» The Youngest Son of Sunyang
The Youngest Son of the Chaebol Family - Chapter 289
[289]A Hotbed of Intrigue, The Sunyang Family 5
"Then build it exactly one floor higher than the Sunyang main building."
"See? Even you, Chairman, get greedy like that, don't you? Hehe."
The superiority of looking down on one's rivals. That, too, is a number. Just one more floor, one more meter... It's merely the number one, but to achieve it, an astronomical sum of money is required.
"Anyway, once you finish the work here, you can start."
Chairman Lee, whose true intentions had been exposed, turned his face away.
That kind of expression wouldn't appear before the person we're meeting tomorrow evening. When there's nothing to hide, there's nothing to be exposed.
"Then, shall we indulge in another luxury today? At a 7-star hotel?"
"Officially, it's a 5-star. It's just that the difference from other 5-star hotels is so vast."
"The accommodation fees are also outrageous. Over 30 million won per night."
"That's why they came to pick us up in a limousine like this, isn't it?"
Chairman Lee Hakjae lightly tapped the limousine's roof with his hand.
Upon arriving at the hotel, a dozen or so staff members, assigned to serve us during our stay, stood lined up at the entrance, bowing their heads.
Guided by them, we entered the hotel lobby, and I was once again speechless due to the interior, completely plastered with gold—real gold.
"You're going to drool. Don't embarrass me, close your mouth."
It felt like witnessing the pinnacle of luxury. Dubai's declaration of a moratorium was inevitable.
History tells us that from ancient times to the present, the end of luxury is ruin. This was also a place where the history of ruin was being reenacted.
After a restful night, when morning broke, Chairman Lee Hakjae hastily swallowed a piece of bread and departed.
"I'm going to check out the site, so you rest. I'll contact you in the afternoon."
I considered going with him but decided against it. It's not ideal for authority to be divided, after all.
Until Chairman Lee returned, I reveled in the scorching heat and the blue sea on the artificial island 'Palm Jumeirah,' spanning approximately 1,388 acres—a true testament to another level of luxury.
Chairman Lee, who returned late in the afternoon, had a hardened expression.
"The atmosphere is a mess. European companies are already pulling out. The morale of the on-site staff is terrible, so I was delayed trying to console them."
"Their morale will rise once they realize we're the only ones left standing, won't it?"
"We have to make it that way. Let's go. Even if he's a client who isn't paying, he's still a super 'gap,' isn't he? It would be rude to keep him waiting."
We moved to the hotel's yacht, which floated on the sea, emitting dazzling lights.
There was no better place for a quiet conversation.
The middle-aged man with the long name, 'Ahmed bin Saeed Al Maktoum,' I had expected him to appear in the traditional Middle Eastern attire of a 'kandura' and 'kefiyyah' headscarf, but he arrived impeccably dressed in a Western-style suit.
Although he was merely the CFO of Dubai World, his lineage from the Dubai royal family gave him influence beyond that of a simple executive.
Ahmed, son of Saeed, of the Maktoum family. That was the meaning of his long name. I pondered for a moment what to call him, but Chairman Lee Hakjae, who had already met him, dispelled my worries.
"It's good to see you again, James."
"It's a pleasure, Mr. Lee. You haven't been waiting long, have you?"
His perfect American English accent was audible.
Oh, it's clear this gentleman must have spent his formative years in America.
When Chairman Lee introduced me, I also gave my English name.
"It's an honor to meet you. I am Howard Jin."
Toward him, who looked a little puzzled, Chairman Lee Hakjae explained.
"Howard is the head of Miracle, the investment firm that is the largest shareholder of our HW Construction."
Largest shareholder, and an investment firm.
His eyes changed, as if he found these words intriguing.
After a brief exchange of polite conversation, with both sides concealing their true intentions, Director Ahmed asked.
"Is HW Construction also planning to withdraw?"
"We can only follow Sunyang Construction's lead. If they pull out, we'll have to return with them."
"Then there's no particular reason to meet me... You didn't come all the way from Korea just to tell me that, did you?"
"This friend will tell James the news he'll be glad to hear. I'm merely curious about the outcome of the conversation the two of you will have today. Haha."
"Is that so? Then, shall we hear it?"
As his gaze turned to me, I first spoke two numbers.
"80 billion dollars. And 60 billion dollars. Is that correct?"
Both men were surprised simultaneously, but they understood what these numbers signified.
Chairman Lee was simply surprised that the numbers were larger than expected, while Director Ahmed was astonished by their near-perfect accuracy.
"Our company's assessment is that you've already lost the ability to pay. We anticipate that discussions within Dubai World are currently heated, debating whether or not to declare a moratorium."
Director Ahmed, his lips pressed firmly together, remained silent. His expression grew progressively stiffer, as if offended.
"I assure you, as Mr. Lee mentioned, I have come to present an offer. Whether Mr. Ahmed will welcome that offer or not, I cannot yet say."
"Let's hear it, this offer. I certainly hope it's welcome news."
"Dubai's total debt is 80 billion dollars, and of that, Dubai World's debt is 60 billion dollars..."
"To be precise, it's 59 billion dollars. Of course, this figure is as of the end of this year. It's also an estimate."
"Yes. And our company also anticipates that it won't increase further."
It couldn't possibly increase further. Because they can't handle this debt, they'll declare a moratorium.
"Fortunately, our company still has financial capacity."
"That's good news. But your company... you said Miracle, right? What does Miracle's financial capacity have to do with us...? Wait... could it be Miracle Investment from New York...?"
