Chapter 361
Chapter 361
The drinking party continued until late.
Chairman Ryu Cheol-gyun said to me before we parted.
“When I put down the head of the Khan Line group and said I was leaving, everyone around me stopped me. Although I am proud of it, it was like a miracle that I went up there as an Asian in the heart of global finance. After establishing RCK Bros. independently, I had to start everything from scratch. At that time, I was also young byung-du, and I had the spirit to try and face it. When I see CEO Kang Jin-hoo now, I remember those days. CEO Kang Jin-hoo and Vice President Taek-gyu Oh are younger than me at the time. From now on, the two of us will usher in a new era.”
I said holding his hand.
“Thank you very much today. Then see you next time.”
Chairman Ryu Cheol-gyun was sent first, and then Vice Chairman Shin Byung-doo and Yuri got into the car.
“I’ll see you at work tomorrow, CEO.”
“Huh. Be careful and go in.”
We also got into the back seats. Both were drunk, so a bodyguard sat in the driver’s seat. Even if it’s a self-driving car, if you drink and sit in the driver’s seat, it’s still drunk driving under the law.
Ellie rested her head on my shoulder. The drunkenness made her face a little red, and with every breath she breathed a faint scent of wine.
For a moment, she felt like kissing her.
Ellie said with her eyes closed.
“Yuri is also cute.”
“Iknow, right.”
“Do you remember when we went to Korea University together? There, Jin-hoo happened to run into her ex-girlfriend.”
I laughed bitterly.
“Absolutely. Back then, just like now, Ellie was by my side.”
Ellie grabbed my hand.
“Did you like it a lot?”
Even without a subject, you could tell who you were talking to.
I nodded.
“of course.”
Now it’s all a thing of the past.
It is common for men and women to meet, break up, and meet other people. Is one or two celebrities divorced or remarried?
Some may say that I lost a woman to Go Jun-hyung (of course, no one can say that in front of me), but that’s just a man’s point of view.
A woman simply chooses the person she likes.
It doesn’t matter if I met him before breaking up with me or after we broke up. There’s no law that says she shouldn’t date another guy until she breaks up with a girl she has a girlfriend.
The reason Ellie suddenly brought up the story of Seon-ah was probably because the story of GH Construction came up earlier.
“Aren’t you worried?”
“Not at all. I’m not really worried about the chaebol.”
People tend to feel more sorry for the downfall of a high-status person. Whether it was the royal family of a ruined country, or the collapsed chaebol.
However, it is a tradition in Korea that companies fail, but chaebols do not. Even if the entire GH group is decomposed, there will be no problem for the owner’s family to live on.
There is another important issue. Regardless of the outcome of the sale or rehabilitation, the winds of restructuring will be raging.
I said with a bitter smile.
“If you have to worry, you have to worry about the employees who might lose their jobs.”
* * *
The insolvency of GH E&C was more serious than the market expected.
The bankruptcy of SPC in the Philippines, which placed an order for the business in a situation where the financial situation deteriorated due to unreasonable expansion and unsold housing, was fatal.
In the financial world, there have been rumors that trading may be suspended in the stock market soon.
No construction company runs a business with their own money. Financial support such as loans and guarantees is essential for construction.
If the construction company becomes insolvent, the client is reluctant to place an order for fear that the construction will be stopped in the middle, and the subcontractors want to receive an advance payment for fear of not being paid. And this further exacerbates the flow of money.
In fact, rumors circulated that the financial situation was not good, and GH E&C recently suffered a lot from being pushed by other large construction companies to win orders for the reconstruction of Seoul.
Within the GH group, fierce discussions took place over the solution. However, it was not easy to reverse the situation.
It has considered issuing bonds to raise funds, but corporate bond yields have already soared close to 15 percent. Under such circumstances, additional corporate bonds were not needed to be successful. There is a way to lower interest rates by providing guarantees from other affiliates, but shareholders are sure to oppose it.
As the fact that there is insolvency is known, it will be difficult to receive the right price if you sell GH E&C now and put it on the market. However, it is not possible to sell GH Oil, which is the group’s representative affiliate and main business.
A plan to revive construction by selling other affiliates was also considered, but foreign shareholders of GH Holdings, the holding company of the GH group, expressed their opposition.
President Koh Jin-kwang ran in every direction to prevent GH Construction from falling over.
It is clear what the fate of the acquired companies will be. In the acquired company, the first thing to change is the CFO (Chief Financial Officer) of the acquired company. It is to grasp the flow of money and hold the money line. All the original executives are cut off, and a new person comes in.
Ko Jin-kwang was born into a chaebol family and has lived as a chaebol throughout his life. And he joined GH Construction and took over the company all too naturally. In that way, the company he devoted his life to may be taken away from his hands.
A chaebol that lost management rights is no longer a chaebol. Even so, there will be no problem in making a living, but they cannot enjoy the status and honor they have now. This was like a disgrace.
President Koh Jin-kwang did not give up hope. It is negotiating with the Philippine government to receive payment, and the unsold housing units will be resolved over time. If you can survive the current financial crunch, there will be a sufficient chance of recovery.
No, a good opportunity was already in front of you.
The United States is steadily working on restoration projects in San Francisco and Silicon Valley. It is the largest construction project in the United States, taking 10 years to fully recover.
