Chapter 46
Translator: Dreamscribe
“Department Head. We really scraped together as much as we could.”
They had gathered all the Jintetsu corporate bonds currently circulated in the market.
1.5 trillion won.
That was the limit.
“Didn’t you say Jintetsu issued about 5 trillion won in short-term corporate bonds?”
“Yes. But aside from us, other places are also sweeping up the bonds in large quantities right now.”
“Other places? Where?”
“Kangseong Group. They’re injecting capital from both their securities firm and the group itself to sweep up everything. We almost ended up sucking our thumbs.”
Kangseong Group?
That was a bit unexpected.
“Why is Kangseong Group suddenly sweeping up corporate bonds?”
“Exactly. It’s strange.”
“Wait. Didn’t you and CEO-nim meet with the chairman of Kangseong Group together last time? Don’t tell me something was discussed then...”
That day, Chairman Kang had asked me if holding onto those bonds would be profitable.
Could it be that he’s really sweeping up all those corporate bonds just based on what I said?
"Well."
At my brief reply, Manager Seo furrowed his brow.
“Why ask the Department Head such a sensitive question? The higher-ups probably discussed it quietly.”
“Ah. I’m sorry. I asked something unnecessary...”
It wasn’t particularly like that.
It was just puzzling that Chairman Kang had spent trillions of won so casually based only on a brief conversation with me.
“But Department Head. The short-term corporate bonds we purchased this time are nearing their maturity date. That’s why we bought most of them at their original price. When the maturity date comes, we’ll receive a very low interest rate and the principal, so it’s unlikely to yield much profit.”
Corporate bonds nearing maturity return to their original price.
So even if something special were to happen, there was no chance of the price skyrocketing.
Things like government bonds or corporate bonds are judged by stability, not by high volatility in price fluctuations.
“Then why did you buy these corporate bonds in such large quantities? It’s almost like just recovering the principal.”
“Tsk. I said it earlier. Department Head has his own reasons. Has he ever invested just to make a few pennies?!”
“W-Well, that’s true, but short-term corporate bonds have almost no price fluctuation...”
“This is exactly why the Department Head doesn’t bother explaining deeply. No matter how much he says, we wouldn’t understand it with our brains anyway.”
“Ah. I see.”
“I dared to have an ego again. I’m sorry.”
I quietly watched Manager Seo, who was skillfully keeping the staff in check.
Why is that?
My military PTSD starts resurfacing.
Still, thanks to Manager Seo, I didn’t have to explain things in lengthy detail.
It's quite a streamlined system.
When I make an investment decision based on my instincts, Manager Seo relays my instructions to the staff, and everyone proceeds quickly with the investment without a word.
At times like this, it reminds me of my guild members.
Since the older hyungs are in the group, I have to input each step of what needs to be done when we go on a raid.
Then, without a single word of complaint, they all move exactly according to what was input and clear the raid.
Looking at our department and the guild side by side, there’s this strange sense of kinship.
Even in the game, sometimes there’s a guild member who challenges the raid leader’s authority, but each time, a hyung steps in and takes care of it.
Here, Manager Seo played that role.
‘But if we brought in about 1.5 trillion won, then Kangseong Group brought in 3.5 trillion won.’
The problem, as the staff said, is that there’s no way to make money from these bonds.
‘Even if they get repaid on the maturity date, the fees might actually cause them to take a loss.’
I wonder what Chairman Kang Sung-ho will be thinking at that time.
It’s already frightening.
***
“Fortunately, it seems to be wrapping up faster than we expected. There are many positive evaluations now that we’ve declared we’re completely changing the production line and testing process and are actually starting to implement system changes.”
“But didn’t we spend a lot of money to create that positive public sentiment?”
“That’s right. We brought in influential people so they could give positive reviews about our company, and we also released part-time workers en masse across all domestic and overseas communities, which seems to have had a significant impact.”
Due to the K7 battery explosion incident, Kangseong Electronics had plummeted to rock bottom, but with their swift response, they had barely managed to grab onto a lifeline and pull themselves back up.
Of course, the enormous funds spent on the K7 recall and marketing were a problem, but they were simply thankful to be barely keeping themselves alive.
“Well, there’s that, but in the end, it was the Chairman’s quick decision that prevented the fire from spreading. If we had missed the timing this time, we might’ve had to shut down the mobile phone business for good.”
“That’s right. If it hadn’t been for the Chairman’s decision, things could’ve gone very badly.”
Chairman Kang's quick decision played a major role in that.
“......”
However, the executives’ praise did not reach Kang Sung-ho’s ears.
That was because his mind was entirely focused on one thing.
‘Jintetsu... what on earth is in there?’
After the meeting, Kang Sung-ho had thoroughly looked into the Jintetsu Group.
To be honest, there was nothing particularly special.
Jintetsu had one goal.
