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CH143 | VOC
🕑 Added 2025-05-29 13:04:21 +0000 UTCThe three Kims, who had been tearing each other and Daehoo Group apart in a mad internal struggle, finally had a three-way meeting at Chairman Kim Hoo-joong’s insistence.
From the start, Vice Chairman Kim Sun-woong and Executive Director Kim Sun-yeop glared at each other, growling like beasts.
“Hyung, you sure bought up Joongang Investment’s shares quickly, didn’t you?”
Kim Sun-woong scoffed at his younger brother’s words. “Why are you blaming me for your inability to manage your own people? And you’re still working with Joongang Investment after they did that to you? I bought those shares partly out of spite, you know? Don’t you have any pride? It’s a betrayal.”
Kim Sun-yeop gritted his teeth. “Why would I cut ties with Joongang Investment?”
He had been furious when Kim Min-sik sold 1% of the shares to his brother, but he couldn’t afford to alienate him. He had to extract a promise from Kim Min-sik not to sell any more shares to his brother. The remaining 3% held by Joongang Investment was still a significant threat.
“By the way, Mr. Vice Chairman, where did you get the money to buy all those shares?”
Kim Sun-woong flinched and retorted, “And you? Your pockets seem pretty deep these days.”
“You’re one to talk.”
As their argument escalated, Chairman Kim slammed his hand on the table. “Enough.”
They fell silent, and he continued, “Both of you, stop this.”
Kim Sun-woong said with a defiant expression, “Father, we’re so close! Just one more step!”
His younger brother shared his sentiment. “I can’t give up now! After coming this far!”
“Do you think this is a normal situation? The stock price has increased tenfold. Our market capitalization is higher than any other company in Korea. Does this seem normal to you?”
Chairman Kim’s face was grim. “And where did all the money come from?”
“…”
“…”
“You’re draining Daehoo’s resources. Higher and higher, you keep pushing the price up. Your stakes might be increasing, but Daehoo is becoming a house of cards. Here’s a rough estimate.”
He tossed a document onto the table, sweating.
“20 trillion won. That’s how much Daehoo has spent on this pointless stock price war. And that’s a conservative estimate.”
The two brothers were shocked by the amount.
They had been embezzling 500 billion won at a time through accounting manipulation, but they hadn’t realized it had accumulated to 20 trillion won.
Of course, they hadn’t been completely oblivious. They had just been avoiding the reality, blinded by the prospect of gaining control.
“We… we were all crazy. This is wrong. We lost our minds. So I thought long and hard about what went wrong.”
His eyes gleaming, he said, “Joongang Investment Corporation.”
If one of them had won quickly, this wouldn’t have happened. But Joongang Investment Corporation, playing both sides, had prolonged the conflict.
They had supported Kim Sun-yeop when Kim Sun-woong seemed to be winning and then switched sides when Kim Sun-yeop gained the upper hand.
They had been operating discreetly within Kim Sun-yeop’s faction, but Chairman Kim had become suspicious when they sold 1% of their shares to his eldest son.
He had supported his eldest son at his request, but now he was having second thoughts. He looked back at their actions and shuddered.
Endless internal strife.
Daehoo, teetering on the brink of collapse.
The company was riddled with tumors, from the core subsidiaries to the smaller affiliates.
Both sides had been draining the company’s resources, driven by the fear that the other side would do it if they didn’t. The result was a company riddled with accounting fraud.
“This is madness. Daehoo is in danger. It could collapse. I made a mistake. I should have gotten rid of Joongang Investment Corporation when I got rid of Chunha Trading. I was… careless. But it’s not too late. Sun-yeop.”
“Yes, Father.”
“Get rid of Joongang Investment Corporation. Cut all ties with them.”
Kim Sun-yeop’s face hardened at his father’s words, which sounded like a concession, while his older brother smiled.
But Chairman Kim looked at his eldest son and said, “The same goes for you. If Sun-yeop gets rid of Joongang Investment, you stay put. There will be no shareholders’ meeting. If you ignore my warning, I’ll side with Sun-yeop.”
He said with a serious expression, “I’m proposing a truce. This is too dangerous. We’ll settle this later. I’ll come up with a fair solution for both of you, so let’s stop this.”
Seeing his sons still looking disappointed, still caught up in the power struggle, he added,
“This is a request from your father.”
They were startled by the unexpected plea.
“Father, a request?”
“Yes, Father.”
“Daehoo is in danger. This is not the time for infighting.”
Chairman Kim sighed. “I don’t even know where to begin…”
The entire Daehoo Group had become tainted by accounting fraud in just a few months.
