[214] Devastation 2
At the cold words of Oh Se-hyeon, the public officials were awakened.
It is not only the financial sector that has to bear economic responsibility. The same goes for ordinary consumers who swipe their cards on a spree.
“Oh, Mr. So what do you plan to do with card delinquents?”
“Will the government forgive the debt?”
“no. No plans yet. What would I do if it was life debt, but this is a credit card. It is scary to be criticized by public opinion for lack of morality.”
“If the government won’t intervene, I will take care of it. You don’t have to mind.”
The senior secretary for economic affairs at the Blue House had a puzzled look on his face. If Oh Se-hyeon attempts an unreasonable recovery, this is also a burden.
“Are you thinking of selling bad debt? A company that specializes in that.”
Companies specializing in such a field are so-called ‘credit information’ companies.
They buy bad bonds that credit card companies, commercial banks, mutual savings banks, and installment finance companies have given up on collecting, at an average of 30% to 10%.
Then, they mobilize staff specializing in debt collection and pressurize debtors to the level of private moneylenders to get their money.
Now is the heyday of these credit information companies.
The number of credit delinquents is close to 3 million, and the amount of bad debts already treated as losses by credit card companies reaches 4 trillion won, and an amount exceeding 2 trillion won will be treated as a loss in the future.
A total of 44.7 trillion won was overdue for personal credit delinquents with less than 100 million won, and over 4 trillion won was overdue for savings banks and installment finance companies alone.
The Republic of Korea in 2003 is a republic of yeoncheol.
“of course. Sunyang Card debt collection staff alone cannot solve the problem. I have no intention of losing even a single dollar in this deal. The gossips out there are going to sell bad bonds in line with their answers.”
This means that if the financial sector that holds short-term bonds decides the recovery rate is 30%, it will sell all the overdue amount at 30%.
“Don’t get caught up in the sense of victory. The cruiser card is just the beginning. All eight credit card companies are risking their lives fighting credit delinquents, with only differences in degree. If the current government has made a bold decision, it must show that determination until the end.”
Oh Se-hyeon said while looking at the puzzled expressions of the officials.
“If we implement a policy to help delinquents in consideration of the next election, they will rush at us like a flock of hounds to take responsibility for tens of trillions of dollars in arrears. Credit card companies and financial institutions, including me, suddenly turn into that beast.”
When public officials were unable to open their mouths, officials from the financial sector rushed into the meeting room.
Seeing their firm expressions, Oh Se-hyeon opened his mouth first.
“Before you tell me the results, know this one thing.”
All eyes in the conference room turned to Oh Se-hyun.
“As soon as the acquisition of Sunyang Card is decided, all malicious overdue amounts will be handed over to the credit information company. And that credit information company wants you to introduce it.”
In an instant, the eyes of financial executives changed. It is infused with greed.
Unknowingly, banks have credit information companies. Created by ex-executives, the bank employs sacked employees as collectors.
Incumbent executives also invest in these companies and make very good money. If the recovery is good, the bank’s loss is the credit information company’s profit.
They exchanged glances with each other.
“Oh, Mr. Here is our decision.”
They handed Oh Se-hyeon a piece of memo folded in half.
“If you negotiate with us on collections, we will pay more attention.”
Oh Se-hyeon checked the memo and stuck it in his pocket.
“Prepare the contract. How much time is left? I will finish everything in it.”
When Oh Se-hyeon jumped up, the director of policy 1 said.
“What is it? You should tell me how you determined the recovery rate.”
“Chief. This is confidential between companies. You don’t have to tell me, you don’t have to know. And isn’t it something the government only needs to be promised?”
When Oh Se-hyun shot at him, Director 1 looked embarrassed.
“We will normalize all services of Sunyang Card within 48 hours. Could this be enough?”
Oh Se-hyeon, who was about to leave the conference room, turned around and hit his head.
“Oops, I forgot something.”
He came to the Blue House and whispered in his ear.
“Please take a good look at how I organize the Chunyang Card and leave the Daehyeon Card if you are satisfied.”
Seeing Oh Se-hyeon’s erratic behavior, the chief economic officer couldn’t even say hello because he was trying to figure out whether he was an ally or an enemy.
* * *
Vice Chairman Vibrator checked the documents in front of him several times, but was devastated and didn’t say anything.
“I came here because I wanted to have a general meeting of shareholders. In fact, the only thing that changes is that there is no link between the vice president and the cruiser card.”
It was Oh Se-hyun’s voice, which did not feel any emotion.
Neither the winner’s arrogance nor the apologies for taking away the company were contained, and it felt as dry as the number of documents.
“Then why did you bring this to me? You don’t even have to tell me. All you have to do is report the change in the majority shareholder…”
“I would like to discuss a few things.”
“discussion? Didn’t I just say that there is no link with the cruiser card?”
“There is only one thing left. That is the name Sunyang.”
I didn’t know what that meant at first. However, he soon realized that he did not want to abandon the name Sunyang.
“Let’s go right now. What do you want?”
“How about holding hands with me?”
“what?”
The vibrator’s upper body, which was leaning against the chair, bounced like a spring. What else does this mean?
