Once one storm had passed through the Restructuring Headquarters, another was already gathering.

“Not that one — this one. This looks better.”

“No. Taepyeong Machinery has too much bad debt on its books.”

“Isn’t bad debt beside the point right now? If we apply to the creditors for debt restructuring, they’ll surely accept it. I think acquiring Taepyeong Machinery is the best choice we have.”

“We’re not only trying to acquire Taepyeong Machinery. A debt restructuring like that might work once or twice, but we can’t keep applying for it over and over. There’s no guarantee the creditors will even accept it, and even if they do, should we really spend one of our limited debt-restructuring requests on Taepyeong Machinery? It’s not a good choice.”

“Debt restructuring gets approved no matter how many times you ask. If they don’t approve it, the banks themselves go under — there’s no way they’d refuse.”

Heated argument was flying back and forth across the Restructuring Headquarters. Staff were fiercely debating which companies were worth acquiring and at what price. As each side insisted their own view was correct, eyes slowly turned toward Seong-ho, seated at the head of the room. In moments like this, when opinion split, his decision was what mattered most.

Sitting quietly, reviewing the reports his staff had compiled, Seong-ho — feeling the eyes gather on him — spoke without lifting his gaze from the documents.

“Taepyeong Machinery’s fine. But we already own Ilhyeon Machinery. So tell me what benefit we’d actually gain by acquiring Taepyeong Machinery on top of that.”

At the question, the staffer who’d argued for the acquisition had nothing to say.

Still looking down at the report, Seong-ho put another question. “Now, let’s hear from whoever argued against acquiring it. Setting aside the point about creditors refusing debt restructuring, is there any other reason we shouldn’t acquire it? What loss would we suffer by acquiring it that makes it a bad idea?”

At this, the staffer who’d argued against the acquisition also had nothing to say.

As the meeting room, so heated a moment ago, fell silent, Seong-ho finally lifted his head and looked around. He looked over the team-leader-level staff and above seated in the room and slowly began.

“Right now, all of you are debating whether an acquisition is good or bad based purely on money.”

He paused and picked up the report, holding it up before the room.

“What we’re trying to do is find the companies that will carry Ilhyeon Group forward for the next twenty years. This isn’t simply about whether something turns a profit right now or not.”

At his firm tone, everyone present bowed their heads. But Seong-ho didn’t stop there.

“You should be calculating what synergy Ilhyeon Machinery and Taepyeong Machinery would create together, what gaps in Ilhyeon Machinery Taepyeong Machinery could fill, and weighing the acquisition’s merits on that basis — what exactly are you all doing right now? Are you planning to acquire every company that’s simply going cheap, even ones that would be a net loss for us?”

Seong-ho flung the report he was holding.

Flap, flap.

The pages scattered through the air. Watching the sheets fly off in every direction, Seong-ho scolded the staff sharply.

“Go back and redo it. Find the companies worth acquiring based on what benefit an acquisition would bring, and only then discuss price. If a report like this one crosses my desk again, be ready for consequences.”

Having said this, Seong-ho rose from his seat and left the meeting room, a chill trailing in his wake.

Those who’d risen to see him off watched his back disappear through the closing door and let out a collective sigh.

Gyeong-deuk Lee slowly sat back down and told the others to do the same.

“All right, everyone, gather round.”

With Seong-ho gone, Gyeong-deuk, the most senior figure in the room, spoke on the group’s behalf. “Everyone understood the Head’s instructions, right? Don’t just look at what a company’s worth right now — figure out what benefit we’d gain after acquiring it, and put together a new report on that basis. There’s still plenty of time, so no need to rush. Understood?”

“Yes, understood.”

As the group answered in unison, Gyeong-deuk clicked his tongue and looked toward the door Seong-ho had left through. Shaking his head, he said, “He’s looking more and more like the chairman every day.”

“Is that what the chairman was like?” Byeong-jin Jo asked carefully.

Gyeong-deuk turned from the door at the question and answered. “The chairman was on another level entirely. One outburst from him could shake the whole company.”

Deputy Head Gyeong-deuk shuddered, as if recalling Tak-hyeon’s temper. “The Head’s not quite there yet, but he’s close. If anything, our Head — the son-in-law — resembles the chairman more than his own sons do.”

