Chapter 48
Translator: Dreamscribe
“Did you enjoy the meal?”
“Hmm? Ah, yeah. Honestly, I didn’t even know what it tasted like. Couldn’t even get the alcohol down properly.”
At Chairman Kang’s words, the secretary showed a troubled expression.
“You mean the food wasn’t to your liking. I apologize.”
“No. It’s not because of the food.”
In truth, it was because of Jung Jin-ho.
After hearing such absurd talk from that guy, he couldn’t even taste anything.
“Anyway, about that… Chief Secretary Kim. If you were Jung Jin-ho, how much would you sell the bond to me for?”
Chief Secretary Kim thought for a moment and replied.
“I’d probably ask for 50%.”
“Why?”
“That way, even if I negotiate the price down, I can still secure at least 30%.”
“Right. That’s probably what a normal person would think.”
“Yes. Honestly, even asking for 50% is a bit greedy. But… how much did Jung Jin-ho ask for?”
Chairman Kang let out a hollow laugh and replied.
“Twice the amount.”
“What?!”
Chief Secretary Kim doubted his ears for a moment.
Twice?
Is he seriously a crazy bastard?
“I also thought he was quoting high just to lower it later in negotiation. But no. That guy seriously wants double.”
“But… twice the amount is completely unreasonable, isn’t it?”
It amounts to a whopping 3 trillion won.
That is truly an astronomical sum.
Even for Kangseong Group, 3 trillion won is a burdensome figure.
“You didn’t say you’d pay it, did you?”
“Am I crazy? 3 trillion is crossing the line. I was so dumbfounded I just ate a little and left.”
“That Jung Jin-ho fellow is being overly greedy. 3 trillion won is way too much.”
“Is it youthful bravado, or does he really think that’s the right price?”
“Could it be that the kindness you’ve shown recently has made him overconfident, Chairman?”
Is he seriously taking me for a pushover?
That thought crossed his mind.
Still, something felt off.
If someone else had quoted double, he would have thrown his drink in their face and walked out, calling it bullshit.
But the problem was that it was Jung Jin-ho.
“Then why do I get this feeling that I might actually end up paying what he’s asking?”
“Then I’ll be right next to you trying my best to stop you.”
“Good. If I seriously try to buy it at double the price, stop me even if you have to slap me.”
“Yes, sir.”
Chairman Kang vividly remembered the madness in Jung Jin-ho’s eyes when he named the double price.
He had noticed it before, but even in front of the chairman of South Korea’s number one conglomerate, he had never once shown a hint of fear.
And on top of that, the insane nerve it took to demand double.
That guy is definitely a crazy.
***
“They’re firing again.”
“Seriously. They launched again.”
North Korea launched missiles into the East Sea once more today, flexing its military power.
In the past, whenever North Korea fired something, the market would crash and chaos would erupt.
But now, even if a few missiles are launched, the market stays calm.
As if nothing ever happened.
“North Korea’s really pitiful. They’re firing missiles, running nuclear tests, pulling every attention-seeking stunt they can, and no one even cares.”
“Yeah. Our country’s already noisy with so many other issues, and global events are exploding everywhere too.”
Even though North Korea had been launching missiles whenever they got the chance since the beginning of the year, they hadn’t been able to grab the spotlight.
Greece’s default, the terror in France, Brexit, and even a massive earthquake.
All the attention was being taken by other countries.
“They should’ve used that money to save the starving citizens. Geez.”
“Still, it’s not us but Taiwan and the Philippines that are in an uproar, right?”
“Yeah. There were rumors the missiles might land there or something. Luckily, nothing happened.”
Meanwhile, people in our own country, located right below, didn’t even flinch when missiles flew over their heads. They just brushed it off.
“Anyway, Jin-ho.”
“Yes.”
“Is it really okay for us to be just playing around like this?”
“Yeah, really. We came here for work, but we’re basically on vacation doing nothing.”
The reason we came to Japan was to act as the bondholder group.
And that was it.
Apply pressure, then step back.
That’s all Kangseong wanted from us.
According to plan, we’re supposed to hand over the bonds we’re holding to Kangseong.
