Seong-ho and Byeong-jin went into the Ministry of Finance and Economy building, over which darkness had settled.
Following the guidance of a Ministry of Finance and Economy official, Byeong-jin went into the building and said in a low voice to Seong-ho, shoulder to shoulder with him,
“Why do you suppose the Deputy Prime Minister for the Economy called us?”
“It’s obvious. Doa Motors, isn’t it?”
“I figured that’s it too.”
Byeong-jin nodded, saying he’d thought the same, and asked Seong-ho again in a low voice,
“So? Do you have a plan?”
“I came because I have one.”
Unlike the tense Byeong-jin, the utterly composed Seong-ho patted Byeong-jin’s shoulder with a smiling face.
“There’s no need to be nervous. Because we’re the ones holding the hilt.”
“Are we really the ones holding the hilt?”
“We are.”
A trace of a smile began to form on Seong-ho’s composed face.
“Because not once since I came here have I handed the hilt over to anyone.”
Hearing Seong-ho, Byeong-jin, not knowing what “since I came here” meant, only blinked for a moment.
Seeing Byeong-jin’s face, Seong-ho smiled, patted his shoulder once more, and boarded the elevator.
When the elevator arrived at the 12th floor where the Deputy Prime Minister’s office was located, the section chief in charge of the Deputy Prime Minister’s office had come out to wait for Seong-ho in front of the elevator.
“Welcome. The Deputy Prime Minister is waiting.”
Seong-ho gave a light word of thanks to the official who’d guided him this far and followed the section chief toward the office where the Deputy Prime Minister was waiting.
Knock, knock.
“Head Seong-ho Kim of the Ilhyeon Group has arrived.”
“Tell him to come in.”
The section chief who’d gone in first announced that Seong-ho had come, and from inside came Jang-chul Hwang’s voice telling him to enter.
When the section chief gestured to Seong-ho to signal it was all right to come in, only then did Seong-ho go inside and greet Jang-chul Hwang.
“Deputy Prime Minister. I came as fast as I could—did you perhaps wait long?”
“Not at all.”
The dark-faced Jang-chul Hwang rose from his seat and welcomed Seong-ho in himself.
“It’s my fault for suddenly asking to see you today with no notice. Please, come in.”
At the Deputy Prime Minister Jang-chul Hwang so utterly changed from their first meeting, Seong-ho smiled slightly and went into the office.
“Head Kim. How do you do?”
When he came into the office, Modu Bank’s president Don-su Park, who’d been waiting with the look of a puppy that needs to relieve itself, hurriedly greeted Seong-ho.
Only then noticing Don-su Park, Seong-ho took his hand with a surprised face and greeted him.
“You were here too, President Park?”
“Yes. I’ve been waiting for you, Head Kim.”
Holding Don-su Park’s hand, Seong-ho turned to Deputy Prime Minister Jang-chul Hwang, feigning ignorance.
He’d turned to Hwang with a gaze that asked whether it wasn’t just the two of them meeting.
Deputy Prime Minister Jang-chul Hwang wore an awkward expression at Seong-ho’s gaze and gestured to the sofa with his hand.
“Let’s sit and talk first.”
Seong-ho nodded and sat on the sofa Deputy Prime Minister Jang-chul Hwang had indicated.
When Seong-ho sat first, Don-su Park sat next, and last of all the master of the room, Deputy Prime Minister Jang-chul Hwang, took his seat.
When all three had sat, President Don-su Park couldn’t hold back and opened his mouth first.
“Head. The Doa Motors bidding went unsold. Will you participate in the second bidding…?”
“I’d heard as much. Today’s bidding went unsold, they say?”
At the question of whether he’d participate in the second bidding, Seong-ho evaded with a question instead of an answer.
President Don-su Park felt stifled at Seong-ho’s manner but forced himself to bear it and answered with an awkward smile,
“Yes. Most of the companies would only acquire Doa Motors but couldn’t properly speak to what comes after, so the government’s policy was to let it go unsold for now. Price wasn’t the issue.”
Emphasizing that it hadn’t gone unsold because of price, President Don-su Park turned to Deputy Prime Minister Jang-chul Hwang and wore an expression asking whether that wasn’t so.
Deputy Prime Minister Jang-chul Hwang nodded and, taking up Don-su Park’s words, said,
“Our government has a great deal of interest in what happens after Doa Motors is acquired too. We don’t simply wish for the technology to be siphoned off after acquisition and only a shell to remain. We want Doa Motors handed to a company whose aim is to properly revive it and increase jobs.”
“I see.”
Even at Deputy Prime Minister Jang-chul Hwang’s words, Seong-ho wore an indifferent expression, as if listening to a story from another world.
