» The Youngest Son of Sunyang
The Youngest Son of a Chaebol Family - Chapter 279
[279]Bowing Your Head 4
"Is this for real? Is this Sunyang Group's official stance? Or is it just an idea squeezed out by Sunyang Construction employees, eager to be praised for their work?"
"It's Vice Chairman Jin Donggi's decision."
"Is this a consortium? It's a sub-contract! This is truly preposterous...!"
"Calm down and hear us out."
As soon as the representatives of the three companies, who had already formed a consortium, heard the conditions proposed by Sunyang Group, they all started shouting simultaneously.
"What more is there to hear? The conclusion's obvious. Sunyang is just living up to its name now!"
"It's like saying, 'We can't dine with mere minions, so just take the money we give you, follow us around, and do as you're told.' Isn't that right?"
As the three companies erupted in complaints, Sunyang's representative cut them off and spoke.
"Honestly, everyone in the industry knows that the 2 trillion won that the media has been hyping up is an inflated figure. At best, you'll secure about half of that in orders."
"And so? Doesn't Sunyang Construction also embellish its press releases? Everyone does that to pump up stock prices. Why act so surprised now...."
"It means we should think realistically. Even if your three companies secure contracts with Dubai World, isn't it still subcontracting anyway? European companies provide all the design and technical methods, and your companies are just playing the role of construction foremen, aren't you?"
The Sunyang representative hit the nail on the head, leaving the other company representatives with nothing but reddened faces, unable to retort.
"What's the difference if you receive daily wages for manual labor from those Europeans or from our Sunyang? Wouldn't it be better if we paid you more generously?"
It is the fate of the weak to be able to choose only one of two things: pride or practical gain, and in most cases, they choose the latter, subtly putting forward their last shred of pride.
"We'll pass this up to our superiors, but don't get your hopes up. Dividing it among ourselves without Sunyang isn't a bad option either."
The Sunyang representatives bowed their heads towards those who stood up first. It is the magnanimity of the strong to uplift the last shred of their opponents' pride.
"Please convey our message well and ensure it comes to fruition. Our necks are also on the line."
But once their counterparts left, their faces were filled with sneers.
"How much more did we offer?"
"We added an extra 2%."
"That should be more than enough for them to be grateful."
"We'll give them a generous three days to pretend to deliberate, then they'll contact us. Heh heh."
* * *
The period of pretended deliberation for Seongho Geotechnical and Namgwang Development wasn't very long. Their faces blossomed with smiles thanks to HW Group's unconventional offer.
"Until the Dubai construction is finished and the final payment is received, won't Sunyang just keep tossing us promissory notes? Honestly, that extra 2% they added doesn't even cover bank interest rates."
"If we support them from below, Sunyang's contract performance will double. Then Sunyang's stock price will jump as well. Aren't we doing all the work, while Sunyang reaps all the practical benefits?"
When complaints erupted, advantageous points were forgotten. Chairman Lee Hakjae listened quietly to the two groups' complaints, then pointed out what they had missed.
"Instead, won't the contract amount be twice as large as if we did it ourselves?"
"What good is that? It only tightens our finances even more...."
As their complaints grew even louder, Chairman Lee Hakjae subtly smiled. It was a request for him to step in and secure more favorable terms.
"Then, how about this?"
The expressions in the two group chairmen's eyes changed.
"HW will take on all the promissory notes that Sunyang issues. Then you won't have any funding problems, right?"
"Does that mean Chairman Lee will discount the promissory notes for us?"
"Yes. Sunyang's promissory notes are as good as cash, aren't they? If you push them through a bank, they'd be discounted immediately, but since what you two want is minimal interest burden, our HW will do it cheaper than a bank."
"How much cheaper...?"
"Half, would that be enough?"
The two chairmen's faces brightened considerably.
"Though we will be reduced to Sunyang's subcontractors, I will take responsibility for the payments. It's dirty and unpleasant, but what can we do? We need to grow our size with this opportunity too. Isn't it too good to miss?"
"As expected of Chairman Lee. You certainly make bold moves."
"If you do that much for us, we couldn't ask for more. They say HW Group is going from strength to strength, but perhaps you just can't deal with the overflowing money, can you? Haha."
"What company manages by hoarding money? It's just that Miracle Investment, an investment firm, is our major shareholder, isn't it? We have a lot of foreign capital, so we plan to use it this opportunity. Drawing in foreign money is precisely patriotism. We're just pretending to be patriots, you see."
The two chairmen looked at Lee Hakjae with envious eyes and nodded their heads.
How comfortable must it be to have a reliable benefactor, like an inexhaustible well, constantly showering them with much-needed rain? Although Lee Hakjae was a salaried professional manager, unlike them who were owners, he seemed to have a much more fortunate lot than most group chairmen.
"Then, assuming there are no objections, I will proceed. Let's work hard together from now on."
As the two chairmen burst into laughter and departed, Lee Hakjae's expression immediately hardened.
"If that Jin Dojun brat's prediction turns out to be wrong, just you wait.... I'll see what I do to him."
If Dubai doesn't fall into crisis, then Sunyang, Namgwang, and Seongho will all be singing praises. HW, at best, will only break even without significant profit.
He felt as if he could hear the business world laughing at him, calling him a fool.
* * *
"Are you resentful?"
"No, I'm not."
"Oh yes you are, it's written all over your forehead. Heh heh."
Jin Donggi smiled, looking proud of his son.
"What Dojun said... none of it was wrong. It's natural for you to meet with Dojun's subordinates. Vice President Jang Dohyung? Yes, that much shouldn't put you at a disadvantage."
"I think so too. However...."
"However? Because he's your cousin, you're equals?"
"Yes. I thought of it too simply."