Hearing this, Byeong-jin and the others pictured Seong-ho and Tak-hyeon side by side in their minds. And, entertaining the thought that crossed their minds, they briefly imagined Ilhyeon Group’s future.

Leaving Byeong-jin to his thoughts, Gyeong-deuk clapped his hands and addressed the group. “Enough thinking for now — go get to work redoing this the way the Head said. And before you report to him, bring it to me first. I’ll take a look so we can avoid another scene like today.”

At his words, everyone brightened.

“It’s a relief if you’ll look it over first, Deputy Head.”

“I was wondering how to handle this, so I’m glad you’ll check it beforehand.”

“Thank you, Deputy Head.”

One after another, they offered Gyeong-deuk their thanks. They thought it far better to pass through him first than to get scolded by Seong-ho and marked as staff who couldn’t produce a proper analysis.

Watching everyone agree readily to go through him, Gyeong-deuk looked down at the paper in his hand — something Seong-ho had given him before the meeting, detailing in careful specificity which companies were worth acquiring and what benefit each acquisition would bring.

Head Kim has already worked it all out himself. But even so, he doesn’t step forward to push it through directly…

The meeting attendees who’d thanked Gyeong-deuk rose one by one and left the room, still arguing amongst themselves the whole way out about which company was the right choice.

Watching them go, Gyeong-deuk thought to himself. If Head Kim simply chose everything himself, the headquarters would only keep depending on him going forward. Letting the staff think and choose for themselves must be better for the headquarters’ future.

Once everyone had left, Gyeong-deuk looked down at the paper again.

[Taepyeong Machinery. If Ilhyeon Machinery absorbs its held patents, the value gained would be practically limitless. Additionally, the land the company owns in the Pyeongtaek area is an excellent site for Ilhyeon Electronics’ new semiconductor plant. Taepyeong Machinery must be acquired without fail.]

Gyeong-deuk shook his head, thinking of Seong-ho — who’d already worked out the entire plan, yet still wanted the headquarters to arrive at his intended direction on its own.

“Deputy Head.”

Just then, a headquarters staffer hurried into the meeting room. Still looking down at the paper, thinking of Seong-ho, Gyeong-deuk lifted his head to look at the staffer.

The staffer rushed over and whispered to him, since the room was now empty. “The IMF managing director has secretly visited the country.”

“The IMF managing director? Where did this information come from?”

“From Ilhyeon Hotel, apparently.”

“From Ilhyeon Hotel?”

Gyeong-deuk looked at the staffer with startled eyes.

Coming out of the meeting room, Seong-ho was told Chairman Tak-hyeon wanted to see him, and redirected his steps toward the chairman’s office instead of his own.

“You wanted to see me?”

Arriving at the chairman’s office, Seong-ho greeted Tak-hyeon, seated at his desk.

Tak-hyeon gestured to him. “Sit here.”

Gesturing to the chair before the desk, Tak-hyeon watched Seong-ho sit and then said, “Gyeong-eun called me.”

“Did she say the IMF managing director has arrived?”

Hearing that Gyeong-eun had called, and hearing Seong-ho immediately mention the IMF managing director, Tak-hyeon smiled.

“Hahaha. Right. She says the managing director came in secret with a few aides. Even using a false name, apparently.”

Tak-hyeon leaned back in his chair and spoke to Seong-ho slowly. “Thanks to you telling us the IMF managing director might visit in secret and stay at Ilhyeon Hotel, we’ve learned something the government itself hasn’t even caught wind of yet.”

“There’s nothing so strange about it. You already knew, Chairman, that Korea couldn’t avoid going to the IMF.”

“That’s right, I knew that. But knowing that, and knowing exactly when it would happen, are two different matters. Wouldn’t you agree?”

At Tak-hyeon’s words, Seong-ho smiled silently and nodded. “You’re right. When it happens matters a great deal. That’s why I said we needed to keep watch for it.”

“But here’s what’s curious to me.”

Tak-hyeon clasped his hands together and looked at Seong-ho, asking about the part that puzzled him. “How did you know the IMF managing director would stay at our hotel? He could have stayed anywhere else.”

