1953 Bare-handed Tycoon - Chapter 418



Only Krnovel

418 – Dongbang Life Insurance Takeover War (3)

The next day, Kijo went to see Ankuk Fire & Marine Insurance CEO Son Young-gi.

Son Young-gi, whom we met at the Anguk-dong headquarters, had a calm impression.

“I heard the story. You came here to split Dongbang Life Insurance and jointly take over the company…?”

“Yes.”

It seemed like he had already heard enough from Lee Byung-chul.

But he seemed unaware that his son-in-law had come the day before and harshly demanded a concession.

“It’s difficult. A joint acquisition won’t help Samsung.”

Son Young-ki expressed a negative opinion.

Kijo believed that Son Young-ki also knew that Dongbang Life Insurance’s assets were in bad shape and told the truth.

“Mr. Son, the insurance contracts that Dongbang Life Insurance sold in large quantities in 1957 and 1958 when it was expanding are not very good. They remain as bad contracts and will be a burden to Samsung in the long run.”

“I know.”

As an insurance agent, Son Young-ki was aware of Dongbang Life Insurance’s potential insolvency.

“However, Samsung is confident that it can invest Dongbang Life’s assets and guarantee the guaranteed interest rate. As it happens, there is a ‘proper investment destination’ and Dongbang Life will keep the interest rate it promised.”

A suitable investment destination would be Lee Byung-chul’s long-cherished project, a fertilizer factory.

The keynote speech confirmed that Lee Byung-chul also had the same thoughts as him.

Just as he was trying to invest Dongbang Life’s assets in Pohang Iron and Steel Company, Lee Byung-chul also seemed to be trying to invest in a fertilizer factory.

Lee Byung-chul, whose financial resources were cut off after losing Hanil and Chohung Bank, wanted to own Dongbang Life Insurance even more.

While I was thinking like that, Son Young-gi asked.

“Seeing that this CEO is aware of Dongbang Life Insurance’s potential insolvency and yet is trying to acquire it, I think he is thinking of doing other businesses besides the steel mill.”

I felt that the keynote speech was just as sharp as that of Son Young-ki and Lee Byung-chul.

But at the same time, it was bitter that people in the world believed that KISA would bring in money and build the integrated steel mill on its own.

KISA has never done anything in its history, and this time it was no different. As Kijo observed, it was just wasting time.

The keynote was that it would naturally be like that, and after the dissolution of KISA, plans were being made to build a leading integrated steel mill in Korea.

The keynote speaker said with a smile.

“I don’t have any specific plans for other businesses. I plan to grow the insurance business itself.”

The keynote was a smokescreen.

This was because if rumors spread that Dongbang Life Insurance was being pursued to secure funds for the integrated steel mill, public opinion could become even worse.

In 1963, it was common sense in Korea to believe that Korea could succeed only if foreign countries built steel mills in the country.

If we had said we would build a steel mill with our own hands, we would have been laughed at or even called crazy.

Kijo was convinced that a joint acquisition was out of the question since Lee Byung-chul also had the same thoughts as him.

“Okay, Mr. Son. I will consider the joint acquisition proposal null and void.”

When Kijo gave up cleanly, Son Yeong-gi started to put effort into Kijo.

It seemed that there was concern that Cheongsan, who had turned into an enemy, would emotionally raise the acquisition price by confronting Samsung.

“Mr. Lee, if you help Samsung acquire Dongbang, I will also help Samsung liquidate it.”

Kijo had no need to listen to him since he was definitely going to take over the East, but he listened calmly.

“If Cheongsan makes concessions, Samsung will sign a long-term cement purchase contract with Cheongsan. Samsung also plans to enter the construction business soon.”

It wasn’t a matter that Son Young-gi could decide.

He must be relaying what Lee Byung-chul said in his capacity as Lee Byung-chul’s representative.

“And I will supply flour to Cheongsan Foods at a cheaper price. Cheaper than what Jo Hong-je supplies.”

Son Young-gi tried to appease Ki-jo by setting forth small conditions.

The keynote speaker listened to all the suggestions without interrupting and then summarized them neatly.

