Chapter 120
Chapter 120
President Lim Seung-yong looked a lot like Vice Chairman Im Jin-yong.
They have similar hairstyles, and they both wear glasses, so maybe that’s why it feels that way.
He is only 32 years old. Vice Chairman Im Jin-yong is 45 years old, so he is 13 years older than him.
“Yes. Sit.”
At my words, President Im Seung-yong sat down next to us.
“Thank you for coming. I think your father will be happy too.”
“I would be happy if you did.”
President Im Seung-yong opened his bottle of water and drank water.
He looked very tired. His funeral is also a funeral, but he’s been bedridden with his mother ever since, so he’s exhausted.
“You will be very heartbroken.”
“It was what I expected, and I was preparing my heart, but after he passed away, I felt a sense of disappointment.”
I nodded.
“I know how it feels.”
President Im Seung-yong seemed to have something to say, but he bit his mouth. You probably already know about my family history. And the bad relationship between me and Eunsungcha.
I said in a passing tone.
“Now that the chairman has passed away, Seosung Group will be managed by Vice Chairman Im Jin-yong.”
President Im Seung-yong nodded his head.
“I will.”
The most important thing for chaebols is management power.
No matter how much money you have, if you don’t have control over it, you’re just a rich person with lots of cash. On the other hand, if you have at least management rights in your hands, you can run a trillion-dollar company at will.
What Seungyong Lim received was Seosung Heavy Industries and Seosung Engineering.
The combined market cap of these two alone exceeds 7 trillion.
Even if this is enough, it deserves to be shouted out in the business world. However, people have regrets about what they don’t have more than what they have.
If I received 7 out of 40, I don’t know, but if I got 7 out of 400, it’s a different story.
On the other hand, all the net worth, such as products, electronics, life, and bio, belonged to the older brother. Compared to that, what he received was nothing more than chaff.
The bigger problem is that both heavy industry and engineering are not doing very well. As you can see from the bankruptcy of Hyunjin Shipping, shipbuilding is sinking together with shipping, and plants are also being pushed by China’s low-cost offensive.
So you’re saying you’re going to have Seoseong SB too?
As long as he has his brother on his back, even one of them will need more allies.
My influence on the Korean business world is not that great. But apart from that, there is a lot of money.
Excluding Suseong Group and Eunsung Motor Group, how many chaebol groups have cash assets like ours?
Depending on your will, you can use this money to shake the business world. And the influence is small only in Korea, so if you go to the US, the story is different. It’s a big business in Rustbelt, and it has direct links to the White House.
Otherwise, I wouldn’t have been able to sit here.
Actually, from my point of view, I don’t really care who takes the Seoseong SB. If only the silver difference wasn’t involved.
I thought soberly.
Chairman Lim Il-kwon defeated his older brothers and took the group. If it were only for his ability like that, he would not have chosen an older brother or a younger brother.
Could it be that the reason he gave him only heavy industry and engineering was because he judged that the bowl was just that big?
But he is greedy for more than that.
Excessive greed is a corporation that causes anger… … .
But I’m not in a position to recommend that here. He ate all the rice anyway.
I got up with Taek-gyu.
“You must be tired, but we will go. Once again, we wish the deceased well.”
“Thank you.”
We said goodbye and left the mortuary.
As I walked out of the aisle, I saw two middle-aged men walking in from the opposite side.
When they saw us, they whispered among themselves, and then they spoke to me.
“Are you the CEO of OTK Company Jinhoo Kang?”
“That’s right.”
Then the man with half-white hair patted the man with glasses next to him and said:
“Look. Because that’s right.”
Then he reached out to me.
“nice to meet you. My name is Cheol-gyun Ryu.”
I was taken aback by that and grabbed her hand.
“Good morning. This is Jinhu Kang. I hope to see you in a place like this… … .”
The other person’s expression brightened at my words.
“Do you know me?”
“of course. How can you not know the President of RCK Bros?”
Although not well known to the general public, he is a historical figure in the financial world. He was fed up with his saga after he entered the business school.
Because of that, there are not only one or two seniors who have changed their minds from IB to PEF.
“Then this person… … ?”
said the man with glasses.
