There was no way the chaebol chairn would trust one another. They sotis used marriages to beco family in order to feign trust, but even those ties rarely lasted long.
These n, gathered here, were the kind who would seize any chance to take over another group’s company, even just one more.
Chairman Seo Yonggeon’s proposal was ideal in theory, but in reality, difficult to act upon.
“If it is Chairman Song’s wisdom, then everyone here can trust it. None of us could deny that.”
“Ha, don’t try to gild .”
Song Youngjoo chuckled, then looked across the table at Seo Yonggeon with a smile.
That smile made Seo feel uneasy for reasons he could not place.
“Chairman Seo’s proposal is good. Very ideal. But let us be honest—since when have we ever trusted one another?”
At Song Youngjoo’s blunt words, the chairn in the room drew sharp breaths.
Back during the financial crisis, these sa chaebol had targeted one another, snatching up affiliates at dirt-cheap prices when rivals collapsed.
“Can you really trust? Can you sleep soundly after handing over the shares of your core affiliates into another chaebol’s hands?”
“...”
Not one of them could deny it—not even Seo Yonggeon, who had made the suggestion.
How many companies had they crushed to build their empires? How many had they seized? Too many to count.
“There is an easier way. With the thod I will tell you, you can buy enough ti to restructure your companies. You all must recognize that these new laws are an inevitable change for us.”
“And what thod is that?”
Chairman Moon Seonghak, speaking for the others, asked the question.
With a ★ 𝐍𝐨𝐯𝐞𝐥𝐢𝐠𝐡𝐭 ★ hearty laugh, Song Youngjoo looked around the table at each face before speaking.
“Use your affiliate shares as collateral. I will arrange the funds.”
“What? Does Daehyeon even have that kind of money? I thought your group’s cash flow was blocked too.”
“Listen to the whole thing first.”
Song’s face lost its smile as he scanned the room, then continued.
“Most of you know President Kim Muhyuk, yes? Of course you do.”
The mont Kim Muhyuk’s na ca from his lips, Seo Yonggeon’s expression twisted noticeably.
“You an President Kim, heir to Chairman Cheon Taesan?”
At soone’s question, Song nodded slightly.
“Taesan Finance will provide you with the loans.”
“The financial regulators won’t easily allow new loans.”
“Don’t worry about that. Taesan Finance will take care of it. All you need to do is borrow the money and quickly restructure your control systems.”
“Hm...”
Even pro-Song n like Moon Seonghak stroked their chins, thinking it over.
With no more loans coming, Seo Yonggeon’s plan aside, this was the best option left. Naturally, it drew serious thought.
The other chairn were the sa—everyone except Seo Yonggeon.
Seo cleared his throat and gave Jo Hangseok a look. Receiving it, Jo raised his hand.
“How can we trust President Kim? Look at what he is doing to Ilseong Group. I cannot trust him.”
The others knew of Kim Muhyuk’s battle with Seo Yonggeon. They did not know the details, but it was a hot topic in the business world.
Aside from those aligned with Kim Muhyuk, the rest nodded.
Seo, after all, was still one of their own—a fellow chairman, and a capable one at that.
For such a man to be shaken by so ex–loan shark was a huge issue to them. That sight could easily beco their own future. It made them feel threatened.
“Then ask Chairman Kim Byungwoo of Jungwoo Group. What do you think?”
Within the top thirty conglorates, the only professional manager rather than an owner was Kim Byungwoo.
Song addressed him, and Kim answered without hesitation.
“President Kim Muhyuk? I can say with certainty—he would never betray first. Many of you know the stakes he holds in various affiliates. If he wanted, he could shake your companies even more easily than Ilseong. Yet he has not.”
“Hrmm...”
Kim Byungwoo spoke the truth.
The shares left by Cheon Taesan, and the vast stakes Muhyuk had scooped up during the financial crisis and the IT bubble collapse, were already widely known.
“Never once has he interfered in managent. As an owner, he has suggested major rgers or long-term strategies. But he never commands without backing it up. You all know Jungwoo’s acquisition of Japan’s top semiconductor firm? Chairman Seo here staked everything on it. President Kim secured it easily.”
“You there, Chairman Kim...”
Seo glared at him for ntioning his na, but Kim ignored it.
“I’ve never had reason to fear him. If he makes a promise, he keeps it.”
“Then why is he doing this to Ilseong? You’re praising him too much for soone who’s still an owner.”
Jo Hangseok shot the question, sharp as a blade. Kim Byungwoo only chuckled.
