Chapter 53

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Translated by Heavenly Cat

Read it only at Novelbyu.com & Utoon.net

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“My apologies. I know you’re all busy people, but I’ve suddenly arranged this meeting.”

Executives from each financial company.

They gathered in one place for none other than President Hwang Dae-woon.

If it were the Gwangwoon Securities of the past, they wouldn’t have even heard of President Hwang’s name.

Even if they had heard of it, if he called them, they would’ve made various excuses and refused.

But now it’s different.

Gwangwoon Securities and its representative Hwang Dae-woon have changed in status itself.

“Of course we have to come when President Hwang calls. You’re the hottest person in finance these days, right? Haha.”

“It’s really not easy to become a hero while running a securities firm. You have truly admirable decisiveness.”

“Why are you all saying this when you know everything? Elliott bastards made a mess and left, so I ended up wearing clothes that don’t even fit me.”

They were also curious why Hwang Dae-woon gathered them in one place.

“Things turned out this way. I’m trying to properly revive Hanjong Shipping. So I changed the name to Gwangwoon too. Because it seemed wrong to flip decisions like flipping palms. But you see.. There are too many debts piled up at the company.”

Ah. So he called us because there’s too much debt.

“Aren’t all of you here members of the Hanjong Shipping syndicated loan?”

Syndicate.

When lending large-scale assets, since there’s risk for one financial company to handle a lot of money, they create syndicated loans.

Multiple financial companies gather as one and divide shares among themselves to form a giant creditor group.

The members here now were exactly the syndicate members who lent huge money to Hanjong Shipping.

“…”

They straightened their backs.

Because they were preparing to watch how much Hwang Dae-woon would flatter and plead with them.

“But you know what. No matter how I look at it, there are more than one or two strange things. Why did you lend as much as 5 trillion won to a company like Hanjong Shipping? Don’t you think it’s strange too? Hanjong Shipping isn’t even a big company, yet lending that much money?”

“That’s..”

“So I examined the contracts carefully. And I discovered a peculiar contract clause. You all know it well. The debt transfer special clause.”

Hwang Dae-woon observed the real-time changing expressions of each financial company executive.

Most have surprised faces.

“Wait. Debt transfer special clause? Was there such a clause?”

“Yes. There’s even a mechanism planted where if Hanjong Shipping goes bankrupt, that contract content becomes void.”

“Wh-what!”

They have reason to be surprised.

Because they didn’t make the contract directly; their predecessors made the contract.

“You have reason to be surprised. Because it’s a contract you’ve never heard of. When I looked into it, the former vice presidents all quit before things burst after contracting with Hanjong Shipping. Isn’t that always how it happens?”

Our country has a truly peculiar system.

Exactly the revolving door.

After doing dirty work on behalf of others, companies hire them under the prestigious-sounding name called the revolving door.

Should I say it’s our country’s unique culture you can’t find overseas?

“If this contract bursts in the media, the responsibility will fall entirely on you.”

“!?”

They’re not fools either.

Having rolled in this field for a long time, their instincts are amazing.

They quickly realized why this Hanjong Shipping incident happened.

Dumping all bad funds into Hanjong Shipping and sinking it.

And successors take responsibility.

It was a trap laid by predecessors.

“We’re wronged, Representative Hwang.”

“Right. It seems former executives tried to properly make big money. Why should we take responsibility?”

“Right. Such a thing absolutely shouldn’t happen.”

Hwang Dae-woon gently consoled the executives breaking into cold sweat.

“I’m unnecessarily sentimental. Especially toward people in the same industry. Other bastards backstabbed, so should you here be punished?”

Their eyes changed.

“What should we do, Representative?”

Finally seems like they can communicate.

“You just need to do exactly two things. First, say you don’t know. You really didn’t know, right? Since predecessors made it. And please fulfill the contract as quickly as possible.”

“You mean transfer all debt responsibility to Hanjong Group?”

“That’s right. As I said before, as quickly as possible. Before this flows to media and investigation starts, shouldn’t you make an escape route in advance?”

The executives exchanged glances with each other, then stood up one by one from their seats.

“I don’t think we can have dinner today.”

“I need to hurry and go too..”

“It’s fine. Once things are handled well, we can share a meal then.”

“Sorry. Then..”

They left in a rush.

They have no time to sit here now.

Because fire just fell on their feet.

Actually knowing this would happen, President Hwang only paid the reservation fee and hadn’t ordered food yet.

“Whew.”

After everyone left, Hwang Dae-woon finally relaxed too.

Though he strived hard not to show it, his whole body already seems soaked in sweat.