“I heard that when the IMF inspection team stayed at our hotel, Gyeong-eun handled it very well. She kept anyone bothersome away from them, and even made sure our own hotel staff stayed clear of the area where the inspection team stayed — to the point that the team even left a thank-you note before leaving.”

Tak-hyeon had heard this account too and nodded quietly at Seong-ho’s words.

“So you thought that since the IMF inspection team had such a good experience staying there, the managing director would come to our hotel as well when he visited?”

“Less a good experience than a secure one. I thought that sense of security would draw him back.”

“Security, is it… I suppose nothing matters more than security in a matter like this.”

Tak-hyeon nodded again and looked at Seong-ho. “Was it you who advised Gyeong-eun on that point?”

“Yes. I told her it was important that they leave without any inconvenience. The rest of the details, Gyeong-eun handled herself.”

Seong-ho didn’t hide the fact that he’d offered the advice. Tak-hyeon liked this about him — he thought it better for a man to openly own what he’d done rather than pretend otherwise while scheming behind the scenes like some cunning old snake.

“Well done.”

Having offered his praise, Tak-hyeon pulled the ashtray sitting beside his desk closer and put a cigarette to his lips. Lighting it, he took a long drag and asked Seong-ho, “Do you know why I called you here, then?”

At the question, Seong-ho sank briefly into thought. Having gathered his thoughts, he answered in a calm voice. “I doubt you called me simply to tell me the IMF managing director has arrived… Are you perhaps planning to meet him before the Korean government does?”

“Hahaha.”

Tak-hyeon burst into laughter. Stubbing out his cigarette in the ashtray, he rose from his seat. Seong-ho, seated across from him, rose as well.

Watching Seong-ho rise along with him, Tak-hyeon asked, “Do you have any other plans today?”

“Nothing in particular.”

“Good. Then come with me.”

“Are we really going to Ilhyeon Hotel?”

“Ilhyeon Hotel?”

Turning to leave, Tak-hyeon paused a moment at the mention of the hotel. Then he turned back to Seong-ho and laughed.

“Hahaha, you thought we were going to meet the IMF managing director?”

“Aren’t we?”

“Why would I go meet him? What would I even have to say to that man?”

“Then…”

Seong-ho followed carefully behind Tak-hyeon, who walked ahead. Do-beom, waiting outside, came up to Tak-hyeon as he opened the door himself and stepped out.

“He says it’s fine whenever you come.”

“He says it’s fine even on short notice? He must be quite busy.”

Tak-hyeon asked Do-beom with a note of apology in his voice.

Seong-ho wondered just where they were going that Tak-hyeon himself, moving in person, would feel apologetic about it. He couldn’t think of anyone under the Korean sky whose schedule Tak-hyeon would feel sorry to disrupt.

But Do-beom’s next words made the reason clear.

“As it happens, he’s going to visit Seoul Station this evening, so his afternoon is free. He said the candidate himself has been wanting to meet you as well, and that if you’re too busy, he could come to the office himself instead.”

“I can’t have someone that busy with election preparations come to me.”

Hearing the exchange between Tak-hyeon and Do-beom, Seong-ho realized the person Tak-hyeon was going to meet was Dae-sang Kim, presidential candidate for the Minchung Party — one of the contenders in the election.

Dae-sang Kim of the Minchung Party… so that’s who’s important enough for the chairman to move in person.

Still only an opposition candidate for now, he was the man who would be elected Korea’s next president in a month’s time.

But the chairman shouldn’t know that Dae-sang Kim is going to win…?

Seong-ho, through his experience of that former life, knew the outcome of this election. But Tak-hyeon surely didn’t. And at present, the ruling party’s candidate still led the opposition candidate, with his election considered the likelier outcome.

Given all this, it struck Seong-ho as remarkable that Tak-hyeon would go to meet Dae-sang Kim in person. And unable to guess even more why he himself was being brought along, Seong-ho followed quietly behind Tak-hyeon, turning over in his mind just what Tak-hyeon’s reasons for meeting Dae-sang Kim might be.

(End of Chapter 100)