[291] Banthing on good terms? 2
Chairman Lee Hak-jae requested a meeting of creditors. The banks, which had been paying attention to the giant corporations Sunyang and Daehyeon, ran to the bank, saying, “What a mess.” He offered to put a bell around the cat’s neck, so there was no reason to refuse.
However, at the meeting, Lee Hak-jae’s words sent chills down their spines.
“I am not very generous. Why should I consider the circumstances of someone who pampered me for free?”
At the word that they would throw away all their bills, the bank presidents waved their hands in unison.
“Chairman Lee. We are well aware of the financial situation of Sunyang Construction and Daehyeon Construction. You can’t stop it if you throw it all away. Bankruptcy is certain.”
“President. In the event of bankruptcy, debt collection is impossible. It may take years to normalize.”
“I thought they came together to find a way to collect the debt. Aren’t they gathered to close the doors of the two companies?”
Chairman Lee Hak-jae shook his head at the startled bank presidents.
“A damned man must be ruined. Have you already forgotten what happened to those insolvent lumps when you took care of them because they were big?”
They are bank clerks whose memories of 10 years ago are still vivid. Didn’t the bank, which I thought was an iron rice bowl from then on, also start to fail?
“And even if you don’t get the money you deserve, no, you don’t have to. Instead, I will laugh heartily at the two companies closing their doors and sitting on the street.”
There is no one who does not know that the amount of money they have not received is at least in trillions. Everyone knows where the distribution to throw it comes from. There is a strong water supply, so you can pamper your guts like that.
But banks are different.
The moment of bankruptcy, receivables go through the water, and isn’t it an established fact that the chain of bankruptcies of subsidiaries lined up under the two construction companies?
The bank will stumble again with huge losses, and some of them will lose their business cards as bank presidents.
The most terrifying thing is that the government is messing with the card of liquidating and consolidating insolvent banks. Surviving banks double in size.
However, isn’t it the duty of the same industry to live together even if they eat a little less than only the survivors eat better and live better?
Everyone tried their best to relieve Chairman Lee Hak-jae’s mood and dissuade him, but Chairman Lee was unmoved. Rather, they called people who agreed with them.
When another person appeared, the bank presidents knew that no one could stop them.
* * *
“You must owe this friend quite a bit.”
Chairman Lee Hak-jae introduced me to the bank presidents with these words.
“Debt? what is that…?”
One of the bank presidents was furious as if he were saying something nonsensical, but he was not wrong.
“Isn’t it true that you lent my money to the bank? Since you lent the money, wouldn’t the bank have paid you full interest? If it is not a loan, it means an investment. Do you sometimes pay interest to investors?”
All depositors are debtors, and bankbooks are IOUs. It has been subtly changed to a plausible word, such as leaving the money in the bank or depositing it, but it is more accurate to say that it is borrowed.
So, they create various financial products to seduce depositors, who are debtors. It’s because you don’t have to pay back the money you borrowed when you seduce them with sweet words that you can get more profit.
I am a debtor because I am a simple depositor, not an investor in a financial product.
“I lent a lot of money to the bank. But if you want to use that money to save a company that is about to go bankrupt, there’s nothing you can do about it.”
The bank presidents’ complexions turned earthy, as if they had expected my back talk.
“I want to get back all the money that Sunyang Financial Group lent me and the money I personally lent me. I will withdraw it when business opens tomorrow morning.”
The bank presidents didn’t say anything to Chairman Lee Hak-jae, who said he would throw a promissory note, and I, who said he would retrieve all the deposits.
I realized that it was not going to happen, and I had to know exactly what the purpose I really wanted was. I know very well that the two of us are not stupid enough to be stubborn.
After being silent for a while, they cautiously opened their mouths.
“Hey Chairman Lee and Chief Jin. Are we missing the right topic by any chance?”
“Is this meeting to discuss a takeover method, not a bankruptcy plan for Sunyang and Daehyeon?”
We couldn’t hide our smiles.
“HW Group has invested money approaching 10 trillion won. I lent trillions of dollars to your bank. Converting this to hours would be tens of billions per second. Now I won’t waste my golden time talking nonsense.”
“So you spent that much money to have two construction companies?”
“Please call it an investment. Everyone should not be surprised, as I intend to make a profit as well as make a profit.”
The long sighs of bank presidents are their relief.
No more restructuring due to bad debts, and no more getting away from the position of bank president. Only if this takeover case goes well.
“But before we go into the normal takeover process, please tell us how much you will be carrying.”
“What are you talking about…?”
It’s like a bank teller who doesn’t want to see the loss of old people who understand everything but pretend they don’t know.
“You know what? Banks also have to help when a bankrupt company is revived. To what extent do you plan to reduce the bonds of the two construction companies?”
Everyone shut their mouths at the blatant question.
“Amount that anyone would say is reasonable. You have to go to the bank for that much. If you think that you will not be able to reduce even a penny of your debt, you may leave this position. It means it’s a strong bank, so it’s okay to withdraw all my money, right?”
Silence followed again.
“Ah, just in case. Stop thinking that the government will step in and throw in a bailout. The Blue House does not answer any calls from the two construction companies. It is a phone call that even the aides of the Yeouido National Assembly members avoid.”
Not a single person was able to leave.
Chairman Lee Hak-jae opened his mouth to them.
“I, the largest creditor, will take the helm. All you have to do is row hard in the direction my fingertips point. You won’t have any objections, will you?”
