Seated in the chairman’s office, Mun-jong looked at Seong-ho with a dumbfounded face and asked,

“Say it one more time. You went and said what?”

“I went and said we wouldn’t participate in the Doa Motors bidding.”

“Have you lost your mind?”

Mun-jong was at the point where words wouldn’t come out from sheer disbelief.

So he turned to Tak-hyeon, and Tak-hyeon, who’d been sitting with an expressionless face, opened his mouth toward Seong-ho.

“The reason you said that?”

“Yes. Just what reason did you have to say you wouldn’t participate in the bidding?”

Seong-ho looked back and forth between Tak-hyeon and Mun-jong and answered,

“First of all, the union’s backlash.”

“Hmm.”

Tak-hyeon nodded as if he found that reason acceptable.

Watching him, Seong-ho continued laying out the reasons.

“It’s true the union’s backlash is far more severe than expected, but I cited that if we acquire Doa Motors, the future is uncertain—given the way they oppose it unconditionally without even hearing what future we could show them.”

“The union… right. Then next?”

“The second is the expected bidding price.”

“Hm…”

Tak-hyeon let out a short murmur, but Seong-ho went on with the second reason.

“The expected bidding price the creditors currently anticipate for Doa Motors is between 5 and 6 trillion won.”

“That’d be so. There’s talk that the money tied up in it exceeds 10 trillion, so even that would be a big concession from the creditors’ standpoint.”

Mun-jong spoke to the effect that the creditors’ demand wasn’t excessive.

But Seong-ho was the opposite of Mun-jong’s thinking.

“You mustn’t think in terms of recouping the principal. It’s right for the bidding price to be set on the company’s intrinsic value alone.”

Seong-ho turned his head toward Tak-hyeon.

“Doa Motors’ current value is zero.”

“Zero?”

“Yes. That it has no value is the Restructuring Headquarters’ judgment.”

At Seong-ho’s words, Mun-jong asked with a dumbfounded expression,

“If it’s zero, does that mean it’s right to take it for free?”

“Even free isn’t enough.”

Seong-ho spoke in a confident voice.

“If anything, it’s at a level where money would have to be thrown in on top for the acquisition to have meaning.”

“What do you—”

Mun-jong turned his head to look at Tak-hyeon.

He wanted to say a word, thinking it an absurd story, but first, what Tak-hyeon thought was what mattered.

Tak-hyeon, who’d only been quietly listening to Seong-ho, raised the corner of his mouth slightly and said,

“So what did the new Deputy Prime Minister say?”

“He asked whether I was serious. And…”

Knock, knock.

Knocking on the chairman’s office door, the chairman’s-office secretary came in.

“There’s a call from the Deputy Prime Minister for the Economy’s office.”

“From the Deputy Prime Minister for the Economy’s office?”

Chief Do-beom asked the secretary who’d come in, on Tak-hyeon’s behalf.

“The Deputy Prime Minister called personally, saying he absolutely must speak with the Chairman.”

“He called personally?”

At the words that he’d called personally, the corner of Tak-hyeon’s mouth rose further.

“What shall we do?”

Chief Do-beom asked Tak-hyeon cautiously.

Because since it was the new Deputy Prime Minister, of all people, who’d called personally, it wasn’t a matter he could decide at his own level.

Tak-hyeon raised a hand and waved it, saying,

“Tell him I’m busy.”

“You won’t take it?”

Mun-jong raised his eyes slightly and asked Tak-hyeon.

Tak-hyeon shook his head and answered,

“He’s called to find out whether what Head Kim said is really true, it seems—so what reason do I have to take the call?”

Tak-hyeon looked at Seong-ho with a gaze that asked whether he was right, and Seong-ho nodded as if to say he was.

Tak-hyeon smiled with the corners of his mouth hooked up to his ears and said,

“Not taking it will be the method that conveys our intent precisely. So say I’m busy and hang up. And whether it’s the Deputy Prime Minister’s office or anywhere else, don’t take any of the calls that come in.”

“All of them…?”

“Yes. All.”

Tak-hyeon looked at Seong-ho and said with a smile,

“From now on, we officially withdraw from the Doa Motors bidding. Announce it as our official stance.”

“Yes, understood.”

Do-beom received Tak-hyeon’s instruction and left the chairman’s office.

Mun-jong gazed for a moment at the closed office door, then asked Tak-hyeon with a startled face,

“Chairman. Do you really intend to withdraw?”

