[070]First fight 2
“Are you weak? Does it matter if I cross the water to acquire Ajin Group?”
Grandpa’s expression with a lot of strength between his eyes.
I was neither surprised nor embarrassed. On the contrary, it is a slightly angry expression.
Is this the expression when the threat doesn’t work?
“Did you take the acquisition of Ajin Group lightly? Were you thinking of quitting if things didn’t go well?”
Aha, it seems like he gave up easily.
My grandfather’s least favorite word was giving up.
“It can’t be. Do you think I will not be able to take over Ajin Group if the merger fails?”
“It is the first condition of the acquisition.”
“Things change. It is truly an ‘emergency situation’.”
“Some things never change.”
“yes?”
“That is my influence. If the merger is canceled and a phone call is made to the creditors, banks, the Blue House, and the National Assembly, the takeover decision will not have happened. And will you bid again? Then Daehyun Group Chairman Joo will contact me to treat me to a drink.”
How many days until the official announcement from the government that the Deputy Prime Minister applied for a bailout from the IMF? The end of November is clear.
You must see this announcement in person to feel the fact that the influence of the chairman of the Sunyang Group is not working at all.
“grandfather.”
“why? Are you starting to tremble now?”
“The government has poured 11 billion dollars into the foreign exchange market, but the exchange rate is still skyrocketing. Did you read the Bloomberg article? Our country’s available foreign exchange reserves are only $2 billion. Deputy Prime Minister Kang Kyung-sik openly said on TV that he should lend money to allies.”
“Does this mean that my strength has diminished because of the foreign exchange crisis?”
“no. it’s not reduced It’s gone.”
“what?”
I saw my grandfather’s most surprised expression today.
“It will be difficult to find a way to live. But will Grandpa’s phone work? I think Grandpa should take this emergency situation a little more seriously.”
can’t say anything
Blackmail is my turn.
“Well, if my grandfather’s influence works and bids again, I’m really grateful. Because no one will bid and Miracle will be the sole bid. Don’t you think the creditors will bow down to me even if we use 800 billion won for the acquisition fund of 120 million?”
Grandpa still shuts his mouth and doesn’t say anything.
“Chairman Joo of Daehyun Group must be sweeping his heart out by now. It would have been quite difficult if we had poured 1.2 trillion won into Ajin and had no cash.”
“Do-joon.”
“Grandpa, wait a minute. Let me say one last word.”
Grandpa nodded.
“In the corner of my grandfather’s heart, there is definitely a crouching hope that the present emergency situation will soon get better. No, maybe it’s a wish. But… there is no such thing. If you look closely at the facts, you will know that our country will never avoid this crisis.”
If something that should collapse doesn’t collapse, I feel anxious.
It was the feeling of everyone, not just Chairman Jin. However, there is a vague belief that the scale of the economy of the Republic of Korea will not collapse easily. This belief suppresses anxiety.
But now, Grandpa’s expression changed.
it gave up faith
“Your confidence is not shaken?”
“That’s right. Great things happen. It’s only a few days away.”
“Does that mean that our Sunyang Group really needs your $1 billion?”
“Our foreign exchange reserves are only $2 billion. I’m holding half a billion dollars. As soon as that dollar enters Korea, all banks and corporations will rush to Miracle’s office.”
“If I want to meet you at that time, I will have to hold a numbered ticket.”
“Grandpa is number 0. Aren’t you meeting with me right now?”
After thinking for a moment, Grandpa spoke very slowly.
“I’ll have to call Hak-jae Lee first, scold him, and talk to my grandson again.”
It was the first time I saw him take a step back.
When I see it like this, I can’t erase the feeling that it is really great. It would be rare for a chaebol chairman to listen to even the words of his young grandson.
But it’s not something you can let go of so you can step back gracefully.
“grandfather. Now I’m no fun.”
“what? Is this guy making fun of his grandfather for having some dollars?”
“I am serious. The acquisition of the former Ajin Group should be done quickly. A lot of work ahead. You have to look for companies that will shake the dollar in your hand and put it in your shopping cart, and you have to negotiate the price.”
The second expression of bewilderment.
For some reason, a feeling of pride rose up. For me, he was the founder of the Sunyang Group, a phenomenal and legendary being. It was also a small joy that I had defeated such a person for a while.
“You… how many dollars are you holding?”
“I can’t show you all my wallets, but I think I can fit Woosung Motors in my pocket.”
“Did you say Woo Woo-sung? Are you sure?”
“yes. Ajin Woosung I’m going to tie the two car companies together. Wouldn’t it be similar to Daehyeon Motors if we added Sunyang Motors?”
I pulled back my chair and stood up.
“I’ll tie them up and put a sign on the Sunyang Motors. This is another gift to my grandfather as a filial son.”
Grandpa started looking at me with burning eyes.
“I look forward to your second offer. Have a meeting to find out how much time is left… Please come to a quick conclusion. Before the waiting list grows.”
“It’s a bit weak for a threat.”
Those were the words that held my feet as I left the study.
“It ain’t over until it’s over. was this what you said? It’s not completely bullshit.”
“There is a saying that you need to know when to back off. These are the words of my grandfather himself.”
“That is complete bullshit. haha.”
Only an absurd sigh came out of the grandpa’s laugh.
* * *
Chairman Jin picked up the phone as soon as his grandson left the study.
“It’s Hakjae. come home right now The president of E-Life Automobile & Trading Co., Ltd. was also taken with them. hurry!”
Chairman Jin, who put the receiver down, could not sit still and wandered around the study.