To surpass the JT Group, which had a firm grip on Japan's railway industry.
But in the same railway business, they couldn’t compete.
So they chose to start various businesses in a sprawling manner.
Investment, real estate, railways, hotels, department stores, and so on.
They were entering quite a lot of fields.
Their goal was to surpass the JT Group within 10 years.
And that goal was steadily progressing.
Although they suffered some damage from misplacing their bet on Kangseong Electronics this time, it wasn’t enough to extinguish their ambition. It was just a minor mishap.
But then, why on earth was it said that holding their corporate bonds would be profitable?
“Chairman. I heard you were preparing to deal strictly with Kwangwoon Securities. Are you not going to proceed with that?”
At one executive’s words, Chairman Kang came to his senses.
“I’ve decided to watch them for now.”
“They’re arrogant bastards. Didn’t they cause a huge fuss, demanding 2 trillion won from Kangseong Group? If it weren’t for CEO-nim Kang Mi-ra, those bastards would’ve... ahem.”
“Ah, Chairman. I also heard that this time, more than 3 trillion won was pulled from Kangseong Group and the securities arm to buy corporate bonds... May I ask the reason behind that sudden investment?”
“I heard the same. And that you bought short-term corporate bonds, no less.”
The executives were being indirect.
They were asking why more than 3 trillion won had been moved without a single word of discussion with them.
In a company like this, an executive position could be replaced at any time if they displeased Chairman Kang Sung-ho.
However, moving trillions of won without a single consultation was still something that could leave the executives feeling a bit slighted.
“That too... I’ll explain it to you properly later.”
“Ah, yes. Since they’re short-term bonds, we’ll get the principal back at maturity anyway.”
Of course, there would be some transaction fees.
But it wasn’t like they were taking a loss.
However, what if it really was nothing?
Both inside and outside the company, Chairman Kang would become a laughingstock.
People would say a guy who doesn’t know the first thing about investment got cocky.
If it came to that, Kwangwoon Securities had better prepare themselves.
“Moving on to the next item, about the new semiconductor plant...”
It was at that moment.
The chief secretary, who always stood at the back during executive meetings, received a report and rushed over to Chairman Kang, whispering urgently.
“......!?”
Chairman Kang, after receiving the report, turned to the secretary with an expression of disbelief.
“Is... is that true?”
“Yes. It just came in as breaking news.”
Seeing Chairman Kang’s face turn pale, the executives stopped their reporting and tilted their heads in confusion.
“Chairman, is something wrong...?”
“Turn on the TV right there.”
“Ah, yes.”
The TV was turned on quickly.
Right from the first screen, a major breaking news headline was displayed in large letters.
[Kumamoto 7.5 Magnitude Earthquake]
“What?!”
“An earthquake?”
“Kumamoto... isn’t that the area Japan is pushing as an industrial complex?”
“.......”
As the executives saw the news of the earthquake, they began murmuring anxiously.
Chairman Kang stared blankly at the screen when something suddenly flashed through his mind.
“Secretary Kim. Bring me the Jintetsu Group materials. Quickly.”
“Ah, yes, Chairman.”
Chairman Kang quickly skimmed through the documents the chief secretary brought him.
He was sure he had seen something in the previous report.
As expected.
“......!”
Chairman Kang’s eyes stopped at one of the current projects being undertaken by the Jintetsu Group.
[Kumamoto Industrial Complex Project]
‘This is it...!’
As Kumamoto expanded its real estate, it was also stepping into the construction sector. With many automobile factories located in Kumamoto, the goal was to turn the area into a full-scale industrial complex.
After gaining recognition in construction by building Harukas Osaka, Japan’s tallest skyscraper, they had begun large-scale investments and started constructing factories in Kumamoto.
But now, an earthquake with a magnitude over 7.5 had struck.
At this scale, not just the construction sites but even currently operating factories were likely devastated.
Especially since Jintetsu, true to being a railway company, was laying long rail lines across Kumamoto, now they were facing damage from all directions.
In short, Jintetsu was hit with a massive crisis due to a natural disaster.
‘But what if over 5 trillion won worth of bonds come due right at this moment?’
Whoever’s holding those bonds becomes the one holding the sword.
When his thoughts reached that point, a chill surged from the soles of his feet to the top of his head.
“...Secretary Kim. Is it possible for someone to predict an earthquake?”
“They can assess a certain level of risk, but I’ve heard that no one can know exactly when or how one will occur. That’s considered the domain of the gods.”
The domain of the gods.
It made sense.
If the earthquake had been predictable, the Japanese government would’ve evacuated people long ago.
‘But how did Jung Jin-ho know about this?’
Did he really predict the earthquake?
No. If even the Japanese government didn’t know, how could a private individual figure it out?
Could this be part of that algorithm he mentioned?
I don’t know.