Then Kangseong would handle butchering Jintetsu themselves, and we’d quietly return to Korea.
Even if we were holding the bonds, would we be able to disassemble Jintetsu and cook it up deliciously like Kangseong?
There was a limit to what we could do on our own.
That’s why selling the bonds at a high price and pulling out was the best scenario for us.
“But still, I didn’t expect you to name double the amount…”
“Was it a bit too much?”
“No. I’m sure you had your own thoughts. Honestly, this isn’t the first time either. You always quote prices that others find ridiculous. What’s funny is that you always manage to get that price.”
“Sorry, hyung. I should’ve discussed it with you first. But Chairman Kang suddenly asked me on the spot to name a price.”
“Heh. That guy knew too. He knew that even if he asked me, he’d eventually have to go through you. That’s why he went straight to you.”
Fortunately, hyung didn’t think much of it.
“It’s just… I’m worried whether they’ll really accept double the price. Things are going a bit weird right now.”
The Jintetsu Group had been attacked not only by Kangseong Group but also by the JT Group, which had never seen them favorably, and they were on the verge of having a knife to their throat.
But somehow, death wasn’t guaranteed, as funds stepped in to rescue them.
“To be honest, those bastards are the same. They just got jealous because Kangseong tried to devour Jintetsu alone. You know too, right? Jintetsu is struggling to raise 5 trillion won at the moment, but they own a lot of real estate. That alone is worth quite a bit.”
The funds weren’t helping Jintetsu out of goodwill.
They simply didn’t like Kangseong trying to enjoy the feast alone.
They, too, were trying to tear Jintetsu apart, just like Kangseong.
“Kangseong needs to be careful. If they’re not, the other side might just pay back all the bonds, and they’ll end up like a dog that chased the chicken and lost it.”
“Then we’d be in danger too.”
“Exactly. After all this chaos, we might end up empty-handed.”
Because of that, we received an offer like this.
“30%. That’s the maximum they offered.”
There were funds that had been quietly watching from a distance and suddenly jumped into the game.
They said they would pay 30% above value and asked us to hand over the bonds.
The strange part was that it wasn’t the funds who set that price, it was a law firm.
“Mossack Fonseca. You’ve heard of it, right?”
It’s the world’s third-largest offshore financial services law firm.
The most famous offshore location is Switzerland.
Offshore, in this context, simply means using tax havens.
Switzerland, Hong Kong, Singapore, Panama, and so on.
There are many places used as tax havens.
Connecting those places is exactly what firms like Mossack Fonseca do.
At first glance, tax havens sound like something illegal, drawing negative attention.
But tax havens aren’t illegal; they’re a legal way of minimizing taxes.
By using the tax codes allowed in each country, you reduce taxes within legal bounds.
Large funds currently active are all legally setting up entities in such tax havens and managing capital through international investments.
Mossack Fonseca is one of the top 3 players in that field.
“I heard that recently, a ton of money is flowing into this company. They’re probably handling coordination for this situation. And at the same time, they’re proposing a business opportunity to us.”
“What kind of business?”
“We’re making a lot of money right now. Overseas, too. They must have caught wind of it. They suggested that instead of basing our company domestically, we establish a legal entity in a tax haven and manage our operations through that.”
“It’s not illegal, right?”
“Mossack Fonseca is ranked third globally in offshore services. You think they’d be stupid enough to break the law?”
I casually skimmed through the business proposal sent by Mossack Fonseca.
It was already fully translated by our company, so reading it was no issue.
If there was one problem… it’s that taxes are hard no matter how much you study them.
“They say taxes are the most complicated thing in the world. And each country’s tax laws keep changing. No wonder tax specialists get paid so much.”
“What do you think, hyung?”
“Well, other financial groups also usually set up one investment company in a tax haven. Especially asset management companies, they often use this method when launching overseas funds. If we decide that overseas investment will become a big part for us, it’s not a bad move.”
Hyung felt the same.
The employees who reviewed the proposal also considered it to be a reasonable decision.
“They’re not trying to evade taxes or anything like that, right?”
