Golden Spoon Investor

"You want the new patrol boats assigned to the Second Fleet in the West Sea?"

Commander Ryu asked with a puzzled expression.

"That's correct," Seok-won replied without hesitation.

The Second Fleet was a naval formation under the Republic of Korea Fleet Command, headquartered in Pyeongtaek, Gyeonggi Province, responsible for defending the waters of the West Sea.

The unexpected request left Commander Ryu and his officers momentarily confused.

Sensing their bewilderment, Seok-won spoke again, his tone calm but deliberate.

"The Second Fleet is the key line of defense that protects the heart of our nation—Seoul. It's also the fleet tasked with safeguarding the five islands in the West Sea, where tensions with North Korea are constantly high."

"..."

"In fact, just a few months ago, there was an actual naval skirmish near Yeonpyeong Island when North Korean patrol boats deliberately crossed the NLL."

At the mention of the June 15th Yeonpyeong Naval Battle, Commander Ryu and his officers' expressions hardened slightly.

Although the South Korean Navy had scored a decisive victory—sinking one North Korean torpedo boat, severely damaging another, disabling three more, and inflicting around 130 casualties—they had also suffered. Seven South Korean sailors were injured and had to be airlifted to the Armed Forces Capital Hospital.

That battle had prompted North Korea to meticulously prepare and launch another calculated provocation later—the Second Battle of Yeonpyeong.

Learning from their previous defeat, the North Koreans had armed their patrol boats with powerful 85mm tank guns and once again launched a sudden, preemptive strike—leaving the South's patrol craft nearly defenseless.

"Thanks to the bravery of the Second Fleet's sailors, we won that engagement. But the West Sea remains a volatile front line where another North Korean provocation could erupt at any moment."

As Commander Ryu and his officers listened with solemn expressions, Seok-won continued earnestly,

"I understand that ship deployment decisions fall strictly under Navy command authority. However, if possible, I would like the newest patrol boats to be stationed on the front lines of the West Sea—where our men face the greatest danger."

His tone was respectful and measured, not overstepping but clearly expressing conviction. Commander Ryu took a moment to think, then slowly nodded.

"It's clear you truly have the Navy's best interests at heart. You're right—those serving in such dangerous waters should be the first to receive the new patrol boats."

The officers around him nodded in agreement.

"I can't give you an immediate answer here," Commander Ryu said thoughtfully, "but I'll report your request to the Chief of Naval Operations and do my best to ensure the Second Fleet receives the new vessels as you wish."

"Thank you," Seok-won said with a faint, appreciative smile.

Moved by Commander Ryu In-jung's grateful look, Seok-won beamed and replied brightly.

"No — it's nothing. This is a request for our Navy, so of course I'll grant it. Besides, these patrol boats are being built and donated from my personal funds; I'm sure the Chief of Naval Operations will gladly approve their assignment as you suggest."

Receiving such a positive response, Seok-won smiled, showing his white teeth.

If the newly built patrol boats replaced the aging Chamsuri-class vessels and were assigned to the Second Fleet as requested, then even if the North attempted another surprise attack as in the past, we could smash the attacker decisively while minimizing our own losses.

Thinking of North Korean forces thrown into disarray by confronting heavily armed, thickly armored modern patrol boats, Seok-won's smile deepened.

Above all, if spending the large construction cost meant that even a single sailor's life might be spared, then the expense would be more than justified.

While Seok-won conversed with Commander Ryu, engineers and technicians from both South Korea and the United States swarmed over the fully moored Severstal.

***

"Chairman, President Ko Young-il has arrived."

Seok-won, who had been monitoring the Japanese and Hong Kong stock markets on multiple monitors at his desk, looked up at Na Seong-mi's announcement.

"Show him in."

"Yes."

Shortly after Na Seong-mi left, President Ko Young-il entered, opening the wooden door. He wore a deep purple tie.

"Welcome."