Even when we first met, it was difficult to get a read on what he was thinking, and now it was even more impossible.
Still, there was one thing he was sure of.
‘Good thing I didn’t make him an enemy.’
If he had ignored that advice that day and tried to crush Kwangwoon Securities instead, what kind of worldline would have unfolded?
Just like how Jintetsu Group had no idea a knife was aimed at their back right now, would Kangseong Group have ended up bringing a similar crisis upon themselves?
Of course, this was all just speculation.
Maybe it was just a lucky coincidence that everything fell into place.
But his father always used to say this:
There’s may be blue and better blue.
And there are those who run, and there are those who fly above them.
***
The Kumamoto earthquake struck once with the first major quake.
Then a second powerful quake followed, greatly increasing the damage.
On top of that, nearly twenty aftershocks battered the region, and the Japanese government was estimating the damage at nearly 50 trillion won.
As a result, countries around the world, including South Korea, were offering condolences and extending helping hands.
However, during the previous Great East Japan Earthquake, South Korea had been the fastest to offer aid, sending hundreds of billions in donations, transport aircraft, and even power generators, but exactly three weeks later, Japan had claimed sovereignty over Takeshima and added that content into school textbooks, delivering a clean stab in the back.
Large Japanese online communities had even mocked South Korea.
There had been all sorts of conflicts.
Perhaps for that reason, the government was being cautious of public opinion this time and had not sent any significant aid.
“Well, the government doesn’t have the luxury of worrying about Japan right now. Isn’t this the most chaotic time in domestic politics?”
Chairman Kang savored the tea with a smile.
“I don’t usually drink tea, but this one tastes excellent. CEO Hwang, you have good taste.”
“Yes. I’ve found that as I’ve gotten older, coffee just doesn’t sit well with me anymore. I’m glad it suits your palate. But still...”
Hyungnim looked at Chairman Kang, sitting inside the CEO’s office of Kwangwoon Securities, as if he found it quite curious.
“I didn’t expect you to come all the way here.”
“I do apologize for that. I should have arranged an official meeting, but there wasn’t enough time to do so.”
It must’ve been really urgent, because Chairman Kang came straight to our securities firm without notice.
“...But Department Head Jung.”
“Ah, yes.”
“Did you happen to know beforehand? About this earthquake.”
Chairman Kang’s eyes were shaking as he looked at me.
“No.”
“Do you know which group took the biggest hit from this earthquake? It’s the Jintetsu Group. They were running a major project in Kumamoto. Did you know that?”
“I did know that.”
“And yet you bought up a pile of short-term corporate bonds that are otherwise worthless, and you’re telling me you didn’t know something like this would happen.”
“Chairman. If I were capable of predicting an earthquake, wouldn’t the Japanese government have already known and taken action?”
“...Yeah. I suppose so.”
Though he acknowledged it, his eyes were still full of doubt.
But to be honest, I only had a hunch that something was there, never in my wildest dreams did I expect it to be an earthquake.
“I won’t ask for the details. What matters right now is the situation we’re facing.”
The reason Chairman Kang rushed over was none other than the corporate bonds we were holding.
“I looked into it. Jintetsu Group currently doesn’t have the means to repay that 5 trillion won. They already went down once with the Harukas Osaka project, then again after going long on Kangseong Electronics and getting slammed by the battery incident, and now there’s the Kumamoto project. There’s no way they can cover that amount.”
“But they could issue additional bonds, couldn’t they?”
“As you say, it’s possible. But I won’t stand by and let that happen. We’re already spreading rumors from our side. That Jintetsu Group is on the verge of default.”
“Huh? Jintetsu is that close to default?”
“That’s not actually the case, but you know how rumors work. They can make even falsehoods sound like truth. Just like how it’s become accepted fact that our Kangseong colluded with shady forces to clean out the hunters.”
Ironically, Jintetsu Group had been one of those "hunters".
If rumors spread that Jintetsu was facing bankruptcy, no one would want to buy the bonds they issued.
“Right now, Kangseong is holding 3.5 trillion won in corporate bonds. Kwangwoon is holding 1.5 trillion. What do you think? I believe if we join forces, we could strip Jintetsu down to the bone.”
“So now that it’s come to this, you’re suggesting we truly become bandits.”
“Well, that’s how they might see it. But we’re simply creditors demanding the debt we’re rightfully owed.”
The problem was that the debt amounted to a whopping 5 trillion won.
From Jintetsu’s perspective, this was nothing short of a catastrophe.
“We’re already putting pressure on them to prepare the repayment. They’ll probably scramble to squeeze the money out somehow.”
“I heard Jintetsu owns a lot of real estate... wouldn’t they try to raise funds that way?”
“They do own a lot, but it’s still 5 trillion won. How could they possibly raise that kind of money in such a short time?”
