He is Already a Tycoon at a Young Age! - Chapter 45



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#045

“Yes, it is a fact that Samjung Electronics, Samjung Department Store, and Gaya Hotel all announced through public disclosure.”

“If they really made a public announcement, wouldn’t the stock prices of the three affiliated companies fall?”

“Maybe that’s what Samjung Group was after. Although the stock prices of the three affiliates have fallen slightly, I think it’s a great opportunity to buy up shares in circulation. And a few months ago, before Samjung Electronics announced that it would build a semiconductor plant in Pangyo to enter the semiconductor industry, a key person related to the head of Samjung Group had already acquired a large amount of shares in Samjung Electronics.”

“I told you that acting like a scholar is just being petty. Wasn’t it your grandson who became the largest shareholder of Samjeong Group at that time?”

“Yes, I am George Seong, the son of the president of Samsung Electronics.”

“The fact that Samsung Electronics guaranteed 400 billion won worth of corporate bonds issued by Taean Electronics means that they are really trying to acquire Korea Semiconductor.”

The president of GL Electronics couldn’t help but feel nervous.

“Yes, the president has set the maximum amount of funds for acquiring Korea Semiconductor at 350 billion won, but it seems that we will now need more than 400 billion won to take over Korea Semiconductor.”

“So you’re paying almost double the price?”

The president of GL Electronics couldn’t help but be worried.

“We have already completed preparations for building a new memory semiconductor factory in Ilsan.”

After acquiring Korea Semiconductor, GL Electronics planned to compete on quantity and force the remaining memory semiconductor companies to go bankrupt.

“You’re saying it can’t be stopped?”

“If you give up on acquiring Korea Semiconductor now, there will likely be a lot of talk within the group about your management capabilities.”

“So should I just go?”

“Yes, if we acquire it for more than 400 billion won, we will only have 100 billion won left in reserve funds, but we analyzed that it will be enough to withstand the recession that will last for about 2 to 3 years.”

GL Electronics’ biggest miscalculation would be to assume that the semiconductor recession will end within two to three years.

“Yeah, we can’t stop here. The reason that guy meets with my father so often is to badmouth me. What’s so great about meeting old relatives so often? Damn it! Since we can’t give up, let’s go, let’s go. Everyone says that semiconductors are the rice of industry.”

“Yes, that’s right.”

“By the way, what about the mobile phone that you are producing under a technical partnership with Motorola?”

“It is scheduled to be released in early October.”

“When is Samsung Electronics?”

“We will find out the release date as soon as possible. We have already given instructions.”

“Okay, I’ll treat you the same way I treated you when I was in the kimchi refrigerator. I’ll show you this time that I’m not just some idiot who’ll just take it. Just wait and see.”

Just as Samsung Electronics planted an industrial spy in GL Electronics, GL Electronics planted an industrial spy in Samsung Electronics. This is why there is a saying that corporate competition is more intense than war.

“Yes, we will contact you shortly.”

* * *

June 17, 1993, Pacific Investment Corporation office.

“Jisung, issuing corporate bonds was a long shot.”

My great-uncle, the president of Taean Electronics, told me.

“It’s almost sold out, right?”

“Since Samjung Electronics, Samjung Department Store, and Gaya Hotel have guaranteed it, the corporate bond sales are bound to be successful. In addition, Samjung Electronics purchased 100 billion won of the corporate bonds issued by Taean Electronics, Samjung Department Store purchased 50 billion won, and your aunt is purchasing the rest with her own money and Gaya Hotel.”

“Then how much corporate bonds will there be for outsiders to buy?”

“I think it would be okay to look at it that way.”

“GL Electronics has also learned of this fact, so if GL Electronics were to acquire Korea Semiconductor, it would have to prepare more than 400 billion won. Of course, the same goes for Daehyun Electronics.”

“I think Daehyun Electronics will probably give up.”

“I also wrote this contract to make Daehyun Electronics give up. I wanted to create a confrontation between Taean Electronics and GL Electronics.”

“The winner has already been decided by your intelligence.”

“Yes, so GL Electronics is falling into the winner’s curse. In the end, 400 billion will be deposited into Taean Electronics, and on July 1, 600 billion will be deposited as a derivative investment related to the decline in the Nikkei index, so it will be able to jump into the acquisition of Korea Telecom’s mobile communications division.”

The real goal is the privatization of Korea Telecom’s mobile communications division.

‘Samsung Electronics makes mobile phones.’

What if Taean Telecom sells telecommunication products?

You can immediately proceed with contract sales that are beneficial to consumers.

“1 trillion?”

“Yes, we have prepared 1 trillion won and the reserve fund is the proceeds from the short sale of British pounds. According to the investment team’s report, if the short sale is successful, more than 300 billion won will be deposited.”

“Ji Sung-ah, Jin Kyung Group returned the business rights due to public pressure, but they have announced that they will try again. It is not easy to be selected for the privatization of a telecommunications company.”

“So, we need to face more pressure from public opinion. The Korean people need to be angry about the former president’s slush funds. Then, it will be a difficult match for Jin Kyung.”

After speaking to the Taean Electronics president, I looked at my watch.

“It’s already time to go to Samsung Electronics.”

Of course, I am going on a field trip with my great-uncle, the president of Taean Electronics.

“Uncle, you confirmed through industrial spies that GL Electronics had started developing a kimchi refrigerator back in the day, right?”

My uncle stared at me at my question.

“yes.”

