Chapitre 590: Chapter 590: You Should Make the Proposal
The Chandler brothers calculated that if we transferred our shares to Chairman Choi Woo-sik, they would consider themselves defeated.
In that case, it was likely that Chairman Choi would secure around 25% of the voting rights.
To gain a clearer understanding, I asked Richard.
"What about the voting rights secured by Chairman Choi?"
"From what we can tell, it's about 25%."
Even with my 8.7%, the 30% held by the Sovereign Fund, and the 25% that Chairman Choi secured, it still didn't amount to two-thirds.
After taking a moment to gather my thoughts, I couldn't help but smirk slightly.
"So, there's a reason you came looking for us."
The National Pension Fund held roughly 4% of KS Group's shares.
There was no way they would support the Sovereign Fund, a foreign entity.
Of course, whether they would support Chairman Choi, who was under media scrutiny, was also uncertain.
Yet, if there was a risk of losing control of the company, they were more likely to side with Chairman Choi.
Originally, there was no way to win under any circumstances. But now, they calculated that simply acquiring our voting rights would guarantee a victory, which was why they visited Korea.
Last year, James Peter, the chief management officer, came to Korea as an agent for the Chandler brothers.
Otherwise, the executives of the Sovereign Fund wouldn't have had any reason to come to Korea again.
For various reasons, the most significant was that the government had already filed complaints against them.
If the fact that the Chandler brothers entered the country became known, there was a high chance they would be summoned by the Prosecutors' Office.
But there was no way these two would sit still in a fight where victory was in sight.
The Chandler brothers tended to directly manage most of the companies they invested in.
They had even entered Russia despite being threatened by the mafia during the process of ousting Gazprom's executives.
Investors who would risk exposure but still acted boldly when profits were guaranteed—that was the Chandler brothers.
"To ensure a guaranteed victory, we need the voting rights held by Future Investments."
"Understood. The voting rights of the National Pension Fund are the issue. If those rights end up in Chairman Choi's hands, we can't assure victory."
Richard Chandler shook his head.
"Even if the National Pension Fund supports him, I'm confident we can win. We initially planned on Chairman Choi's supportive shares as part of our strategy."
No matter how much Chairman Choi was embroiled in legal battles, he couldn't allow a Korean conglomerate to fall into foreign hands.
Most likely, on a government level, they'll mobilize the fund management office to back Chairman Choi.
The guidelines for the National Pension Fund's exercise of voting rights had yet to be appropriately established.
Of course, there were informal standards within, but it was merely a provision to cover themselves if issues arose later.
Essentially, right now, they were exercising their voting rights in line with the government's preferences.
"Is that so? Even if the National Pension Fund supports Chairman Choi, you're still confident? Quite a bit of self-assurance, isn't it?"
"If Future Investments teams up with us, we'll definitely secure control of management. Even remaining neutral without exercising voting rights would give us an 80% chance of winning."
"Just remaining neutral grants us an 80% chance of winning… If we side with them, we'll definitely lose. I would never have guessed we held the casting vote."
Holding a mere 8.7% and being the casting vote was not a bad situation at all.
But there was still something these two brothers didn't know.
"But did you know? We can also exercise the voting rights of the National Pension Fund."
"What do you mean…?"
Richard Chandler asked, his face blank with confusion, and I deliberately turned to Eva.
"Eva, can we move the pension fund's voting rights?"
"Of course, Boss. If necessary, I can contact them right away."
I shook my head and smiled again at Richard Chandler.
Richard Chandler muttered in a daze.
"You can move the pension fund?"
"This is Korea. You're familiar with the individuals investing in emerging markets. This place doesn't just operate on a systematic system like the U.S. Remember how you made huge profits using those tactics in Brazil and Russia? Partnering with the government and dishing out bribes. That's how you took over the companies."
"We didn't invest that way. We are morally…"
I laughed at Richard Chandler's excuse.
"Where's the morality in money? Don't rationalize the absurd. I refuse to deal with anyone who lies. That's my principle. Don't lie to me in my presence."
Richard Chandler seemed shocked, his eyes flickering. At that moment, Christopher Chandler spoke up.
"What do you want?"
I turned my gaze to Christopher Chandler.
"You should make the proposal. My job is to listen to the proposal and decide whether to accept it or not."
"…Korean conglomerates are peculiar right now. Owners with minimal shares control their companies at will. They treat corporate funds like their pocket money. This is not normal. We act in the interests of shareholders."
"What does that have to do with me? Stop wasting time talking nonsense. We're not here to play word games. What can you do for me? Explain why we should support you."
I could hear Eva's laughter beside me.
Where could these two have ever received such treatment?
Whenever they made investments, the government would come forth with open arms to welcome them.
That was true in both Brazil and Russia.
After investing in emerging markets, they had always been saviors.
Taking a deep breath, Richard Chandler opened his mouth again.
"What do you want? We will do anything we can. Just tell us what you wish for."
At Richard's words, Christopher called his brother softly.
"Richard!"