He wondered how long it would take to recover, but he hadn’t given up hope yet.
“Let’s call a truce and gradually sell the shares we’ve accumulated. The current stock price is a bubble. We have to minimize our losses. We need that money to keep Daehoo afloat. Cancel your buy orders and start selling your shares, little by little…”
As he was explaining his plan, he suddenly felt a sense of déjà vu. It was the same feeling he had experienced during the tender offer war with the consortium, when he had tried to sell his shares and the consortium had suddenly started buying aggressively, causing him to lose 2 trillion won.
A wave of unease washed over him, and he muttered, sweating,
“Don’t tell me… no, it can’t be. It can’t be.”
At that moment, Kim Min-sik, the master of chaos, was holding another press conference.
“I have both good news and bad news for you today,” he said with a cheerful smile, facing the flashing cameras. “First, the good news. Rejoice!” He clapped his hands. “Daehoo’s stock price will continue to rise.”
The reporters looked at him skeptically. Daehoo’s stock price was already inflated. How could it rise further?
“Chairman Kim’s two sons are still buying shares, competing with each other. And they seem to have unlimited funds. So the price will keep rising. This is your chance to make money!”
Of course, anyone with even a slight interest in the Korean economy knew about the power struggle within Daehoo, but discussing it so openly was taboo. However, since it was Kim Min-sik, the reporters just nodded.
“They haven’t reached an agreement yet? So the price is really going to go up?”
Another reporter nodded. “I thought it had already reached its peak.”
Kim Min-sik waved his hand dismissively. “Isn’t it amazing? They’ve already spent almost 10 trillion won on this power struggle. Daehoo is truly a remarkable company, with such deep pockets even in these difficult times. As expected of a company I was interested in acquiring. I’m a major shareholder with a 3% stake, but I can’t understand where they’re getting all this money. Are they cooking the books? Really.”
He casually dropped a bombshell, and the reporters looked at each other, flustered. He smiled.
“Now for the bad news.”
They swallowed nervously, waiting for his announcement.
“The bad news is that Joongang Investment Corporation will be selling all its shares.”
The reporters felt a sense of déjà vu.
Wasn’t he the same person who had caused Daehoo’s stock price to crash by dumping his shares?
“It’s true that I had some disagreements with Chunha Trading, but I’ve also learned a lot. I feel a bit bad for not informing them in advance. That’s why I’m holding this press conference.”
The reporters’ eyes widened at his nonchalant tone, and he added,
“We’ll start selling all our shares, 3%, in one hour.”
A reporter raised his hand urgently. “CEO Kim Min-sik, is it true that Daehoo is cooking the books?”
“Cooking the books? I don’t know. It’s just a guess.”
“That’s a very sensitive accusation. Aren’t you being too careless?”
“Well, it’s not my problem anymore. I’m leaving. I was just curious where they were getting all that money.”
Another reporter stood up. “I understand that Joongang Investment Corporation is a friendly shareholder of Executive Director Kim Sun-yeop. Isn’t it unethical to suddenly sell your shares like this…?”
He stopped mid-sentence.
This was Kim Min-sik, the mad dog.
He was the least ethical person in the Korean financial world.
“Is it illegal to sell shares as a friendly shareholder?”
“W-well…”
There were countless arguments he could make, from ethical obligations to the negative impact on the market, but they were all meaningless against Kim Min-sik.
He said with an indifferent expression, seeing the reporter’s hesitation, “I’ve realized that Kim Hoo-joong, Kim Sun-woong, and Kim Sun-yeop are all the same. So I’m leaving. Anyway, I’ve given you my warning. One hour.”
He picked his ear. “The good news is that the stock price will rise. The bad news is that we’re selling. It’s a contradiction, but I’ve said my piece. Whether you follow us or trust Daehoo, it’s your choice. Now, if you’ll excuse me.”
It had started with a minor dispute over mobile phones.
But the result was astonishing.
Joongang Investment Corporation’s betrayal and final act had pushed Daehoo towards collapse.
“It’s falling!!!!”
Despite Kim Min-sik’s prediction of a price increase, Daehoo’s stock price started plummeting even before his one-hour deadline.
It hit the lower limit, and the sell orders kept pouring in.
And then the rumors about the Kim brothers’ finances surfaced.
“I heard they’re using embezzled funds.”
“As expected of a corrupt company.”
Daehoo’s reputation plummeted, and its shareholders panicked. They tried to salvage the situation, but it was too late.
20 trillion won in accounting fraud and a plummeting stock price due to Kim Min-sik.
The wounded dinosaur, riddled with tumors, finally collapsed, and the hyena, watching from the sidelines, prepared to feast.
