Chapter 58
Translator: Dreamscribe
Kwangwoon began to exponentially expand its core business by acquiring all the shipping companies.
It had reached a point where the suddenly grown core needed to be managed, and thus the Kwangwoon Group was born.
The first business venture of Kwangwoon Group was none other than acquiring port operation rights.
When Jung Jin-ho instructed them to buy up the port operation rights, there was intense opposition within the company.
In the past, port operation rights were considered a structure where one could make money just by sitting still.
It was the ultimate in low-cost, high-efficiency, rivaling even property ownership in Gangnam.
However, as trade declined and the number of ships traveling the sea routes decreased, the port business faced a major crisis.
Eventually, companies that could no longer hold out began to throw away their operation rights, but even in places where there was still a decent amount of volume, no one was willing to take over the operation rights.
This was because many expected that the trade business would become even more difficult in the future.
That’s why the company executives strongly opposed it, saying it was absolutely not viable.
“C-CEO-nim. Did you see the news?!”
“Yeah. I was just on my way back from watching it.”
The executives, pale-faced, gathered in Kim Doo-young’s office.
“The Belt and Road Initiative. Wasn’t that completely scrapped?”
“That’s what I thought too. It was mentioned three years ago and then seemed to fizzle out, but this time it seems like they’re really going to do it.”
It was true that China had made quite a fuss about doing something.
But there weren’t many things they actually followed through with.
However, this time felt different.
They had begun actual development of the land-based Silk Road, and on the maritime side, they announced the optimal Silk Road route and began aggressive acquisitions.
The important point here was that all of the key chokepoints China had identified for its optimal route had already been acquired in advance by Kwangwoon Group.
Thanks to that, Kwangwoon Group was now set to make massive profits.
“At the time, we were really against it, weren’t we?”
“That’s right. If CEO-nim hadn’t pushed through with such determination back then…”
That’s how fierce the opposition from the executives was at the time.
But it was completely understandable.
“To be honest, now that I look back, it would’ve been strange not to oppose it back then. To anyone, it looked like throwing money into the sea.”
“And yet, CEO-nim pushed ahead?”
“Yeah. Because it wasn’t just anyone. It was an order from Department Head Jung Jin-ho.”
It might sound odd to say it was an order from a securities firm department head.
But in Kwangwoon Group, it was a natural thing.
Even the executives here did not view Jung Jin-ho as just a department head.
There was even a saying that if Chairman Hwang hears Jung Jin-ho speak, he would jump out of bed even in his sleep.
He was already the real power behind everything.
“I told you repeatedly. Don’t doubt Department Head Jung Jin-ho. There’s a reason people say don’t even have an ego in front of him.”
“But… no matter what, how in the world did he know this would happen?”
Even the executives were about to lose their minds.
The port business was a crazy idea no matter how you looked at it.
Despite knowing that, Jung Jin-ho gave that instruction, and Kim Doo-young broke through all the opposition and pushed the project forward.
And this is the result.
The Chinese government, which had initially been aggressive in resisting foreign acquisition of their companies, was now backing down softly.
“To have invested so recklessly in the port business means he must have known this would happen…”
“Don’t tell me he’s got some psychic powers to see the future or something?”
“If that were true, all the shamans in the world would be billionaires. This has to mean he’s got someone feeding him intel from the Chinese side.”
Kim Doo-young was thinking the same.
Just like Chairman Hwang had said.
Jung Jin-ho had an algorithm of his own that others couldn’t understand.
It wasn’t some mystical future-seeing or spiritual investment.
It was Jung Jin-ho’s own method of calculation, based solely on thorough analysis and prediction.
And to make such predictions possible, he obviously needed a solid source of information.
“Yeah. No matter how you look at it, this means he has an inside source in China.”
An informant capable of providing information at this level.
“I heard Department Head Jung Jin-ho is only in his twenties. How in the world does he have a prime information line like that…”
It was a bit embarrassing too.
Trade is a business that, more than anything else, relies on connections and building networks through those connections.
But how could people who claimed to have been in the trade business for decades have fewer connections than a department head at a securities firm!