“That’s why they say that corporate competition is more intense than war. But if Samjung Group planted industrial spies in other groups like that, then GL Group, or even GL Electronics, would be the same?”

“That may be true, but finding an industrial spy is not an easy task. And there are still people like me at GL Electronics… No, now there are four people working in Jisung.”

“That’s good, and we need to find the spy too. Subterfuge works best.”

“Half-scheme?”

“GL Electronics is planning to produce and release mobile phones in partnership with Motorola. GL Electronics is suddenly doing this in order to take revenge on the kimchi refrigerator. They will probably return the favor.”

“That is very likely.”

“Samsung Electronics still sells kimchi refrigerators to consumers at almost the factory production price. The only reason is to let GL Electronics’ kimchi refrigerators rot in the warehouse.”

“That’s one aspect. But more than that, it’s because the French-door refrigerator you created with your idea was dozens of times more successful than expected. Since you had some money, you were able to maintain low-price sales as part of your image management.”

“That’s why GL Electronics will probably be planning to take revenge in the same way. Moreover, since his father failed once in the mobile phone business, the GL Electronics president’s goal will be to make him fail again this time and oust him from the position of successor to the Samjung Group.”

Of course, my goal is to completely push out the eldest son of GL Group, former president of GL Electronics, from the competition for succession.

“But Ji-seong, do you think you can catch an industrial spy just by going?”

“I have better intuition than anyone else. And since only managers and above know about key security issues, I can narrow down the suspects. I’ve already asked my uncle to do something about it.”

Of course, it’s not legal.

It’s a shortcut.

‘No. It’s close to illegal.’

I asked my uncle, who is a senior prosecutor at the Seoul District Prosecutors’ Office, to trace the account.

I have already asked my father to obtain consent for an account inquiry from an employee at the manager level or higher.

* * *

Seoul Central District Prosecutors’ Office.

“You’re going to do that? You?”

The chief prosecutor asked Chief Prosecutor Choi Min-soo, who had come to see him, back.

“Yes, isn’t this something that the prosecution must uncover? This is something that all Korean citizens now know. So, confirming and finding the exact amount is the most important thing.”

“Yes, I never thought that KBS and other broadcasting stations and newspapers would be so persistent in reporting on the former president’s slush fund issue.”

“Yes. Even the civilian government is not blocking it.”

As the former president’s slush fund scandal has surfaced, the president’s approval ratings have been rising, so the civilian government has had no need to control media coverage.

Moreover, the civilian government, which had been emphasizing differences from the previous government, would not have wanted to block it.

“Yes, but why you? It’s a well-known fact that your father-in-law is the chairman of Samjung Group. If we reveal the former president’s slush fund issue, we will have no choice but to investigate who gave the political donations.”

“That’s why I’m telling you that it has to be me. If the prosecution starts an investigation, wouldn’t a National Assembly hearing be held? At that time, not only the chairman of Samjung Group, but also all the heads of the business community in Korea will have to appear. The business community will definitely try to put pressure on you.”

“Are you saying he is not your father-in-law?”

“The master said that the new era must break away from the past. I have already obtained the political donation ledger that the Samjung Group had no choice but to secretly pay. It is from both the 5th and 6th Republics.”

“Hmm.”

The prosecutor general had no choice but to worry.

“Someone has to do it, even if it’s not me.”

“Chief Choi.”

“Yes, Chief Inspector.”

“Is this because you want to be a member of the National Assembly? Or is it because your father-in-law is telling you to take off your prosecutor’s uniform and become a member of the National Assembly?”

“Chief Prosecutor, no, senior, my dream is to be a novelist. Don’t you know that?”

“A person who dreamed of becoming a novelist ended up becoming a prosecutor.”

“My wife said that I had to become a prosecutor before I could introduce myself to her father, so I forced myself to study.”

In other words, this means that Ji-seong’s uncle is a genius.

“Was it so?”

“Yes, if I had known in advance that my father-in-law was the chairman of Samjeong Group, I would have become a novelist.”

“It sounds like you’re saying that if you had known in advance, you wouldn’t have gotten married.”

“That could have been the case. You know, you came to my wedding too.”

“Yes, the bride’s bouquet was quite large.”

Brides who had to get married because they were pregnant before marriage often carried large bouquets to hide their bellies.

“I will do it.”

“No other purpose?”

“You can’t say that Samjeong Group doesn’t exist because I’m not there. That would be lying to you, senior, no, to the prosecutor general.”

“For any other purpose? Hmm!”

“Yes, a son-in-law should choose a good father-in-law. If the group has grown up with good father-in-laws, then even if it is shaken up a bit by father-in-law issues, it should be able to endure it.”

“You are too honest.”

“sorry.”

“Yes, someone has to do the investigation, just like you said. Yes.”

“thank you.”

* * *

Gaya Hotel Korean restaurant special room.

“My daughter and your son are not meant to be together, so we broke up, but we are still friends from our hometown.”

Originally, the chairman of Samjeong Group often had meals with the chairman of GL Group.

In the past, when Samjung Group was the owner of Dongyang Broadcasting Station, GL Group helped each other by manufacturing and selling TVs and radios.

After that, the Samjung Group established Samjung Electronics and manufactured and sold radios and TVs, which really hit them in the back of the head, but they were still friends from their hometown, so they got over their grudge. However, the issue of their children’s divorce made them quite estranged from each other.

“You hit me in the back of the head twice and now you call me your friend?”

Episode 46