Seok-won was sitting alone in the spacious chairman's office, reading a report, when a soft knock sounded on the door.
Without lifting his eyes from the papers in his hand, he spoke.
"Come in."
The solid wooden door opened, and Na Seongmi, dressed in a two-piece skirt suit accented with a small brooch, stepped forward and said,
"Executive Director Yoon Kihoon is here."
Only then did Seok-won look up from the report.
"Tell him to come in."
"Yes, sir."
Na Seongmi gave a short reply, turned toward the door, and pulled it wide open. As she stepped aside, Executive Director Yoon Kihoon entered from the adjoining room, holding a thin approval folder in one hand.
Seeing him, Seok-won closed the report he had been reading and rose from his seat.
"Have a seat on the sofa."
"Yes."
Seok-won walked around the large desk and took the seat at the center, while Yoon Kihoon waited politely before sitting on the sofa to his right.
"What would you like to drink?"
When Na Seongmi asked, Seok-won leaned back against the chair.
"I already had coffee a little while ago. I was given some very good tea as a gift. How about that?"
"That sounds good."
"Then please bring us two cups of the tea."
"Understood."
Na Seongmi answered with a faint smile before stepping out of the office.
Once the door closed, Seok-won crossed one leg over the other and looked at Yoon Kihoon.
"What's this about?"
Yoon Kihoon respectfully placed the approval folder he had been holding onto the table in front of Seok-won.
"I've organized the staffing we'll need for the upcoming reorganization."
Seok-won gave a small nod and picked up the approval folder, flipping it open.
Since Bluehole Venture Capital had completely separated from Daheung Group and taken on the role of a headquarters overseeing WB Bank, its securities arm, Manyoung Machinery, and several other affiliates, the company had grown larger. Naturally, this made a reorganization and expansion of the organization unavoidable.
"One hundred and fifty people. That's quite a number."
"As we're restructuring, some entirely new departments are being created, and most of the existing ones need reinforcements. That's how the number added up."
Even the chairman's secretariat, which until now had consisted of only five people including Na Seongmi and Han Ji-sung, was being expanded to ten.
"And how do you plan to recruit the new staff?"
"We won't be hiring externally. Instead, since WB Bank hasn't gone through any layoffs, it has plenty of surplus personnel. We'll fill the required numbers from the bank and other affiliates."
"A good idea. Using internal staff is more efficient than going through new hires."
"Exactly."
Closing the folder, Seok-won handed it back.
"Proceed as planned."
"Understood."
Accepting the folder, Executive Director Yoon Kihoon hesitated for a moment, as if gauging whether he could bring up another matter, then finally spoke.
"With the staff increase, our current office space will become seriously insufficient."
"Well, yes. If the number of employees nearly doubles, it's bound to feel cramped."
At that, Yoon Kihoon leaned forward slightly.
"That's why I bring this up. As it happens, the lease on our current office space expires in the second half of this year. Wouldn't this be a good opportunity to move into a larger place?"
Bluehole Venture Capital didn't own its own headquarters. Instead, it was renting three floors of a building near Gangnam's Yeoksam Station.
Now that the company had taken on the role of group headquarters and grown in size, it was clear that more office space was necessary.
At this rate, the employees would be packed in like sardines, desks jammed together. That won't do.
No matter how corporate an environment, a minimum level of privacy was essential for efficiency.
Rubbing his chin thoughtfully for a moment, Seok-won finally raised his head and looked at Yoon Kihoon.
"Let's wait a little before making a move on the office issue. We'll have a fine headquarters building soon enough."
"Pardon? Do you already have a particular place in mind?"
Watching Yoon Kihoon's puzzled expression, Seok-won's lips curled into a broad smile.
"Wouldn't a landmark like the 63 Building, one of Seoul's most iconic towers, make a fine new headquarters?"
Caught off guard, Yoon Kihoon blinked and asked again,
"The 63 Building does have symbolic value, and its location in Yeouido is excellent. But since Minguk Life is already using it as their headquarters, I'm not sure there's space for us."
"They don't occupy the entire building. With some rearrangement of offices, four or five floors could easily be freed up."
Seok-won replied with an air of ease.
Hearing him speak as though he already owned the building, Yoon Kihoon's eyes widened at the thought that suddenly crossed his mind.
"Don't tell me you're planning to resume the acquisition of Minguk Life that had been put on hold?"
