The Magician’s Memorial - Chapter 66



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Episode 66. resell (3)

Taewo Shipbuilding, where a strike is in full swing.

Unlike the noisy scene, the Taewoo Shipbuilding building was quiet, and CEO Oh Kang-cheol was especially looking out the window at the beautiful sea of ​​Geoje Island.

“Sir, the defense team has arrived.”

“Hurry and take us inside.”

The prosecution’s investigation began, focusing on the subcontractor’s president.

That’s why CEO Oh Kang-cheol urgently started a strike and paid a lot of money to hire a team of lawyers who could give him full honors.

“Thank you for coming all the way. I should have gone up to Seoul, but the situation was not feasible, so I took him to Geoje Island. Now that you are here, I will treat you to a sumptuous meal of Geoje Island food.”

“sorry.”

“yes? “Why are you suddenly saying you’re sorry?”

Attorney Park Seong-gyun, the representative of the defense team, bowed his head slightly.

He was an elite prosecutor who even served as chief prosecutor.

A huge amount of money and connections were mobilized to bring him here.

But you suddenly apologized as soon as I came?

“I am no longer able to act as a lawyer.”

“What do you mean by that all of a sudden? “It’s hard to get a defense.”

“That’s the way it happened. and … “It won’t be easy to find another lawyer.”

“yes? “What do you mean?”

“I can’t go into detail, but the current group intervened.”

“Hyun, why Hyeonjae Group?”

Is this what it feels like to be hit in the back of the head with a hammer?

President Oh Kang-cheol was so shocked that he even stuttered.

It’s not Taewoo Group, it’s Hyunjae Group.

Why them?

President Oh Kang-cheol, who continued his thoughts, found an answer without difficulty.

What if someone planned Taewoo Shipbuilding to be divided and sold by Heavy Industries?

There is no place in Korea that can do such a thing other than Hyeonjae Group.

When I thought about it that way, everything made sense.

The police and prosecutors are attacking from all directions.

Embezzlement investigation through thorough audit, etc.

It happened simultaneously because it was already planned, and it was possible because we were in the current group.

“Are you saying that Hyeonjae Group will eat Taewoo Chosun?”

“… … .”

“Well, I will help. Please tell them that you will help make it easier for them to acquire Taewoo Shipbuilding. I am the person who knows Taewoo Joseon best in the world. “I can stop the current strike with just one word.”

“You are already late. The best you can do now is just hope for leniency.”

For the first time, President Oh Kang-cheol felt helpless.

He was already thinking about fighting Taewoo Group.

However, when I heard that the opponent was Hyeonjae Group and not Taewoo Group, my head went blank and my legs kept getting weaker.

“Is there really nothing you can do?”

“The longer the strike lasts, the more intense the investigation will be. They say they’ve already secured a lot of evidence. “I think the best thing to do is to drop everything and end it with a fine.”

“If there is a strike, we will stop it today. “Is that okay?”

“The same goes for contracts with subcontractors. “Please put down everything related to Taewoo Joseon.”

“Are you just telling me to end it at a loss? “Shouldn’t you return to me, at least with the slightest sincerity?”

It was CEO Oh Kang-cheol who raised his voice.

It was so unfair to be treated like this. It was Taewo Josun, whom he devoted his entire life to raising.

“Wouldn’t it be better than spitting out everything you just ate? “If the prosecution and the National Tax Service begin to move in, it will be difficult to get even a single penny.”

“How can I say that I move from the prosecution to the National Tax Service? “I’m not that great of a person.”

“The higher-ups didn’t seem to think so. Well, I hope you make a good choice. “There is not much time left.”

Attorney Park bowed his head again and left the president’s office.

President Oh Kang-cheol looked at the Geoje Island sea through the window with tears in his eyes.

Although only 10 minutes had passed, the sea that seemed cool only felt cold.

* * *

That afternoon.

I simply quenched my hunger with some delivered food from Captain Kang’s office.

Because it was a highly secure building, delivery men could not enter the building, so the security guards set up the food for delivery, and Dimon watched in amazement.

“I heard that Korea has a developed delivery culture, but it’s definitely different.”

“Koreans want to do everything quickly. “I order everything delivered to save time going to the restaurant.”

“I also really like Parippalari culture. And the Korean prosecutors were also very fast. “I received a call that CEO Oh Kang-cheol was arrested.”

Why are people so foolish?

I was treated the same way as when I was at Taewoo Group.

The moment Chosun was divided from Taewoo Heavy Industries, the power he had was nothing more than an illusion.

“Restructuring will begin in earnest. “I can already hear the sound of Taewoo Shipbuilding’s prices rising.”

“Thanks to the CEO, the value has already increased a lot. “We can collect at least 50 billion won more just by transferring Taewo Shipbuilding’s private loan debt to banks.”

Funds from SAVE investment company were used again this time.

Like all of Taewoo’s affiliates, Taewoo Shipbuilding also had enormous debts, some of which were private loans that were close to usury.

What kind of acquirer would like a company with private debt?

So, I paid off the private loan with my own money and transferred the debt to SAVE Investment Company.

“If you take over because you don’t have private debt, you will go through hell.”

“What do you mean by that?”

The funds lent by SAVE Investment Company were in dollars.

Since the dollar is cheap now, there will be no difference whether you borrow in won or dollars.

When a foreign exchange crisis occurs, dollar debt more than doubles.

The exchange rate will jump from 700 won to 2,000 won.

Of course, that explanation was not given to Dimon, and a plausible excuse was made.

“We owe a debt to our company, so shouldn’t we be able to use it later?”

“That’s what you mean.”

