Chương 426: Chapter 426: I Need Your Help
Taking down Jungwoo Group and dismantling Il-seong Group were entirely different matters.
The scale was simply too large for me to handle alone.
That's why this time I planned to unite the voices of the business world.
"Everyone here knows Il-seong Group's current situation. Let me be frank – I intend to dismantle Il-seong Group."
Those who already knew showed no reaction on their faces.
But those who thought I wouldn't go as far as dismantling the group wore stiff expressions.
"I've already drawn up the blueprint. A few days ago Eva's CEO announced a public tender offer to secure management rights."
On the day of the tender offer announcement we offered double the closing price premium.
"From the next day we swept up everything at market price – every listed Il-seong Group subsidiary's shares."
Il-seong Group's stock prices had been steadily declining as the Fair Trade Commission and Financial Supervisory Service launched their investigations.
But since Eva's announcement the stocks had been hitting the daily limit up 15% every day.
"I need all of your help. If anyone wants to sink with Il-seong Group please speak up now."
I calmly dropped a bomb in the conference room.
"I can't devour Il-seong Group alone. All I want is Il-sung Electronics nothing more. I'm offering opportunities to the chairmen here for everything else."
Greed flickered in several people's eyes.
Il-seong Group wasn't struggling due to lack of technology. They were shaky because their funding was cut off.
The prospect of acquiring Il-sung's strengths to complement their own group's weaknesses was certainly tempting.
Chairman Kim Byung-woo who'd already coordinated with me spoke up.
"Boss what do you mean by giving us opportunities?"
"While some are listed companies Il-seong Group has numerous unlisted subsidiaries that are real gems. I'm saying I'll distribute those among all of you."
The conference room fell silent as everyone exchanged glances. Seo Jae-sang broke the silence.
"Give us the first opportunity. Il-sung belongs to us. Though Chairman Seo Yong-geon inherited it that position originally belonged to our father. And to me."
All eyes turned to Seo Jae-sang.
"That's why we not other companies have legitimacy. We'll take the lead in this matter."
Seo Mang-geon was the eldest son nd heir. But in the end Seo Yong-geon inherited Il-sung. Now he dares speak of legitimacy.
"Legitimacy? I don't understand what you're saying. You know very well who Il-seong Group belongs to. Chairman Seo Yong-geon and Vice Chairman Seo Jae-hoon hold most of the shares. Yet you're claiming ownership?"
"But Il-sung is a company the Seo family built. That can't be denied. So give us the first opportunity."
I smirked at Seo Jae-sang's words. It was laughable seeing a dog that had tucked its tail and run from power now barking loudly just because the owner was gone.
"I plan to split Il-sung into four major divisions. Of course we could split it into dozens of smaller pieces."
I intended to split it into the electronics division led by Il-sung Electronics the financial sector led by Il-sung Life Insurance the automotive division led by Il-sung Motors and finally the construction and distribution division led by Il-sung Materials.
"Il-sung Electronics Il-sung Materials Il-sung Life Insurance Il-sung Motors. I'll sell them as these four groups. Chairman Seo Jae-sang you know well their value and growth potential without me spelling it out."
The current market cap of all listed Il-sung subsidiaries barely exceeded 50 trillion won. This wasn't Il-seong Group's true value.
Currently Il-sung couldn't pursue new business ventures due to loan freezes and their cash flow had dried up after losing the semiconductor chicken game.
On top of that they couldn't get emergency funding from their financial subsidiaries including Il-sung Life Insurance which had been the group's cash cow.
Like their drying cash flow Il-sung's corporate value was shrinking day by day.
"If you want to eat together you need to work hard right? In that spirit what can JC Group offer?"
"…"
"Is being from the Seo family all you have to offer?"
Though his pride seemed hurt and his face scrunched up Seo Jae-sang quickly replied.
"No. The entire Il-sung family will participate in this matter."
"I wasn't aware JC Group had become the representative of the Il-sung family."
"We already have everyone's consent. While we might not acknowledge Chairman Seo Yong-geon our position is that we won't acknowledge Vice Chairman Seo Jae-hoon."
At this meeting Daesol and NEW were the only companies related to Il-sung.
I looked between the two chairmen and asked.
"Chairman Jo Hyeong-woo and Chairman Jung Han-sung. Do you both really agree?"
Daesol Group's Jo Hyeong-woo spoke first.
"Daesol Group stands with JC Group."
NEW Group's Chairman Jung Han-sung followed.