“If you look at the business proposal, they’re not. Sure, there are people who use tax havens and end up committing tax evasion, but if that were the case, I wouldn’t have accepted it in the first place.”
I see.
I nodded and was about to turn the page of the proposal.
“!?”
As I saw red blood spreading from the tip of my thumb, which had caught the edge of the paper, I was startled and quickly pulled my hand back.
“What, what’s wrong?”
“Oh. I think I cut my hand.”
“Huh? Really? Wait. Looks fine to me.”
I checked my thumb.
Just as hyung said, it was perfectly fine.
But I was sure I saw it.
The red blood spreading from the tip of my finger.
“…….”
But just like my hand, the paper was also fine.
Not a single drop of blood in sight.
“Looks like you didn’t get hurt after all.”
“Oh, yeah. I thought I got cut, but I guess not.”
It was a strange experience.
Did I hallucinate?
I clearly saw something red spreading out, and at that moment, I felt a chilling sensation.
It was so intense that it instantly snapped me to attention.
“…….”
Moreover, that cold feeling still lingered at my fingertip.
It wasn’t some kind of hallucination.
This was my first time experiencing something like this, but a strange sense of dread kept brushing against the back of my neck.
“Hyung.”
“Yeah?”
“Is this company really safe?”
***
They thought they had almost completely secured the Jintetsu Group.
But as the saying goes, no sparrow passes by a mill without stopping.
Hearing that Jintetsu would soon fall into Kangseong’s hands, hyenas from all over the world began to swarm in.
Some judged that it was harder to get in than expected and backed off, while others saw it as an opportunity and placed their bets.
Among them, there were those who offered a 30% premium to Kwangwoon Securities.
And so, Chairman Kang Sung-ho sent an ultimatum to Kwangwoon Securities.
Forty percent.
He made it clear that he wouldn’t go higher.
If they refused the offer, he would never buy the bonds and warned them to handle it themselves.
At that point, as they were closely watching Department Head Jung Jin-ho’s final decision at Kwangwoon and the movements of the funds rushing in to carve up Jintetsu.
“Are you sure this has nothing to do with us? If even a little connection is found, it’s going to become a real mess.”
Chairman Kang Sung-ho seriously considered whether he should return to Korea immediately.
A massive financial scandal had erupted overseas.
The so-called Mossack Fonseca Big Scandal.
The scandal broke out when an employee at Mossack Fonseca, which provided services to help clients reduce taxes through the use of tax havens, leaked internal documents.
Releasing a total of 2.6 terabytes worth of files, it was revealed that Mossack Fonseca had helped famous corporations, politicians, celebrities, sports stars, and other wealthy individuals set up shell companies to evade taxes.
“Fortunately, Kangseong has had no collaboration with Mossack Fonseca. However-”
“However?”
“One of our former executives appeared on the leaked list.”
“Will that cause a problem for us?”
“Probably not. No, I’ll make sure it doesn’t.”
Chairman Kang let out a sigh of relief.
People might ask why there’s such a fuss when it’s not the first time a conglomerate has evaded taxes.
If this had been a domestic tax evasion case, honestly, it wouldn’t have drawn any attention. Just pay a small fine and be done with it.
But this case was on a different scale.
The large-scale terror attacks that had occurred until now.
It was revealed that the funds used in those incidents were handled through shell companies by Mossack Fonseca and used for all sorts of criminal activities. That’s why this case was serious.
As a result, countries all over the world were now investigating everyone and every company involved with Mossack Fonseca.
“Especially the U.S., I heard they declared that they would track down all companies that evaded taxes through Mossack Fonseca and deliver justice. So double-check everything. This isn’t just any country. If you get caught by the U.S., you’re done for.”
“Yes. Just in case, we’ll review everything in more detail.”
Because of this incident, the entire world was in an uproar.
From globally recognized sports stars and celebrities to former presidents’ families, they were all being exposed one after another, like fish hanging in a row.
Fortunately, Kangseong had been working with a different company in utilizing tax havens, so they barely managed to avoid the fallout this time.
“But Chairman, I think this might actually be a huge opportunity for us.”
“Why is that?”
