While greetings were still being exchanged, the Federation announced that the meeting would begin shortly.

“All member companies, please be seated. We’ll be proceeding with the 75th regular session shortly.”

At the words of a Federation staffer, the people gathered in twos and threes talking began, one by one, to take the seats the Federation had prepared.

Just then, Chairman Yeong-gwang Mun of Seongro Group came looking for Tak-hyeon.

“Chairman. Just a moment…”

“Enough.”

Tak-hyeon spoke to Chairman Mun with a look of discomfort. “I know you’ve been wanting to talk to me since a while ago.”

“…You knew?”

“Yes. And still you don’t understand why I haven’t called you over?”

“Chairman…”

Yeong-gwang wore a pleading expression toward Tak-hyeon.

Seong-ho stepped in between Yeong-gwang and Tak-hyeon. “Chairman Mun. Why don’t you head back to your seat now.”

“Step aside a moment. I still have things to say to the chairman.”

But even at the gesture to move, Seong-ho didn’t budge.

Yeong-gwang spoke to Seong-ho in an irritated tone. “I said step aside!”

“Chairman. Our Ilhyeon has no intention of helping Seongro.”

“What?”

Yeong-gwang looked at Seong-ho with startled eyes.

Still blocking Yeong-gwang’s path, Seong-ho went on. “I know why you want to see the chairman. It’s to ask for help for Seongro, isn’t it?”

“How do you know that…”

“I’m sorry, but we have no intention of helping. So please return to your seat.”

At Seong-ho’s firm words, Yeong-gwang pleaded past him to Tak-hyeon, watching from behind. “Chairman. No — Brother. Brother, please help me. Haven’t we known each other all these years? Hm? If my father were still alive, he’d surely have helped me. Brother.”

Even at Yeong-gwang’s pleading, Tak-hyeon only looked at him without a word.

“Um… Chairmen.”

Just then, with Seong-ho, Tak-hyeon, and Yeong-gwang the only ones still standing rather than seated, a Federation staffer approached. “It seems you should take your seats now.”

At the staffer’s words, Yeong-gwang took one last step to plead with Tak-hyeon. But once again he was blocked by Seong-ho and couldn’t get closer.

“Chairman… the meeting will begin shortly…”

“I understand!”

Shouting needlessly at the innocent Federation staffer, Yeong-gwang turned and went back to his seat.

Tak-hyeon and Seong-ho took their own seats as well, and the preparations for the meeting were complete.

Befitting Ilhyeon Group’s standing as Korea’s foremost company, its seat at the meeting had been assigned the highest place of all.

Sitting down in his seat, Tak-hyeon glanced back at Seong-ho, seated behind him. Since Seong-ho had come along in the role of attendant, he’d been given not a proper seat but a temporary one prepared behind.

Seong-ho bowed his head slightly to Tak-hyeon’s gaze, then watched the businessmen taking their seats one by one and thought to himself.

By the next meeting, most of the companies gathered here will be gone.

Seong-ho knew that of the companies present, some twenty would vanish within this year, and some fifty would vanish within five years. He looked at the representatives of the companies that would become casualties, wearing a bitter expression.

Do they know it?

Recalling the terrible things about to happen, Seong-ho quietly shook his head.

Just then, Chairman Woo-ha Kim of Sunwoo Group — who’d taken up the Federation’s chairmanship since late last year — appeared.

“It’s been a while.”

Tak-hyeon spoke first, greeting Woo-ha.

Woo-ha gave Tak-hyeon a nod and said to those seated, “Let’s begin the meeting, then. Planning Director. Come forward and start us off.”

At Woo-ha’s instruction, the waiting planning director stepped forward.

Watching Woo-ha, Tak-hyeon’s brow knit. He was irritated that Woo-ha had returned his own greeting so perfunctorily. But with other businessmen present and the meeting beginning, he swallowed his anger and quietly watched the proceedings.

The Federation’s planning director, having stepped forward, looked around at the seated businessmen and began. “Let me first offer my thanks to Chairman Woo-ha Kim and the many presidents and representatives who’ve made the trip despite your busy schedules.”

He bowed toward Woo-ha, finished the greeting, and began. “Today’s meeting agenda is restructuring.”

