ji-eun was already waiting outside with the other executives, a half-dazed look on her face.
"Dad!"
Chairman Im's brow furrowed at the sound of her shrill voice the moment he stepped out of the car.
"I'm not deaf yet."
"My sister-in-law proposed my dismissal to drag me down! If you can just do something about the proxies... What did Shinyoung Bank say?"
"Let's go inside."
Without another word, Chairman Im walked past her and went inside.
Thinking his firm attitude meant the matter would be resolved, President Im Ji-eun's face brightened slightly as she hurried after him.
Amid a flurry of camera flashes from business reporters aimed at the throng of Hyunjin Group executives, Chairman Im Chang-ho entered the conference room with a confident stride. He glanced around for a moment before walking toward a specific spot.
"You're here."
President Song Eun-chae stood up, a look of surprise on her face.
The Hyunjin Corporation employees sitting beside her automatically shot to their feet, their faces pale as they stared at Chairman Im Chang-ho.
"Sit."
As Chairman Im approached, Managing Director Go Seung-hyeon, who was sitting next to President Song, quickly gave up his seat.
Chairman Im took the seat and spoke to President Song, who had sat back down.
"Did you have breakfast?"
"Yes, Father."
"That cobalt mine thing... was this the reason you didn't go for it?"
"Not entirely, but it was a contributing factor."
Standing behind Chairman Im Chang-ho, whom she had followed, President Im Ji-eun's face flushed with anger, but she trusted her father and remained silent.
“So Ji-eun threw a lit log into a quiet forest for no reason. If you hadn't brought Sewon International into it, none of this would have happened... Is that it?”
“That’s correct.”
“He must have been furious, but you handled it wisely.”
President Song Eun-chae, who had been nervously clasping her hands, had a look of surprise in her eyes.
At the same time, President Im Ji-eun sputtered with a shocked expression.
“D-Dad. W-What are you talking about?”
“Quiet! Do you not see everyone watching?”
“Dad...”
After scolding President Im Ji-eun, Chairman Im continued.
“Running one company is very different from running two. Do you have a plan in mind?”
“I have already invited a professional manager named Rogers Park, who contributed to a significant increase in performance during his fifteen years as vice president at Best Western Hotels. As soon as the current management steps down, the new team will be brought in.”
At the smooth reply, Chairman Im nodded, and President Im Ji-eun’s face fell.
“You’re not going to break up the hotel and sell it off, are you?”
“Even before the acquisition, my decision was based on the future I saw for Hyunjin Tourism. I judged it to be more stable and valuable than acquiring the Proxia cobalt mine.”
“Indeed. A piddling mine like that can become poison depending on market conditions, but a hotel never loses its value. That was a good call.”
“Thank you.”
Ignoring his daughter, who had finally turned away to wipe her tears, Chairman Im looked around President Song and asked.
“Who is it? Who’s the one who orchestrated this?”
Managing Director Go Seung-hyeon’s eyes darted around.
He had drafted the plan, but it was Manager Choi who had directed the entire operation.
He wasn’t sure if he should say so, but President Song stepped forward.
“It’s an employee who is not present.”
“Is that so? It wouldn’t be Seong Ju-hun... Who is it?”
“You wouldn’t know them even if I told you. They’re a new employee who hasn’t been with us for long.”
Chairman Im rose from his seat.
“Tell that friend I’d like to see them. It’s been a while since I’ve been up to Seoul, so I should rest a bit before heading back down.”
“Understood.”
“And... let’s go see your father at the hospital this evening.”
President Song Eun-chae stood up, her eyes trembling.
“Father...”
“Don’t bother coming out. Now that I’m here, the reporters won’t be able to write any strange stories. And you, follow me.”
At Chairman Im Chang-ho’s words, President Im Ji-eun shouted.
“I can’t! How can I just leave like this? Dad, are you really going to do this? To me, like this...”
“Then what? Should I give Hyunjin Heavy Industries to this young lady here, too?”
President Im realized from the fierce glint in Chairman Im’s eyes that he wasn’t joking.
“How could you do this to me?”
“And how could you do this to me? Let’s say you have a reason for what you did to me. But how could you do that to Tae-min? If you hadn’t done something so foolish, this all would have been Tae-min’s. The articles will be out this afternoon. Are you going to let Tae-min see this ugly mess? Let’s go.”
Only then did President Im Ji-eun compose her ruined face and reluctantly follow Chairman Im.
< A Cruel Winter (5) > End
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