Chapter 52

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Translated by Heavenly Cat

Read it only at Novelbyu.com & Utoon.net

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The loud and chaotic turmoil passed.

If a storm swept through once, someone must clear away the fallen debris and rebuild the collapsed buildings.

The shareholders’ meeting was exactly the start of that cleanup.

“The picture turned strange.”

“According to plan, they should be undergoing rehabilitation procedures by now.”

“I wonder how much longer this company will last. Kintetsu side attached an oxygen respirator this time, they say.”

“Yes. But there’ll be limits. It’s literally just respirator level.”

Honestly, even from Hanjong Group’s perspective, they couldn’t understand why Gwangwoon Securities suddenly took Hanjong Shipping.

Just because they made a contract with Kintetsu doesn’t mean the shipping business will revive.

They don’t know if they really collaborated with Kangsung and Daegwang as partners to screw Elliott, but by now Gwangwoon must be regretting tremendously too.

“Those bastards probably can’t even grasp what to do now, right? Because they didn’t buy shares thinking to really take management rights.”

“Right. No matter how securities firms aren’t bound by financial-industrial separation law like banks, ultimately they’re bastards who only buy and sell, right? Especially shipping is even harder to manage.”

“Right. So they seemed to try selling shares at high prices to make big money. But they happened to become national heroes so they became unable to do this or that. Hehe.”

Han Gu-jung, president of Hanjong Shipping, felt bad that a troublemaker suddenly appeared in the plan Hanjong Group laid out, but still it’s okay.

Thanks to that, he can maintain the president title a while longer.

“Plus didn’t the group dispose of all remaining shares and make quite a profit?”

“Right. Hanjong Shipping is really a golden goose. Still dripping honey until the end.”

What remained now was protecting executive positions.

Currently the largest shareholder is Gwangwoon Securities.

Though the shareholders’ meeting opened, it wasn’t an exaggeration to say Gwangwoon Securities essentially held all decision-making authority.

Then they might try to pick new management here.

“But you know too. Shipping business is difficult not only to pick new management, but also difficult to proceed without large corporations’ protection. So they have no choice but to rely on us.”

“Is that so?”

“Right. If Hanjong Group softly coaxes saying they’ll support well from behind, Gwangwoon Securities will okay it too. Those bastards have no interest in management now. They’re just full of thoughts to shake off shares quickly somehow.”

And President Han Gu-jung has business to handle quickly.

If it had gone according to original plan, it wouldn’t need handling.

But as things went wrong, it was a very important problem he needed to proceed with the president’s authority even now.

“But will Gwangwoon let that pass?”

“Either pass it avoiding eyes appropriately, or if that doesn’t work, face a showdown with Gwangwoon. Probably Gwangwoon has many thoughts too. If we extend our hands, they’ll definitely grab them.”

“Then first we need to preserve our positions.”

“Unless Gwangwoon is crazy, they can’t cut us. Hanjong Group is behind us. Plus we have the know-how and system that led the shipping business. Ignore all that and cut us? Then they’re saying they’ll turn their shares into toilet paper.”

President Han Gu-jung was confident that Gwangwoon Securities would never cut existing executives.

First, because President Han Gu-jung himself is Hanjong Group family bloodline, so his background is very solid.

Thinking so, the executives confidently entered the auditorium where the shareholders’ meeting opened.

“…”

The atmosphere is chilly.

The shareholders’ glares watching them stung.

While deliberately ignoring such gazes, they tried to sit in each executive-exclusive seat.

“Wow. I thought surely not, but you really came. What thick faces you have.”

“..?”

Is that addressed to us?

President Han Gu-jung narrowed his brow and glared at the person holding the microphone up there.

“I’m Hwang Dae-woon, president of Gwangwoon Securities. Thank you very much for participating in the meeting despite your busy schedules today.”

Hot applause and cheers from shareholders poured out.

A natural phenomenon.

Isn’t Gwangwoon Securities the hero who rescued shareholders stuck in the swamp?

“People say our Gwangwoon tries to profit by making Hanjong Shipping’s stock price soar, but I promise you here. We’ll be different from such conscienceless management that abandons shareholders fastest when the company is in crisis and escapes.”

Words that touched nerves once more.

Everyone knows who Hwang Dae-woon is targeting saying such things now.

“Therefore, as the company starts anew, we plan to remove Hanjong Shipping’s sign and change the company name to Gwangwoon Shipping.”

“Wh-what!?”

“Also, the executives shamelessly holding those positions now, we plan to kick them all out from the company.”

“No. What are you trying to do now!”

Eventually Han Gu-jung, unable to hold back, jumped up from his seat and shouted.

“Someone who only played with money at a securities firm will take the shipping business? You think that’s possible!?”

“Of course not. I also have no intention of directly managing this company. But I’ll try to properly revive it by presenting professional managers a hundred, a thousand times better than incompetent executives. With a shareholder-friendly system, not owner-friendly. And even if I take charge, I think I’d be much better than executives who made the company like this and even ran away.”