As long as you are confident that you will receive as many orders as possible here, you will be able to persuade your creditors, and then won’t you be able to avoid the worst case of court management or forced sale?
All the construction companies around the world were working hard behind the scenes to win as many projects as possible.
And OTK Company is in charge of that business.
If you can get help from Jinhoo Kang, you can solve the problem!
The problem is that the entire GH group has no particular contact with him. Fortunately, Koh Jin-gwang’s third son was a senior in the same school as Kang Jin-hoo.
For now, we have no choice but to look forward to it.
Go Jun-hyeong remembered Kang Jin-hoo he had met before.
When he was in college, he was a junior who didn’t really care. But so much has changed in the past few years.
Unlike the GH Group, which is losing its group market cap and its business rankings are declining, OTK Company has grown into the world’s largest company.
Recently, the Korean economy was virtually driven by OTK Company. If OTK Company hadn’t cooperated with South Korean conglomerates such as Suseong Electronics and Eunsung Motors, Korea’s growth rate would have been 2 percent lower than it is now.
It may not seem like much, but Korea’s GDP is 1.7 trillion dollars. Of this, 2 percent alone is almost 40 trillion won.
The impact on the national economy is that much, not to mention the company.
It is only a few times that Go Jun-hyeong met Kang Jin-hoo at school. But his appearance is definitely memorable.
Because he was the former lover of Seon-ah, who is now his wife.
But now I am in a position where I have to say sorry. It felt like a joke of fate.
Go Junhyung sighed and muttered.
He said, “Should it be a relationship or a bad relationship… … .”
* * *
While he was at work, an unexpected person came to the company.
When I heard the name, I pondered for a while. Should I meet you?
Taek-gyu, who was playing Lost Fantasy Online on his way to work, jumped up from his seat.
“What are you thinking about? We need to see this right now!”
It looks like an interesting spectacle has arisen.
I asked absurdly.
“Is this fun? fun?”
Taek-gyu nodded his head as if it was natural to my question.
“Huh. fun. So, let’s go see each other.”
“… … .”
Everyone, this is the personality of the vice president of OTK Company.
I went down to the meeting room together to listen to Taek-gyu’s wishes. There was a young man in a suit. A tall, handsome face.
His name is Go Junhyung. He is the third son of the president of GH Construction, and to me, he is a senior in business administration at Korea University. And he is also Seon-ah’s husband.
It was the first time we met at school the other day. I rarely go to places like business meetings, and since the business area is different, I never met outside.
There’s nothing particularly bad about it, but that doesn’t mean I don’t have good memories either. So, maybe they didn’t think about seeing each other for a while.
He bowed his head and said hello.
“It’s been a while, CEO Kang Jin-hoo.”
It’s a respectful attitude, different from what I was comfortable talking about at school. The situation and position have changed since then, so it is natural.
“It’s been a really long time. nice to meet you.”
Taek-gyu greeted him warmly.
“Good morning. This is Taek-gyu Oh. You are welcome today.”
“I’ve heard a lot about you, Vice President.”
We said goodbye and sat down. The secretary served drinks.
I asked him.
“What did you come here for?”(Read more @ wuxiax.com)
There is no other job in Korea that has the will to succeed in the family business as much as the chaebol. Go Jun-hyeong also joined GH Construction to succeed in the family business and is learning the company’s work diligently.
Currently, his position is Managing Director. The company will be inherited by the older brother, but he will be able to receive at least one smaller subsidiary under him. Then GH Construction will drive hard work through insider trading.
Of course, this was only when GH Construction was in good shape.
Given the current climate, it is highly likely that they will be sold soon. If this happens, the owner family, including him, will have to step down from their positions over management rights.
Well, since my grandfather is the chairman of the GH group anyway, he will do anything. The most useless thing in the world is to worry about the chaebol.
Go Junhyung said with a dark expression.
“To start with, I want to get help.”
“What help?”
“I’ve heard that Arkit has won the urban design for Palo Alto and Redwood Seat for the San Francisco and Silicon Valley reconstruction projects. GH Construction would like to participate in that regard.”
Again, I said I’d see you for this. It was somewhat expected.
“As the final design has not yet been passed, it is not a project that is currently underway. A contractor will be selected at a later date.”
“But if CEO Kang Jin-hoo comes forward, I think there will be a way. An MOU, not a formal contract, is sufficient.”
Are you trying to convince creditors with that and then try to save the company by cleaning up insolvent businesses in the meantime?
When I did not answer, Go Jun-hyung asked.
“Do you have any requirements?”
Without thinking for too long, I just cut it off.
“no. It’s up to Arkit to decide. OTK Company is an investment company. In principle, it is not possible to get involved in management as much as possible if the company that received the investment asks for help first. There is nothing else I can do to help. Sorry for not being of any help.”
If you start to receive solicitations from Korean construction companies in this way, there will be no end to it, and there will definitely be a backstory.
The late Junhyung bit his lip and shook his body slightly. It looks like his self-esteem has been severely damaged. But what do you do?
Negotiations must also be fair. However, this is actually a one-sided request for help.
The purpose of the company is to make a profit. If it’s not for our benefit, we don’t need to help. Considering the conditions GH E&C is proposing, other construction companies will be able to offer it enough.
Thinking so, Go Junhyung asked with a trembling voice.
“Is it because of Seon-ah?”
“… … Huh?”
what kind of bullshit is this?
