Third-Generation Chaebol

A few days later.

As we had expected, Taewoo Shipbuilding launched a strike, with President Oh Kang-Chul at the center of it.

"They moved faster than we thought. I assumed they wouldn't start until at least next month."

"The American audit firm uncovered numerous subcontractor-related irregularities. They must have panicked and decided to strike early."

The auditors were thorough.

Since we had full control over management, we had access to all documents.

But honestly, we didn't even need to dig deep—evidence was everywhere.

"With no legitimate reason for an early strike, this situation actually benefits us."

"I honestly don't understand. How little regard must they have for audits to not even bother hiding the evidence? They didn't even try to disguise their schemes by appointing puppet CEOs—they just put their own family members in charge."

Dimon let out a cynical chuckle.

I wanted to laugh too, but Taewoo Shipbuilding had been a part of Taewoo Group until just a few days ago.

And the biggest reason it had reached this state was Taewoo Group's indifference.

I couldn't bring myself to find it funny.

"They got away with it because they could. The internal audit team was practically on friendly terms with them, and the Chairman never interfered, so of course, they thought it was fine."

"…Was that really possible?"

"As embarrassing as it is to admit, that's exactly how things worked. And that's why I'm doing this now—to clean it up."

Was I being too hard on myself?

Dimon, who had been chuckling moments ago, subtly erased the smile from his face.

"I plan to wrap up this strike as quickly as possible. Captain Kang has already secured substantial evidence of corruption, which we've handed over to the police and prosecutors. If all goes well, an arrest warrant could be issued as early as today."

"President Oh Kang-Chul must have connections. He's been pocketing money for years—he wouldn't have kept it all to himself."

"The evidence against him is overwhelming. It'll be difficult for him to escape this."

"He may not escape, but he can still stall for time. That's why we should secure some backing of our own."

"Are you suggesting we ask Taewoo Group for help?"

Taewoo Group had an extensive network.

But my grandfather wouldn't want to use his influence to go after Oh Kang-Chul.

After all, the man had once been part of Taewoo Group.

"It wouldn't look good for Taewoo Group to get involved. But if we turn to Hyundai Group, it's a different story. The number-one conglomerate making a move—what could Oh Kang-Chul possibly do against that?"

"That's a great idea. Hyundai Group will own Taewoo Shipbuilding soon enough anyway, so they'd want to clean things up before the acquisition."

"If they wait until after the acquisition to conduct restructuring, they'll end up in a PR nightmare. We're doing the cleanup for them—the least they can do is lend us the tools."

Dimon had been in constant communication with Hyundai Group.

While price negotiations hadn't even begun yet, it was practically a given that Taewoo Shipbuilding would be transferred to them.

"Start formal negotiations with Hyundai Group. And discuss how we can deal with Oh Kang-Chul's faction in the process."

"I'll make sure Oh Kang-Chul is standing in front of the prosecutor's office cameras by the end of this week."

***

That afternoon.

While Dimon was in negotiations with Hyundai Group,

I was in a completely different place, meeting someone new.

"It's been a while. The last time we met was at the Young Entrepreneurs Forum. I should have reached out first, but I've been busy. My apologies."

"There's no need for that, President Kim. Running a company like Taewoo Electronics—of course you're busy. If anything, I should have been the one to call you first. Sorry about that."

Jo Soo-Young, the second son of Hyunjin Group.

He was in his mid-forties, but despite the age gap, he maintained a respectful tone toward me.

Of course, it wasn't because of my age—it was because he knew I was the future chairman of Taewoo Group.

"I wanted to meet with experienced executives like yourself to seek advice."

"What's with the formalities? Just call me 'hyung.' Then I can pour you a proper drink."

But I wasn't particularly fond of alcohol.

I rarely drank alcohol because it dulled my thinking.

With a mountain of work ahead of me, I couldn't afford even a moment of mental sluggishness.

But tonight, I allowed myself to take a break and enjoy a drink with Vice President Jo Soo-Young.

"You're lucky, you know. A major conglomerate is practically its own country. Fathers always pass the company down to the eldest son, leaving people like me with nothing."

"But I heard the subsidiaries are being divided for inheritance. Won't Hyunjin Heavy Industries be passed down to you soon?"

Jo Soo-Young was currently working at Hyunjin Heavy Industries.

In a few years, he was expected to take over as its CEO and inherit the company.

Of course, that transition wouldn't be smooth.

He would only secure Hyunjin Heavy Industries after an internal power struggle—what some might call a 'war of princes.'

"You really think my brother will just hand it over? He's watching for any chance to tear me down. And even if I do get Hyunjin Heavy Industries, what's the point? Compared to the other subsidiaries, it's small."

"Size can always be expanded, can't it?"

"Easier said than done. Even my father keeps pushing me to grow Hyunjin Heavy Industries, but the industry is already locked down by other companies. How am I supposed to break in?"

With alcohol loosening his tongue, Jo Soo-Young began speaking his mind freely.

I played along, agreeing with his complaints, before casually tossing out a baited hook.

"There is a way."

"What way?"

"Are you aware that Taewoo Heavy Industries has spun off its shipbuilding division?"

"I heard it was sold to Wall Street. I don't get why they'd bother coming all the way to Korea—what's there to gain?"

The news of Taewoo Shipbuilding's sale hadn't spread widely.

At first, my grandfather had held a press conference to shape public opinion, but once negotiations were finalized, he instructed the media to drop coverage of the matter.

