[285]Pandemonium, Sunyang Family 1
“Did you have a good trip to America?”
“yes.”
“Has it been quite a while? Was it related to the US stock market crash?”
“That’s right. Oh, the US stock market didn’t crash because of me.”
“You’re not that influential. On the subject of the prince of the periphery. Hehe.”
Chairman Lee Hak-jae’s expression was not bright as he spoke with a smile. Is something going on?
“The Korean stock market is also a mess, so if there is anything I need to know, tell me. Please don’t hold me responsible for my mistakes later.”
“There will be a problem with liquid funds, but I will make sure that there is no problem.”
“If a person running a business has a reliable landlord who solves money problems, the game is over. Then do you mind?”
“yes. But what are you doing? Why is your expression dark?”
Chairman Lee Hak-jae got up from his desk and sat down on the sofa next to me.
“It seems that Vice Chairman Jin Young-ki will have a major accident. No, that’s for sure.”
I sighed because it was a major accident. What else are you up to?
“Again, what is a holding company? It must be difficult unless I and vice-president Vibrator’s joint voting rights raise their hands, right?”
“no. This time it is a succession operation.”
“yes? Succession?”
Chairman Lee Hak-jae nodded.
“I heard information that you have started the process of handing over the shares to your son-in-law. Those guys from the group planning office are working in secret.”
“yes? Young-joon hyung?”
“okay. You know that handing over a share is different from handing over a house. It’s not too early as we have to prepare slowly for a very long time. Yeongjun is already 40 years old.”
I hadn’t seen it in a long time, so I completely forgot about it. He’s already forty.
“I can’t make up my mind. I don’t think it will be a variable since my uncle’s share is moving anyway, is that correct?”
Chairman Lee Hak-jae also does not have an easy answer. I mean, it’s a complicated problem.
“Let’s think about it this way. What if Jin Yeong-joon establishes a corporation and Vice Chairman Jin Young-gi sells part of his stake to the company, just as you use Miracle?”
“The stakes being sold must be shares in an unlisted company, right?”
“yes. But that unlisted company must have a lot of shares in Sunyang Group, right?”
“Then the value of the newly established corporation will skyrocket.”
“okay. The problem is that even if Jin Young-ki only owns 51% of the shares, the group’s control is still intact. Even if the newly established corporation is full of work or eats a cushion in the middle, the performance will skyrocket…” “If
the corporation is listed, you will make a lot of money again. You only need to put 49% on the stock market.”
In this way, the number of companies in which you only hold a stake grows and makes money. Using Sunyang Group, which earns money directly, a number of unidentified companies with only stakes are born.
“I will definitely start the second stage strategy with the money I earned. Because it is the way I wrote it.”
The second step is the issuance of convertible bonds and the allocation of bonds with warrants at low prices.
“Is there any possibility that their stake will increase?”
“It is difficult to say for sure. You might be able to leave out only the shells of subsidiaries at a very low level and leave out the core. Because those subsidiaries are quite far from the influence of a controlling stake.”
It was a confident speech.
“I don’t think that’s all?”
“Actually, I don’t know. If one very clever guy finds a loophole, maybe he can come up with a new method. It’s because I’ve been away from it for a long time. The law must have changed a lot… In times like this, one brilliant idea can be a very big variable.”
A lot of thoughts came and went.
It might be better for Jin Young-joon to own the stake. Jin Young-joon is an easier opponent than his father. The richer they go down the generations, the worse their character becomes and the less patience they have. Because I grew up like that since I was a kid.
However, as Chairman Lee Hak-jae said, if something unexpected happens, that would be a disaster.
Should I block it?
“President. When you can’t predict what’s going to happen, wouldn’t it be better to stop it early than to sit back and watch things unfold?”
“Are you trying to stop the succession? how?”
I sent a smile to Chairman Lee Hak-jae, who looked at me with surprised eyes.
“President. Could you please give me one last appearance at the prosecutor’s office?”
“what?”
“This time for a different reason than in the past. Not the suspect, but the reference. It’s not that I don’t remember or I don’t know, but I’m talking in very detail as I remember. As a reference.”
“What the hell are you talking about?”
It seems that the word prosecutor’s office will cause a game. He quickly shook his hand and calmed down.
“It’s like paying overdue taxes. If you have to pay taxes according to the inheritance law that your grandfather gave you, what kind of expression will Vice Chairman Jin Young-ki make?”
“Can you?”
Chairman Lee Hak-jae has already read my thoughts.
“I am thinking of reaching an agreement with the National Tax Service. However, since Vice Chairman Jin Young-ki went through the succession process twice, the tax must be doubled, right? Of course, if you struggle to not pay taxes, the ugliness will keep coming out…”
“Then you may have to pay hundreds of billions of dollars in taxes too.”
“Hasn’t that always been the case? If there is a problem, he apologizes moderately, holds a press conference, and throws several tens of billions of won, saying that it is a return to society instead of a fine. Would it have more impact if I said I would pay my taxes instead? I have thoughts of throwing 500 billion won.”
It is better to make a donation in the name of giving back to society than to pay the same money as taxes.
Taxes leave a precedent and become an obstacle to succession work going forward. Compared to the succession work of another chaebol family, it is constantly noisy with tax issues.
It should remain as a precedent that chaebols do not pay gift and inheritance taxes.
“so? What do you get?”
“You get a lot out of it. First of all, the public cheers.”