"Christopher, this isn't the time to be stubborn. We're investors. Let's think rationally."
"Richard, we can simply sell our stocks and leave. Management rights? It'd be great to have, but it's not a must, is it?"
However, Richard Chandler ignored his brother and asked me.
"What is it you desire?"
"Well, is there anything I could possibly gain from you?"
"We may not compare to Dream High, but we do have quite a reputation in this industry. So please, speak up."
Instead of answering, I slowly stroked my chin.
Seeing Richard's face crease in anticipation for an answer, it seemed he caught the sly smirk on my face.
"Was the Sovereign Fund really that reputable? As far as I know, your operating funds barely exceed $2 billion."
"…"
"Just neighboring Future Investments manages over $10 billion."
"Why are you mentioning that now?"
Richard shot me a sharp glare, but I shrugged, unimpressed.
"Isn't it ridiculous? To think you expect a conglomerate ranked fifth in Korea to simply hand over the company with less than $200 million? Either you're extremely audacious or you totally disregarded Korea."
The Sovereign Fund invested just under 200 billion won to acquire a 14.9% share in KS Group.
To think they were eyeing the management rights of such a colossal company with such little funding.
If they seriously intended to seize management rights, they ought to gather around 30% in the fund alone.
Due to the accounting fraud and slush fund problems faced by KS Group, stocks had already dropped by half.
But Crest Securities made a report showing they acquired an 8% share despite those issues.
The stock price rebounded with that news, and small investors welcomed them.
They believed it; halting stock purchases meant they only secured that 14.9% stake.
By now, the stock price had already recovered to levels before the accounting fraud at KS Group was revealed, and if the Sovereign Fund continued to acquire shares, the price could further increase.
The shares available on the market were limited. Thus, to achieve their target of 30%, the Sovereign Fund would need to invest more than half of their assets.
So, instead of taking risks, they chose a safer route.
That was to turn their shares in Future Investments into supportive shares.
Thus, Future Investments was the main party, and they urgently needed our help.
"Surrender the management rights. I won't welcome foreign capital becoming the owner of a Korean conglomerate."
"…"
I had no intention of handing over KS Group to these people.
Once I opened that door, the hyenas would threaten the governance structure of weak Korean conglomerates from then onward, and I wouldn't tolerate that.
"Don't want to? Then let me propose something. You choose whether to accept my proposal or not. But if you refuse, you'll face significant losses and exit the Korean market. I can make that happen. No, even if you withdraw from the Korean market, I will follow you and make your life miserable."
"Are you threatening us?"
They didn't realize I was the owner of Future Investments.
That was the biggest mistake of the Chandler brothers.
I smiled slyly and locked eyes with Richard.
"Well, if you take it as a threat, it's a threat. If you take it as an offer of alliance, then that's what it is."
Both brothers bit their lips tightly. Perhaps realizing they had grown serious, Christopher even closed his eyes.
They knew very well that if it were Dream High, we had enough ability to carry out such actions.
Though they asked if it was a threat, I expected they already guessed it was true.
"Don't worry. If you join hands with me, you will gain plenty and return from Korea. Moreover, I will assist you in any future investments you make. What will you do?"
Richard and Christopher Chandler exchanged glances.
"Did the cat take your tongue? Why aren't you answering?"
I regarded them with a broader smile.
* * *
"Well, that's mocking…"
"Stop stammering! What are you doing right now?"
Chairman Choi Woo-sik finally exploded in anger. I raised an eyebrow and looked directly at him.
"This isn't the time to get angry at me, is it? I clearly advised you. Either use the slush fund or some other means to secure shares in KS Group. Ignoring that was your choice. And now your management rights are threatened. And you're getting mad at a potential ally?"
I found it quite disappointing that he couldn't differentiate when to uphold his pride and when not to.
Right now, it would be inappropriate to stick his knee on the ground and beg the small shareholders for mercy.
Someone like him should well understand what would happen if the shares in Future Investments fell into the opposing camp.
I tsked as if to express my opinions and continued.
"Is your pride more precious than the management's rights of KS Group? What would you do if I raised my hand for the opposing side? Are you putting your faith in the National Pension Fund? Or perhaps the shares in your nominee accounts?"
Chairman Choi's eyes widened.
"H-how do you know that?"
In my past life, how did Chairman Choi Woo-sik defeat the Sovereign Fund?
That was my point of curiosity.
The Sovereign Fund, supported by small shareholders and the KS Group labor union, ultimately lost the vote.
That meant there were shares held under the radar by Chairman Choi that people didn't know about.
It was likely shares his predecessor possessed but hadn't been inherited yet, likely to avoid inheritance taxes.
I immediately instructed Eva to find this out, and she quickly returned with the answers.
No less than 7% of the shares were distributed here and there.
"What matters is not how I know, but that your lifeline depends on me, right?"
"…"
"Chairman, let's make a deal. Then I'll ensure you keep control of KS Group."
État de l’alimentation hebdomadaire
-- Classement
Power Stone 
-- Power
stone