[289] Pandemonium, Sunyang Family 5
“Then build just one floor higher than Sunyang’s main building.”
“Look. Doesn’t the president have that kind of greed? Hehe.”
A sense of superiority overlooking competitors. It is also a number. Even if it’s one floor higher, even if it’s 1m higher… It’s just a number called 1, but it takes astronomical money to get this number.
“Anyway, if you’re done here, let’s start.”
Chairman Lee, who was caught in the middle of the day, turned his face away.
You won’t look like that in front of the person you’re meeting tomorrow evening. There is nothing to hide and nothing to be found out about.
“Then, shall we enjoy another luxury today? At a 7-star hotel?”
“Officially five-star. It’s so different from other 5-star hotels.”
“The cost of lodging was exorbitant. Over 30 million won per night.”
“So you didn’t come to pick us up in a limousine like this?”
Chairman Lee Hak-jae hit the roof of the limousine with his hand.
When we arrived at the hotel, there were about a dozen employees lined up at the entrance and bowed their heads to take care of the service while we were staying.
When I entered the hotel lobby with their guidance, I couldn’t keep my mouth shut again because of the interior covered with real gold.
“I’m going to drool. Stop embarrassing yourself and shut up.”
It was like seeing the pinnacle of luxury. Dubai’s moratorium declaration is natural.
From the distant past to the present, history tells us that the end of luxury is destruction. It was also a place where the history of ruin was reproduced.
After a good night’s rest, when the morning dawned, Chairman Lee Hak-jae hurriedly swallowed a piece of bread and left.
“I’ll look around the site and come back, so I’m resting. Call me in the afternoon.”
I was going to go with you, but I gave up. Dividing authority is not so desirable.
Until Chairman Lee came, he enjoyed the heat and blue sea on the artificial island of 1.7 million pyeong, ‘Palm Jumeirah’, which shows another extreme of luxury.
Chairman Lee, who returned late in the afternoon, had a hard expression on his face.
“The atmosphere is messed up. Even European companies that have already withdrawn have appeared. The morale of the field staff was also in a mess, so it was a bit late to read it thoroughly.”
“Now morale will go up knowing that only we will survive.”
“You have to make it that way. let’s go. Even though it is a business that does not give money, isn’t it a super gab? It’s rude to keep you waiting.”
We moved to a yacht owned by a hotel floating in the sea with colorful lights.
There is no place like this for a quiet conversation.
The middle-aged man with the long name ‘Ahmed bin Saeed Al Maktoum’ was expected to appear wearing a ‘Kandura’ and ‘Kefiya’, the traditional Middle Eastern men’s traditional attire, but he appeared in a neat Western-style suit.
Although he was only the financial director of Dubai World, he had more power than a simple executive because he was a bloodline of the Dubai royal family.
Ahmed, the son of Saed of the Maktoum family. This is the meaning of the long name. I thought about what to call it for a while, but Chairman Lee Hak-jae, whom I had already met, took my worries away.
“See you again. James.”
“Nice to meet you, Mr. Lee. Didn’t you wait long?”
I heard perfect American English pronunciation.
Oh, this man must have been limited in America since he was a child.
When Chairman Lee introduced me, I also said my English name.
“It is an honor to meet you. This is Howard Zinn.”
Chairman Lee Hak-jae explained to him who was looking at him with a little doubt.
“Howard is the manager of Miracle, an investment company that is the largest shareholder in HW Construction.”
largest shareholder and investor.
His eyes widened as if he was interested in the word.
Ahmed Isa asked after a little formal conversation while hiding their true intentions.
“Are you planning to withdraw from HW Construction?”
“We have no choice but to follow the will of Sunyang Construction. If they say they are falling out, we have to go back together.”
“Then you don’t have any particular reason to meet me… You didn’t come from Korea to tell me that, right?”
“This guy will tell a story that James will be happy to hear. I’m just curious about the end of the conversation between the two of you today. haha.”
“Is that so? Then, where should we listen?”
When his eyes turned to me, I said two numbers first.
“80 billion dollars. And $60 billion. Is that correct?”
Both of them were surprised at the same time, but they knew what these numbers meant.
However, Chairman Lee was surprised that the number was larger than expected, and Director Ahmed was surprised because it was an almost accurate number.
“It is our company’s judgment that we have already lost our ability to pay. Right now, Dubai World expects that there will be heated discussions about whether or not to declare a moratorium.”
Ahmed Isa, whose lips were tightly pressed, was silent. Feeling upset, his expression became more and more hardened.
“To be clear, I have been making suggestions as Mr. Lee said. I don’t know yet whether Mr. Ahmed will be happy with the proposal.”
“Listen to that offer. I hope it was a pleasant story.”
“Dubai’s total debt is 80 billion dollars, of which Dubai World’s debt is 60 billion dollars…” “
To be exact, 59 billion dollars. Of course, these numbers are as of the end of this year. It is also an estimate.”
“yes. It is also our expectation that it will not increase further.”
can’t grow any more Because I can’t afford this debt and declare a moratorium.
“Fortunately, our company still has funds available.”
“Good news. But your company… You said Miracle, right? What does Miracle’s financial capacity do with us… wait… by any chance with New York’s Miracle Investment…?”
“yes. It’s the same company.”
