Translator: Khan
Editor: Aelryinth
My eyes were hot. I brought my hands to my eyes, rubbed them, and looked back at the table. There was a schematic on the table more complicated than a spider’s web. This was a diagram of the Suyeon Group shares. Fifty companies with the name ‘Suyeon’, such as Suyeon Electronics, Suyeon Chemical, Suyeon Life Insurance, and Suyeon Construction, were intertwined like an earphone put in a pocket. To that extent, I didn’t know where to begin, so I raised my head and asked, “So, who is the weakest link here?”
Vice President Jang, who was sitting beside me, answered, “There’s no such thing as a weak link. In particular, the key pillars of the Group, such as electronics, chemicals, life insurance, construction, and shipbuilding are closely organized to defend their managerial rights, so they should be regarded as similar if we attack any side.”
“Hmm… it’s not easy.”
“Yes. In fact, the cross-shareholding structure of the nation’s large corporations is the work of the best scholars in Korea. It’s designed to be a very stable structure. Even if other capital comes in and tries to reach out to the company’s management, the other side can work together to keep it from happening.”
“I see…”
I nodded as I thought, ‘If I pour out all forty-five billion dollars, we’ll win. Of course, if I just try my best, they won’t be able to stop it.. The market capital of both Suyeon Chemical and Suyeon Electronics, which are twin-head carriages of Suyeon Group, is forty billion dollars. But then again, it is a painful victory. The price will go up in the process of buying. I can take ownership of the company, but in the process, I will make the other shareholders rich, including Tak Mun-su.’
I changed the question. “Then here. What if the current chairman, Tak Woo-kyung, dies? Is there a company that gets weak?”
Vice President Jang’s eyes changed with my question. He mumbled, alternately looking at his cell phone and schematic, “If he does…”
The Suyeon group was largely divided into two groups: a company owned by his father, Tak Woo-kyung, and a company owned by his son, Tak Mun-su. Originally, Tak Woo-kyung had most of it, but over time, the stakes in the company controlled by Tak Mun-su gradually increased. In the meantime, there were ridiculous convertible bonds, mergers at the level of breach of shareholder value, and an unfair trade.
But they were all blindfolded by the previous administration, so Tak Mun-su somehow had half of the Suyeon Group without paying a penny of tax. It went on and on, right after the fall of Chairman Tak Woo-kyung.
‘If he dies, he won’t be able to use those.’
As I thought of that, Vice President Jang concluded. “Then, I think we should attack Suyeon Construction.”
Suyeon Construction was a company with 23% stake in Suyeon Electronics, and Tak Woo-kyung was a major shareholder.
“If Chairman Tak Woo-kyung is dead, Tak Mun-su, who will receive the inheritance must pay tax in cash or in shares. But since there is no cash to pay, he has to pay it in shares, but he won’t be able to pay it with a stake in Suyeon Life Insurance, which he has a lot of. If Tak Woo-kyung controlled the Suyeon Group through Suyeon Construction, Tak Mun-su was designed to rule the group through Suyeon Life Insurance.”
I pointed to the arrows in the diagram and replied, “I see. If we go on a hostile M&A, if Tak Woo-kyung dies, Tak Mun-su will be forced to choose between construction-electronics or life-chemicals, right?”
“Yes, boss.”
“There, Tak Mun-su will lean toward protecting life and chemicals?”
“Yes. In the first place, Tak Mun-su took over the Suyeon Life Insurance with tricks, and that’s how he shifted the weight of the group towards life and chemistry. He would never give them up. So he is going to sell off the construction company that Tak Woo-kyung had, and the stake ratio on the construction and electronics side will be lowered.”
“Okay. Starting now, let’s have the directors buy Suyeon Construction and Suyeon Electronics quietly. At the same time, talk to the other major shareholders of Suyeon Construction and Suyeon Electronics.”
“Yes, boss, by the way… this is all based on the premise that Tak Woo-kyung is dead. In his latest article, he is lying down and watching movies…”
I said after a pause, “He’s already dead.”
“What?”
“You’ll find out in the next few days.”
“Is that true?”
I paused for a moment over his remark. ‘Facts change each moment. Some facts are near the truth, but they are denied, and some facts are close to lies but considered truth by the people who speak them.’
I said, tapping my chin, “… I will make it a reality.”
————————
In March 2021, I started a full-scale counterattack. First, I bought shares of Suyeon Construction and Suyeon Electronics in the most obvious way. In a very unobtrusive manner, I bought shares little by little at a level that was not very noticeable, that did not raise the stock price, and that was not met with the 5% reporting requirement. Then I moved using my personal account that I had kept for a while.