At the planning director’s words, everyone’s eyes naturally turned to Tak-hyeon. Even under that gaze, Tak-hyeon feigned ignorance, arms folded, staring straight ahead.

“As those of you present already know, Korea is undergoing a great crisis from the consecutive insolvencies of the Dubo and Bumi Groups. In this situation, as Ilhyeon Group — one of Korea’s foremost companies — carries out a large-scale restructuring, concern has gradually deepened. Whether restructuring is the right course or not, and if not, whether it should be halted at this point…”

The planning director paused a moment and glanced at Tak-hyeon. Everyone listening could plainly tell exactly whom the remarks were aimed at. Yet even so, Tak-hyeon’s face remained expressionless.

Seeing no reaction from Tak-hyeon, the planning director finished. “It’s on this matter that we’d like to hold discussion at today’s regular meeting. So I ask each of the representatives present to share your views freely.”

Once the planning director finished, Woo-ha looked around at the seated representatives and said, “What we’ll discuss today is truly important. It may well be a matter deciding Korea’s economy right now and the future to come.”

Woo-ha glanced toward where Tak-hyeon sat and went on. “As everyone here knows, Korea’s economy is in a dangerous state right now. It’s a situation calling for the same caution as walking across a river iced thin enough that no one knows when it might melt.”

At Woo-ha’s words, the roughly fifty business representatives seated there all wore expressions of agreement. Some nodded, others sat with arms folded, sunk in thought.

Woo-ha looked around at them and said, “In a situation like this, whether Ilhyeon Group absolutely must take the extraordinary measure of restructuring… I’d like us all to gather and discuss this together.”

Having finished, Woo-ha looked at Tak-hyeon — a look that said, if he had something to say, to say it. Following his gaze, every business representative present, along with the aides who’d accompanied them, turned their eyes to Tak-hyeon.

Even under more than a hundred pairs of eyes, Tak-hyeon’s expression didn’t change in the slightest. Wearing his expressionless face, he gestured behind him.

Seong-ho, realizing the gesture was meant for him, rose from his seat.

Woo-ha’s gaze shifted as Seong-ho, seated behind Tak-hyeon, stood. “Who might you be?”

“Hello. I’m Seong-ho Kim, in charge of Ilhyeon Group’s Restructuring Headquarters.”

“Ah — Head Kim. I’ve heard about you. You’ve been leading Ilhyeon Group’s restructuring from the very start up to now, is that right?”

“Yes, that’s correct.”

Seong-ho stepped one pace forward from where he’d been seated, drawing the business representatives’ eyes toward himself, and spoke. “I expected that today’s discussion would be about each company actively pursuing restructuring. Instead, unexpectedly, we’re discussing whether Ilhyeon Group’s restructuring ought to stop… I find that bewildering.”

“So you’re saying it’s unpleasant that everyone expected to be told to do it, but instead Ilhyeon Group is being told not to?”

Chairman Woo-ha knit his brow and spoke.

Seong-ho looked at Chairman Woo-ha of Sunwoo Group and spoke in a relaxed voice. “As you say, Korea’s economy is in a state of crisis. And in a crisis like this, there is no way for our companies to respond other than restructuring accompanied by the pain of shaving down to the bone.”

Bang!

“What kind of talk is that?”

Chairman Yeong-gwang Mun of Seongro Group struck the table with his fist and shouted at Seong-ho.

“Why is there no way? If Ilhyeon — the one lighting the fire and calling it a crisis while feeding in the firewood — simply stops, the crisis dies down on its own. Why don’t you understand that Ilhyeon is manufacturing this crisis?”

Yeong-gwang, blocked by Seong-ho before the meeting and rebuffed by Tak-hyeon without getting what he wanted, was thoroughly furious. So he’d resolved to oppose whatever Ilhyeon had to say, and moved first to condemn it.

“All of you. Isn’t that so? Honestly, if Ilhyeon hadn’t gone on about restructuring and Korea being in crisis, this would have been a problem that quietly passed over! Dubo and Bumi went under because they were the kind of companies bound to go under. Hasn’t that kind of thing happened countless times since the founding of the Republic?”

Chairman Yeong-gwang Mun sought agreement from the other member representatives.

At that, voices of agreement with Yeong-gwang’s words came from here and there.

“That’s right. Ilhyeon is practically blowing up a problem that’s nothing much.”