“If the Restructuring Headquarters judged it so, we ought to follow that decision.”

“No, but even so…”

Mun-jong glanced sidelong at Seong-ho and asked Tak-hyeon again,

“Then do you really intend to hand Doa Motors over to another group just like this?”

“Vice-Chairman. It seems you’re under some misunderstanding.”

“A misunderstanding?”

Mun-jong turned to Seong-ho and looked at him with a gaze asking what he meant by misunderstanding.

Seong-ho smiled slightly at Mun-jong and said,

“I never once said we wouldn’t acquire it.”

“Isn’t saying you won’t bid the same as that?”

“It’s that we’ll withdraw from the bidding—not that we won’t acquire it.”

“That’s the same thing. What’s different?”

“It’s different.”

Seong-ho glanced at the silent Tak-hyeon and said to Mun-jong,

“We do acquire. It’s just that we’ve no intention of bidding at the current price. Especially with the union backlashing like that, all the more so we cannot. This is the posture our Ilhyeon currently takes toward Doa Motors.”

At Seong-ho’s words, Mun-jong could say nothing.

Because only now could he understand what Seong-ho’s intent was.

And on the face of Tak-hyeon, watching that scene, the smile was growing deeper.

Shocking content flowed out of the businesspersons’ discussion forum presided over by the Deputy Prime Minister for the Economy.

The news that the Ilhyeon Group—cited as the leading acquirer of Doa Motors—was withdrawing from the Doa Motors bidding had been conveyed.

The moment the new president took office, the plan to normalize the market starting with Doa Motors had gone awry from the very start.

Soon public sentiment rapidly spoke of unease.

The expectation that a new government would take office and stabilize the market faded, and the anxiety that the crisis would continue, or grow even more severe, hung over the market.

The government worked to quell this anxiety.

—All ministry officials are doing their utmost to devise countermeasures.

Thinking that appearing on broadcast and speaking was best for quelling the unease, a vice-minister appeared on broadcast himself and explained the current situation.

The announcer asked the Ministry of Finance and Economy vice-minister what people were most curious about.

—What the people of the Republic of Korea are most curious about is whether the Ilhyeon Group has really pulled out of the Doa Motors acquisition. Is it true?

At the announcer’s question, the vice-minister answered with a heavy expression.

—As far as we’ve grasped so far… we view the Ilhyeon Group’s bidding participation as highly unlikely.

—Then the Doa Motors acquisition, as reported, would be a situation where a German automobile company is the most likely?

—That we’ll have to see the bidding results to know. I don’t think it’s a situation where I can say who’s most likely at present.

The announcer wore an understanding expression at the vice-minister’s answer.

But understanding didn’t mean the questions could stop.

Because right now was a place where the announcer, as the representative of the Korean people, asked what they were curious about.

—Then I’ll ask another question. What is the reason the Ilhyeon Group decided not to participate in the bidding?

—That’s…

Unlike a moment ago, the vice-minister couldn’t produce an answer right away.

The announcer threw a slightly more blunt question at the vice-minister, who couldn’t answer.

—Could it be because of the union?

At the announcer’s question, the vice-minister had no choice but to nod.

—That’s right. Among the various reasons, the union’s backlash was indeed included.

—Just what is the reason the union opposes the Ilhyeon Group so fiercely?

At the announcer’s question, the vice-minister, though wearing a troubled expression, didn’t stop answering.

Because it was a hard-won occasion, and he bore the responsibility of conveying the facts to the people just as they were.

—It seems the fact that the Ilhyeon Group let go of many employees while carrying out restructuring provoked the union. On top of that, a yearning for a foreign company has also taken root among the union members.

—The worry about being laid off is understandable, but what exactly does the yearning for a foreign company refer to?

—I suspect it’s a worry among the union members that even the Ilhyeon Group isn’t free from the present situation, that provoked them.

—So it’s a story that, since even the Ilhyeon Group could go under due to the bailout crisis, they’d rather go into a foreign company and find stability… is that it?

—Exactly so.

The vice-minister sent an appreciative look to the announcer, who’d summarized his words well, and continued explaining the reason the union opposed the Ilhyeon Group.

—Furthermore, the foreign company pursuing the acquisition this time is a world-class company in the automobile industry. In terms of weight class and brand recognition, it’s ahead of Ilhyeon Motors in every respect, so we understand it’s a situation where the union members more strongly want the German automaker to join.