I bought shares of both companies, as Han Sang-hoon and as the owner of Invictus Investment. Suyeon Electronics’ share price had fallen considerably due to the financial crisis in China. It was a big company, so it was a little less affected, but it had stayed at a fairly low price throughout the year, so there was no pressure to buy it.
‘The counterattack has begun. But we’re going to use harassing tactics to make sure they don’t care about this.’
I also wrote editorials consistently through Oracle News. ‘How long will we overlook the illegal inheritances of large corporations? We need to clean up the existing abuse.’
It was an editorial aimed right at Suyeon Life Insurance, and Tak Mun-su’s trick-using inheritance. Since Suyeon Group stopped advertising for Oracle News, it had now returned to them with the same. Of course, Suyeon Group would despise it, “Oracle News? What kind of dog barks at us, it’s just a small pet.” However, they did not know that this was the news that the president was most attentive to.
————————
In the following April, the presidential office of the Blue House responded to the steady stream of editorials on Oracle News.
[We will reinvestigate the illegal inheritance of Suyeon life Insurance with the independent counsel.]
[Tax Investigation of Suyeon Construction]
A fire dropped on the foot of Tak Mun-su. In fact, for him, the fight with our company was basically a fight for pride. It was at the level of spending a little more money on Ullim Electronics… but this was a different problem. The independent counsel was a dangerous thing that could shake Tak Mun-su’s status, and once the tax investigation hit, the company itself reeled under the blow.
When I looked around the Internet community, the reaction was generally like this:
– President Joo Sung-won, you are doing good. Let’s clean up the existing abuse and build a just economy.-
– Suyeon Life Insurance was handed over too easily. We need to look into it properly this time.-
– Suyeon Construction was also famous. Rumor has it that the unit price was adjusted and the remaining money was received through borrowed-name accounts. Everyone in the industry knows about it.-
It seemed to be because President Joo Sung-won had a high approval rating and high popularity. Of course, like blue frogs, some people said other things…
– What’s going on? Was Tak Mun-su against President Joo Sung-won?-
– You know, there are companies that get beaten up in every administration. During Ko Jin-yong’s reign, the Taesoo Group was hit, and during the last Park Hyung-joon period, the Susung Group went back and forth to the Supreme Court. Maybe this time, it is the Suyeon Group.-
– But I guess there’s something ugly in it. Didn’t they give Joo Sung-won money for the presidential election?’
However, most of the comments were like this:
– President Joo Sung-won is a man of integrity, Suyeon Group deserves to be hit.-
Public opinion moved that way. I looked at it and thought, ‘I think President Joo Sung-won kept his loyalty this much. Or is he still afraid of the information I have?’
Either way, it was good. I was sure this had made it easier for me to attack. It was true even if we looked back at history. Not as much as during the former military dictatorship, but even after the military dictatorship, all the big businesses that seemed to be disliked by the government had been robbed. During the IMF era, the difference between survival and failure depended on whether they received subsidies from the government or not.
I bought shares of Suyeon Construction cheaply, even as the stock price collapsed in the face of the tax investigation, while calling for pleasure in my heart. ‘If Tak Joon-gi is alive… he might have complimented me for being very good.’
Blowing up with bad news and picking up stocks cheaply… this was what my rival, Tak Joon-gi, used to use. He must have wanted to do this to prey on Tak Mun-su, his cousin. It was a little ironic that I, his enemy, was doing this, but life was ironic…
————————
In May, while shares of Suyeon Construction and Suyeon Electronics were being purchased and the independent counsel investigation of Suyeon Life Insurance was under way, I succeeded in building another bomb.
“Mr. President, this is what you asked for.” I got a second piece of data from Crow.
“Thank you. Crow, I’ve been so busy lately that I haven’t even eaten chicken with you, but I’ll buy you a decent meal next time.”
“You’re welcome.”
—
The second data was on Hong Yong-pyo, Tak Woo-kyung’s doctor. The first report showed how he disguised the death of Tak Woo-kyung, and kept it secret, but I had Crow dig into him further, because I thought it was necessary to target this person if I published a sure article.
The second report looked into how he, a medical science professor at Seoul National University, left school and took office as head of the Suyeon Medical Foundation Hospital, what he did, how he exploited his medical residents and pocketed bribes during his previous years as a professor, and how many times and where he went to salon rooms.
