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CH141 | VOC
🕑 Added 2025-05-25 11:30:02 +0000 UTCKim Sun-yeop’s supporters were thrown into disarray and held an emergency meeting after hearing that Chunha Trading had agreed to sell its shares to Chairman Kim Hoo-joong.
Although the transaction wouldn’t happen immediately, as Chairman Kim needed time to raise the funds, everyone knew that he would call a shareholders’ meeting as soon as the deal was finalized.
“CEO Kim Eun-mo isn’t here?”
“No, he’s not answering our calls…”
Kim Sun-yeop’s face contorted in frustration. “That idiot, does he think my father will welcome him back? He’ll be discarded after the shareholders’ meeting! He should be trying to win!”
He shook his head. “So, how many shares have we lost?”
“About 1%, excluding those who aren’t answering our calls.”
“Did they all go to my father?”
“Not necessarily. They’re probably waiting to see which way the wind blows.”
Fortunately, the number of defectors wasn’t that high.
As Kim Sun-yeop had said, his father wasn’t forgiving. He might welcome them back with a smile now, while he needed their shares, but he would strip them of their positions after the shareholders’ meeting.
And the defectors couldn’t afford to side with a sinking ship, so they were stuck in the middle.
“Damn that Park Sol…”
He had expected Park Sol to play both sides, but he had sold his entire stake after just one meeting.
“So we have 25%, and my father also has 25%, now that 1% has defected?”
“Yes…”
“Sigh.”
It was a tie for now, but once Chunha Trading’s shares were transferred, it would be game over.
“Any ideas?”
The shareholders remained silent, looking at each other nervously.
“My father will call a shareholders’ meeting as soon as he gets Chunha Trading’s shares. And the agenda will be our dismissal.”
Their faces turned pale.
“And that’s not all. Given enough time, he can even wipe us out completely!”
It would take time, but it was possible to dilute their shares by creating a new company, transferring the valuable assets, and leaving the debt behind.
“Do you really have nothing to say?”
As they sat there silently, someone raised their hand hesitantly.
“My, my, our future chairman seems troubled.”
It was Kim Min-sik of Joongang Investment Corporation.
Everyone glared at his inappropriate tone, but no one dared to rebuke him.
They knew about his eccentric personality, and Joongang Investment Corporation was a major shareholder, a powerful force in this gathering.
“CEO Kim Min-sik,” Kim Sun-yeop said, forcing a smile. He resented Kim Min-sik for causing this mess with Park Sol, but he needed his support. “Yes, I’m in a difficult situation. Do you have any suggestions?”
“It’s over once Park Sol’s shares are transferred, isn’t it? How long will that take?”
“…I’m not sure. He might buy some of the shares first and then call a shareholders’ meeting.”
Kim Min-sik chuckled. “That’s not likely. Park Sol isn’t stupid. He won’t sell his shares piecemeal.”
‘What a condescending tone,’ Kim Sun-yeop thought, clicking his tongue inwardly. But he said calmly,
“Then it’ll take four days at most. My father is using his personal funds to buy the shares. He can pay in cash and use his real estate as collateral. He can raise the funds within four days.”
Kim Min-sik nodded. “Good. That’s enough time.”
“Enough time for what?”
“What was the purpose of our consortium?”
“To replace Daehoo’s management and profit from the investment, wasn’t it?”
“Exactly. And it’s our duty as investors to help the company thrive after the management change.”
Kim Sun-yeop, still confused, said hesitantly, “What are you trying to say…?”
“Who’s backing Joongang Investment Corporation? The Chinese investors who offered to invest tens of trillions of won in Korea after the IMF crisis. Of course, after a few Korean companies borrowed from them and then refused to repay their loans, they stopped bringing in more funds, and now they have more than enough.”
The shareholders thought simultaneously,
‘That’s because you keep playing dirty tricks! No one wants to lend you money after being scammed!’
“How about this? If you become the chairman, we’ll lend Daehoo Group 10 trillion won!”
Kim Sun-yeop was startled. “What? What are you talking about?”
“I’m the representative of the Chinese investors, aren’t I? It’s not an equity investment, it’s a loan. We’ll lend you 10 trillion won, with interest, if you become the chairman.”
“And then you’ll demand repayment and…”
Kim Min-sik said with an aggrieved expression, seeing his suspicion, “No, it’s a long-term loan. 10 trillion won. But only if you become the chairman.”
The shareholders started murmuring, finally understanding his intention.
Kim Sun-yeop, his face grim, said, “You’re saying I should use this as leverage to sway my father’s supporters.”
“Exactly. It’s not easy to borrow even 100 billion won these days. But 10 trillion won? A long-term loan? It’s a godsend! It’ll solve Daehoo’s financial problems instantly! Some of your father’s supporters will be tempted, won’t they? With an offer this good, it shouldn’t be difficult to sway a few of them, even if they’re loyal to your father.”
It was a tempting offer.
But it was too good to be true.
“Are you really offering a 10 trillion won loan? Why are you being so generous?”
Joongang Investment had only invested 5 trillion won in shares. A 10 trillion won loan seemed excessive.