“nice to meet you. This is Byeong-doo Shin.”
I guessed it when I saw that he came with Chairman Ryu Cheol-gyun.
“I heard a lot from my daughter. The senior at school must be the CEO of OTK Company.”
“I was also surprised to hear about it from Yuri.”
Vice Chairman Shin Byung-doo still looks middle-aged, but he looks like he must have been told he was handsome when he was young. If you look closely, he looks a bit like Yuri.
I introduced Taek-gyu.
“This is my friend… … This is Taek-gyu Oh, vice president of OTK Company.”
“Good morning.”
Taek-gyu also greeted the two of them.
Chairman Ryu Cheol-gyun put his thumb up towards us.
“I ate one room in this X-Cop acquisition. It was great.”
It’s a bit embarrassing to hear such a compliment from a real master. I can’t even say it’s thanks to Yeji.
I gave the ball to Hyunjoo noona.
“From the due diligence to the bidding, Governor Oh Hyun-joo did everything. I haven’t done much.”
Vice Chairman Shin Byung-doo asked.
“There was a rumor that team leader Seo Sang-won was going to OTK Company. Is it true?”
“Looks like the rumors have already spread.”
“That’s a good thing.”
As a result of the audit team’s audit, nothing came out, and the resignation submitted to Eunsung Motor Group was accepted without any problems. And team leader Seo Sang-won, along with his teammates, will join us in a few days. We have already set up our office space.
“I don’t think that’s a good thing.”
Chairman Ryu Cheol-gyun waved his hand.
“I don’t care about rumors. We’ve known each other since we were working at Redstone, but they’re not like that.”
I nodded.
“Yes. If that were the case, I wouldn’t have even made the offer in the first place.”
A person who betrays once can betray at any time. Isn’t there a guarantee that someone who sells other company information won’t sell our company information later?
he laughed bitterly.
“It was only Eunseong-cha that was stupid. After X-Cop, great talents were also taken away.”
The image reflected in the press article or column is a sharp and strict image, but when we meet, it is playful and cool.
Perhaps the former was his character when he was working, and the way he is now seemed to be his usual personality.
“We’re here to mourn, are we on our way home after we’re done?”
“Yes.”
Chairman Ryu Cheol-gyun said with regret.
“If I had known this would happen, I would have come a little earlier. I was on a business trip to China and just got off at the airport and was on my way back.”
So you came so late.
“If you give me time, I’ll see you next time.”
“Anytime welcome.”
We exchanged contact information with each other.
Chairman Ryu Cheol-gyun patted Vice Chairman Shin Byung-doo on the shoulder and said.
“After work, I have a beer nearby. There is a pub in Gangnam that I often go to with this friend.”
“Yes. I will contact you.”
The two entered the mortuary, and we came out of the funeral home.
I said in disbelief.
“I didn’t expect to see those two in person here.
Taek-gyu looked at my expression and asked.
“Are they such great people?”
“In the game world, would it be Lost Fantasy developer Shigeru Ichikawa?”
Taehyung immediately understood.
“You are a legendary legend.”
If there’s one good thing about doing this job, it’s that you get to meet people you think are legends in person.
Following Chase Southwell and James C. Goldman, you will be able to see Chairman Ryu Chul-gyun and Vice Chairman Shin Byung-doo in person.
I don’t know if we’ll meet Warren Boat later.
* * *
It was a time when chaebols were watching the media when Lim Il-kwon married Yeon-yeon. However, the situation on both sides has changed a lot over the decades.
While the Seoseong Group has grown into a global company, the Chojung Ilbo has faced difficulties both internally and externally.
It has been a long time since the power of the press was transferred from newspaper companies to portal sites. Instead of subscribing to newspapers, people clicked only the articles floating on the portal’s main screen.
The two general channels, which were hard-earned, were only making losses rather than making profits. If the advertisements of large corporations are cut off right now, they will have to worry about their survival.
Jo Jung-il Bo is a family business that was once run by her father and is now run by her brother.
But the company is slowly going downhill.
She wanted her husband to step in and help, but she only distributes advertisements and she draws the line for further support.