“As you know, Miracle holds a controlling stake of 16% in the group. Ah… Of course I’ll have to check again. I don’t know how the two vice presidents have modified the share structure. But I expect it to be at least 15%.”
“So?”
“The cruise card is completely separated from its affiliates. If you are asked to move out of the group building, you have to pack your belongings. If they tell you not to use your name, you have to change it.”
“You don’t want to change your name and you don’t want to move?”
“yes. I just want to sit down here. Employees are also afraid of change. You will be relieved if the name Sunyang remains the same and the location of your workplace does not change. In fact, the people, what does it matter who the king becomes? As long as the food and livelihood remains the same, I don’t really care who the major shareholder is.”
Vibrator Vice President’s eyes twinkled.
“Does that mean there will be no change in management?”
“I want to avoid a major water change. A few stupid people who looked at this credit card crisis with complacency are going to cut themselves, but…”
Only the major shareholder changes.
Even if Vice Chairman Dong-gi Jin held the Sunyang card, some of the executives responsible for this situation would have been blown away anyway.
“Then what does it mean to join hands with me?”
“Didn’t 7% of the Vice Chairman’s shares go into the hands of his older brother, Vice Chairman Jin Young-ki, because of this incident? The base of support within the group will be shaken a lot, but I will support you so that I will not be shaken.”
“So, will you protect me with the 16% that Miracle has?”
“Not 16%. Now that’s 23%. The stakes entrusted as collateral will come back.”
Vice President Vibrator closed his eyes.
I forgot the fact that I lost my stake in the company and the guy in front of me picked up and ate both.
He is 26% and Miracle is 23%….
Now he has risen to an equal position with himself.
The vibrator flashed open her eyes, which had been closed for a long time.
It’s not just about keeping the name and not moving.
If Miracle pushed him, he would have secured a 49% stake at once. Only 2% to more than half.
It only takes a few executives to do that. It is an instant reversal of the tide. And don’t you have nephews?
If 10% of Jin Do-jun is on his side, he can kick out his brother right away.
“Hey, oh representative. Give me the voting rights of that share. I’m not asking for a stake. Only voting rights for me…”
Vibrator had to keep his mouth shut because Oh Se-hyeon smiled and raised his hand. It means a clear rejection.
“When I asked to hold hands, it meant something else. It means that I will only help protect the current position of the vice president. If we hold hands, can’t we stop Vice President Jin Young-gi from shaking the entire group in his hands?”
The nervous vibrator spoke like an earnest request.
“Oh representative. To be honest, isn’t my brother not qualified as a manager? Do you know how many companies have failed in the past? It’s because it’s quiet, so I’m going to go over 10.”
Vice-Chairman Jin Young-ki was once nicknamed “The Hand of Manhandas” because he was said to be ruined if he touched it. At least after I got older, I didn’t create a new company or expand it.
It was because of Chairman Jin’s strict order to think only of protecting a sound company.
“Vice President. It’s useless to me. I don’t care how stupid or reckless the past Vice Chairman Jin Young-ki was. I only see the present.”
Oh Se-hyun calmly shook off the hanging vibrator.
“Take a good look at the current business indicators. There are no flaws anywhere. Sunyang Electronics makes a lot of money.”
“Isn’t that because the market is good? Even if you put a scarecrow in that spot, the results will come out!”
Vibrator thought that President Jin’s words that a crisis is an opportunity is now. They were desperate because if they seized this opportunity, they would turn the tide of the battle.
“I prefer Jin Young-gi, the scarecrow-like vice president.”
“what?”
“If you were the vice president, you would have definitely started a new business based on Sunyang Electronics’ enormous operating profits. That’s what competent managers do. Isn’t this the ultimate goal of chaebol conglomerates?”
“But why?”
“I am a shareholder. Stability is more important than adventure. A stable dividend is better than uncertain growth.”
“Oh representative…”
“Stop it. My opinion doesn’t change. Rather, answer whether or not you will accept what I have said.”
There is no choice.
Oh Se-hyeon smiled as he looked at the vibrator that only nodded his head weakly.
“Then, please inform the Chunyang Card management about this. I’m over…”
Vice Chairman Vibrator asked Oh Se-hyeon a very important question as he tried to stand up.
“Oh representative. I’m asking you because I held your hand. What is our position in Miracle? if…?”
I couldn’t even finish talking. I was afraid of the result to ask the question of whether I am the number one shareholder.
“Are you Do-joon? Hmmm… I invested quite a bit of money and the stake is not touchy. Why?”
“Oh no.”
Oh Se-hyun smiled and said.
“If you are wary of your nephew, don’t worry. Do-joon pursues something different. The goals are different.”
“What is his goal?”
“well. I don’t know for sure, but he must have had a grander goal than the chairman of Sunyang Group. haha.”
Oh Se-hyeon left without saying anything.
The vibrator, which had been sitting idly for a while, got up.
I passed the crisis of being kicked out by my older brother. Now you have to seize your chance.
If you don’t have an opportunity, you will despair, but a concrete opportunity exists. That guy who just came out is an opportunity. If you bring that guy into your ally, you can shake the entire Sunyang group.
Vibrator moved to the president’s office of Sunyang Card to handle the work that opportunity instructed.
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