“I heard Department Head Jung took home a massive incentive and that the company also made a lot of money. Maybe he used that to buy informants?”
“Whatever the case. It’s still something to be ashamed of for us. Think about it, if we were even slightly more trustworthy, would Department Head Jung still be going out of his way to help us like this? Don’t you think?”
“……”
No one had anything to say.
Jung Jin-ho not only saved Hanjong Shipping, but went on to directly participate in the shipping business and built a massive group.
“And yet all we did was doubt him……”
“From now on, let’s come up with a new company motto.”
“Huh? What kind?”
CEO Kim Doo-young responded with a sly smile.
“Abandon your ego.”
***
China’s Belt and Road Initiative was progressing at a rapid pace.
On land, the planned routes were already being laid down as scheduled, and it looked like they were determined to complete the project in the shortest time possible.
But the problem, as expected, was the maritime side.
“Congratulations, CEO Jung. Wow, now that you’re a ‘CEO’, you suddenly look like a different person.”
“Don’t even mention it. I never expected to be wearing a nameplate that says ‘CEO’ so suddenly.”
“Well, you could say it was the natural next step.”
Once the group had reached a bit of stability, hyung immediately called a board meeting and made me the CEO of Kwangwoon Securities.
They said there wasn’t a single objection to the bold personnel change.
Thanks to that, I had to hastily prepare for an inauguration ceremony and even give an inaugural address in front of all Kwangwoon Securities employees.
“I heard the story. They say CEO Jung is a total legend at Kwangwoon Securities. That you started as a junior and shot up the ranks in record time.”
“I was just a parachute hire.”
“Maybe at first. But I don’t think anyone believes that anymore. You’ve proven yourself with your abilities.”
CEO Kim Doo-young didn’t come today just to congratulate me on becoming CEO.
“You came because of China, right?”
“Yeah. I rejected their initial offer just like you said. And then, all of a sudden, someone from the Ministry of Commerce is being sent over? You know who I’m talking about, right? That guy who came last time and tried to threaten us.”
I believe his name was Lin Weiming.
“That guy must be pretty embarrassed too. After all that bluffing and flexing, now he has to crawl back and beg. You were really pissed off at him too, CEO Jung?”
I was angry, seeing him disrespect hyung with his rude attitude.
But it wasn’t revenge that made me reject the offer.
Back then, I just had a intuition not to accept it.
“I’m meeting him tomorrow. Do you think it’s okay if I go alone?”
“Yes. You’re the expert in that field, CEO.”
“Hmm. I used to think that too. But watching you makes me question if I’m really an expert at all.”
I don’t have much knowledge when it comes to maritime affairs.
Rather than speak carelessly and risk making a mistake, I thought it would be better to leave it to an expert. Isn’t that exactly what CEO Kim Doo-young is here for?
“A lot of money went into this, so the negotiation has to be done really well.”
Kwangwoon Shipping spent a huge amount to acquire maritime companies.
They pulled in all of their capital, and our department even provided an additional 1 trillion won in support.
So I poured all of my remaining 2 trillion won seed money into acquiring port operation rights.
On top of that, Kwangwoon Shipping maxed out their bank loans and added 1 trillion won from a mix of existing capital and loans.
A total of 3 trillion won went into this.
In other words, if this negotiation with China goes sideways, that entire amount becomes our loss.
That’s probably why CEO Kim is this nervous.
“So, how much are you thinking?”
“For the operation rights?”
“Yeah. How much should we squeeze out of him?”
“What do you think, CEO?”
“Well… maybe up to 50%? If we really go crazy and get greedy, maybe 70%? But honestly, I doubt they’d accept that. Also, I was thinking we might not sell all our shares. Maybe keep a portion.”
Keeping a foot in the door by holding onto a portion of the operation rights.
If the Belt and Road Initiative is completed, it’s highly likely to generate continuous profits, so the aim is to make an investment now.
You could say it’s about catching two birds with one stone.
“You’re quite greedy.”