Ahmed Isa’s eyes widened beyond measure.
He’s already heard it too. In this US financial crisis, Miracle is the only company that not only survived the devastated Wall Street, but also raised astronomical profits worth tens of billions of dollars.
So, you should have realized how much leeway I just talked about.
“okay. Keep talking.”
Now, as if he was very curious about my proposal, he sat close.
“What would you do if the two Korean companies, Sunyang and Daehyeon, decided to withdraw?”
“You have to accept it. There is no way.”
A rich man is sitting in front of him, so he doesn’t hesitate to sound sick.
“The areas covered by the two companies are the core Al Maktoum International Airport and Dubai World Central. There are other residential areas in the new city.”
“Howard. Do you mean to block the withdrawal of the two Korean companies by lending money to Dubai World? Then HW construction continues…”
“No. I’m not generous enough to feed Sunyang and Daehyeon with our company’s money. However, I would like to ask if you would consider entrusting the ongoing project to HW Construction if the two companies withdraw.”
“I have no reason to object. We have already confirmed the capabilities of HW Construction with our own eyes. But…”
I have no money. The Middle Eastern royal family in front of me couldn’t bring this up.
“In that case, we will be responsible for cutting the tape at the inauguration ceremony. Never mind the money.”
“Could you be specific about not minding it?”
“I will give you a grace period. Isn’t Dubai World a state owned company? Plus, the jewel of the Middle East…. It’s a AAA rated bond that’s much more reliable than Wall Street. I believe that it will be resolved in a not too long time.”
Ahmed’s expression suddenly changed to a happy expression.
“If you just do that, one big worry is alleviated. Do you know the exact amount?”
“yes. I remember that Sunyang and Daehyeon currently have a combined unpaid amount of just over $7 billion.”
“You also know that it will cost over 10 billion dollars by the time it is completed, right?”
Chairman Lee Hak-jae, who had only listened so far, intervened. Not to warn me, but to show condescension in front of Middle Eastern royalty.
“of course. I can afford it.”
It’s an offer that’s too sweet to refuse, but it’s normal to always have doubts when you suddenly receive a favor for which you don’t know the reason. Ahmed Issa asked cautiously.
“I am indescribably grateful for the generous offer that seems to overflow. But can you tell me why you are making this proposal when everyone is about to withdraw?”
There is no need to look around here. Knowing my intentions doesn’t change anything.
“The two companies, Sunyang and Daehyun, are competitors far ahead of HW. If we overcome them and build a new city, it will be an opportunity to surpass them. We have the funds and they don’t. Wouldn’t it be natural for us to compete on our strengths?”
It’s for the simple reason of competition, but nothing more powerful than this.
“In addition, we look forward to a strong bond between Dubai and our HW Group.”
Chairman Lee Hak-jae showed contempt once again.
For whatever reason, isn’t a true friend a person who helps you in times of need?
The long-named Dubai royalty smiled with satisfaction.
“I have greatly disrespected a friend from far away by forgetting to eat.”
And a very long meal followed.
* * *
Suh Hyeong-gyun, president of Sunyang Construction, became the CEO with the appointment of Vice Chairman Dong-gi Jin. And after taking office as the CEO, he took on the biggest project, Dubai, and proceeded without any problems, but he had to negotiate the biggest problem today.
But I could tell from the first impression.
The biggest problem is that they can’t solve it, and they say that getting money from Dubai World is over the water.
The end of business is collection.
No matter how high your sales are, no matter how much profit you have, if you don’t get paid, it’s all in vain.
Director Ahmed, on behalf of Dubai World, ended the negotiations with a single word.
“There will be an official announcement from the Dubai government soon. Wait until then.”
“Tell me what it is. I cannot wait again.”
“It’s not something I can say on behalf of the government.”
It was firm, but it was also full of leeway. President Seo Hyung-kyun couldn’t give up hope because of his relaxed expression.
Even Daehyun Construction did not hear the official announcement from the Dubai government, which President Suh Hyung-gyun did not hear.
I threw the last card saying that I would stop all construction work and withdraw if I did not promise to pay the arrears, but the answer was the same.
“We respect your choice, but please understand that we cannot make any promises at this time.”
Unlike Soon-yang, Dae-hyeon read that the attitude of Dubai World is not to afford, but to give up.
Twice the last words of a man in a predicament.
Daehyun listened carefully to this.
Shortly thereafter, Dubai World shouted ‘Twice’ to the world. With the plausible expression of a moratorium declaration!
< Miracle of the Collapsed Desert >
This headline was the Dubai crisis commonly expressed by the world media.
The miracle collapsed and the Korean stock market also collapsed.
2009 was a year in which many things disappeared.
A respected cardinal has passed away, and two former presidential commissioners have passed away.
And the world-famous pop star, who would be hard to meet again, passed away in the tears of fans.
Chairman Vibrator trembled while holding a piece of paper with dense numbers written on it. That number felt like a death sentence.
An amount you cannot afford or be responsible for. He was devastated and couldn’t do anything.
There was another person who felt the same way as he did. He was the chairman of Daehyeon Construction.
In time, they came to their senses and knew exactly who was going to save them. Finally I put all my hopes on him.
“Call the Blue House. Please tell me you want to see me. quietly.”
—————————————