“I will participate in the Cheongsan-do East acquisition battle. However, I do not intend to raise the acquisition price unreasonably. I think each party should propose an acquisition price that they think is appropriate.”

Son Young-gi said with a regretful smile at the keynote speech.

“I hope so too.”

Kijo shook hands with Son Yeong-gi and left Ankuk Fire & Marine Insurance.

Now, the only thing left was a head-on confrontation with Samsung.

Since competition with Samsung became certain, there was no choice but to persuade the six partners who founded Dongbang Life Insurance together with President Kang Eui-soo.

Kijo tried to meet them for several days, but all was in vain.

No one wanted to meet Kijo.

Everyone avoided meeting each other by making excuses or putting off their appointments day after day.

Now, there is only one partner left.

Kijo felt a chill down his neck at the thought that five of his partners had already sided with Samsung.

As expected, Lee Byung-chul was a formidable opponent, and the fight with Samsung was a tough one.

With no choice, Kijo implemented a second-best option.

The keynote speaker called Sung Dae-ik and gave him a special mission.

“Daeik, go find Dongbang Life Insurance’s small shareholders in Myeongdong.”

“Are you referring to minority shareholders?”

“Yes, we need to move quietly so as not to spread rumors. I want them to buy Dongbang Life Insurance stocks. If we buy at too high a price, rumors will spread, so try to buy at a reasonable price.”

“I will get Grandma’s help. Don’t worry.”

The idea was to compete with Samsung by gathering shares from even small shareholders.

But there were limits to that.

The keynote speech was to focus on the last remaining partner.

It was none other than Jeon Jung-yoon.

He was the second largest shareholder of Dongbang Life Insurance and the father of Korean ramen, who founded Samyang Ramen in the history of Korea.

However, in this history, it seems that Kijo did not enter the ramen business because he established Cheongsan Ramen first.

The keynote speech was that Jeon Joong-yoon had probably had some conversation with Samsung, so he decided not to go there without a plan.

To meet him, I needed help from others.

Kijo had no choice but to go see Kim Jong-pil.

Kijo, who went to the third floor of the Jeil Pawn Shop in the back alley of Jongno 2-ga, asked Kim Jong-pil, who was reading a newspaper.

“Please help me.”

Kim Jong-pil looked at the keynote speech asking for help as if it was strange.

“Do you know? This boss has never asked me for anything before. This is the first time he’s asked me for something. What day is it today?”

Kim Jong-pil laughed heartily, seeming happy.

He asked, his laughter fading away.

“How may I help you?”

“I want to meet people, but I need someone to bridge the gap.”

“You need someone to build a bridge… Then I can do it.”

Kim Jong-pil smiled confidently.

Although he had stepped down from his position as head of the Intelligence Service and had no official title in the Democratic Republican Party, Kim Jong-pil’s influence still remained.

If at the peak of his career, people lined up from Seoul to Busan to meet Kim Jong-pil and ask for a favor, now the line has expanded to include Seoul and Daejeon.

So you must have been confident in calling out someone.

“Just speak. Who would you like to meet?”

“This is Jeon Joong-yoon.”

“Is this Jeon Joong-yoon…?”

Kim Jong-pil seemed to be recalling memories of someone he knew.

He was a person who would have been immediately recognized in the history of the Yuan Dynasty.

In 1963, Jeon Joong-yoon met Kim Jong-pil through a junior from his hometown who was in the intelligence agency, and asked him to borrow the dollars held by the country to establish Samyang Ramen.

Jeon Joong-yoon reportedly fed Kim Jong-pil instant ramen noodles and told him this.

“Why did you make a revolution? Shouldn’t we fill the people’s stomachs first? What the people need most urgently is rice, and if they don’t have rice, shouldn’t we produce something that can replace it?”

At those words, Kim Jong-pil told them to do it right away and paid them $50,000 out of the $100,000 that the U.S. Department of Agriculture had sent to Korea.

Kim Jong-pil’s shadow looms over modern history, and Samyang Ramen is also associated with Kim Jong-pil.

But now that that hasn’t happened, there’s no way Kim Jong-pil would know about Jeon Joong-yoon.