Seok-won rose from his seat, bowed slightly in greeting, and gestured toward the sofa in the center of the office.

"Please, have a seat there."

"Thank you."

Once Ko Young-il settled onto the sofa, Seok-won returned to the central seat at his desk. He then turned to the man seated to his right and asked,

"Would you like some tea?"

"Anything will do," Ko Young-il replied politely.

Seok-won, still seated on the sofa, turned toward the side table and pressed the intercom button.

[Yes, sir. Please speak, Chairman.]

"Bring over two cups of the Pu-erh tea you gave me as a gift last time."

[Understood.]

Straightening his posture, President Ko Young-il looked around Seok-won's office, his expression filled with emotion.

"Next week will be the last time I see this office," he said.

Seok-won, leaning back into the plush sofa, replied,

"I've grown quite fond of it, so I'll admit I feel a bit nostalgic."

"Isn't it a good thing, though? You're moving because the group has grown much larger," Ko said.

"True," Seok-won murmured with a small smile.

The interior renovations had finally been completed, and next week the Gangnam office would be packed up as Daheung Venture Capital relocated to the 63 Building.

"I heard the new office is on the very top floor. It's the tallest building in Seoul, so the view must be amazing."

"That's the part I'm looking forward to the most," Seok-won replied.

At that moment, a knock sounded at the door. Na Seong-mi entered with a tray carrying warm Pu-erh tea, setting it before the two men before leaving.

"This is a Hong-in, one of the antique Pu-erh teas. I tried it, and it's quite good," she said.

"I see. I'm not well-versed in these types of teas, but the aroma seems rich—definitely a sign of a fine tea," Ko Young-il said, lifting his cup to inhale the fragrance before taking a sip.

"How is it?" Seok-won asked.

"Delicious. You can definitely tell it's a high-quality tea," Ko replied, taking another sip.

After a brief moment of conversation and lightening the mood, Seok-won clasped his hands together and looked at Ko Young-il.

"I hear the creditor group has completed the acquisition of Daegwang Securities," he said.

Ko, meeting Seok-won's gaze, leaned forward slightly and responded.

"Yes. As of last night, through the stock transfer agreement, we've completely acquired 15.08% of Daegwang Securities' shares, which were previously held by Daegwang Group affiliates. Adding the 1.23% that Chairman Yoo Chun-seok had pledged as collateral, the total stake the creditor group now holds in Daegwang Securities is 16.31%."

"The second-largest shareholder, the UK Hermes Fund, holds 7.71%, correct?"

"That's right," Ko Young-il replied.

He continued in a relaxed, confident tone.

"At first, they considered teaming up with Merrill Lynch, one of Wall Street's major securities firms, to take an interest in Daegwang Securities. But as soon as we—well, more precisely, as soon as they heard that you, Chairman, intended to acquire it, they immediately stepped aside."

"Oh? I see."

Ko Young-il shrugged lightly.

"Even Merrill Lynch couldn't dare challenge a target that you had already set your sights on. They wisely decided to back off."

After the financial crisis, foreign investors had poured into Korea like an occupying army, snatching up devalued companies and real estate while flexing their power at every turn.

Seeing those same investors unable to move against Seok-won, instead acting cautiously around him, was incredibly satisfying.

Ko Young-il felt a rush of exhilaration, as if he had just taken a refreshing gulp of soda. At the same time, he couldn't help but feel awe for Seok-won—the man whose presence and influence were so formidable that even Wall Street investors, capable of moving astronomical sums and toppling national economies if they wished, hesitated to challenge him.

Thinking back, I really was foolish before, Ko mused inwardly.

He recalled when Seok-won first parachuted into Daheung Securities, setting up a separate investment team to manage the company. At the time, Ko had strongly opposed handing such a huge amount of money over to an inexperienced rookie, even if he was the chairman's son. The memory now brought a flush of embarrassment.

I had no idea I was challenging someone I couldn't even hope to look up to—a master—and yet I acted like a big shot in front of a novice.