Originally, Jintetsu Group likely planned to issue new bonds to repay the 5 trillion won maturing bonds, classic rollover financing.
But Kangseong Group was blocking that route.
“Even if they ask for an extension, we won’t grant it. Kangseong has to exercise its rights properly.”
They intended to use the non-payment as grounds to snatch up all of Jintetsu’s assets at fire-sale prices.
“But... is that really possible? The Japanese government won’t just sit by and watch.”
“You’re right. That’s the issue. Just like Korea has anti-Japan sentiment, Japan’s anti-Korea sentiment is stronger than people think. And if a group like Jintetsu falls into the hands of a Korean company? They’ll foam at the mouth.”
“That’s true. So in the end, you need a company to act as a shield in front of Kangseong... If you push Kangseong to the forefront, the Japanese government will try to block it purely because of public opinion.”
Even if there were no anti-Korea sentiment, there would naturally be resistance to a native Japanese group being taken over by a foreign company.
Let alone watching a Korean company tear a Japanese group to shreds and bring it down, Japanese public opinion would erupt.
Because of these reasons, LK Group had kept its roots in Japan, but while doing business in Korea, it had made continuous efforts to erase its Japanese image.
So until the corporate management dispute broke out, people didn’t even know that LK was owned by a Japanese company.
Wait a minute.
LK?
The moment that name came to mind, a shiver ran through my body as I sat in my seat.
“Department Head Jung. Do you have any suggestions or opinions? We’re also struggling with this situation.”
“Chairman, I do have one suggestion.”
“Oh? What is it? Go ahead.”
“...Are you by any chance close with the chairman of LK Group?”
“Hm?”
***
Jung Jin-ho had definitely said he didn’t know.
But Chairman Kang hadn’t missed that fleeting expression on his face in that brief moment.
A look that clearly suggested he knew something.
That wasn’t the only reason for suspicion.
Just before the incident, he had heavily shorted Kangseong Electronics.
And before this earthquake, he had gathered up all the bonds.
Jung Jin-ho always had solid grounds for his investments.
Whatever that foundation was, no one could figure it out.
‘Sheesh. And now I’m even running errands like this.’
The world is truly unpredictable.
The mighty chairman of Kangseong Group was now following the words of a securities firm’s department head.
“It’s been a while, Chairman.”
“Hmph. What did you come here for this time? To gloat? You wanted to see for yourself how badly I’ve been crushed?”
Chairman Oh Jae-hyun had noticeably lost weight since they last met.
Currently, LK Group was caught in rumors of bankruptcy, and public sentiment was growing uneasy.
“You’re cold, I see. Not even offering a glass of water.”
“I don’t want to drag this out. Just say what you came for.”
Chairman Oh’s irritation was understandable.
Kangseong Group had barged in halfway and stirred up all kinds of backlash.
His father, who had collapsed from illness, had even been dragged away by the prosecution.
But in the end, Chairman Oh was a businessman.
He would want to save his group, no matter what.
Personal feelings and business should be kept separate, no?
“...So you want us to be the front?”
“Yes. But in return, hand over the Japanese corporate shares currently controlling LK Group to us. We’ll buy them at a decent price.”
“You’re using this chance to seize control of the company!?”
“We won’t interfere with management. You can remain in your position as chairman.”
“But that’s no different from being a puppet...!”
“Chairman.”
At the lowered tone of Kang Sung-ho’s voice, Oh Jae-hyun stopped mid-sentence.
“You don’t have any options right now. This is the last lifeline. I understand you want to protect your pride, but don’t. Take it. Pride means nothing if you’re not alive to have it, don’t you think?”
“.......”
“If LK Group collapses like this, hundreds of thousands of jobs will be lost. Can you bear that kind of blame? I don’t want to see that happen either.”
Judging by his expression, it seemed Chairman Oh also knew he had no choice.
Kang Sung-ho smiled softly and stood up from his seat.
“Think it over and get back to me. Just know that there’s not much time.”
As he was about to leave.
“Wait a moment.”
“Yes?”
“Is this also something that bastard set up?”
“That bastard? Who?”
“Don’t pretend you don’t know. Honestly, I’ve been wondering all this time. Why did that bastard target our LK? Of all the companies out there. But now I get it. It was all a setup for this. From the beginning, he laid out the board to use us as a pawn. Ha.”
Chairman Kang left the room, leaving behind Oh Jae-hyun, whose laughter sounded as if he didn’t know whether he was laughing in disbelief or crying.
“.......”
That bastard.
That bastard, huh-
Could it be that the one Chairman Oh was referring to was Department Head Jung Jin-ho?
Come to think of it, the fact that LK ended up in this state, and that Chairman Kang came in person today to meet with Chairman Oh, all of it had originated from Jung Jin-ho.
“If that’s the case, then...”
Jung Jin-ho had seen all of this coming from the very beginning?
*****
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