“We need to quickly end Taewoo Shipbuilding and move on to selling the mobile phone business. “Apple’s board of directors is mostly Wall Street people, so it might be easier to deal with them.”

“If you go with the CEO, you won’t run out of work. But don’t you think it would be a waste to sell the mobile phone division?”

I can’t believe it’s a waste to come out of Dimon’s mouth.

In any company, Dimon was the person who bought at a low price and sold at a high price.

“The mobile phone division is at its peak now, so we need to sell it quickly.”

“I don’t think we’ve peaked yet. “If Taewoo Electronics manages its mobile phone division well, its value could increase further.”

Have you been in Korea too long?

Or perhaps it was because he worked too much with the Taewo Group that his way of thinking changed a little.

“It costs too much money to make a proper cell phone.”

“Doesn’t Taewoo Electronics possess most of the technology?”

“That’s the case with today’s mobile phones. However, future mobile phones require more technology. For example, right now we have black and white mobile phones, but color mobile phones will be released soon.”

In particular, the technology required to transfer to smartphones required more money.

At least trillions of dollars were spent to develop and produce LCD, and many Korean companies were already taking on the challenge.

Technology can be purchased and used with money.

It was a moment when I remembered my grandfather’s words.

In the case of the iPhone, in the end, semiconductors, including LCD panels, were purchased and used rather than developed.

This was because it was the best way to save money and time.

“understand. “It’s not that you are worried about the future of the mobile phone business, but from the perspective of Taewoo Group, selling it is beneficial.”

“If you really need it later, you can take over the company.”

The half price discount event is just around the corner.

When the foreign exchange crisis hit, many companies collapsed, and if there was a company that was needed at that time, it was possible to acquire good technology and talent at a low price.

* * *

Taewoo Shipbuilding’s strike has ended.

The moment the restructuring work was completed, the public sale process began.

Naturally, Hyunjae Group was the first to raise their hand, confident that they would be the only buyer.

“CEO, Hyunjin and Samjin have also expressed their intention to purchase.”

“Of course it has to come out like that. “They are not people who will just hand over a lucrative company to the current group.”

“Which one had the highest amount?”

“Hyunjae Group called for 1.8 trillion won, and Samjin called for 2 trillion won.”

Taewoo Shipbuilding & Marine Engineering was purchased for 1.2 trillion won.

However, the price rose by 800 billion won in a few months.

The value increased because Dimon increased the value of the company through restructuring and reform, and settled all private debt.

“For the current group, it must feel like they have been stabbed in the back. “Samjin has announced that it will spend an additional 200 billion won to acquire it.”

“But Hyunjin Group is an unexpected ambush. “We are offering to acquire it for a whopping 2.2 trillion won.”

“Where does the money come from?”

I met with Hyunjin Heavy Industries Vice President Jo Soo-young and encouraged him.

However, he did not lend the money directly, nor did he introduce him to Wall Street investors.

“It is presumed that the money was borrowed using airlines and shipping companies as collateral.”

“It looks like you really want to sell Taewoo Shipbuilding. In fact, if we only acquire Taewoo Shipbuilding, we will be able to enter the top 5 in the business rankings, so we must be greedy.”

Hyunjin Group’s current ranking in the business world was 7th.

You will want to increase the size of the group, even through borrowings.

Their appearance reminded me of my grandfather.

“I don’t want to sell it to Hyunjin Group.”

“There is a limit to the funds that Hyunjin Group can distribute. “If we provide proper support, we cannot beat the current group.”

Hyunjin Group already had a lot of borrowings.

Among their affiliates, there weren’t many that suited my tastes.

“How do you think it will come out in strikeouts? Would you like to spend more money?”

“If we can properly compete with the current group, we expect to spend more money.”

Samjin Group’s borrowings have already reached 20 trillion won.

As my grandfather said, any Korean company naturally grew its size through borrowing.

Of course, what happened after that was different.

In the case of Samjin, the company solved all of its borrowing problems by taking advantage of its experience during the foreign exchange crisis.

On the contrary, my grandfather was trying to expand the size of the group by acquiring more companies, calling for being too big to fail.

“It doesn’t matter where it is sold, whether it is Hyunjae Group or Samjin, so try to compete on price.”

“We will make it so that they will hit each other and fight.”

I left work at Taewoo Shipbuilding to Dimon and went home from work.

My grandfather specially contacted me asking me to have dinner with him.

Perhaps they are talking about the sale of the mobile phone division.

* * *

When I got back to the mansion, dinner was already prepared.

My grandfather and I had a very enjoyable time eating together.

However, the moment the food was put away and coffee was placed in its place, the atmosphere changed.

“The president of Taewoo Securities and the Economic Research Institute also recommended selling the mobile phone division.”

“Everyone believes that selling the mobile phone division will bring more benefits than harm.”

Are you in favor of selling the mobile phone division?

Tomorrow, I will visit the Economic Research Institute for the first time in a while and have a meal with Advisor Fukuda.

Thanks to that, the president of Taewoo Securities also agreed to sell the mobile phone division.

“But I really don’t want to sell the cell phone division.”

“This is absolutely necessary for the future of Taewoo Electronics.”

“What do you plan to do if I oppose it until the end?”

“… … “Do you plan to oppose it?”

“That’s right. Now that Taewo Shipbuilding has taken over, I don’t want to hand over the mobile phone division to someone else.”

I was devastated.

How much effort did you put into persuading your grandfather?

From Advisor Fukuda to the CEO of Taewoo Securities and myself, we all came forward to persuade him.

All that work went to waste. In that case, I have no choice but to move differently.

“Even if my grandfather is against it, I will sell the mobile phone business.”