Suppressing a wry chuckle, Ko Young-il pushed the thought aside and turned his attention to Seok-won, who was sitting across from him with one leg crossed.

"They asked whether the Hermes Fund would be willing to sell their shares via a block deal, knowing that we intend to fully integrate Daegwang Securities as a subsidiary," Ko Young-il explained.

"You're saying they offered to sell their stake first?"

Surprised by the unexpected development, Seok-won straightened in his seat and asked.

"That's correct," Ko replied.

Seok-won furrowed his brow and inquired further.

"Daegwang Securities is a profitable, high-quality company. Once it's fully separated from the Daegwang Group, the stock price is likely to rise. So why would they want to sell their stake?"

"True, it's a profitable company, but its guarantees to other group affiliates amount to a staggering two trillion won. On top of that, once we acquire the company, we plan to execute a large-scale paid-in capital increase to secure stable management rights and improve the financial situation, eventually merging it into Bluehole Securities. Hearing about this plan seems to have prompted their decision," Ko explained.

"So, they want to sell before the capital increase dilutes their stake, capturing a premium."

"Exactly. Stock price growth is uncertain and will take time, but by selling at a premium, they can secure definite profit. It's not a bad judgment."

Seok-won nodded subtly, understanding Hermes Fund's reasoning.

"And how much of a premium are they asking for?"

"They want a 60% premium over the current stock price."

"Sixty percent… that's quite high," Seok-won remarked.

Ko Young-il, adopting a proactive tone, added,

"That may be true, but considering Daegwang Securities' corporate value and that acquiring Hermes Fund's stake would strengthen control further, I think paying the premium is justified."

"Hmm," Seok-won murmured thoughtfully.

Seok-won stroked his smooth, freshly shaven jaw with one hand, pondering for a moment.

Considering the upcoming merger with Bluehole Securities, he judged that securing additional shares in advance wouldn't be a bad move. Quietly, he looked at Ko Young-il, who was waiting for his decision, and spoke again.

"Let's acquire the Hermes Fund shares ourselves."

Ko Young-il's face lit up at Seok-won's decision.

"That's a wise choice," he said.

"However, through the negotiations, let's try to minimize the premium we pay as much as possible."

"Understood," Ko Young-il replied.

Seok-won took a sip from his teacup and, as if a thought had just come to him, asked,

"By the way, do you know what will happen to the Advanced Technology Research Institute under the Daegwang Group?"

"The final decision hasn't been made yet, but since Daegwang Group—whose finances it accounted for the most—is being dismantled, it probably won't be able to continue in its current form," Ko said.

The Advanced Technology Research Institute had been established as an industry–academia–research collaborative institution. Initially, Yoo Chun-seok, who believed that technologies could just be purchased rather than developed in-house, had neglected R&D. However, as the group expanded, he recognized the importance of research and set up the institute.

"Then let's discuss acquiring it with the other creditor groups," Seok-won said.

Ko Young-il hesitated. "Is that really necessary? It's not exactly a profitable institution."

Shaking his head, Seok-won replied firmly,

"As the dot-com boom has shown, technology will become the most important factor in the future. Especially as our companies transition from catching up with industry leaders to taking the lead in innovation, R&D and technological capability will be even more critical. From that perspective, the Advanced Technology Research Institute is a place we must preserve."

"I see… now that you explain it, that makes sense," Ko Young-il said, nodding in agreement.

"Understood. Since no one else is vying for it, if we take responsibility, everyone will actually welcome it," Ko added.

"Also, make sure to quickly finalize discussions with the creditor group regarding acquiring Daegwang Electro-Mechanical Industries and Diner Club Korea."

"Yes."

Although it was regrettable to see Daegwang Group—the second-largest conglomerate—dismantled and disappear, Seok-won's expression reflected great satisfaction, knowing that he would be able to acquire these valuable subsidiaries at a bargain.