Leaning back against the sofa, Seok-won nodded.
"That's right. The Financial Supervisory Commission will soon announce a competitive bid to sell Minguk Life. Let's be prepared in advance."
Concern flickered across Yoon Kihoon's face.
"Chairman Im Jongmyung, who was arrested on charges of illegally exporting foreign currency, filed for an injunction in the Administrative Court to suspend the Commission's decision to cancel all existing shareholders' stakes in Minguk Life. The court has deferred judgment. Wouldn't it be risky for us to rush into bidding under these circumstances?"
"You're worried the court might side with Chairman Im and overturn the cancellation of existing shares?"
"If that happens, not only will his stake remain intact, allowing him to retain control, but the injection of public funds—which is crucial to reviving Minguk Life—would also become uncertain."
The government had agreed to inject 1.5 trillion won in public funds to rescue Minguk Life, but the condition for doing so was the complete cancellation of all existing shareholder stakes, including those held by Chairman Im Jongmyung.
But if a major shareholder who had blatantly committed illegal acts, run the company into the ground, and left it in ruins were allowed to escape responsibility while billions in taxpayer money were poured in, the public would never stand for it.
The government can't allow that—not only because of public backlash, but also to prevent moral hazard for other companies facing similar situations.
Watching him closely, Executive Director Yoon Kihoon spoke carefully.
"Even if we manage to win the bid, depending on the court's ruling, we could end up entangled in a messy management dispute with Chairman Im Jongmyung. Wouldn't it be wiser to wait and see how the situation develops before making a move?"
Their conversation was interrupted by a knock. Na Seongmi entered, set down a tray, and quietly left.
Seok-won lifted a teacup, took a sip of black tea, and set it back down before continuing.
"I know, just as you said, that the risks are significant. That's exactly why everyone is eyeing Minguk Life but hesitating, watching from the sidelines without making a move."
In truth, many coveted the company. Despite a sharp drop in policyholders during its recent troubles, Minguk Life still ranked among the top three in the life insurance industry and held assets worth over two trillion won, including the landmark 63 Building in Yeouido.
Of course, its liabilities exceed its assets, but that issue would naturally be resolved once public funds are injected. Nothing to worry about there.
Seok-won's tone grew more serious.
"Acquiring Minguk Life would not only catapult us into the top tier of the life insurance industry, but it would also give us access to more than ten trillion won in insurance reserves. That's a tremendous advantage."
On Wall Street, Warren Buffett—known as the Sage of Omaha—was able to command massive sums and sustain stable investments precisely because of the steady stream of premiums flowing in from his insurance subsidiaries.
The unique structure of the insurance business—collecting premiums upfront and paying out claims later—was leveraged aggressively as investment capital.
"Domestic and foreign investors are holding back and taking a wait-and-see stance because of the legal risks. But looked at another way, those very risks create an opportunity to acquire Minguk Life at a bargain."
Still, Yoon Kihoon couldn't shake off his concerns and remained cautious.
"But isn't the reason other potential buyers are so careful precisely because of the risk if the court rules in Chairman Im's favor? That burden could be enormous."
At that, Seok-won spoke with a voice full of certainty.
"The court will never side with Chairman Im and overturn the cancellation of all existing shares."
When Seok-won spoke with such certainty about the injunction being dismissed, Yoon Kihoon looked startled. He couldn't understand what basis Seok-won had for speaking so confidently.
Seeing this, Seok-won calmly explained.
"Minguk Life was once regarded as a first-class insurer. The very reason it fell into insolvency is because Chairman Im treated the company as the group's private cash source, pulling out policyholders' money at will and funneling it into reckless loans for struggling affiliates."
The Financial Supervisory Commission's investigation revealed that, under Im Jongmyung's orders, a staggering 3.0864 trillion won had been lent out to 17 affiliates and related firms of the Hansan Group—companies with such weak finances that they had virtually no ability to repay.
Most of these loans turned into nonperforming debts, further worsening Minguk Life's financial condition.
"On top of that, Chairman Im embezzled 187.8 billion won from Minguk Life, returning only 1 billion, and then tried to cover it up by making it look as though a Minguk Life subsidiary had borrowed the rest. That's fraud on top of embezzlement."
Seok-won shrugged and added,
"And that's not even mentioning the 80 million dollars he illegally transferred overseas through a paper company in the Cayman Islands, siphoning off 11 million dollars as slush funds."