Wearing a face that said he didn’t understand why they were telling him this, Seong-ho looked at the anxious-faced President Don-su Park and opened his mouth.
“President, sir. To answer your question, we couldn’t participate in the second bidding even if we wanted to.”
“What? What do you mean by that? Not that you won’t participate, but that you can’t?”
“Today we officially decided to give up the Doa Motors acquisition.”
“Give up?”
President Don-su Park cried out in shock.
Deputy Prime Minister Jang-chul Hwang calmed President Don-su Park for a moment and posed the question to Seong-ho on his behalf.
“Give up—what do you mean by that? Why do you say the Ilhyeon Group is giving up Doa Motors?”
At Jang-chul Hwang’s question, Seong-ho let out a short sigh and answered,
“The reason is the same as before. We have neither the money to acquire it nor the confidence to lead the company well after acquisition.”
“No money? Who in the world would believe that Ilhyeon has no money?”
President Don-su Park raised his voice, saying it made no sense.
But Seong-ho, at Don-su Park’s words, lowered his voice all the more and said,
“Last year, many companies came to Ilhyeon saying they’d fallen into crisis, short on money because the banks blocked their loans, facing insolvency.”
Hearing Seong-ho, Don-su Park was left with nothing to say.
Because it wasn’t only Modu Bank that had blocked loans, but at any rate blocking loans was a fact, and he knew too that Ilhyeon had lent funds to companies in the banks’ stead.
Seong-ho continued with a heavy expression.
“Our Chairman, unable to ignore long ties, lent them money… but it’s been found that most of the places that borrowed are in no position to repay.”
“Hmm…”
Deputy Prime Minister Jang-chul Hwang let out a low sigh.
Though they’d received a bailout through the IMF, corporate insolvencies still weren’t stopping in a row—a fact Jang-chul Hwang knew well too.
Seong-ho looked at the sighing Jang-chul Hwang and said,
“Though we can settle the debts by seizing the collateral, it takes time to turn collateral into cash. And the value of the collateral has fallen, so the losses are considerable.”
“I understand.”
Neither Deputy Prime Minister Jang-chul Hwang nor President Don-su Park could say anything else at Seong-ho’s explanation.
Deputy Prime Minister Jang-chul Hwang looked at Seong-ho with a heavy expression and said,
“And the second reason is, again, because of the union?”
Seong-ho nodded with a bitter expression.
And turning to Don-su Park, he said,
“I already told you our intent, President Park. And it’s no different then or now. So rather than waste manpower on something that won’t work, our Ilhyeon means first to do its utmost to handle what we’ve already set in motion. So I’d be grateful if you’d understand. Our Ilhyeon will not participate even if a third or fourth bidding is held, not just a second.”
The shadow that settled over Jang-chul Hwang’s and Don-su Park’s faces looked darker than the darkness draped outside the window.
Looking at Jang-chul Hwang’s and Don-su Park’s faces, Seong-ho felt that the government’s and creditors’ impatience had reached its peak.
Now I ought to start weighing what I can get out of acquiring Doa Motors.
The moment Doa Motors went insolvent, its acquisition by the Ilhyeon Group was as good as settled.
However much one went on about the German automaker this and Sunwoo Group that, Doa Motors could only come into the Ilhyeon Group’s arms.
Seong-ho had been trying to make a settled matter as cheap as possible and swallow it, and he was slowly nearing the end.
And in the situation of nearing the end, he had no intention of letting the Ilhyeon Group’s mouth devour Doa Motors for free.
He thought there had to be something he, Seong-ho, gained through the Doa Motors acquisition too, and he’d thought out in advance what he’d take.
Seong-ho felt the time had come to move in order to take it.
Seong-ho stood before a pond, looking down at the koi.
“What are you doing here?”
Seong-ho turned his head toward where the voice had come from.
There, Tak-hyeon, the master of Ilhyeon, was walking slowly toward him with his hands clasped behind his back.
Seong-ho hurriedly greeted Tak-hyeon and turned his body to the side.
“The sight of the koi at play was so pleasant I was watching, losing track of time.”
“Pleasant to look at?”
Tak-hyeon stood in the spot where Seong-ho had been standing a moment ago and looked down at the koi.
The koi swarmed, leaping up above the water to eat the feed Seong-ho had scattered.
Looking quietly down at them, Tak-hyeon opened his mouth.
“There was a call from the Blue House again today, they tell me.”
Though Tak-hyeon had left everything to Seong-ho, watching the Blue House contact him relentlessly and Seong-ho whose thinking he couldn’t read, he couldn’t help but ask.
And Seong-ho, having anticipated this thinking of Tak-hyeon’s, had come to Pyeongchang-dong on Sunday and stood alone in the yard rather than in the house, precisely so such a situation would arise naturally.