"No executive or employee at Sunyang thinks lightly of Dojun. In fact, many people think that if Dojun were just a little older, he would have inherited everything in Sunyang. Myself included."
"Ah, Father."
"It might hurt your pride, but observe and learn. Even if you have to bow your head, follow the direction he's moving in."
Jin Donggi patted his son's shoulder.
"And whether it's because you whined to Dojun or not, the HW Group consortium accepted all our conditions. They've come under us and are going to Dubai together. Thanks to that, our financial burden has significantly decreased."
Jin Taejun asked in surprise.
"Are you saying Dojun asked Chairman Lee Hakjae?"
"I don't know about that. Anyway, the timing was perfectly precise, wasn't it? Even if it was a coincidence, people will attribute it to you. They'll think you negotiated well with Dojun. The executives are already praising you, saying you put aside your pride and bowed your head to your younger cousin for the sake of the company."
The father and son thought there was no way that was true. Jin Dojun wasn't someone so full of affection.
"Now that you've gotten used to working at the head office, take your time and meet Dojun frequently. That guy has gone all-in on American financial products. I've also looked into it carefully, but I can't figure out why there are so many kinds of financial derivatives."
"The company has no money, so why were you looking at financial products?"
"Even if the company has no money, I have personal money, don't I? You need to grow that diligently so you can at least make an emergency transfusion when times are tough. Casually ask him in passing. It's awkward for me to ask in detail since I'm his uncle, but you're different. If it seems good, invest your own money there. The more 'bullets' you have, the easier it will be when we work on the succession of shares later."
"Understood."
There's nothing easier than free-riding alongside someone who earns money well. It would be even better if he could just stick a straw in.
"I'll arrange frequent drinking sessions. Dojun dislikes our other cousins, but he doesn't have such feelings towards our branch of the family. If we all gather and socialize, we'll surely grow closer."
Jin Donggi gazed contentedly at his son, who understood him perfectly.
* * *
"The consortium terms are good, aren't they? Seongho and Namgwang will definitely make money, and we'll be holding Sunyang promissory notes in both hands. Sunyang will end up bowing its head before the Chairman, begging for mercy. Isn't this the best-case scenario?"
"Before that, HW Construction will go bankrupt first, won't it? We have to diligently pay Seongho and Namgwang, and the money we're supposed to receive will exceed 1 trillion won. Can we hold out without going bankrupt?"
Unlike my bright expression, Chairman Lee Hakjae's face was deeply furrowed.
"I will work hard to earn and fill the holes in our funds."
"HW isn't a corner store. Our financial plans are running tight. You need to prepare thoroughly so there are no slip-ups."
"Yes. That's why I plan to visit the U.S. I need to earn some money."
"What? The U.S.?"
Chairman Lee Hakjae's eyes widened, and he shouted.
"Hey! You said the U.S. was going to collapse! What money are you going to earn in a place doomed to fail? This kid... isn't he about to cause a huge accident?"
"You receive bigger medals when you achieve merits in a crumbling camp. Similarly, those who find opportunities in a crisis earn enormous sums of money. Think about the IMF Crisis 10 years ago."
I said to Chairman Lee, who still had a skeptical expression.
"Oh, by the way, if you have any personal assets invested in U.S.-related financial products, quickly divest them. They're going to plummet starting from the second half of this year."
"Do I look rich enough to invest in such places?"
"If the Chairman says he has no money, who would believe it?"
"I live a salaryman's life. My salary is obvious, so what...."
Seeing his flustered expression, I could guess.
"It's land or buildings, isn't it? The safest investment. Heh heh."
"Stop with the useless talk and just go do your job well. If you mess up even a little, you'll be so disgraced you won't be able to show your face."
"That will absolutely not happen, so expand the Dubai construction project as much as possible. This might be the last chance to take over Sunyang's construction and heavy industries divisions."
Fearing he might become passive due to anxiety, I urged him once more and began preparing to depart for the U.S.
* * *
Jin Taejun personally carried two takeaway coffee cups in his hands and knocked on my office door early in the morning.
"Taejun hyung, you've been coming much more frequently lately."
"Don't worry, I'm not here to ask for money. I just came for a cup of coffee. Oh, and we've formed a consortium with HW Group. Thanks to you, many problems have been resolved now. I shouldn't forget to thank you."
"Ah, I heard about that too. Chairman Lee Hakjae made that decision, I didn't step in. Anyway, I'll pass on your thanks to him."
Seeing him constantly trying to gauge my reaction, it seemed he hadn't come just to say that.
"I heard you're going on a business trip to the U.S.?"
"Yeah. I've invested some of our financial group's funds in a Wall Street investment firm, and I'm going to check up on that."
"I heard that money from all over the world is flocking to U.S. financial products. Is it really that good?"
"Why? Are you thinking of investing in it too, hyung?"
"Well, I've looked into it here and there, and I've heard it's good."
"Don't trust others' words; investing is about judging and deciding for yourself. Be careful."
He hadn't come just to say a simple greeting. He rushed over because I was going to the U.S. He hadn't missed the words I'd casually dropped to my second uncle a while ago.
"That's true, but my heart is drawn to it. So, I wanted to hear your opinion. Can you tell me?"
Should I throw them one last gift before driving those family members out of Sunyang?
"Most of the derivatives that are currently heating up are based on U.S. housing loans. Loans secured by a house are definitely paid back, aren't they? Otherwise, you'd be kicked out. Even if there are bad debts, since there's a solid collateral like a house, it's also safe."
"So, it's safe, right?"
"I told you not to trust others' words! You have to decide, hyung. Who knows? What if massive bad loans are exposed and it all crashes?"
That's all I needed to say.
Because the word 'safe' had already stuck in his mind more than 'crash.'