The crisis the grandson said.
He himself felt the crisis. But they differ in size and depth.
The temporary difficulty of foreign exchange depletion is not unusual. Whenever this happened, the government borrowed dollars from the U.S., Europe and Japan or solved the problem through currency swaps.
The grandson says this time is different. Economic giants do not lend money or exchange currencies. If 2 billion dollars is really all of foreign exchange, it is like saying that there is a lot of food but no water.
You don’t die of starvation, you die of thirst.
Knock. Knock.
“President.”
People rushed in with a knocking sound.
“Water and electrons! Notify all departments. From today, as soon as the export proceeds come in, hold them in dollars and borrow the money to pay. and construction.”
“yes. President.”
“For overseas projects, bid 10%, no 20% cheaper. Instead, receive the down payment or interim payment as soon as possible. and life.”
“Ah yes. President.”
“Recover all the money invested in overseas financial products. Any amount of penalty is fine. Cancel everything to free up dollars.”
“President Hoi, that loss is too great. Management balance…”
“Shut up and collect everything. All the losses can be passed on to the customers.”
I don’t know why the chairman is doing this, but it’s serious. It looks like a person who planned to escape at night by securing cash right before bankruptcy.
“President. Calm down…”
Lee Hak-jae said cautiously, and Chairman Jin stopped talking and began to breathe heavily.
“We are already fully prepared. All affiliates’ foreign exchange is under strict control.”
Chairman Jin shook his hand vigorously.
“Thorough preparation is not enough. Prepare with the determination that at least one limb will be blown away. Did you understand?”
“Chairman, have you talked to the Miracle owner?”
“who?”
“A miracle that holds a billion dollars.”
“okay.”
Chairman Jin nodded, and everyone’s complexion turned black.
The story must be wrong.
The strong rope of one billion dollars does not come down.
“Did you turn it down?”
“I… I am the one who made money through the 6.25 uproar. War wasn’t scary either. But… now it’s scary.”
stupid answer.
I wondered if a person who didn’t budge even in a thunderstorm would be like that.
“The guy with the dollar adds up. He didn’t even blink in front of me and even threatened me. This is the first time I’ve ever seen someone more toxic than me.”
I couldn’t believe Lee Hak-jae, who watched Chairman Jin from the side.
To think that there is a person more toxic than Jin Yang-cheol in the world.
“It’s great.”
“yes. President.”
“How much stake does the car have in affiliates?”
“Always keep 12%.”
“It’s Hakjae. If you go to the limit of defending management rights, what percentage can you raise your car holdings?”
It was a question that CEO Dae-ho Cho had never expected, but the number came right out of the mouth of Hak-jae Lee.
“You can go up to 17%. More than that will affect the stake in Sunyang Life Insurance, so the entire group’s stake structure needs to be readjusted.”
“There is no time for that. Just get ready and move when I signal.”
“yes. President.”
No one guessed what was going on. However, they fully felt that dark clouds were gathering over the Sunyang Group, which was like an iron fortress, and cracks were beginning.
* * *
On November 19, 1997, Lim Chang-yeol, appointed as Deputy Prime Minister and Minister of Finance and Economy, showed a strong will to ‘solve the current crisis without going to the IMF’.
However, two days later, on the 21st at 10pm.
The IMF announced its request for a bailout package along with improved balance of payments, stabilization of currency value, trade liberalization, opening of the capital market, and enhanced transparency in business management, at an emergency press conference.
It was the beginning of the IMF.
Korea’s national credit rating fell, and the 400 line of the composite stock index collapsed. Nine merchant banks were ordered to suspend operations, and the Halla Group went bankrupt.
And…
Miracle Investment’s office and Oh Se-hyun’s cell phone caught fire.
“Oh well. Chief! Shouldn’t we pay for the acquisition only after the merger is finished? Please read the contract carefully. The deadline for negotiations is February next year. We still have a long way to go. And why pay in dollars? I will give you 1.2 trillion won as King Sejong the Great, so please know!”
Oh Se-hyun nervously hung up the phone.
“Are you the First Bank?”
“okay. riot, riot He whines twelve times a day.”
“I would have thought about whining while making an unconventional proposal.”
“That’s right. A guy who does things every day isn’t even a kid. Eh-!”
Oh Se-hyun shook his head as if he was pathetic.
“But how are you? Is President Jin still counting?”
“yes. I guess you have no intention of giving it to me as a grandson. It’s awful.”
“Will you be a chaebol otherwise? If you add more, it’s more, not less. Rolling my head to rip off even a little more of my grandfather’s…”
Oh Se-hyeon smiled and approached me. With a very friendly look.
“By the way, Do-joon. If the exchange rate rises further, what will happen if I print 2,000 won?”
“Thank you very much. Doesn’t 3 trillion won become 5 trillion won?”
“So that’s what I mean. You are worth 5 trillion won. Even at the age of twenty. How do you feel?”
He shrugs and gently pushes my shoulder.
“Don’t wind it. I’m going crazy wanting to play aristocrat in Europe with that money.”
“You can do it.”
“uncle. The chairman of a Korean conglomerate who meddles with wealthy European aristocrats and the country. Which one do you like better?”
Oh Se-hyeon licked his lips and sat down.
“Ah, a boring bastard.”
“Wait a little longer. I will become the chairman of a Korean conglomerate, and my uncle will enjoy his retirement life like a European aristocrat.”
Although the whole country is in a mourning mood due to the IMF, the two of us laughed while imagining pleasant things.
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