Capítulo 591: Chapter 591: I’ll Help You with Whatever I Can
After sending Chairman Choi Woo-sik away, I called in Kim Byung-woo, the chairman of Jungwoo Group separately.
Although the Korean Economic Association meeting had ended, Chairman Kim Byung-woo was still waiting at the hotel.
"Have you been waiting long?"
"Not at all. The coffee at Baekje Hotel is outstanding, so I took the chance to enjoy it again after a while."
"Please, have a seat."
As Chairman Kim took his seat, he glanced at me carefully before asking cautiously.
"But why did you call Chairman Choi separately?"
"It seems we have some work to do together. I think some interesting developments are on the horizon soon."
"Is that so? Interesting developments, you say? May I be hopeful as well?"
Chairman Kim chuckled lightly, and I watched him closely.
He must be curious about what it entails, yet he didn't ask. It's rare to find someone so disciplined.
A smile tugged at my lips naturally.
"Feel free to look forward to it. By the way, have you assembled the task force team?"
"Yes. It's composed of trustworthy people while maintaining security. Although I can't say for the future, for now, Jungwoo Construction will be leading the North Korean business, and I've formed the TF team with personnel to support Jungwoo Construction."
As expected of Chairman Kim Byung-woo. His extensive experience allowed him to plan the business adeptly without needing my directives.
Unlike other projects, the North Korean operation must prioritize major infrastructure development.
Ideally, if Jungwoo Construction takes the lead, Jungwoo Group would follow behind.
"Jungwoo Shipping and Jungwoo Shipbuilding, along with Jungwoo Refinery, will be involved. Just keep that in mind and prepare accordingly. It might be good to send specialists from your subsidiaries alongside when Jungwoo Construction dives in."
"You said Jungwoo Shipping, Jungwoo Shipbuilding, and Jungwoo Refinery, correct?"
"That's right. That area has historically been an industrial complex in North Korea. Sure, it has halted operations now, but it was once the hub of North Korean shipbuilding. I'm aware there are still many skilled workers there."
After a brief pause, Chairman Kim Byung-woo asked.
"Hmm… I understand what you mean, but isn't Nampo Port not an ice-free port?"
An ice-free port.
This term refers to a harbor where the sea doesn't freeze in winter, allowing free access for ships.
Nampo Port was originally an ice-free port. However, due to global warming and unusual weather patterns, the number of freezing days has been increasing.
Currently, it only freezes for a brief time, but even that has a significant impact on the port's functionality.
"Nampo Port used to be an ice-free port."
"Yes, it was. But I've heard it freezes in winter these days."
"People attribute Nampo Port's status to global warming and unusual climate conditions, but the main cause is the West Sea Gate. Originally, Nampo Port only had a few ice floes floating in its waters. After the West Sea Gate was constructed, the water flow stagnated, preventing seawater from flowing into the Daedong River. That's the biggest factor in Nampo Port freezing. The North Korean government would never admit this, though."
Chairman Kim Byung-woo gasped and nodded in realization.
"Ah, the West Sea Gate. I see now."
"So, I'm planning to dismantle the West Sea Gate and revert to the original setup. Instead of the Daedong River, we envision constructing a massive outer harbor along the coastline. Nampo Port could serve as a secondary port for small vessels instead."
Hearing about the potential dismantling of the West Sea Gate, Chairman Kim's eyes widened in surprise.
"Did you say you're going to dismantle the West Sea Gate? Has the North Korean government agreed to that?"
"If it were Kim Jong-il, he wouldn't have allowed it. But Jang Seong-taek is different. If he can gain practical benefits, he'll choose to part ways with the past."
"Wow… He bragged so much about the dam built by Kim Il-sung, yet now he's planning to dismantle it. I guess North Korea is really changing."
Chairman Kim Byung-woo muttered, dazed by the revelation.
It's good to see such genuine surprise. All the effort I put into convincing Jang Seong-taek to proceed with the dismantling is paying off.
I chuckled lightly and continued.
"If the West Sea Gate is dismantled, the waters in front of Nampo won't freeze anymore. That would set up a pretty advantageous situation."
"There might be a dark horse emerging in the shipping industry then. I'll take note of that and start selecting personnel for site assessments right away."
As expected, Chairman Kim Byung-woo anticipated what I wanted and brought it up first.
Nodding in satisfaction, he asked again.
"That sounds good. How is Jungwoo Group doing? No major issues?"
"Yes. Things are going so well that it's almost making me uneasy. Just being able to invest freely without worrying about shareholders is a huge relief."
"That's fortunate to hear. If you ever face difficulties, don't hesitate to reach out. I'll help with whatever I can."
"I'll do just that."
Though he responded readily, Chairman Kim Byung-woo wouldn't bother to contact me unnecessarily unless it was something genuinely important.
I stood up from my seat and gently patted his shoulder.
"Shall we continue our conversation over dinner? I've reserved a nice place for us. Let's go."
I led Chairman Kim Byung-woo to the restaurant I had booked.
We shared a delightful dinner while discussing various topics.
***
The regular shareholders' meeting of KS Corp.
All eyes from the business world and media were focused on the venue where the meeting was being held.
It was a historic moment, marking the first time foreign capital had declared a hostile M&A against a major South Korean corporation.
Regardless of the outcome, it was bound to have a massive impact on the Korean economy.
Naturally, such a juicy story wouldn't escape the media's grasp.
As a result, numerous reporters were waiting outside the venue where the meeting took place.
Last year's shareholders' meeting had been an absolute chaos.
Due to the accounting fraud scandal, retail investors had gathered to protest, demanding the entire board's resignation.