After I put it all together, I made a phone call to make all of this a fact. “It’s been a long time, CEO Lee Won-jae.”
“Ah yes, CEO Han.” But his voice was begrudging when he answered my phone.
“Well, do you still think I’m screwed?”
“Oh, no. What are you talking about?” By his denial, I seemed to have hit the mark.
“… yes, anyway. I’m calling because I need your strength again. It’s about… the death of Tak Woo-kyung.”
“Pardon me?” He was surprised.
“Yes, of course, it’s a huge bomb for Suyeon Group. But this is a fact like the last request. I’ll send you some data that can reassure you.”
“But… no matter how much it is a fact, it’s…” He, too, was afraid to fuck the Suyeon Group openly.
“It’s the last step. If this is successful, half of the Suyeon Group will be mine. Then, I’ll visit your father and persuade him that Lee Won-jae will be the next CEO of the Daewon Daily News.”
“But this is… too dangerous. If I do this and something is wrong, I…”
“CEO Lee Won-jae, we’re already in the same boat, and the wind is blowing in our direction. You know, Suyeon Group is under the tax investigation by the independent counsel. Are you going to get off here when the fair wind is blowing?”
“…” He forgot to speak for a moment. Perhaps he was still affected by the rumor that Han Sang-hoon was doomed.
“CEO Lee Won-jae, I’ll give you a choice.”
“What…?
“You can trust me and send out an article now. Or, you can get my fax and send out an article then. There is no option not to publish an article. It’s one of the two.”
“Yes?”
“Maybe you’ll see.” As I said that, I took a document out of the drawer: ‘Report on the status of profits from investment in China.’
“If you look at this, you’ll publish an article that I want.” It was the very document that showed forty-five billion dollars in revenue.
I spoke with the document in my hand. “It’s your choice. Jesus said so in the Bible. He was resurrected three days after his death, and said, ‘I will give a great reward to those who believe in me without seeing me, and a small reward to those who try to put their hands on my waist.’ What are you going to do? Shall I send you a fax or not?”
After much trouble, he said, “I just believe you. I’ll publish it as soon as you send me the source.”
I said with a satisfied smile, “Yes, then I’ll e-mail you the contents. Write them down quickly and let it go.”
“Yes, CEO Han.”
Translator: Khan
Editor: Aelryinth
My eyes were hot. I brought my hands to my eyes, rubbed them, and looked back at the table. There was a schematic on the table more complicated than a spider’s web. This was a diagram of the Suyeon Group shares. Fifty companies with the name ‘Suyeon’, such as Suyeon Electronics, Suyeon Chemical, Suyeon Life Insurance, and Suyeon Construction, were intertwined like an earphone put in a pocket. To that extent, I didn’t know where to begin, so I raised my head and asked, “So, who is the weakest link here?”
Vice President Jang, who was sitting beside me, answered, “There’s no such thing as a weak link. In particular, the key pillars of the Group, such as electronics, chemicals, life insurance, construction, and shipbuilding are closely organized to defend their managerial rights, so they should be regarded as similar if we attack any side.”
“Hmm… it’s not easy.”
“Yes. In fact, the cross-shareholding structure of the nation’s large corporations is the work of the best scholars in Korea. It’s designed to be a very stable structure. Even if other capital comes in and tries to reach out to the company’s management, the other side can work together to keep it from happening.”
“I see…”
I nodded as I thought, ‘If I pour out all forty-five billion dollars, we’ll win. Of course, if I just try my best, they won’t be able to stop it.. The market capital of both Suyeon Chemical and Suyeon Electronics, which are twin-head carriages of Suyeon Group, is forty billion dollars. But then again, it is a painful victory. The price will go up in the process of buying. I can take ownership of the company, but in the process, I will make the other shareholders rich, including Tak Mun-su.’
I changed the question. “Then here. What if the current chairman, Tak Woo-kyung, dies? Is there a company that gets weak?”
Vice President Jang’s eyes changed with my question. He mumbled, alternately looking at his cell phone and schematic, “If he does…”
The Suyeon group was largely divided into two groups: a company owned by his father, Tak Woo-kyung, and a company owned by his son, Tak Mun-su. Originally, Tak Woo-kyung had most of it, but over time, the stakes in the company controlled by Tak Mun-su gradually increased. In the meantime, there were ridiculous convertible bonds, mergers at the level of breach of shareholder value, and an unfair trade.
But they were all blindfolded by the previous administration, so Tak Mun-su somehow had half of the Suyeon Group without paying a penny of tax. It went on and on, right after the fall of Chairman Tak Woo-kyung.