“An owner, you say? Then is Chairman Jo’s owner Chairman Seo? As I recall, your father once served as president of Ilseong Corporation.”
“You—!”
Jo sprang up in anger. His father had indeed left Ilseong to found Hyosan, with Seo’s support.
As the room grew heated, Song slamd the table.
“Enough! Is this how you behave, gathered to find counterasures?”
At his rebuke, Jo and Kim fell silent.
Once the atmosphere cooled, Song spoke again.
“You all say you cannot trust President Kim. Then—can you trust ?”
Moon Seonghak quickly answered.
“Of course. You are the great elder of the business world.”
“Hoho, thank you. Then I will vouch for him. The shares will be only collateral. Not bought, only used to put cash in your pockets.”
“Is that true?”
“Yes. He will hold them as collateral, nothing more. Surely none of you are mad enough to default on Myeongdong money. If anything, he’s harsher than Chairman Cheon ever was. Just look at Chairman Seo here.”
Seo’s face turned cold, but Song did not stop.
“You do not know. If you knew what Seo did to President Kim, and why Kim is crushing Ilseong, you would understand.”
“Chairman Song!”
Seo burst out in alarm.
“What are you saying, in front of the entire business world? Are you declaring war on ? Daehyeon and Ilseong have always respected each other’s territory. Don’t forget that.”
“Well. Who knows if you’ll keep that pact after I’m gone.”
“Chairman Song!”
“My hearing still works. No need to shout.”
Song still smiled as he spoke, while Seo trembled with clenched fists.
He thought—even Song could not speak to him like this.
But no one else dared to breathe.
“All this is your karma. Ilseong is tottering because of your stubbornness. You should never have stolen your brother’s seat if you could not carry it.”
“...”
“You have no right to be angry now. Go and beg President Kim’s forgiveness. Otherwise, when you die, you will not even be able to face your father.”
Seo’s face flushed, but Song ignored him and rose.
He looked around slowly, then said.
“Decide for yourselves. If you wish to sink with Ilseong, I will not stop you.”
His voice carried such weight that one forgot he was ill.
“I will guarantee it. If you take President Kim’s hand, the blocked loans will flow again. And if he breaks his promise, I will pay from my own pocket.”
“Truly?”
“I have his word. He said this law is the trend of the tis. It is ti to break free from circular shareholding, a structure where control can be rattled at any ti. His only condition: sever all ties with Ilseong.”
A bombshell dropped. The chairn looked between Song and Seo in shock.
“This is your last chance. I have chosen already. Even if it makes Ilseong’s enemy, I will stand with President Kim. You must choose too.”
Leaving those words behind, Song walked out. Silence heavier than death fell upon the room.
* * *
At last, I burst out laughing. Tears ca to my eyes from laughing so hard.
“So... you’re telling Chairman Song really said that?”
“Yes, President.”
Chairman Kim Byungwoo, rushing over right after the Federation eting, recounted the events with a smile.
“As expected of Chairman Song. He never minces words. To throw down the choice so plainly—remarkable.”
“I was surprised too. I knew sothing big would happen, but not this.”
I nodded, satisfied.
Chairman Song always did his utmost. I would have to match that.
“By the way, is Chairman Song really sick? He seed perfectly robust.”
“He hates showing weakness. He must have forced himself all the more.”
“I see.”
In Korea’s jungle-like business world, to show weakness was to have your throat cut. Song had surely pushed himself to appear strong.
“I wish I had seen Seo Yonggeon’s face. How was it? For such a proud man to be shad before so many chairn?”
The thought alone made grin. He had likely never suffered such humiliation in his life.
“You would have been satisfied. Because it was Song, Seo couldn’t even get properly angry. Had it been anyone else, he would have cursed them furiously.”
“Haha. Pity I didn’t set up a cara.”
I laughed again, and Kim chuckled along softly.
“So, what’s the mood among the others? Are they ready to cut ties with Ilseong?”
“No one gave a clear answer there. Chairman Song left before hearing one. I followed soon after. Staying longer would have only brought needless questions.”
A wise move. With Jungwoo linked to , the others would have tried to make him prey.
“Well done. The regret is theirs, not ours. This ti, we will ta them properly.”
“Yes, President. I expect they will all co to you. Without this chance, there’s no way to raise the vast sums needed for restructuring.”
I nodded slightly at his words.
I wanted Ilseong to fall. Anyone who tried to stop that—I would drag them down too.
Chairman Song had kept his word. Now, it was my turn.
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