[213] Devastation 1
“So? Who took your stake?”
“Brother.”
“I’m glad.”
Vice Chairman Vibrator suddenly shouted at Chairman Jin, who was talking like a spectator.
“father!”
“Hey! Be thankful even if you didn’t get out. What would have happened if the wrong guy had taken the shares of Sunyang?”
For my father, it’s only the difference between the left and right pockets. The vibrator had to change my father’s mind.
“There is still plenty of time to get it back.”
“You have enough time but not enough money?”
“yes.”
“so? You’re not asking me for that lack of money, are you?”
“Sorry father. Please help me just once.”
“I have no money.”
While listening to his son’s words, President Jin moved on. The inside of the vibrator chasing after my father walking in the garden was charred. The last rope is about to break.
“What did I say when I organized the group shares? Didn’t you say you wouldn’t get involved even if everyone messed up?”
The vibrator’s mouth chattered, but I gritted my teeth and endured it.
Money, not shares!
The money hasn’t been handed over yet. Even a toddler knows that trillions of won are dormant somewhere far away across the sea, and it can be solved by bringing out some of them.
However, mentioning foreign slush funds is taboo. Pride did not allow him to look like an immature person whining about asking for money.
“Oh father. I beg you like this. I won’t ask for money, so please give the bank a call.”
“bank? shake it off My money…”
“It’s not like that. Please arrange a loan.”
Chairman Jin, who was moving his steps, turned around and shouted.
“It doesn’t matter. Right now, the presidents of banks in Korea are in a hurry. Is it possible for the regime to open its eyes and investigate those bastards? Don’t you have any collateral?”
It’s too shabby to be an excuse for rejection.
He didn’t even ask why he lost his stake. It means you already know the inside story.
The vibrator made me feel dizzy.
Chairman Jin called his son who was terribly distorted.
“It’s motivation.”
“…yes.”
“You’ve never had a hard time, have you?”
I couldn’t decide what answer to give. I worked for the company for close to 30 years. It was only when I was young that I went back and forth to the company and caught all kinds of poop forms, but I knew the fun of work from the time I grew up.
How could it not have been difficult after that?
But now it is not a difficulty, but a crisis. It is also a crisis that may be kicked out of the sunyang group.
“father. No matter how much I walked on the flower path paved by my father, how could I have never had a hard time?”
“It’s a life-and-death risk.”
It is right now. Do you ask knowingly?
This also did not come out.
They lost their life-like stakes in the group. If his older brother secures a majority stake, he will be kicked out of the Sunyang Group office building. And like a corpse, you have to hold your breath and live.
Chairman Jin sighed when he saw his son who was silent.
“The saying that a crisis is an opportunity doesn’t just come out of nowhere. Get over this hurdle now with your own strength. Then your older brother, Yeong-gi, will be shaken.”
I know what it means, but there is no way to get past the crisis.
Vibrator pulled out the last card. It’s about throwing everything you have.
“To get through this crisis, I have no choice but to borrow money by collateralizing all of my remaining stake in the group.”
“Anyway. That’s the only thing you’ve got that’s worth using, right?”
When Chairman Jin spoke without thinking for a second, the vibrator felt as if the blood was draining.
Abandoned.
father abandoned himself
It does not mean that the stakes in affiliates will be pledged as collateral. It means entrusting the group’s controlling stake as collateral, but my father didn’t even blink.
I know very well that you are not the kind of person who will just sit back and watch Sunyang’s dominance go into bank collateral.
The moment his share goes into the bank, the father will get it back. And I will pass it on to someone else.
That someone is a brother or a nephew.
Now, the last remaining means have been blocked.
Vibrator bowed her head without saying anything and turned her steps.
Chairman Jin clicked his tongue as he looked at the back of his second son, who was limp and limp.
“How can you blackmail your father without knowing who the guy holding the knife is? Tsk tsk.”
* * *
The meeting room in the annex of the Central Government Complex, which was completed in December last year, was strictly restricted except for a few officials.
Today, we are standing at an important crossroads that will determine whether the newly launched government’s decision will succeed or fail. If the outcome of today’s meeting is not good, it will remain as a failed policy case for the next five years, or forever.
And that’s not all. The business world, which sees it as an opportunity, will fight back, claiming that the government’s immature response has destroyed a solid company.
In the future, any checks or sanctions will be impossible.
A government meeting attendee who was well aware of this fact, that is, the vice minister of the Ministry of Finance and Economy, and the senior director of the Financial Supervisory Service at the Blue House, had a grim expression on his face.
There were also middle-aged men who were just as nervous as they were.
They are the creditors of the cruise card. Executives from financial and investment companies, who were in charge of Sunyang Card’s short-term liquidity funds, were called to this meeting, regretting their actions one beat too late.
When the government’s coercive sanctions follow, their bonds become pieces of toilet paper. However, they sent a glimmer of hope to one of the meeting attendees.
The only person in the conference room who wasn’t nervous was a man with an expression as if he were about to have a chat. It was Oh Se-hyun, CEO of Miracle.
Isn’t it the savior of the business world who takes over insolvent companies and puts them on the right track? The fact that he was here was a hint of what the blueprint of the government was.