‘If he dies, he won’t be able to use those.’
As I thought of that, Vice President Jang concluded. “Then, I think we should attack Suyeon Construction.”
Suyeon Construction was a company with 23% stake in Suyeon Electronics, and Tak Woo-kyung was a major shareholder.
“If Chairman Tak Woo-kyung is dead, Tak Mun-su, who will receive the inheritance must pay tax in cash or in shares. But since there is no cash to pay, he has to pay it in shares, but he won’t be able to pay it with a stake in Suyeon Life Insurance, which he has a lot of. If Tak Woo-kyung controlled the Suyeon Group through Suyeon Construction, Tak Mun-su was designed to rule the group through Suyeon Life Insurance.”
I pointed to the arrows in the diagram and replied, “I see. If we go on a hostile M&A, if Tak Woo-kyung dies, Tak Mun-su will be forced to choose between construction-electronics or life-chemicals, right?”
“Yes, boss.”
“There, Tak Mun-su will lean toward protecting life and chemicals?”
“Yes. In the first place, Tak Mun-su took over the Suyeon Life Insurance with tricks, and that’s how he shifted the weight of the group towards life and chemistry. He would never give them up. So he is going to sell off the construction company that Tak Woo-kyung had, and the stake ratio on the construction and electronics side will be lowered.”
“Okay. Starting now, let’s have the directors buy Suyeon Construction and Suyeon Electronics quietly. At the same time, talk to the other major shareholders of Suyeon Construction and Suyeon Electronics.”
“Yes, boss, by the way… this is all based on the premise that Tak Woo-kyung is dead. In his latest article, he is lying down and watching movies…”
I said after a pause, “He’s already dead.”
“What?”
“You’ll find out in the next few days.”
“Is that true?”
I paused for a moment over his remark. ‘Facts change each moment. Some facts are near the truth, but they are denied, and some facts are close to lies but considered truth by the people who speak them.’
I said, tapping my chin, “… I will make it a reality.”
————————
In March 2021, I started a full-scale counterattack. First, I bought shares of Suyeon Construction and Suyeon Electronics in the most obvious way. In a very unobtrusive manner, I bought shares little by little at a level that was not very noticeable, that did not raise the stock price, and that was not met with the 5% reporting requirement. Then I moved using my personal account that I had kept for a while.
I bought shares of both companies, as Han Sang-hoon and as the owner of Invictus Investment. Suyeon Electronics’ share price had fallen considerably due to the financial crisis in China. It was a big company, so it was a little less affected, but it had stayed at a fairly low price throughout the year, so there was no pressure to buy it.
‘The counterattack has begun. But we’re going to use harassing tactics to make sure they don’t care about this.’
I also wrote editorials consistently through Oracle News. ‘How long will we overlook the illegal inheritances of large corporations? We need to clean up the existing abuse.’
It was an editorial aimed right at Suyeon Life Insurance, and Tak Mun-su’s trick-using inheritance. Since Suyeon Group stopped advertising for Oracle News, it had now returned to them with the same. Of course, Suyeon Group would despise it, “Oracle News? What kind of dog barks at us, it’s just a small pet.” However, they did not know that this was the news that the president was most attentive to.
————————
In the following April, the presidential office of the Blue House responded to the steady stream of editorials on Oracle News.
[We will reinvestigate the illegal inheritance of Suyeon life Insurance with the independent counsel.]
[Tax Investigation of Suyeon Construction]
A fire dropped on the foot of Tak Mun-su. In fact, for him, the fight with our company was basically a fight for pride. It was at the level of spending a little more money on Ullim Electronics… but this was a different problem. The independent counsel was a dangerous thing that could shake Tak Mun-su’s status, and once the tax investigation hit, the company itself reeled under the blow.
When I looked around the Internet community, the reaction was generally like this:
– President Joo Sung-won, you are doing good. Let’s clean up the existing abuse and build a just economy.-
– Suyeon Life Insurance was handed over too easily. We need to look into it properly this time.-
– Suyeon Construction was also famous. Rumor has it that the unit price was adjusted and the remaining money was received through borrowed-name accounts. Everyone in the industry knows about it.-
It seemed to be because President Joo Sung-won had a high approval rating and high popularity. Of course, like blue frogs, some people said other things…
– What’s going on? Was Tak Mun-su against President Joo Sung-won?-
– You know, there are companies that get beaten up in every administration. During Ko Jin-yong’s reign, the Taesoo Group was hit, and during the last Park Hyung-joon period, the Susung Group went back and forth to the Supreme Court. Maybe this time, it is the Suyeon Group.-
– But I guess there’s something ugly in it. Didn’t they give Joo Sung-won money for the presidential election?’