Later, when her husband resigned due to ill health and her eldest son took over the business, she again looked forward to help. But it was her mistake. Surprisingly, her son closely resembled her father.
In other words, she thought only of herself and her group.
When they were rejected after several persuasion attempts, their feelings for each other deepened, and Yeon-yeon gave up her expectations for her eldest son.
She has no control over her, but she owns some of the stock in the affiliates.
At the same time, her younger brother Yeon-Jin gave her Eun-Sung’s tea proposal. If things go well, the reward will be given to the Cho Joong Ilbo.
Once Im Jin-yong officially took over as chairman, it was almost impossible to usurp management rights of affiliates.
Now was the last chance. She cleverly persuaded her youngest son. Fortunately, Im Seung-yong moved according to his mother’s wishes.
He was very dissatisfied with his older brother who took everything. Because of that, he did not hide his desire to take even one more as his share.
Seungyong Lim was confident that he would be able to have enough SB if he received his own stake, his mother’s stake, and the support of the National Pension Service.(Read more @ wuxiax.com)
* * *
The new year has just begun, and the calendar has already turned to February.
The inauguration ceremony of Ronald and the funeral of Chairman Lim Il-kwon, which made the world uproar, are now a thing of the past.
The estate was distributed to the bereaved family according to the will. The four children were given stocks in the company they were managing, and his wife Yeon-yeon, the governor, was given various real estate, bonds, and cash.
Inheritance tax was at an all-time high. Perhaps the government will not have to worry about tax revenue this year.
After the funeral, Vice Chairman Im Jin-yong was busy moving within the group to stabilize his business. Anyway, since Chairman Il-kwon Lim passed away, he has been acting as an agent, so there was no big confusion.
He hadn’t been formally inaugurated yet, but as soon as the job was completed, he assumed the position of president.
Affiliates formed a new board of directors and reorganized their organization. Companies where Chairman Lim Il-kwon was the CEO held an extraordinary general meeting and appointed a new CEO on the agenda. This included Seoseong SB.
We continued to buy Seosung SB shares even before the funeral. The number of stocks traded on the market is about 20-25% of the total.
The automotive battery failed to be certified in China, and the contract with Eunsung Motors failed, and the share price, which once peaked at 320,000 won, stayed at the low 170,000 won.
Henry placed orders by distributing his accounts at several foreign brokerages. It sounds easy, but in reality it is a long and tedious task.
If you buy a lot of stock at once, the stock price will soar in an instant. Therefore, it is necessary to continuously place and execute small orders according to the sales volume.
However, no matter how quietly they bought it, it was inevitable that the stock price would rise if the circulation volume decreased.
We started treasury stock repurchase negotiations before the stock price went up further. This should be done by an expert instead of me.
Team leader Seo Sang-won secretly contacted the other side and negotiated.
The stock is now over 4 percent, and in the meantime, the stock has risen more than 15 percent to close to 200,000 won.
But suddenly, an aggressive buying trend began to come from somewhere. The stock price soared in an instant, and the bulletin board went into an uproar.
– What’s wrong with Seoseong SB?
-Why are you suddenly climbing like this?
– It seems that there are good things.
– Foreigners keep buying.
-Good news is going to burst soon, so don’t steal the stock and hold on.
I clicked my tongue.
“You seem to have noticed.”
Taek-gyu asked.
“Do we live?”
“Even if you don’t know who it is, you must have known that they were scouring the material metallurgically. So, I think they started buying to increase their stake.”
“Then what now?”
“Anyway, I was going to stop now.”
We currently own 4.7% of the shares we bought. If it exceeds 5%, it must be disclosed in accordance with regulations.
If the announcement is made at this point, people will wonder why OTK Company bought Seoseong SB stock, and they will buy it before they know the answer.
As you know, OTK Company has achieved great success in all its investments. As such, it is not surprising that a chase purchase follows.
When we stopped buying, Seoseong SB made a public announcement. It was about selling all 6.3 percent of Seoseong SB’s treasury stock to OTK Company.
OTK Company also announced that it acquired a total of 11 percent of Seosung SB’s shares, including treasury stock.
When the announcement was made, the stock price of Seoseong SB began to fluctuate.