“As I said at the press conference, we believe in Daehoo’s potential. Their overseas branches, their subsidiaries, their businesses… they’re a strong company. Why wouldn’t we invest in them? The only problem is Chairman Kim’s reckless expansion policy. We support everything else. And our ultimate goal is for you to become the chairman. We wouldn’t hesitate to invest in a perfectly managed company.”
The shareholders nodded, swayed by his flattery, but Kim Sun-yeop was wary. 10 trillion won was an astronomical amount.
And Joongang Investment Corporation specialized in short-term loans.
Why would they bring in another 10 trillion won from China and offer a long-term loan?
It was too suspicious.
“Hmm…”
But it was too tempting to resist.
He was on borrowed time.
His father would acquire Chunha Trading’s shares and then oust him and his supporters.
He said after a moment of thought, “Can you make a public announcement about the 10 trillion won loan? As Joongang Investment Corporation?”
Kim Min-sik nodded readily. “Of course! It’s only natural.”
But he was also someone who could easily go back on his word.
‘No, it doesn’t matter if the loan is real or not.’
He could use it to attract attention from individual investors and gain their support, closing the gap with his father.
And such a massive offer would sway even his father’s loyal supporters.
Many of his own supporters were already excited about the potential stock price surge from the 10 trillion won loan.
If he could gain control of the company, he would do anything.
“I can use this to rally support from individual investors, regain the lost shares, and persuade my father’s supporters…”
‘This will work.’
His face relaxed slightly as he saw a path to victory. “Alright, then let’s announce it to the media and…”
“Waaaait!”
Kim Min-sik stopped him. “Are you going to announce it now?”
“Of course, time is of the essence.”
Kim Min-sik said with a condescending expression, “You can’t announce it now. Think about it. Why do you think I asked how long it would take for your father to acquire Chunha Trading’s shares?”
Everyone bristled at his arrogance, but no one dared to object.
He was the one offering a 10 trillion won loan and controlled 4% of Daehoo Group’s shares.
He held all the cards.
“We have to wait until four days from now, after your father acquires Chunha Trading’s shares.”
“Why? Time is of the essence. We need to use this to persuade the shareholders and rally the individual investors.”
Kim Min-sik shook his head. “No, if you announce it now and gain the upper hand, your father will retaliate. He might offer to inject his personal wealth into the company, claiming he’ll use it for operations instead of buying Chunha Trading’s shares. And a few trillion won from his personal wealth is comparable to our 10 trillion won loan. We’ll lose our advantage.”
The shareholders gasped.
“10 trillion won versus a few trillion won from the chairman’s personal wealth. We’ll be back to square one.”
They nodded in agreement, but Kim Sun-yeop’s face hardened. “So you’re saying I should wait until my father has exhausted his resources? But you’re asking me to waste his money!”
Kim Hoo-joong and Kim Sun-yeop were father and son, after all.
His father’s wealth would eventually be his and his brother’s.
Kim Min-sik said in a soothing voice,
“It’s not wasting his money. It’ll all be yours if you win. He’s already struggling because of the shares he gave you and your brother. If you win this power struggle, he’ll have no choice but to acknowledge you as his successor. And then what? He’ll give you his shares to ensure Daehoo’s stability and give your brother cash. Is it better for him to have money now or later?”
Kim Sun-yeop bit his lip.
‘That makes sense.’
If he won, his father, who cared deeply about Daehoo, would likely do as Kim Min-sik predicted.
He would give him the shares and his brother the cash.
“If he buys the 2% now, it’ll strengthen your position later. But if it remains as cash, it might go to your brother.”
“…”
“Are you worried that he’ll acquire the 2% and then immediately call a shareholders’ meeting? That’s not likely. Once this news breaks, the 1% that defected will come back to us, giving us 26%. And your father will have 27%. Just a 1% difference. With such a favorable announcement, who do you think the individual investors will support?”
‘I hate to admit it, but it makes sense.’
If he were in his father’s shoes, he wouldn’t be confident enough to make a decisive move.
If he told the investors that the current financial difficulties would persist under his father’s leadership, but he could solve them instantly with the 10 trillion won loan, who would they support?
Individual investors might be small, but together, they were a force to be reckoned with.
Kim Sun-yeop, after a moment of hesitation, looked at his supporters with a determined expression. “Everything we discussed today is confidential. We’ll announce the 10 trillion won loan and start persuading my father’s supporters in four days, after he acquires Chunha Trading’s shares. Understand? And CEO Kim Min-sik…”
“Yes?”
“Thank you for the 10 trillion won loan. I’ll reward you handsomely when I become chairman. Thank you again.”
Kim Min-sik smiled at his gratitude. “You’re welcome.”
But their expressions were hostile, despite the polite exchange.
Kim Sun-yeop thought,
‘I don’t know what you’re up to, but I’ll play along for now. We’ll see about later.’
The shareholders were in a celebratory mood, their hopes renewed by the prospect of a 10 trillion won loan and victory.
“We’re going to take over Daehoo!”
Kim Min-sik, watching them celebrate, covered his smirk with his hand.
‘You fools. Keep fighting.’
All the promises were empty, to be fulfilled only after the outcome was decided.
As long as he maintained the delicate balance of power and fueled the conflict, this power struggle would continue.
His grin widened.
‘Keep fighting. Fight until you die.’
The tumor smiled.