“First of all, I want to say thank you to everyone who took the difficult step. Anyway, I hope today’s meeting will end meaningfully.”
“There are now 18 hours left for Sunyang Card to suspend business. The best outcome is to cancel the disposition of business suspension, and the second best is to minimize the period of business suspension. And… worst of all, it’s out of business.”
As soon as the government figures finished talking, Sunyang Card creditors complained.
“I believe there is a solution in place for our tied up funds.”
“In fact, shouldn’t you at least inform us of this emergency measure before announcing it? I want it because it’s so absurd.”
The director of Policy 1 of the Financial Services Commission, who listened silently to their complaints, slowly opened his mouth.
“Even private moneylenders prepare a sure way to recover money when lending money. Those of you here…. As a representative bank in Korea, didn’t you buy short-term bonds only by believing in the name Sunyang?”
The faces of the executives in the financial sector hardened when no good words came out of the mouth of the first policy director. It dawned on me that perhaps there might not be a plan to collect bonds among today’s measures.
“When you lend 10 million won to the general public, you are the one who lent tens of billions of won only on credit while establishing a sure recovery plan, saying that it is a collateral guarantor. Does the government even have to play the role of a troublemaker bully who goes out to get money?”
It was a statement that showed the clear will of the government. In any case, the financial sector should bear the damage caused by the Sunyang credit card crisis.
Suddenly, everyone shut their mouths and politely lowered their eyes. Executives at financial companies have changed their attitude to waiting for disposal. This is unavoidable because the government exerts enormous influence over personnel management in the financial sector.
“Come on, I have a lot of time to say nasty things in the future. Let’s start with something hopeful.”
The Blue House senior secretary for economics looked at Oh Se-hyeon and said.
“There are exactly two things that the people gathered here have to decide within 18 hours. First, what to do with malicious consumers who cannot pay the amount of money used by card? Second, what percentage of the recovery rate are you satisfied with? Wouldn’t that be it?”
Sehyeon Oh started talking to executives in the financial sector.
“If you ask me to take responsibility for all short-term bonds, I will stand up. As the director of policy said a moment ago, all of you who threw money believing in Sunyang’s name must also take responsibility. That responsibility is the recovery rate.”
Oh Se-hyeon took a moment to rest and smiled.
“Think about it and say it. There is no push-and-pull negotiation. I believe that you all know that the government’s will is firm. If I refuse to take over Sunyang Card, the short-term bonds of Sunyang Card you currently have will come to rest. Move my heart to prevent such a catastrophe.”
If it was the same as before, it’s a remark that you can snort and ignore.
However, everyone gulped and exchanged glances with each other.
Five years ago, the IMF made a clear case. Even a bank, which was considered a fortress, could fall and collapse due to outside influence.
Of course, the bank will not collapse to the extent of Sunyang Card’s short-term bonds, but it will continue to pile up in the future. An insolvent credit card company is waiting for them.
The same goes for non-bank investors. An insolvent card company waits for them with a numbered ticket. Investors are already withdrawing money. It is the duty of the executives present at this meeting to reassure them.
Everyone knows. Rather than holding a piece of toilet paper, I had to get some.
The silent ones opened their mouths.
“Oh, Mr. I will check one before that.”
“yes. Say anything.”
“Should I take it as saying that you have secured management rights for Sunyang Card?”
“We will see the outcome of today’s meeting and decide. If the results come out to my satisfaction, I will buy all the sales of Sunyang Card that poured into the stock market tomorrow. Then, by securing a 40% stake, you become the largest shareholder. And if you combine the shares held by the financial sector, you will immediately secure management rights.”
Oh Se-hyun showed confidence while looking at all the participants in the meeting.
“One more thing, if the performance is good, I am willing to take over the faltering Daehyun Card. I hope this fact will help you in your decision.”
Now, the criteria for determining bond recovery rates have changed. If Miracle even acquires Daehyeon Card, some of the bonds that may become dormant will be recovered.
“Please excuse me for leaving the room for a while to make that decision.”
Financial executives bowed their heads lightly and left the conference room.
As soon as they left, the senior secretary for economy poured out the words he had endured, although in a low voice, like a waterfall.
“Oh, Mr. Is it true?”
“What do you mean?”
“Haven’t you bought the shares of Sunyang Card yet? Is this different from the promise?”
His complexion was already turning red.
The Blue House does not want Sunyang Card to suspend business.
I was thinking of announcing that I had solved the Sunyang Card crisis instead of suspending business 18 hours later if I sorted out the bond issue today. Isn’t it the early days of the administration that desperately needs to be evaluated as a government that has resolved the crisis very smoothly?
The premise of today’s meeting is that Miracle will acquire Sunyang Card. However, Miracle, which has not yet taken control of management, is not qualified to attend this meeting.
“We already have 42%.”
“ah…!”
“If Miracle had already taken over the cruiser card, those people would come out as second.”
Oh Se-hyeon pointed outside the conference room.
“I will do my best to normalize the acquired card company, but I cannot bear all the losses alone. Those who poured money into the revelry should also be held accountable. And the responsibility is, sir.”
Looking at the chief economic officer, Oh Se-hyeon raised the corners of his mouth.
“Responsibility is not moral. You lose economically. Only when money is broken, do you reflect and feel responsible.”
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