“Do you remember those funds that were scrambling to split up Jintetsu with us? Apparently, they’re all pulling out now.”
Chairman Kang Sung-ho tilted his head in confusion.
“Why would they?”
“Mossack Fonseca’s main business was setting up paper companies to operate funds, and it turns out the ones that got involved with Jintetsu were all connected to them. Even specific funds and real names were leaked, and now they’re in a state of panic.”
But that wasn’t the only good news.
“On top of that, it’s been revealed that Jintetsu, along with several other Japanese companies, created slush funds and evaded taxes through Mossack Fonseca. Now the Japanese government can’t help them anymore. In fact, they’re in a position where they’ll have to start investigating.”
“Wait. If that’s the case…”
“All the restrictions that had remained until now are completely gone, and we can utterly destroy Jintetsu.”
Kang Sung-ho’s lips curled into a smile so wide it almost reached his ears.
He had been anxious that Kangseong Group might be implicated in the sudden financial scandal, but now it turned out this was a heaven-sent opportunity.
Because of the wolves that had suddenly barged in, he hadn’t been able to swing his sword, until now.
“So you’re saying, even if we try to strip Jintetsu bare with the bonds we hold, the Japanese government won’t be able to help them?”
“Nor will the banks or other funds. The company’s already been branded as a major violator. And right now, Japanese public opinion is harshly criticizing Jintetsu, so even if we completely wreck them, no one’s going to say a thing.”
There is a cultural concept in Japan called ‘mura hachibu’.
An old tradition that means to cut off eight types of ties within a village.
In short, if someone breaks rules or disrupts the order of the community, they are thoroughly rejected and isolated.
That custom still persists, and when a company is caught committing a serious offense on a global scale, the Japanese public unleashes harsh criticism.
Even major boycotts occur, it’s a culture that can’t be ignored.
In other words, even the tiniest bit of public sentiment in support of Jintetsu had now vanished.
“So all we have to do now is cook them up and feast?”
“But Chairman, there’s one problem.”
“What problem?”
“The remaining bonds held by Kwangwoon Securities. If they also come charging in to tear Jintetsu apart like us, things could get quite complicated. They might grab prime real estate or key assets before we do.”
Simply put, Kwangwoon Securities could become an unwelcome guest at what should be a solo feast.
If the maturity date arrives as is, Kwangwoon Securities will also be able to bring out their knife and fork and carve up Jintetsu.
“So rather than engage in that tiresome competition, it’s better if we eat alone?”
“Yes. A group like Kangseong is more than capable of stripping them down to the bone ourselves.”
“But we’d have to pay 3 trillion won?”
“That’s true, but still…”
Even the executives seemed unsure whether this was truly worth paying 3 trillion won. They wouldn’t know until they actually carved Jintetsu apart.
However, now that all the restrictions had disappeared.
It was true that wielding the sword with all the bonds in hand would be much easier.
‘I want to say there’s no way I can give that kind of money-’
Kang Sung-ho closed his eyes for a moment.
If Jung Jin-ho had predicted all of this, then he was truly a terrifying existence.
How is anyone supposed to win against someone who can practically see the future?
In the end, with a bitter smile, he opened his mouth.
“Alright. Let’s give it to him, 3 trillion won.”
Just as the executives had said, it seemed best to secure the bonds held by Kwangwoon Securities.
As painful as it was to part with 3 trillion won, they could just recoup more than that by stripping Jintetsu apart.
‘Besides, it’ll be a good chance to earn some credit.’
What he realized today was that it would be wise to maintain a friendly relationship with Jung Jin-ho going forward.
“I’ll talk to them again about this, so in the meantime-”
At that moment, Chairman Kang Sung-ho turned his head in response to a gaze he felt from behind.
There stood the Chief Secretary.
He wondered why the man was standing there with such a nervous expression.
Then suddenly, he remembered the promise from the other day.
“Chief Secretary Kim. Want to hit me now?”
“Pardon? N-no, absolutely not, Chairman. How could I possibly-”
Chairman Kang let out a soft laugh.
But something felt strange.
Even though he hadn’t actually been hit, his cheek tingled as if he had.