—I see.

The announcer nodded as if he understood.

Because with such a reason, the union opposing the Ilhyeon Group was understandable, and the Ilhyeon Group wanting to pull out of the bidding was understandable too.

—Then what is the government’s plan?

—There’s still time until the bidding, so we intend to try to persuade the Ilhyeon Group until then. And keeping in mind the situation where the Ilhyeon Group completely pulls out of the bidding, we’re in the midst of drawing up various measures.

—At any rate, the government’s first objective is the Ilhyeon Group’s participation, you’re saying.

—That’s right.

Seong-ho, who’d been watching the TV, muttered to himself with a faint smile.

“Not the first—the only method.”

Seated, Seong-ho looked down at the diary placed on the side table beside the sofa.

[…It came to light that the German automaker that had decided to participate in the Doa Motors bidding was a rumor spread by the creditors and the government. We, who hadn’t known this, had no choice but to participate in the bidding at a high price. The Chairman, learning of this fact, grew very angry, and…]

Seong-ho knew that the present situation, all this talk of a German automaker, was nonsense manufactured by the creditors.

That was why he’d confidently spoken of withdrawing from the bidding.

Because Seong-ho knew that to them, the Ilhyeon Group was the only hand.

Knock, knock.

Seong-ho closed the open leather diary.

And he looked at the secretary who’d come in after the knock.

An employee who’d joined the newly-formed presidential secretariat upon his inauguration as president had come into the Head’s office.

“Head. There’s a call from Modu Bank asking for a moment of your time.”

“Asking for my time?”

Seong-ho turned off the TV and looked up at the secretary.

“Yes. The president of Modu Bank says he’d like to see you at a time that suits you, Head.”

“Did they say the reason they wanted to meet?”

Of course, Seong-ho knew the reason.

But out of curiosity as to whether the other side could state the reason, he’d asked the secretary.

The secretary shook his head and relayed what he’d heard from Modu Bank.

“They said they’d tell you the reason in person. And Modu Bank says they contacted the Chairman first. They say the Chairman told them it would be better to meet with you, Head, so they contacted you.”

“If the Chairman said so, then I ought to meet them.”

Even without Tak-hyeon saying so, Seong-ho had intended to meet them, but since Tak-hyeon had gone so far as to say something that preserved his standing, there was no reason not to.

Seong-ho looked at the clock on the wall and said,

“Tell them let’s have dinner. Say let’s meet by 8 o’clock, and after booking a quiet restaurant, let Modu Bank’s side know.”

“Yes, understood.”

The secretary received Seong-ho’s instruction and left the Head’s office.

Seong-ho looked at the closed office door and, a smile at his lips, rose from the sofa.

And picking up the leather diary that held the reason the president of Modu Bank had asked to see him, he headed for the desk.

Don-su Park, president of Modu Bank, who’d arrived earlier than the appointed 8 o’clock, was ceaselessly wiping away sweat.

“President, sir. Shall I ask them to turn on the air conditioning?”

Unable to bear watching Don-su Park wipe his broad forehead with a handkerchief, the vice-president suggested speaking to the restaurant about turning on the air conditioning.

The half-bald president Don-su Park lowered the handkerchief he’d been wiping his forehead with and glared at the vice-president.

“Are you in your right mind? Do you know what month it is, asking them to turn on the air conditioning?”

“It’s just that you seem so very hot, sir…”

The vice-president answered in a shrinking voice.

The president scolded the cowed vice-president, who’d dropped his head.

“What does it matter that I’m hot? If Head Seong-ho Kim comes and asks why it’s so cold, what do you intend to say?”

“That’s…”

“Right now, a single word from Head Kim holds your neck and mine in the balance. Just know that.”

At the president’s words, the vice-president, who’d been hanging his head, cautiously raised it and looked toward the door.

Confirming that the door still hadn’t opened, the vice-president said to President Don-su Park in a cautious voice,

“Shall we participate in the bidding again?”

“We will. No. We have to make it so. If we can’t…”

President Don-su Park recalled the situation of the Ilhyeon Group not participating in the Doa Motors acquisition and raised his handkerchief again to wipe the sweat pouring down like rain.

“We have to make them participate in the bidding without fail and hand Doa Motors over. Otherwise, we go under.”

(End of Chapter 126)