“What did they say?”
Still looking down at the pond, Tak-hyeon answered,
“What would they say—naturally they’re telling us to step up to the Doa Motors bidding.”
Tak-hyeon stopped looking down at the koi, raised his head, and looked at Seong-ho.
And gazing at him steadily, he said,
“You haven’t forgotten, have you? That Doa Motors absolutely must be placed in my hands.”
“Of course. I haven’t forgotten.”
Tak-hyeon clasped his hands behind his back and walked slowly forward.
Seong-ho naturally followed after him.
“Until now I haven’t asked what you’re thinking. Because I judged I ought to lend strength to what you do. But…”
Tak-hyeon turned his head and said in a strong voice to Seong-ho, who followed half a step behind,
“Know that if it looks like a situation will arise where Doa Motors can’t be acquired, I’ll move myself.”
“That won’t happen.”
“Right. It had better not.”
It was the same voice and words as usual, but the content within was nothing but savage.
Because it held the meaning that if Tak-hyeon stepped in himself, everything Seong-ho had built up until now could collapse.
But Seong-ho showed not so much as a tremble at his fingertip even at this savagery.
If anything, he tried to strike a deal with this Tak-hyeon.
“As it happens, I mean to move in earnest now on the Doa Motors acquisition work. But before that, there’s something I’d like to ask you, Chairman.”
“There’s something you’d like to ask me? Speak.”
Tak-hyeon and Seong-ho stood at the far end of the yard, farthest from the house.
Tak-hyeon stopped his walking and turned to face Seong-ho.
It meant that here, with no one to listen, if there was something he wanted to say, he should go ahead.
Even at Tak-hyeon’s action—knowing that Seong-ho had been waiting—Seong-ho didn’t so much as twitch an eyebrow and opened his mouth.
“Do you remember that I told you the expected acquisition price of Doa Motors last time?”
“I remember. You said it was at a level where you’d have to add money on top, not even free, to bring it in.”
“Yes. As I said then, I’ll acquire Doa Motors without spending a single won.”
“Seems you’re confident.”
“I’m confident.”
Hearing Seong-ho, Tak-hyeon relaxed his hardened face and, with a trace of a smile, jerked his chin at Seong-ho.
“Right. Then speak with that confidence—when you’ve done that, what is it you want to get?”
Tak-hyeon knew there was something Seong-ho wanted to get through the Doa Motors acquisition.
So at the words that there was something to ask, he first asked what it was he wanted.
It meant to speak directly, without going around.
At Tak-hyeon’s question, Seong-ho opened his mouth without hesitation.
“Please let Gyeong-eun manage Ilhyeon Department Store.”
“Let who do what?”
Tak-hyeon showed himself faltering for a moment, as if Seong-ho’s request were wholly unexpected.
Tak-hyeon had expected Seong-ho would ask for one of the group’s affiliates.
Because the Doa Motors acquisition was an achievement worthy of that much of a request.
So he’d been mulling over how far he’d accommodate.
Ilhyeon Construction or Ilhyeon Motors he couldn’t hand over, and Ilhyeon Electronics all the less.
Ilhyeon Machinery or Ilhyeon Electric couldn’t be seen as the group’s core, but they were classified among the major affiliates and were things he couldn’t hand over.
Tak-hyeon had been thinking of handing over the distribution sector, off the core, or the retail sector, or a financial affiliate like insurance or life sciences.
But unexpectedly, Seong-ho had been the first to bring up Ilhyeon Department Store.
And on top of that, at the modest decision of not even asking to be given it but asking to be allowed to manage it, Tak-hyeon was rather flustered and only looked at Seong-ho without a word.
To Tak-hyeon, who looked at him without a word, Seong-ho said,
“Please let Gyeong-eun manage Ilhyeon Hotel and Ilhyeon Department Store together. That’s what I want.”
“Wouldn’t managing Ilhyeon Hotel alone be more than enough?”
It was a modest request, but Tak-hyeon didn’t grant it from the start.
Seong-ho, since this side of Tak-hyeon too had been within his range of expectation, listened to Tak-hyeon without any sign of being flustered.
“Wouldn’t it be better to do just one of the two?”
“Let her try both, and if she shows signs of it being too much, it won’t be too late to take one back then.”
“Let her try first and see how it goes, is that it?”
“Yes.”
Seong-ho nodded and looked at Tak-hyeon.
Though it was a request that felt modest to Tak-hyeon, Seong-ho had never intended to ask for an affiliate in the first place.
Because what Seong-ho wanted wasn’t the affiliate scraps, but the Ilhyeon Group itself.
(End of Chapter 129)