“Where are you and what do you do? Just tell me and I’ll call you here right away.”

Kim Jong-pil seemed to want to prove that his power was still intact.

“I only need someone from Gimhwa, Gangwon Province. Jeon Jung-yoon’s hometown is Gimhwa.”

“You’re from Gimhwa, Gangwon Province? I know you! One of the directors of the intelligence agency is from Gimhwa. I’ll contact you right away.”

When Kim Jong-pil picked up the phone and asked for someone, someone came into the office in less than 30 minutes.

It seemed that he was the hometown junior of Jeon Joong-yoon, who connected Jeon Joong-yoon and Kim Jong-pil in the history of Won.

“Introduce Director Lee. You already know President Lee Ki-jo, don’t I need to introduce you?”

“Hello. Nice to meet you.”

Kijo greeted Director Lee and asked to meet Jeon Joong-yoon.

Then the director asked cautiously.

“If I ask to meet you, you will come out, but why are you looking for me?”

“I have something to show you. I would like to meet Mr. Jeon Joong-yoon in Dobong-dong.”

Kijo wanted to meet Jeon Joong-yoon at the Cheongsan Ramen factory.

“All right.”

The director contacted Jeon Joong-yoon.

“Oh, senior, it’s me. This is Director Lee. How have you been? Hahaha… .”

After a short phone call, Director Lee made an appointment with Jeon Joong-yoon.

After ending the call, Director Lee told her to go ahead and wait while he brought Jeon Joong-yoon.

Kim Jong-pil, who successfully accepted Kijo’s request, smiled at Kijo and said.

“In Korea, you can meet anyone if you just cross two bridges. But there aren’t many people who can help you cross those bridges.”

Kijo expressed his gratitude and headed to Dobong-dong where the Cheongsan Ramen factory is located.

* * *

Dobong-dong, Seongbuk-gu, 24km from the city center.

Until last year, it was Nohae-myeon, Yangju-gun.

As Seoul expanded northward, there was a Kijo ramen factory in the area that became Seoul.

There was no permit around the ramen factory.

A factory built on a vast plain surrounded by Mt. Dobong, Mt. Surak, and Mt. Bul-am, with the Jungnangcheon Stream flowing beside it.

After Kijo waited in front of the factory for about 30 minutes, a jeep approached.

First, Director Lee got out of the car, and then Jeon Joong-yoon got out of the car.

As soon as he got off, the director said this.

“Senior! I forgot that I have something urgent to do! Please wait here for a moment. I will be right back.”

Director Lee got back in the car and drove off in a flash.

Jeon Joong-yoon stared blankly at his junior’s car as it left without a word, and then his eyes met with Ki-jo’s.

The keynote speaker first greeted and apologized.

“I’m sorry. I asked Director Lee to meet with the former president. I apologize.”

Jeon Joong-yoon was flustered by the sudden apology from a man he was seeing for the first time.

“I just came out because my junior asked me to see you… … . You asked to see me in this middle of nowhere. May I ask what you do?”

The keynote speech was directed to the Cheongsan Ramen factory.

“I am the president of this ramen factory. My name is Lee Ki-jo.”

“Ah! President Lee Ki-jo. I’ve heard your name many times. Nice to meet you. I’m Jeon Joong-yoon.”

The two shook hands a little awkwardly.

“I have something to show you. Can you spare me an hour?”

“Yes… I can. I was thinking of meeting my hometown junior for lunch today… but it looks like he won’t be coming back.”

After saying that, Jeon Joong-yoon laughed.

The keynote speech was an apology once again.

“It’s all my fault. I apologize to the former boss and my juniors.”

“No. You can meet your hometown juniors later. What is it that you want to show me?”

As he asked that, Jeon Joong-yoon looked at the Cheongsan Ramen factory.

With a look in his eyes that said, of course, what he wanted to show was the ramen factory.

“Please get in my car. I will guide you there.”

Jeon Joong-yoon looked at Gijo with eyes that said, “Isn’t this the right place?”

Kijo opened the passenger door, let Jeon Joong-yoon in, got into the driver’s seat, and began driving slowly along the Jungnangcheon River.