However, most of the comments were like this:
– President Joo Sung-won is a man of integrity, Suyeon Group deserves to be hit.-
Public opinion moved that way. I looked at it and thought, ‘I think President Joo Sung-won kept his loyalty this much. Or is he still afraid of the information I have?’
Either way, it was good. I was sure this had made it easier for me to attack. It was true even if we looked back at history. Not as much as during the former military dictatorship, but even after the military dictatorship, all the big businesses that seemed to be disliked by the government had been robbed. During the IMF era, the difference between survival and failure depended on whether they received subsidies from the government or not.
I bought shares of Suyeon Construction cheaply, even as the stock price collapsed in the face of the tax investigation, while calling for pleasure in my heart. ‘If Tak Joon-gi is alive… he might have complimented me for being very good.’
Blowing up with bad news and picking up stocks cheaply… this was what my rival, Tak Joon-gi, used to use. He must have wanted to do this to prey on Tak Mun-su, his cousin. It was a little ironic that I, his enemy, was doing this, but life was ironic…
————————
In May, while shares of Suyeon Construction and Suyeon Electronics were being purchased and the independent counsel investigation of Suyeon Life Insurance was under way, I succeeded in building another bomb.
“Mr. President, this is what you asked for.” I got a second piece of data from Crow.
“Thank you. Crow, I’ve been so busy lately that I haven’t even eaten chicken with you, but I’ll buy you a decent meal next time.”
“You’re welcome.”
—
The second data was on Hong Yong-pyo, Tak Woo-kyung’s doctor. The first report showed how he disguised the death of Tak Woo-kyung, and kept it secret, but I had Crow dig into him further, because I thought it was necessary to target this person if I published a sure article.
The second report looked into how he, a medical science professor at Seoul National University, left school and took office as head of the Suyeon Medical Foundation Hospital, what he did, how he exploited his medical residents and pocketed bribes during his previous years as a professor, and how many times and where he went to salon rooms.
After I put it all together, I made a phone call to make all of this a fact. “It’s been a long time, CEO Lee Won-jae.”
“Ah yes, CEO Han.” But his voice was begrudging when he answered my phone.
“Well, do you still think I’m screwed?”
“Oh, no. What are you talking about?” By his denial, I seemed to have hit the mark.
“… yes, anyway. I’m calling because I need your strength again. It’s about… the death of Tak Woo-kyung.”
“Pardon me?” He was surprised.
“Yes, of course, it’s a huge bomb for Suyeon Group. But this is a fact like the last request. I’ll send you some data that can reassure you.”
“But… no matter how much it is a fact, it’s…” He, too, was afraid to fuck the Suyeon Group openly.
“It’s the last step. If this is successful, half of the Suyeon Group will be mine. Then, I’ll visit your father and persuade him that Lee Won-jae will be the next CEO of the Daewon Daily News.”
“But this is… too dangerous. If I do this and something is wrong, I…”
“CEO Lee Won-jae, we’re already in the same boat, and the wind is blowing in our direction. You know, Suyeon Group is under the tax investigation by the independent counsel. Are you going to get off here when the fair wind is blowing?”
“…” He forgot to speak for a moment. Perhaps he was still affected by the rumor that Han Sang-hoon was doomed.
“CEO Lee Won-jae, I’ll give you a choice.”
“What…?
“You can trust me and send out an article now. Or, you can get my fax and send out an article then. There is no option not to publish an article. It’s one of the two.”
“Yes?”
“Maybe you’ll see.” As I said that, I took a document out of the drawer: ‘Report on the status of profits from investment in China.’
“If you look at this, you’ll publish an article that I want.” It was the very document that showed forty-five billion dollars in revenue.
I spoke with the document in my hand. “It’s your choice. Jesus said so in the Bible. He was resurrected three days after his death, and said, ‘I will give a great reward to those who believe in me without seeing me, and a small reward to those who try to put their hands on my waist.’ What are you going to do? Shall I send you a fax or not?”
After much trouble, he said, “I just believe you. I’ll publish it as soon as you send me the source.”
I said with a satisfied smile, “Yes, then I’ll e-mail you the contents. Write them down quickly and let it go.”
“Yes, CEO Han.”