“..!”

“If any shareholders think my words are wrong or have opposing opinions, please speak comfortably.”

Nobody defended the executives.

Conversely, criticism voices burst out from all directions.

“What face brought you here!”

“You bastards who abandoned ship and ran first!”

“Do your shares even reach 1%!?”

“Don’t muddy the waters and get the hell out!”

In the hostile atmosphere, eventually President Han Gu-jung came outside like fleeing with a bright red face.

His hands and feet tremble.

Because this is the first time he was cursed at so much to his face.

Can’t be helped.

Being Hanjong Shipping president and large corporate group bloodline, who could dare curse in front of him?

Plus Gwangwoon Securities, Hwang Dae-woon was it?

“This arrogant bastard.”

Just because he ate one company and hears hero sounds from citizens a bit, he’s arrogant.

Cut all executives who know the entire existing system and present professional managers?

Go ahead and try doing well.

But then this thought suddenly crossed his mind.

‘..Does he know something?’

***

“You worked hard, hyung-nim.”

“Whew. Sweating, sweating. Was it okay?”

“Better than okay. Shareholders’ reaction today was so good I thought we were doing a fan meeting?”

“Ugh. I don’t know. When I went up to the auditorium, my head went white for a moment. I thought I’d die from trembling.”

Today hyung-nim stood before shareholders as Gwangwoon Securities’ president and the person with largest Hanjong Shipping shares.

Though I didn’t go up, my heart trembled, yet hyung-nim calmly delivered future plans and even communicated with shareholders.

Especially when kicking out executives.

Not owner-centered, but shareholder-centered management.

Saying he’ll form professional managers to lead the company more transparently and surely, the shareholders’ cheers were tremendous.

How should I say.

Today especially, hyung-nim seemed more proud to me.

“As expected, our guild’s best output.”

“Hehe. Of course. Man.”

Hyung-nim also seemed relieved to have finished today’s shareholders’ meeting well, breathing a sigh of relief.

But actually the real thing starts now.

As President Han Gu-jung said, we have no shipping business management experience at all.

Even presenting professional managers, until the system is firmly established, we have no choice but to pay attention.

“First let’s go meet that gentleman.”

“Ah. Director Kim Du-yeong?”

“Right. You said we should cut all other executives but must keep that person.”

“Yes. Looking at the profile Kangsung side gave, he seems to have tremendous affection for the company.”

Don’t know if that person really has qualifications to become the next Hanjong Shipping, no, this company that became Gwangwoon Shipping now’s president.

That’s something to decide gradually through internal review.

However, my intuition chose this person.

Don’t know if I picked him thinking he’s really president material, or for another reason.

“Filling in managers doesn’t solve all problems. While taking management rights this time, we’re thoroughly shaking out the insides we didn’t know before, and the debt is tremendous beyond expectation.”

“How can there be so much debt?”

“Don’t know. Seems we need to dig deeper to know.”

Just the debt appearing on the surface is 3 trillion won.

A tremendous amount.

The problem is more can come out when digging.

“Ah. You came?”

Director Kim Du-yeong who was waiting first at the appointment place looked very nervous.

“But the person next to you is..”

“Ah. This is Department Head Jeong Jin-ho. I’ll tell you in advance, even if the two of us talk separately, I have to deliver the words to this friend like a parrot anyway. Rather than that, joining seemed better so I brought him. Plus this friend’s decision-making authority is higher than mine. Haha.”

“Almost like Zhuge Liang, I see.”

“Yes. Elliott ending up like that and taking Hanjong Shipping also came from this friend’s head.”

“!?”

Then Director Kim Du-yeong’s eyes looking at me changed.

“Honestly I was surprised. When you cut all executives, I thought I’d be fired too. Hearing about it, you fired all other executives and kept only me..”

“Yes. That was also Department Head Jeong’s choice here. Aren’t you someone who entered as an employee in the company’s early days and managed to reach executive position? Moreover, you held company shares until the end too. In many ways you seemed like a person overflowing with affection for the company.”

“There must be other such people besides me. Yet you preserved only my position.. Do you know something?”

“Pardon? What do you..”

Director Kim Du-yeong quietly examined both our faces’ expressions.

“Did you confirm how much the company debt is? You suddenly took charge of the company, so you probably haven’t grasped everything.”

“What we confirmed is 3 trillion won for now. Just what’s publicly disclosed is that much. But since companies have debt they hide without disclosing when you dig, we’re investigating now.”

Not all debt disclosed to the market is everything.

Companies have a duty to disclose all debt, but quite a lot of debt is hidden using law loopholes.

That’s why we’re also investigating separately.

“Yes. If you dig through internal audits, company debt will be about 5 trillion won.”

“5, 5 trillion won..!”

My vision spun momentarily.

Much more than expected.

How could debt pile up this much?

“But why did you ask if we know something?”

Director Kim Du-yeong hesitated briefly then soon sighed.