“Honestly. It’s the kind of problem that would have died down on its own if left alone — why stir it up as a crisis and make the public feel it’s a real crisis?”

“Aren’t the banks and creditors getting rattled too?”

“Korea’s crisis is being manufactured by Ilhyeon.”

Once Yeong-gwang broke the floodgates, voices condemning Ilhyeon Group came pouring out as if they’d been waiting for it.

Chairman Woo-ha, who’d been listening quietly, raised a hand to calm the crowd. “All right, all right, everyone calm down and let’s hear Ilhyeon out.”

Woo-ha looked at Seong-ho, still standing, and asked, “Does Ilhyeon have no intention of stopping the restructuring?”

Hearing the question, Seong-ho nodded and answered. “None. If anything, I’d like to earnestly ask something of everyone here. It’s not too late even now. We must all make every possible effort to preemptively respond to the crisis ahead. We must shed debt to trim the fat, check whether executed funds have gone into duplicated or excessive investments, and if they have, clear it up quickly.”

Seong-ho spoke to those seated in an earnest tone. “There isn’t much time left. If not now, there may be no chance left at all.”

“He’s lost his mind.”

Someone’s mouth let the word slip.

But it wasn’t only that one person’s thought. Most of those present thought the same, and looked with strange eyes at Seong-ho, and at Tak-hyeon, who’d said nothing at all up to now.

Woo-ha too looked up at Seong-ho with strange eyes and said, “I asked whether you had any intention of stopping the restructuring, and instead you’re doubling down.”

Woo-ha turned his gaze to Tak-hyeon, sitting expressionless with arms folded. “Chairman Lee. Is this your intent?”

“I don’t know about my intent…”

Tak-hyeon rose from his seat.

Looking around at those seated, he said, “I’ve delegated full authority to the Head of our Restructuring Headquarters. Whatever the Head decides, we go with that decision, as it stands.”

“Shouldn’t you be the one to step in and stop it, Chairman?”

“With the results not even in yet, what grounds would I have to stop it?”

Tak-hyeon looked at Yeong-gwang, who’d said to stop it, and spoke. “Is that how Chairman Mun runs his own company, I wonder?”

At the question, Yeong-gwang could say nothing.

Drawing his gaze from the silenced Yeong-gwang, Tak-hyeon looked around at Woo-ha and the other Federation members and said, “The results of what the Restructuring Headquarters is carrying out are not in yet, and I have no intention of judging before the results come in. So our Ilhyeon will continue as we are.”

Tak-hyeon spoke firmly and rose from his seat. “It seems my staying here longer would make it awkward for the rest of you to talk, so I’ll take my leave. The rest of you, please go on and discuss the restructuring matter in depth.”

“There’s to be a banquet once the meeting ends — do you mean to simply leave?”

“You want me dragged along to the banquet too, to sit and listen to your griping?”

Back to his usual manner of speech, Tak-hyeon snorted at Woo-ha, turned, and walked out.

Seong-ho followed after Tak-hyeon and left as well, and for a while, only silence hung over the Federation of Korean Industries’ first-half regular meeting.

Coming out of the hall, Tak-hyeon got into the car without a word. Inside the car too, he said nothing for a while. It wasn’t until the car had left Yeouido, crossed Mapo Bridge, and arrived at Seoul Station that Tak-hyeon’s closed mouth opened.

“From the report that came up through the secretariat not long ago, I heard that our group’s total revenue is expected to fall by about 20% because of the restructuring.”

“Yes. Precisely, a decline of about 23% is expected.”

“There’s no need to even mention how much the number of affiliates and employees has fallen.”

Tak-hyeon went on without even glancing at Seong-ho. “It’s been over twenty years since I inherited the company from my father, the founding chairman. This is the first time the company’s scale has shrunk.”

He paused a moment, then turned his head to look at Seong-ho. Tak-hyeon’s eyes were full of anger. It was plain that he was straining with everything he had to hold back a fury on the verge of bursting.

Seong-ho looked straight into Tak-hyeon’s eyes and said, “I’ll prove that the present choice wasn’t wrong.”

“You’d better.”

Tak-hyeon looked a moment at Seong-ho’s confident eyes, then turned his head away. And until they reached the company, the two of them exchanged no further words in the car.

(End of Chapter 83)