“How did I end up playing in such big water?”

***

[This is truly lamentable. Hanjong Group used Hanjong Shipping to prepare slush funds, caused tremendous damage to shareholders, and tried to make all money borrowed from banks disappear through planned insolvency. I even felt fear at their shamelessness.]

The representative of the Hanjong Shipping syndicated loan appeared at a press conference and revealed to the world what insidious plan Hanjong Group was plotting.

The reason they revealed it directly from their side rather than from Gwangwoon was to strongly appeal that their predecessors did it, not them.

“Hanjong Group is completely turned upside down in chaos right now.”

“Of course. If this thing grows, the current vice chairman who finished succession work could be dragged to prison.”

Hanjong Group had only one remaining choice.

Just calm everything down saying it’s all a misunderstanding and quickly spit out 5 trillion won.

“5 trillion won would be a tremendous blow even for Hanjong Group, right?”

“They already spent a lot on succession work.”

Honestly that’s not our concern.

Since they spent their own money, naturally they should repay it, right?

“Then we got Hanjong Shipping without any debt?”

The huge burden attached to Hanjong Shipping fell off.

Actually when acquiring a company, the biggest problem is the debt that company has.

But we not only got Hanjong Shipping with 1 trillion won, we even pushed the debt onto Hanjong Group.

Hanjong Group fell into the trap they dug themselves, and thanks to that, we could eat Hanjong Shipping for free.

“This time Hanjong.. No. It’s Gwangwoon Shipping now, right? I heard Gwangwoon Shipping side will issue about 500 billion in bonds?”

“Yeah. President Kim Du-yeong said in his inauguration speech. That he’ll normalize things through active investment and running around directly on foot.”

Gwangwoon Shipping’s new captain became President Kim Du-yeong.

He promised to use accumulated know-how and routes to once again become number 1 in domestic shipping business and become a global shipping company.

But since operating funds are needed accordingly, he decided to issue bonds reaching 500 billion.

“Those bonds. About 300 billion will be bought by our Gwangwoon side.”

“Department Head. Then does that mean our investment money goes out?”

“No. Our money already has about 1 trillion won in there. Adding more from here is a bit much. The president said he’ll invest through assets at Gwangwoon Securities, not our department.”

Now Gwangwoon has affiliates too.

And usually to provide funds to affiliates, issuing new bonds and buying them is the best method.

There was also putting in 300 billion to show that our Gwangwoon is serious about the shipping business.

“The problem is shipping business prospects are too bad.”

“Right. The biggest reason our country’s shipping business went downhill after doing so well is China’s influence. Since China operates at much cheaper prices than other countries, we can’t help but fall behind in competitiveness.”

The shipping business started declining when China aggressively jumped into business. Naturally from companies’ position, they had no choice but to prefer China whose transportation costs are cheaper than other countries, and accordingly our country naturally suffered damage.

“Plus cheap oil prices played a role too.”

Oil prices’ impact on shipping business is tremendous, to the degree that 50% of shipping business operating costs go to fuel.

“How is it that even when war breaks out, oil prices don’t rise and only think of falling? It’s strange.”

“When I was young, there was chaos saying oil would be depleted, but they discovered large amounts again this time?”

At one time, all nations made a fuss saying they must make alternative energy to replace oil.

But after knowing oil overflows on Earth beyond imagination, such fuss went away long ago.

“Anyway, since oil prices are so cheap, China can set transportation costs even cheaper. So everyone’s negative saying our shipping business can never match China.”

It’s Gwangwoon Shipping that shed debt and completely replaced executives for a fresh start.

However, prospects weren’t that good.

Because including China, too many companies were dragging business at cheap prices even taking losses.

“It’s essentially a chicken game. China is aiming for exactly that. If they strain now operating at cheap prices and all other companies die, they’ll monopolize everything. They’re drawing that picture.”

It was truly a cruel game.

Having to cut your own flesh and bones until exactly one place survives.

And the market’s judgment was that Chinese companies can never be beaten.

‘That won’t do.’

Gwangwoon Shipping is a company with our blood-like investment money in it.

Plus it’s the first affiliate hyung-nim and I bought, so we couldn’t be satisfied with just barely extending its lifespan a bit.

‘Something that could help..’

So I received and examined materials related to shipping thoroughly.

But no matter how much I looked at materials, nothing gave me feelings.

‘This can’t be right.’

Even searching materials all night, the result was the same.

Something striking, or colors changing.

Nothing.

Clearly I invested in shipping following my intuition.

Yet there’s actually nothing I can do right now?