As a result, most people weren't even aware that Taewoo Shipbuilding had been acquired by Wall Street.

Only those within the heavy industry sector, like Jo Soo-Young, were in the know.

"If Wall Street found it worth investing in, that means Taewoo Shipbuilding is a valuable company."

"But why are you so interested? It's not even your company anymore. You're not planning on buying it back, are you?"

"The issue is that there's a strong rumor that Hyundai Group will be acquiring Taewoo Shipbuilding."

"Well, that makes sense. How many companies in Korea even have the capital to buy Taewoo Shipbuilding?"

Taewoo Shipbuilding was a massive company.

Even though it had been separated from Taewoo Heavy Industries, its independent scale still ranked it among the top 40 conglomerates in the country.

Because of its size, other major corporations didn't even consider making a move.

And with rumors spreading that Hyundai Group had already staked its claim, no one else dared to give it a second glance.

"To be frank, I don't want Taewoo Shipbuilding to fall into Hyundai Group's hands. We've only just started closing the gap in corporate rankings, but if we let them take a piece of our industry, the gap will widen again."

"That's true, but why are you telling me this? Don't tell me…"

"What if Hyunjin Heavy Industries were to acquire it instead?"

Was my proposal really that shocking?

Despite the heavy drinking, Jo Soo-Young's face instantly lost its flush as if he had sobered up in an instant.

"Of course, I'd love to acquire it. But we don't have that kind of capital. We're not Hyundai Group."

"Do you really think Hyundai Group has the money? They probably have even less than Hyunjin Group. Government regulations are keeping them from securing bank loans."

"But I heard they've already started preparing to acquire Taewoo Shipbuilding. So where are they getting the money from?"

I deliberately took a slow sip of my drink.

Then, as if revealing a well-guarded secret, I lowered my voice and spoke quietly.

"They're borrowing from Wall Street."

"Hyundai Group is teaming up with Wall Street to take Taewoo Shipbuilding?"

"I can't say for sure, but isn't that the most likely scenario?"

Hyundai Group hadn't been after Taewoo Shipbuilding from the start.

I had orchestrated the situation to make it happen.

But to outsiders, it would seem as if Hyundai Group had been targeting Taewoo Shipbuilding all along.

"So that's why you don't want Taewoo Shipbuilding going to Hyundai Group."

"From Wall Street's perspective, it makes no difference whether the money goes to Hyundai Group or Hyunjin Group. They've already decided to sell Taewoo Shipbuilding to a Korean company."

"That may be true, but we don't have any connections to Wall Street."

"If it's connections you need, I can arrange them. There's no shortage of investment firms on Wall Street willing to finance the acquisition of Taewoo Shipbuilding."

"You really think that's possible?"

"With Taewoo Shipbuilding's future value, absolutely."

A flicker of ambition appeared in Jo Soo-Young's eyes.

This was his chance to go from an overlooked second son to a formidable player who had devoured Taewoo Shipbuilding.

Since heavy industries were already the division he was set to inherit, expanding it would only work in his favor.

"Can you really set this up?"

"Arranging the finances won't be a problem. But can you convince your chairman?"

"I'll take full responsibility for convincing him. If we can acquire Taewoo Shipbuilding, Hyunjin Heavy Industries could immediately climb into the top five conglomerates."

"Taewoo Shipbuilding has already secured orders for the next five years."

"Exactly! Once we acquire it, we'll just need to hold onto it for a few years, and the debt will pay itself off. Why hesitate over a deal like this? This isn't the time to sit around. I need to go speak with my father right away."

Jo Soo-Young gulped down some water, then stood up abruptly.

His back was filled with hope and excitement, and for a brief moment, I felt a bit sorry for him.

No matter how hard he tried, Hyunjin Group would never be able to acquire Taewoo Shipbuilding.

But why did I push him toward it anyway?

Because the more bidders there were, the higher the price would climb.

If Hyundai Group was the sole contender, the deal would proceed quietly. But by adding Hyunjin Group into the mix, I could drive up Taewoo Shipbuilding's selling price.

It was all just a setup.

I had chosen Hyunjin Group as a decoy to inflate Taewoo Shipbuilding's value.

***

The next day

Instead of going to Taewoo Electronics, I reported to Captain Kang's office.

David was still passed out on the couch, snoring loudly, clearly suffering from last night's drinking.

"Looks like you had another long night."

"I thought I was going to die. I've been reminded once again just how well Koreans can drink."

"Not all of them, but most people in the heavy industries sector can hold their liquor pretty well."

"What's Samsung Heavy Industries' response?"

"As expected, they're practically drooling over the opportunity. If they can acquire Taewoo Shipbuilding, they'll secure the number one spot in Korea's shipbuilding industry."

David had spent last night drinking with Samsung Heavy Industries executives.

The more companies that showed interest in Taewoo Shipbuilding, the better.

But unlike Hyunjin Group, Samsung wasn't just a decoy.

"Make sure Hyundai Group and Samsung Group end up in a brutal fight over it."

"Do I even need to try? The moment Taewoo Shipbuilding was mentioned, they got all riled up."

The rivalry between Samsung and Hyundai Group was infamous.

Hyundai was the number one conglomerate in Korea, while Samsung constantly lurked behind, waiting for an opportunity to dethrone them.

Hyundai Group absolutely despised Samsung.

Things had only worsened this year when Samsung launched Samsung Motors.

Rumor had it that Chairman Jang of Hyundai Group was so fed up that he even avoided Federation of Korean Industries meetings just to not see the chairman of Samsung.