However, no matter how many retail investors gathered, they couldn't win the voting battle. They were destined to lose in the fight for shares.
But this time, it was different.
Sovereign had purchased shares of KS Corp., becoming the single largest shareholder, completely changing the atmosphere.
Retail investors formed an alliance with Sovereign to sway public opinion, and the KS union joined forces with Sovereign as well.
Choi Woo-sik stepped out of his vehicle to attend the meeting.
His face, caught in the midst of a power struggle, wore a hard expression.
"Chairman Choi Woo-sik! What do you expect from today's shareholders' meeting?"
"Chairman Choi! Please respond to the fraud charges and slush fund allegations brought by the prosecutors!"
Reporters crowded around Chairman Choi, thrusting their microphones at him with no prior coordination.
His bodyguards attempted to block the reporters, but it was in vain.
Next to them, the KS union and several citizen groups were protesting with banners.
"Smash union repression!! Total resignation of management!! Revoke dismissals!! Reinstatement for all!!"
"Those responsible for the illegal activities must step down from management!!"
"Resign, resign!!"
The area in front of KS Building, where the shareholders' meeting was being held, was chaotic.
Chairman Choi Woo-sik walked into the building, ignoring the barrage of reporters.
"Chairman Choi! Please respond!"
Even after Choi Woo-sik disappeared, reporters continued shouting.
Once inside the elevator, Chairman Choi let out a curse as soon as the doors closed.
Then, he kicked the shins of the Chief Secretary standing beside him.
"Ow!"
"You idiot! Are you useless? Do I have to put up with those jerks all morning? You wanna die?"
The Chief Secretary hunched his body in response. The sharp pain in his shins was undeniable, but he couldn't show any signs of discomfort.
Showing pain would only provoke Chairman Choi further. The Chief Secretary kept his head down in attention.
"I'll rectify it right away."
"Rectify? Fix the issue immediately and disband the union! The atmosphere is already bad enough without the union causing chaos!"
Chairman Choi Woo-sik had a significant presence in the business world.
It was common for him to intimidate the small-statured Chief Secretary.
Chairman Choi glared down at the Chief Secretary, who kept his head lowered.
"Try pulling this again; I dare you."
"I'm sorry. I'll take care of it immediately."
The elevator arrived, and the doors opened.
Chairman Choi then walked into the large conference room for the shareholders' meeting, his expression eerily calm as if nothing had happened.
Meanwhile, Eva arrived in front of KS Building.
Stepping out of her car, she smiled brightly at the reporters.
This was Eva's first public appearance in a long time.
Just like with Chairman Choi, reporters rushed towards Eva, but her security team was of a completely different caliber compared to Chairman Choi's.
The reporters couldn't even get close to her; they were blocked by a human wall surrounding Eva.
Seeing the reporters struggle, Eva smiled and spoke.
"If you maintain some distance and keep order, I'll be happy to answer your questions."
At Eva's words, the reporters glanced at each other's faces across competitors in the crowd.
"What should we do? Just head in or answer a few questions before going?"
Ultimately, the reporters, after peering at one another, took a step back.
"I don't have much time, so I can't entertain too many questions. Let's limit it to three. Who has a question?"
The reporters eagerly raised their hands. Eva pointed to one.
"You in the white outfit. Please go ahead with your question."
The selected reporter introduced himself and asked.
"I'm Kim Hee-sung from Kyungwoo Daily. Today, regarding the shareholders' meeting, which side will Future Investment support? Also, I would like to hear your thoughts on the management takeover strategy by Crest Securities, which is also based in Hong Kong."
As the reporter finished, Eva chuckled softly.
"I asked for one question, but you've thrown two at me. It's not polite to steal another's chance like that."
The reporter, now under the gaze of others, coughed awkwardly.
"I'll answer both this time. But please, next time, only one question. Regarding which side we'll support… I haven't decided yet. I plan to hear both sides at the shareholders' meeting and then make a choice. The second question was… oh, what was it again?"
Eva's playful act of feigning ignorance drew laughter from the crowd.
Despite the lightheartedness, several reporters were astonished by her quick thinking.
"Crest Securities is indeed an investment firm based in Hong Kong. However, to be precise, it's a subsidiary wholly owned by the Sovereign Fund located in New Zealand. I would appreciate it if you don't weave any fictional connections based on that. Additionally, while Future Investment is based in Hong Kong, most of our investments are made in South Korea. A significant portion of our profits is reinvested in South Korea. So, I do feel a bit disappointed if you keep seeing us as foreign capital."
Eva's bright smile lightened the tense atmosphere.
"Now back to the main topic: I believe shareholders' rights to dispute management are legitimate. The rightful owners of a company are its shareholders. If shareholders face issues, they request rectification, which is a legal procedure under shareholder voting. However, if there are illegal or unlawful aspects during that process, they deserve to be called out."
Eva continued to answer the second question with her thoughts on the matter.
"Let's take the last question from someone in the orange outfit. Go ahead with your final question."
The chosen reporter took the microphone and asked.
"Hello, I'm Song Hee-kyung. While the Sovereign Fund itself is noteworthy… I can't skip over the source of Future Investment's capital. Although it's known as Hong Kong capital, our investigation indicates the funds are not from Hong Kong but are suspected to come from various paper companies located in tax havens. Do you have a response to that?"
Eva's bright smile faded instantly as her face became expressionless.
In a voice that had just been smiling moments before, Eva now spoke with an icy tone.
"Which media outlet are you from?"
"I'm from New Fact, Song Hee-kyung. It's still a small online newspaper."
"Hmm…"
Eva's expression soured as she let out a quiet sigh.
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