Or do I need to wait for something?

“Department Head. Aren’t you leaving work?”

“Ah, yes. I think I need to examine shipping materials a bit more. You leave quickly too.”

“Yes. Then I’ll head out first.”

The assistant manager bowed in greeting and seemed to leave work.

But soon she returned to the department head office.

“Hmm? I thought you left work?”

“Ah. I was going to, but it seemed you didn’t even eat, Department Head. So I thought you should eat something, so I bought kimbap. Is that okay?”

As expected, only Hye-rin takes care of me.

A tsunami of deep emotion rushes to my chest.

“Of course it’s good. Thank you.”

“Yes. Then I’ll put this here.. Oh my!”

Hye-rin was putting the packaged kimbap on the table when it bumped into the pile of documents on it, and papers scattered on the floor.

“S-sorry!”

“It’s fine.”

“I can clean this up alone. Department Head, focus on your work.”

“It’s okay. This much is nothing.”

While organizing documents fallen on the floor with Hye-rin like that.

“..?”

I saw golden powder gradually releasing from a document Hye-rin picked up.

“Wait a moment.”

“Yes?”

At first I thought dust or something was falling, but it wasn’t.

It was sparkling powder only visible to my eyes.

‘Could it be..’

Sure enough.

The moment I touched that document, the strong feeling that hadn’t come until now spread through my entire body through my fingers.

[OPEC Oil Production Cut Scenario]

***

President Kim Du-yeong, from before becoming an executive.

And after becoming an executive.

Has been making efforts in every way to save the gradually collapsing company.

That didn’t change even after becoming president.

He’s striving with the single will to definitely save the company, but the wall of reality is really not easy.

“All contracts seem to have gone to China. Not only us but Daegwang too, and currently industry number 1 Maersk is also having all work stolen by China.”

China is determined to dry up shipping companies to death this time.

With cheap transportation costs at the forefront, even Maersk, the world’s number 1 transportation company, is screaming.

“Then the method is to lower costs even at a loss..”

Wouldn’t this be no different from Hanjong Shipping times?

What’s different from then is they secured funds by selling bonds reaching 500 billion won.

Thanks to the market being moved seeing Gwangwoon declaring they’ll save the shipping business and actively injecting investment, bonds sold out instantly.

But they’re about to waste all that money meaninglessly.

“But how should I accept this?”

Plus there was another worry.

After obtaining funds reaching 500 billion, a message came from the securities firm side.

To be precise, it was a message from Department Head Jeong Jin-ho.

“Buy all oil with 500 billion?”

Originally this 500 billion was to be used repairing the creaking company.

And for now they tried to maintain the situation for a while even forcibly lowering costs, but to buy all oil with this money?

“Stockpiling is fine, but isn’t 500 billion too much?”

“With 500 billion worth of oil, storage will be completely full.”

“Plus buying that much oil is a loss.”

Currently oil prices are going back and forth around the $38-40 line.

And experts are predicting it will drop to $35 since too much oil is currently produced.

“Might oil prices rise..?”

“Unless a big war breaks out, that won’t happen.”

“Even if it really breaks out, well. There’s already a war going on in the Middle East right now, right?”

Even Europe is actively participating in war shouting down with terrorism.

Yet oil prices only keep falling.

“…”

In this situation, to buy oil.

And in units of hundreds of billions?

No matter how he thought, it was crazy.

But President Kim Du-yeong suddenly recalled the conversation he had with Representative Hwang Dae-woon before he was inaugurated as president.

‘Our company has two rules.’

‘Two rules?’

‘Right. First is to completely follow Department Head Jeong Jin-ho’s investment opinions.’

To completely follow a department head’s words, not even an executive.

‘Then what’s the second?’

‘Remember the first rule.’

‘..?’

It couldn’t help but be a truly strange conversation.

But at that time, Representative Hwang Dae-woon’s eyes were serious.

‘It might seem like a strange rule, but trust my words. If you just trust and follow Department Head Jeong’s words, you’ll get rice cakes even while sleeping. Haha.’

In other words, even the representative follows Department Head Jeong Jin-ho’s words without saying a word.

President Kim Du-yeong closed his eyes briefly and pondered.

However, that time wasn’t long.

“..Look into whether we have enough space to store if we procure oil in large quantities.”

“What? P-President. Are you really going to buy it?”

“Yeah. Not only 500 billion, but mobilize all funds currently remaining at the company and procure it.”

Though no matter how much he thought with his head, he couldn’t understand it..

Isn’t there such a saying?

When in Rome, do as the Romans do.