* * *
Taesik Joo, chairman of Daehyeon Motor Group, grunted while reading the morning newspaper.
The media covered the Dubai crisis every day and amplified the crisis of Sunyang and Daehyun with the plummeting stock price.
The fact that the Daehyeon Group and the Sunyang Group were unable to block the media articles means that there is no turning back.
When Chairman Joo Tae-shik put down the newspaper, he saw his younger brother sitting on the sofa with his head bowed.
“Dubai is everything?”
“huh?”
“Is everything solved by just blocking this?!”
Joo Min-sik, the third son of the late Chairman Joo Young-il, who inherited the construction division, could not answer. All of the apartment construction, reconstruction, and shopping malls in the province are in progress with debt.
It’s a shame, but there are secrets that everyone knows. Holes were drilled here and there to the extent that it was blocked with the sale price.
“Everyone in the financial sector knows that the government is ignoring it. You have to stop this.”
“Big brother. If you turn a bill in HW, you cannot avoid wealth. The only way to solve it at the group level…”
Joo Min-sik managed to open his mouth, but all he got back was an apathetic reaction from his eldest brother.
“Group level? Aren’t you the one who talked about Daehyeon Construction Group? You said I was a car group? We are not one family. At the group level, the construction group can solve it.”
“older brother. Don’t you mean that?”
“I know it isn’t. But are we the local super owners? There are tens of thousands of dependents. We can’t starve to death just to save you. We are different from Sunyang. The division of subsidiaries has been completed. Even if you fail, Daehyun Motor Group will not suffer.”
“older brother! Isn’t construction the mother of Daehyun? Killing this is my deceased father…”
“Shit. Since when did you think of your father’s honor? Where is this child recklessly dragging his father in! Get out you bastard!”
Chairman Joo Tae-sik kicked out his younger brother and huffed and puffed for a while.
I am not angry because of the crisis of Daehyeon Construction. It was anger toward his late father, who had passed on the group’s birthplace, construction, to such an idiot.
When I calmed down a bit, the secretary quietly knocked on the door.
“President. It is the appointment time for Chairman Lee Hak-jae. Would you like to leave?”
“let’s go. He’s a nobleman who shouldn’t be kept waiting.”
* * *
“Oh my brother. How much is this?”
Chairman Lee Hak-jae smiled brightly and grabbed Chairman Joo Tae-sik’s hand.
“Chairman Lee. For a person who has bitten a lot of money, he has a clear mind. I guess I still have a lot of money saved up. haha.”
“Don’t talk like that. I’m dying. They are holding on to bills that can’t be returned and are racking their brains.”
The two of them shook hands and smiled brightly at each other.
For a while, they exchanged light stories about each other’s safety and health, and brought out the purpose of today’s secret meeting.
“Chairman Lee. Are you certain that things will go back to normal once this situation is resolved?”
“of course. The US government has already poured astronomical money into it. The money in Dubai is generous and can be recovered in two years.”
“HW construction is based in Dubai.”
“yes. If I didn’t believe in regeneration, I would have withdrawn.”
“If Dubai comes back to life, the HW situation will definitely get better. I won’t say I don’t know a company that has kept its loyalties.”
“They are also merchants. If you don’t have money, you’re loyal and nothing. haha.”
Chairman Joo Tae-sik holding a teacup looked at Lee Hak-jae with an envious gaze and said,
A strong money line takes over the group, which is the largest shareholder, and leads the company with a long-term perspective. It’s quite possible for him, but he can’t afford it because of the succession work of his children in front of him.
I briefly thought about how great it would be if a professional manager like Lee Hak-jae worked for Dae-hyeon.
“Anyway, bro. You don’t have any intention of saving the construction, right?”
“Yes. I can’t do stupid things like hitting astronomical money to save it. As you know, the automobile group also owns a construction company called Daehyeon Industry. I’d rather use that money to help my company grow.”
“Then I understand that you accept my offer.”
“So, aren’t you laughing and talking with Chairman Lee here?”
Now it is the turn for Chairman Lee Hak-jae to listen to Chairman Joo Tae-shik’s request.
“Then tell us what company you want.”
Chairman Joo Tae-sik took out a piece of finely folded paper from his pocket.
“This is what I told my kids to take care of. Take a look.”
When he unfolded the paper he held out, there were several company names and a number that evaluated the company’s value.
Daehyeon Construction, Daehyeon Cement, Daehyeon Development, etc. All of them are the list of subsidiaries of Juminsik, the three sons.
“You are too much. Are you saying just take the construction?”
“Don’t misunderstand. We only wrote down the companies that are essential to our Daehyeon industry. It’s not just a company that makes money. And I will hand over Daehyeon Construction’s subsidiaries intact.”
“The subsidiary of Daehyeon Construction should be taken over, of course. We spent all the money and we blocked the Blue House. The bank is also in our hands, isn’t this too rude?”
“This man, Chairman Lee. My father worked. If I clenched my teeth, I could protect even Daehyeon Construction. You’re conceding that, but are you mean? How much do you have to take to fill the castle? Are you satisfied with taking half of it?”
“older brother. In this case, it is best to close your eyes and cut it in half. Isn’t that a rule that even snub-nosed children know?”
Chairman Lee had no intention of bringing half of it. When dealing with the greedy Zhu family, it always worked to be quick and then give in a little.
If we get a couple more of the same this time, it’s a satisfactory deal.
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