“Well, yeah. It’s a bit too greedy, isn’t it? So what should we do? What do you think the price should be? 50%? Should we lower it a bit?”
The reason I asked for CEO Kim Doo-young’s opinion was honestly because I didn’t have a clear intuition.
I thought if I got realistic price advice from an expert, it might hit me like a flash.
‘But nothing’s coming.’
Was it because I had asked for too high a price?
“What is it? You’re scaring me. Why aren’t you saying anything? Don’t tell me you’re thinking of raising it even more?”
It was at that moment.
CEO Kim Doo-young’s words triggered a faint signal.
Could it be… was that a sign to raise it further?
“CEO. If you were completely out of your mind, how much would you ask for?”
“Then double.”
The signal got slightly stronger at double.
But it didn’t feel like that was the ceiling.
“If you got a little greedier?”
“H-here? More than this? Then… 250%?”
“……”
“D-don’t tell me 300%!? You’re saying triple?!”
Right then, a powerful surge of intuition hit me so hard my eyes almost shut on their own.
But not yet… not quite.
It felt like something was missing from that 3x multiplier.
“Triple the amount, and what else?”
“You mean not selling all the shares and keeping some? That thing I said earlier was just a joke, you know?!”
I slowly nodded.
Now it felt like the missing piece had been completely filled.
“Seriously. Who’s the one calling who greedy now?”
***
Kim Doo-young felt uneasy the moment he arrived at the meeting location.
As if asking for triple the amount wasn’t enough, now they were saying not to sell all the shares but to keep some.
China would be taking over the operation rights since they’d hold the majority stake, but by retaining a small percentage of shares, they could secure a consistent stream of revenue, so that was likely the idea behind it.
The problem was, would China actually accept such a proposal?
It’d be a relief if they didn’t just threaten to wipe out everything Kwangwoon had in China.
“Why does it feel like I’m being tested every time?”
It felt like being asked, “Do you still trust Jung Jin-ho?”
But since the decision had already been made, there was no choice but to confront it head-on.
“Nice to see you again, Deputy Director.”
“Yes. It’s a pleasure to meet again.”
Last time, he had such a fierce expression.
But today, he looked somewhat unsettled.
Well, after making all those threats and now coming back to negotiate, it must be humiliating.
“I assume you’re not in the mood for a leisurely cup of tea, so shall we get to the point?”
“Very well. Please state your asking price.”
Is this really okay?
Now that the moment had come, I couldn’t bring myself to say it.
But then I thought, screw it, and just said it.
“The amount we’re asking for is three times the price we paid to acquire the shares. And while China will take over the operation rights, we won’t be selling all of our shares.”
“……!?”
Perhaps due to the shock, Lin Weiming’s hand holding the teacup began to shake violently.
Oh boy. Here it comes, he’s going to start screaming and threatening us again, so I thought.
“Very well.”
“……?”
Wait a second. Did he just accept that?
Really? Did I mishear?
The one who was more surprised was actually Kim Doo-young.
Did the interpreter mess something up?
Or was there some hidden intention?
But it was hard to ask directly.
He was doing everything he could to keep a poker face and not reveal the emotional turmoil inside.
“You brought the contract, I assume?”
“Ah, yes. In this proposal, we’ve also specified the amount of shares we wish to retain.”
“Hmm. I see. I can’t sign anything here, of course. I’m only here for the negotiation. Final approval will come from the Director-General. Once the decision is made, we’ll contact you again.”
The deal was done in less than five minutes after they met.
Lin Weiming didn’t even properly read through the contract.
Just like that, Kim Doo-young ended up shaking hands in a daze.
“But let me ask you just one thing.”
“Yes?”
“Who exactly is behind Kwangwoon Group? Who is it that gives advance information on the Belt and Road Initiative, something only a few people knew about, and makes deals like this?”
That was when Kim Doo-young realized why Lin Weiming was acting this way.
Right now, Lin Weiming believed that a high-ranking Chinese official was backing Kwangwoon Securities. And only then did all the puzzle pieces fall into place for Kim Doo-young as well.