“What are you trying to do with something like that? To become the first 3rd-generation celebrity of a conglomerate?”
“It can’t be. Public acclaim presses politics. When politics is pressured, public officials move.”
Chairman Lee Hak-jae burst into laughter.
“The IRS has no choice but to move. Hehe.”
“It is also a matter of timing. We will hold a press conference when it is most exquisite. It will show the people’s duty to voluntarily pay taxes.”
“That timing refers to when the Sunyang Group’s funding line dried up, right?”
“yes. It’s not long. If the US finance collapses, Sunyang will also suffer a drought.”
* * *
Those who touch money are not only shameless, but also terrible scoundrels. In contrast, the general public is stupidly naive.
It was like that at the IMF 10 years ago, but we are still being fooled. In the United States, 5 trillion dollars were evaporating due to the subprime mortgage crisis, and tents of homeless people increased in New York’s Central Park, but Korea’s KOSPI index exceeded 2,000, breaking an all-time high.
It is showing off that the Korean economy is cruising until investors and financial companies hand over the bomb to the general public. The media and politics also uttered the same voice and sold securities whose vitality was over to naive people.
Moreover, with the presidential election just around the corner, South Korea was perfect for hiding the financial crisis that originated in the United States.
It was the common people who firmly believed in the candidate who shouted that he would save the economy of the common people, which had never been good.
A candidate who promised 7% economic growth and 3 million jobs without mentioning the US financial crisis was elected president with overwhelming votes from the common people.
In January 2008, before the president even held an inauguration ceremony, the international oil price (WTI) broke through $100 per barrel for the first time in history at the New York Mercantile Exchange, and inflation began to soar.
Even before the presidential oath of office, “I will abide by the Constitution and defend the country…,” the US dollar plummeted.
It was when the bankruptcy of Bear Stearns, the fifth-largest investment bank in the United States, began to be known that Korea began to feel the financial crisis that originated in the United States.
At least, it was the wealthy who acquired information quickly.
Jin Tae-joon, who jumped into my room, was trembling up to his fingertips, but he pretended to be calm.
“Are you having a hard time these days? In times like this, I need to help, but there’s nothing much I can do?”
“I really want to go back. It’s been a long time since I couldn’t do anything and let go. you know? Sunyang Investment and Securities shrank a lot.”
“I heard rumors. I heard all the employees took all their vacations?”
“huh. what do you do when you work If you touch it, it will collapse.”
“Still, your grades weren’t bad compared to the other groups, right? The loss was small and the stock price defense was good.”
“Isn’t it ironic? I thought I would go to the middle if I stayed, so I played from the third quarter of last year. But it is number one in the industry. It’s not because I’m good at it, it’s because other people aren’t good at it. haha.”
Jin Tae-joon listens to my laughter and keeps looking at me.
“By the way, Taejun hyung, do you have something to say to me? What’s the expression on your face?”
He swallowed dry saliva and opened his mouth with difficulty.
“Actually, I have some investments, but that’s a problem.”
According to Vice President Jang Do-hyung, when the funds were pouring in last September, Jin Tae-joon dumped quite a lot of money. Of course, the fact that I lost so much is nagging.
“What investment? Surely it is not a financial derivative? No… Wait a minute.”
When I picked up the receiver, Jin Tae-joon’s eyes widened.
“Where are you calling from?”
“President of Sunyang Investment. You have to look at his transaction history first…”
“Do Do-joon. hang up I don’t know anything about it.”
Then it is. Now comes the real thing.
“huh? Did you use a company other than Sunyang?”
“It’s not like that… It’s scattered in many places. I sold everything I entrusted to Sunyang. But around October of last year, the stock price went up, so I invested again. Sunyang had a negative opinion, so I made a deal with another company.”
As they sold at a loss, the stock price went up. I shout again because I am desperate enough to regret hitting the ground. typical
Taejun hyung, who was diligent, learned the taste of gambling. Have you ever heard that gambling is more exciting when you lose?
“There is no one who will live even if they pay for the poop, let alone pay for it.”
Jin Tae-joon nodded weakly.
How much money was lost and where did it come from?
Knowing that I can’t trust him, but seeing as he came, he must have tampered with the company’s funds.
They had to fill it up urgently, but there was no hole in the money, so they came with the feeling of grabbing at least a straw.
“Taejun hyung. I know it’s urgent, but there’s no way I can help you. All financial products and funds are garbage now. Think of selling scrap metal and dispose of it quickly. You won’t even be able to pay for scrap metal later.”
“know. I have no intention of passing it on to you.”
“then?”
“Lend me some money. Not as a company, but person-to-person.”
I quickly shook my head. Is there anything I can get from this guy by lending him money?
If left alone, it would be revealed that he had touched the company’s money, and there would be another fuss…
“Why don’t you use the bank? I don’t know how much it is, but it’s a bit like making money in private.”
“Will the bank lend me now? Not even the seeds are eaten because I put out all the fires that have fallen on my feet.”
His complexion grew darker and darker.
“How are you? Did you put in billions?”
Seeing that it is not easy to say, it is several tens of billions.
“say. Then we will find a way.”
“The urgent thing is 60 billion. That’s fine.”
Is 60 billion urgent? This guy’s company’s money alone is 60 billion won.
Of course I’ll have to borrow it. When destroying Sunyang Construction, 60 billion won is equivalent to a hand grenade.
Because the more bombs, the better.
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