Im Jongmyung's actions were the textbook example of an owner treating policyholders' money like his personal vault.
"With his crimes already laid bare by both the Financial Supervisory Commission and the prosecutors, it's hard to imagine the court reversing the share cancellation."
"Even so," Yoon Kihoon said, "what if Chairman Im holds a grudge and files appeals just to deliberately delay the sale of Minguk Life?"
At that, Seok-won gave a faint laugh.
"If he tried that, the government would come down on him so hard he might never leave prison again. He wouldn't dare."
Then, with a scoffing smile, he continued.
"Filing administrative lawsuits he knows he can't win, just to block the sale, isn't about regaining control. It's nothing more than a bargaining chip, a way to negotiate with the government behind the scenes to reduce his sentence."
Realizing what he hadn't considered, Yoon Kihoon let out a quiet exclamation.
"Ah… that could be it."
"Which is why this is the perfect opportunity to acquire Minguk Life—before others jump in and the competition heats up."
Yoon Kihoon looked startled when Seok-won flatly declared that the court would never accept Chairman Im's argument and overturn the decision to wipe out the existing shareholders' stake.
He couldn't understand what grounds Seok-won had for speaking so confidently.
Seeing his confusion, Seok-won calmly laid it out.
"Think about it. The reason an insurance company once considered rock-solid fell into ruin was because Chairman Im treated Minguk Life like his personal piggy bank. He siphoned off policyholders' money and funneled it into shaky affiliates through reckless loans."
The Financial Supervisory Commission's investigation revealed that, under Im's orders, Minguk Life had lent an incredible 3.0864 trillion won to seventeen affiliates and related companies of the Hansan Group—firms with such weak financials they had almost no capacity to repay.
Most of those loans turned into bad debt, dragging Minguk Life deeper into crisis.
"And on top of that," Seok-won continued, "he embezzled 187.8 billion won straight out of the company, put back only a token ten billion, and then tried to cover it up by disguising the missing money as a loan to a Minguk Life subsidiary."
He gave a casual shrug.
"Not to mention setting up a paper company in the Cayman Islands, illegally wiring out 80 million dollars, and pocketing 11 million of it as slush funds."
Chairman Im had used the policyholders' premiums as if the company were nothing more than his own safe.
"With crimes like that already laid bare by regulators and prosecutors, there's no way the court will reverse the wipeout of his shares."
"But what if he holds a grudge and files an appeal just to drag out the sale of Minguk Life?" Yoon pressed.
Seok-won gave a short laugh.
"If he tried that, the government would mark him for life. He might never leave prison. He knows better."
Then he sneered.
"The lawsuit he's filed isn't about winning back management rights. He's just using it as a bargaining chip to negotiate a lighter sentence behind the scenes."
Yoon hadn't considered that possibility. He let out a low murmur.
"Ah… that makes sense."
"Which is why this is the perfect moment to move in and take Minguk Life—before others pile on and the competition heats up."
Before he realized it, Yoon Kihoon had been completely persuaded. With a look of sudden clarity on his face, he nodded.
"You're right. I'll make the preparations for the bid as you instructed."
After a bit more discussion, he rose from the sofa, bowed, and left the chairman's office.
Seok-won had just returned to his desk and was about to sit down when his phone began to buzz.
The caller was his older brother, President Park Jinhyung.
[You're not too busy for me to call, are you?]
"It's fine. What's going on?"
[Nothing special. I was thinking, if you're free today, let's have dinner together.]
The unexpected invitation made Seok-won furrow his brow slightly, but he answered right away.
"I'm free. Sure."
[Good. Let's meet at the Japanese restaurant at the Walkerhill Hotel, five o'clock.]
"Alright."
After hanging up, Seok-won set the phone down and muttered to himself, his expression troubled.
"What's this about all of a sudden?"
It wasn't like his brother to call out of the blue and make plans, which only deepened his curiosity.
Reaching out, he pressed the intercom switch, and Na Seongmi's voice came through the speaker.
[Yes, Mr. Chairman?]
"Tell the mayor I'll have to cancel our dinner tonight. Something urgent has come up. Apologize and ask for his understanding."
[Yes, understood.]
Seok-won released the button and leaned back in his chair.
"Whatever it is, I'll find out once I see my brother."