“Actually I worried a lot too. Should I leave this company as is? Or should I tell everyone the facts I know? While worrying like that, Gwangwoon contacted me. Saying I entered the next management candidate list.”

“What facts..”

“Do you know what debt transfer agreement is?”

“It’s a contract affiliates occasionally make.”

Debt transfer agreement.

Borrowing money by putting forward the group an affiliate belongs to.

Literally an agreement that the group will repay money the affiliate borrowed instead.

“But groups try not to do debt transfer agreements well. If they disclose this, group debt ratio rises and shareholders will rise up. So usually they make secret agreements without disclosure.”

“Wait. Then don’t tell me Hanjong Shipping..”

“Isn’t it strange? That even though Hanjong Shipping was Korea’s top-level shipping company, it has 5 trillion won in debt? Excessive debt not matching the scale.”

That was something both I and hyung-nim found strange.

No matter how difficult shipping business was, having 5 trillion won debt doesn’t make sense.

“Plus it’s also strange that they’d lend that much money clearly knowing shipping business all collapsed from intensified competition and reduced trade.”

“Then Hanjong Group made secret agreements?”

“Yes. It’s something only minority executives know. These are copies of that contract.”

Contract documents made while securing funds through various financial companies.

All without disclosure.

Otherwise it could cause problems with Hanjong Group’s own stock prices, shareholders wouldn’t sit still, and above all it could be used for dishonest purposes.

“Some falsified ledgers, some concealed debt by establishing SPCs, and off-book transactions are also included.”

“H-how is this possible? In times like these.”

“Difficult without government personnel’s help. Plus financial companies lent money entirely because of this agreement. They believed the group would repay even if Hanjong Shipping can’t repay.”

The problem is this agreement also has loopholes.

“It’s not even a disclosed contract, and since it’s a secretly made contract, if Hanjong Shipping goes bankrupt, the agreement flies away together. Even if financial companies come out with contracts, it’s difficult to receive money if they nitpick calling the contract itself illegal and bite and drag.”

“The group targeted exactly such loopholes.”

“Then the lending side won’t stay still.”

“Seems Hanjong Group’s chairman tried to take all responsibility. But.. Everyone knows. That gentleman is on his last legs now.”

There hyung-nim also seemed to realize something.

“The deceased shoulders everything and leaves..”

“Yes. Children left behind comfortably use that money. They’ll pay some fines through investigation, but that’ll be it. You know. How lenient our country is to large corporations.”

Hanjong Group was also proceeding with succession work.

Unlike other groups, it flowed quietly.

They were taking funds needed for succession work from here.

“The lending side will be dumbfounded too. Large corporations making agreements and secretly borrowing money through affiliates is honestly frequent. Probably this case too. But they never imagined plans to bankrupt the affiliate existed.”

Financial companies just did what they always did.

Exactly their backs, Hanjong Group tried to stab.

Planning very bold things.

“I also really worried a lot whether to disclose this or not. Even if I revealed it, who’d listen to a powerless person like me raising their voice? So I tried to bury it. But after receiving contact that Gwangwoon picked only me and spared me, how should I say.. It felt like heaven’s will.”

Director Kim Du-yeong handed over all copies he had.

“Isn’t Gwangwoon currently revered as heroes by people? I think Gwangwoon bursting this has much greater impact than me. And.. Even if I don’t become company management, it doesn’t matter, but please allow me to work for the company. I really want to revive this shipping business.”

Director Kim Du-yeong stood up from his seat like that first.

“…”

Hyung-nim and I just blankly stared at the seat he left.

Who knew the person my intuition picked had such a tremendous bomb?

“Wow. These bastards, this..”

Hyung-nim belatedly downed his drink and chuckled.

“They didn’t focus on shipping business at all, putting all heat into creating slush funds. Somehow they succeeded smoothly without noise.”

“Hyung-nim also thinks it was used as slush fund channel?”

“Yeah. Wondered why they increased debt like this. They pulled from places they could pull, then tried to cause bankruptcy to shut mouths completely. These are really crazy bastards. How were they going to handle the aftermath?”

“If they really bankrupted it, the plan would’ve succeeded. As Director Kim Du-yeong said, later get investigated, pay some fines. Government people helped too.”

“Ha. This is why people say Hell Joseon. Oh my. Suddenly hearing unexpected things makes my head hurt.”

Hyung-nim shook his head saying he’s disgusted.

There’s a reason people say avoid the domestic market.

Every time, spectacular incidents beyond common sense happen.

While clicking tongues spreading out contracts like that.

“..Hmm?”

The contracts I was holding weren’t spreading through my thumb and sparkling golden light?

‘Gold? This is a first.’

Then I realized one thing there.

“Hyung-nim. But.”

“Hmm?”

“After we burst all these contracts to the media, if we invoke the debt transfer agreement clause, doesn’t that mean we don’t have to repay the 5 trillion won?”

“..Huh? Wait.”

Hyung-nim blinked his eyes then soon his mouth started drawing a curve.

“This is jackpot?”