"Yes. It's the same company."
Director Ahmed's eyes widened to an unprecedented degree.
He too had already heard. That during this financial crisis originating from the U.S., Miracle was not only the sole company to survive the decimated Wall Street but also the only one to achieve astronomical profits, amounting to tens of billions of dollars.
So, he must have realized the extent of the financial capacity I had just mentioned.
"I see. Please continue."
Now, intensely curious about my proposal, he leaned closer.
"If Sunyang and Daehyun, the two Korean companies, decide to withdraw, what do you intend to do?"
"We'd have to accept it. There's no other way."
With a wealthy man sitting before him, he didn't hesitate to voice his woes.
"The areas entrusted to those two companies are the crucial Al Maktoum International Airport and Dubai World Central. There are other new city residential areas as well."
"Howard. Does this mean you'll provide funds to Dubai World to prevent the withdrawal of the two Korean companies? And then HW Construction would also continue...?"
"No, I am not generous enough to feed Sunyang and Daehyun with our company's money. However, if those two companies withdraw, I would like to ask if you would consider entrusting the ongoing projects to HW Construction."
"There's no reason to object. We've already witnessed HW Construction's capabilities with our own eyes. But..."
They had no money. The Middle Eastern royal before me ultimately couldn't bring himself to utter those words.
"In that case, we will take responsibility right up to the ribbon-cutting ceremony for the completion. Don't worry about the money."
"Could you specify what you mean by 'don't worry'?"
"We will grant you a sufficient grace period. Isn't Dubai World a state-owned enterprise? Furthermore, it's the jewel of the Middle East... its bonds are AAA-rated, far more trustworthy than Wall Street's. I believe it will be fully resolved in not too long a time."
Ahmed's expression suddenly transformed into one brimming with welcome.
"If you can do that for us, a major worry will be alleviated. Do you, by any chance, know the exact amount?"
"Yes. I recall the currently unpaid amount for Sunyang and Daehyun combined is a little over 7 billion dollars."
"You also know that it will exceed 10 billion dollars by completion, don't you?"
Chairman Lee Hakjae, who had merely been listening until now, interjected. His purpose wasn't to warn me, but to show off in front of the Middle Eastern royal.
"Of course. We have the capacity to handle it."
It was an offer too sweet to refuse, yet it's normal to feel suspicious when eagerly accepting an inexplicable favor. Director Ahmed cautiously asked.
"I am beyond grateful for such an overflowing and generous proposal. However, could you tell me the reason for making such an offer at a time when everyone else is withdrawing?"
There was no need for prevarication here. Even if they knew my true intentions, nothing would change.
"Sunyang and Daehyun are rival companies far ahead of HW. If we surpass them to construct the new city, it will be an opportunity to leapfrog them. We have financial capacity, and they do not. Isn't it only natural to compete by leveraging our strengths?"
It was a simple reason—competition—yet nothing could be more powerful.
"Furthermore, we anticipate a strong bond between Dubai and our HW Group."
Chairman Lee Hakjae boasted once again.
Whatever the reason, isn't someone who helps in times of difficulty a true friend?
The Dubai royal with the long name displayed a highly satisfied smile.
"To have forgotten a meal, I have committed a great discourtesy to my friend who has come from so far away."
And then, a very long meal followed.
* * *
Seo Hyung-kyun, President of Sunyang Construction, became CEO after being appointed by Vice Chairman Jin Donggi. He had managed Dubai, the largest project since his inauguration as CEO, without issue, but today he had to negotiate the biggest problem of all.
However, from his first impression, he knew.
The biggest problem wouldn't be solved, and getting money from Dubai World was a lost cause.
The final step in business is collecting payment.
No matter how high the sales or how much profit is left, if you don't receive the money, it all amounts to wasted effort.
Director Ahmed, representing Dubai World, ended the negotiation with a single sentence.
"The Dubai government will make an official announcement soon. Please wait until then."
"Please tell us what it's about. We cannot simply wait indefinitely again."
"That is not something I can say on behalf of the government."
He was resolute, yet brimming with composure. President Seo Hyung-kyun, misled by his relaxed expression, couldn't abandon his last shred of hope.
The official announcement from the Dubai government that President Seo Hyung-kyun had not heard, Daehyun Construction also had not heard.
They played their final card, threatening to halt all construction and withdraw if payment of arrears wasn't promised, but the answer they received was the same.
"We respect your company's decision, but please understand that at this present moment, we cannot make any promises."
Unlike Sunyang, Daehyun read Dubai World's attitude not as composure, but as resignation.
The last words of someone cornered, "Cut me open and take what you can get."
Daehyun heard those words clearly.
Before long, Dubai World screamed "cut me open!" to the entire world. With the plausible expression of a "moratorium declaration!"
This headline was how the world's media universally described the Dubai crisis.
Miracles crumbled, and the Korean stock market crashed.
2009 was a year when so much disappeared.
A revered cardinal passed away, and two former presidents were given state funerals.
And a global pop star, who would be difficult to meet again, departed amidst the tears of her fans.
Chairman Jin Donggi trembled, holding a paper dense with numbers. Those numbers felt like a death sentence.
An amount he couldn't be responsible for, couldn't bear. He was utterly disheartened, unable to do anything.
There was another person who felt the exact same way: the Chairman of Daehyun Construction.
As time passed, they came to their senses and knew exactly who could save them. Finally, they placed all their hope in him.
"Call Cheongwadae. Tell them I urgently wish to meet. Discreetly."