So that’s why he had the confidence to ask for triple the amount.
And even push through such an outrageous proposal.
“I don’t know either.”
“…You don’t know? Aren’t you the one in charge?”
“No, I’m not. Just like Deputy Director came here under orders, I also came here following orders.”
“……”
“But one thing’s for sure, there is someone backing us whom we can never hope to identify. Otherwise, how could a deal like this even be possible, logically speaking?”
“……!”
Lin Weiming then nodded and extended his hand first.
“You and I are just pawns on a board drawn by someone with a much bigger plan.”
“Yes. That’s how life in an organization tends to be, isn’t it?”
Lin Weiming gave a bitter smile.
On the other hand, Kim Doo-young broke into a full, blooming smile.
Thanks to this, Kwangwoon Shipping was about to make an enormous amount of money.
***
“Deputy Director! Are you insane? You call this a contract?! Triple the amount? And you don’t even get all the shares? What kind of nonsense-!”
Back at the Ministry of Commerce, Lin Weiming was being scolded by the Director.
This was clearly a deal that would only fatten Kwangwoon’s pockets.
“Still, it’s cheaper than it was three years ago. Back then, the share prices were sky-high.”
“That’s exactly why our government waited three years, for the bubble to burst! And now this… Did you perhaps receive something while you were in Korea?”
“Absolutely not.”
“Then how can you come back with such a crazy deal? You think I’m going to approve this?!”
Unable to contain himself, the Director slammed the papers to the floor.
But Lin Weiming didn’t even feel a surge of anger.
Because after seeing the Director’s reaction, Lin Weiming realized something too.
“So you didn’t know either, Director. Just as I thought… If even you don’t know, then who exactly is involved behind the scenes…?”
“What?”
“Don’t you think something’s off? Before the Korean Wave Ban was lifted, Kwangwoon Group had already acquired Chinese companies and monopolized all the shipping volume. And before the Belt and Road Initiative was announced, they had already secured every key chokepoint.”
The Director’s eyes moved rapidly.
Even if a Ministry of Commerce Director is considered a mid-level official, you don’t get to that level with average political instincts.
“Wait. Are you saying someone is behind Kwangwoon Group?”
“Yes. Didn’t you say only a few people knew about the Belt and Road Initiative before it was announced? Then how did Kwangwoon know in advance? Not only that, they were the ones who made this proposal. What do you think that means, making a deal like this?”
“That they believe we have no choice but to accept.”
“Yes. The Korean Wave Ban, the Belt and Road Initiative, both of these point to someone among the Party’s core members deliberately supporting Kwangwoon.”
And why would a core member of the Communist Party support a specific company?
To make money.
But what if the Ministry of Commerce gets in the way?
“We’d disappear without a trace, Director.”
“……!”
The Director swallowed dryly.
If the person behind this was one of the Central Committee members, the core of the Communist Party, then purging a single ministry like the Ministry of Commerce would be nothing.
“Even Kwangwoon said this. That there’s no logical reason for a deal like this to even happen.”
“Did anyone from Kwangwoon tell you who’s backing them?”
“No. Just like me, the person I met also seemed like someone who was following orders from above. But he did seem to have some idea that someone extremely powerful in China was behind it all.”
“……”
A chill ran down the back of the Director’s neck.
If they had scrapped the deal without knowing anything and tried to redraw the Silk Road from scratch, there would have been a bloodbath in the Ministry of Commerce the very next day.
A literal bloodbath.
“What… should we do?”
“What else? Unless you want to die holding hands with your family, you follow orders. I don’t know whose will this is, but… this matter stays between you and me. Don’t go spreading weird rumors. It means don’t provoke that person’s temper. Let’s handle this as quietly as possible.”
“Understood.”
After the Deputy Director left, only then was the Director able to lift the cup with his trembling hands and gulp down the water.
“Ugh… my heart’s pounding.”
He didn’t know who it was.
But if something like this is happening, they could at least give a subtle heads-up to act accordingly.
If it hadn’t been for the Deputy Director, he and his family might’ve turned to ash and vanished.
*****