"NEW Group also shares JC Group's position."
If Jo Hyeong-woo and Jung Han-sung were saying this it meant all the Seo family elders had agreed. I nodded and then asked Seo Jae-sang.
"Are you saying all the companies that split from Il-seong Group who aren't here share the same opinion?"
"Yes they all share the same view."
They really were people without blood or tears.
Well Seo Yong-geon had also oppressed his siblings to gain the throne.
So I suppose they can't blame them now. Or rather they're not in a position to.
"So what exactly are you proposing?"
Are they asking me to hand over the entire Il-seong Group? That's not happening.
"Help us acquire Il-sung Materials Il-sung Life Insurance Il-sung Fire & Marine Insurance and Il-sung Securities."
So they want all the prime cuts.
The other chairmen's expressions changed at this declaration to take all the financial subsidiaries.
"Look here Chairman Seo."
Geumsung Group's Chairman Yeo Seung-jin spoke up. He was the oldest among the chairmen present.
His group had also maintained a half-century rivalry with Il-seong Group.
"If you take all the prime pieces what are you saying the rest of us here should do just suck our thumbs?"
Seo Jae-sang hesitated at Yeo Seung-jin's blunt words. It wasn't easy to brush off comments from such an elder statesman of the business world.
"Yes as a Seo you'll get more subsidiaries than others here but… that doesn't mean you can take all the core companies. The others didn't take time out of their busy schedules to come here just to eat leftover fruit."
Leaving the silent Seo Jae-sang I turned my attention to Yeo Seung-jin.
"Chairman Yeo what do you want?"
Such active participation meant he had his eye on one of Il-sung's businesses.
Yeo Seung-jin's eyes gleamed as he answered without hesitation.
"I want the semiconductor business."
"I have no intention of giving Il-sung Electronics to anyone."
"The government would oppose if I tried to take the home appliance or mobile device divisions. But semiconductors are different. I want to revive the semiconductor business that was forcibly sold to Jungwoo Electronics."
He seemed to still harbor regrets about the semiconductor business that was transferred to Jungwoo Electronics during the big deal led by Kim Hak-gwon.
"You still can't let go of semiconductors? Though you gave up semiconductors you took Jungwoo Electronics' home appliance division. Thanks to that you now have the highest market share domestically and secured Jungwoo Electronics' Eastern European sales network. I don't think that was a loss."
Time would prove it was actually a loss but for now everyone saw Geumsung as the winner.
"It was my father's dream. It's also why father moved to the countryside and never returned to Seoul after the big deal. Return semiconductors to Geumsung."
"Do you have the funds for acquisition?"
"I'll find a way somehow."
Yeo Seung-jin casually brushed off my pointed comment about Geumsung Group's poor financial situation.
"I hear Geumsung Card's bad debt is substantial. Isn't handling that alone challenging enough? Yet you say you can raise acquisition funds?"
Yeo Seung-jin smiled as he replied.
"The government will handle that somehow. We only followed government policy after all. That's the government's responsibility."
This old snake… I was momentarily speechless at how naturally he shifted responsibility to the government.
"Even if it means giving up Geumsung Card I want to get into the semiconductor business."
His words revealed not just lingering attachment but obsession.
"No. I'm taking Il-sung's semiconductor business."
But I had absolutely no intention of handing over Il-sung Electronics.
"You know very well I won't give it up so why ask? Tell me what you really want."
After my firm response Yeo Seung-jin picked up his cup drank some water and set it down.
"I want Il-sung IDS and Korea DSN."
"Those are display-related companies."
"If we can't have semiconductors then we must become world's best in displays."
It was a reasonable proposal. The synergy with Geumsung would be good too. But there was one issue.
"Il-sung IDS isn't a problem but Korea DSN is a joint venture with Japan. The ownership structure is quite complex."
Both companies were unlisted.
Il-sung IDS was a subsidiary of Il-sung Electronics while Korea DSN was a joint venture established with equal investment from Japan's Nippon Screen.
"You'll take care of that for us."
Yeo Seung-jin spoke as if expecting me to handle everything cleanly.
Such confidence usually meant he had some cards up his sleeve.
"Then what can you do Chairman?"
"The business world's elders including myself will release a statement supporting the Fair Trade Commission's recommendations and Financial Supervisory Service's announcement regarding Il-seong Group. Even those who've retired from the frontlines. When Geumsung takes the lead in reading this statement it carries different weight doesn't it?"
The words I wanted to hear came from Yeo Seung-jin's mouth.
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