» The Youngest Son of Sunyang
Chaebol's Youngest Son - Chapter 236
[236]Before Winter Ends 2
"Though of the same blood, our Sangjun is quite different from his younger brother. That scoundrel, his heart is as black as coal, brimming with greed. Hahaha."
When Grandfather pointed at me and guffawed, I remained silent. This was their time.
Grandfather chuckled and rose from the sofa. Then, opening the drawer beside the bed, he retrieved an envelope and subtly placed it on the table.
"This is what I prepared for you."
I hadn't expected this. Naturally, Brother Sangjun must have been far more surprised than I was. His eyes wide, he could only stare, speechless.
"Don't look like that. You're not the only one getting something."
Grandfather let out a small laugh, looking at both of us.
"I plan to give something to all your cousins too. The ones who've already visited have each taken an envelope. Dojun, you're not getting an envelope."
"Now, wait... shouldn't you at least give me a gift certificate?"
Grandfather said, looking at Brother Sangjun.
"See? That scoundrel is so greedy."
But the startled Brother Sangjun seemed to hear nothing, his gaze still fixed on the envelope.
"Sangjun."
"Yes? Ah... yes."
"Your office and officetel are in Gangnam, aren't they?"
"Yes."
"My promise to give you a house wasn't just idle talk. That's the sales contract for the house I bought in Gangnam. It's in your name, and I've even taken care of the gift tax so my grandson can live in a clean home. That scoundrel will furnish the interior."
When Grandfather pointed at me, I pouted.
"Well, since you're giving a gift, you could at least fill it up completely..."
"You rascal, don't talk nonsense. A gift should always seem a little insufficient. There must be a lingering desire for more, so the relationship continues."
"What a plausible excuse..."
"Quiet, you rascal. So? Your own brother got a house, and you're not planning on giving him a gift? You, with all that money?"
The playful banter between Grandfather and me seemed not to register with Brother Sangjun.
With bloodshot eyes, he bowed his head to Grandfather.
"Thank you, Grandfather."
"Don't mention it. Thank me for what..."
It was time for me to excuse myself.
Though they were grandfather and grandson, their interactions had been limited to greetings at family gatherings; they had never once shared a moment of genuine affection until now.
Both knew this was a moment that would never come again.
"Please, continue your conversation. I have something to attend to, so I'll take my leave first."
Brother Sangjun looked flustered, but Grandfather, holding his hand tightly, nodded.
* * *
"Chief Lee. To confirm once more, are you absolutely certain there isn't a single share of stock owned by Father?"
"Chief Lee. Is there any possibility of shares that haven't been accounted for? Shares that Father managed personally, I mean."
Chief Lee Hakjae felt truly burdened by the scorching gazes of the two Vice Chairmen. What on earth were they so worried about?
"The Myeongdong private loan market is flooded with Sunyang Group shares. All under borrowed names. Unless all of those are accounted for, there's nothing within my scope of knowledge. Furthermore, if the Chairman manages anything privately, there would be no way for me to know, would there?"
"Chief Lee. I'm not asking for a confirmation of facts, Chief, but the possibility."
"I don't believe so. There's no reason for the Chairman to manage shares under borrowed names, risking various dangers. You two know that yourselves, don't you?"
At Chief Lee Hakjae's words, the two seemed to flinch.
They would establish corporations practically their own, engaging in the practice of funneling work to affiliates they controlled.
With the money amassed this way, they relentlessly bought up shares. Under borrowed names, of course.
Reliable executives, their families, or close aides might hold these shares under borrowed names, but anxiety was a constant companion. Because they could sell everything off and disappear at any moment.
"Well... if that's the case, then it's fortunate."
Vice Chairman Jin Younggi said with an unenthusiastic expression.
"Do you happen to know the specifics of Father's personal wealth that he intends to give to Sanggi?"
Lee Hakjae tried to resist, but couldn't help but frown.
Where on earth did that man's greed end?
"As I've already mentioned, I don't know the Chairman's personal assets. He entrusted them to his personal lawyers. And you know he has several personal lawyers, don't you? Even those were managed by distributing them among different individuals."
Jin Donggi, quicker to catch on, sensed Chief Lee Hakjae's discomfort and cut off Jin Younggi.
"Haven't we already said everything? Instead of repeating ourselves, let's state our intentions. Wouldn't that make things easier for Chief Lee?"
Jin Donggi picked up the teacup in front of him, subtly gauging Lee Hakjae's mood, then spoke cautiously.
"To be frank. If Father is no longer with us, our group will surely become turbulent, and unexpected issues might arise, won't they?"
"Please be specific. What kind of disturbances do you foresee?"
"Shares, I mean. Sunyang's ownership structure is like an intricate spiderweb, isn't it? If even one delicate strand of that web breaks, unfortunate events will surely occur."
"And?"
As Chief Lee Hakjae's expression and tone clearly showed his displeasure, Vice Chairman Jin Younggi flared up.
"Good heavens, man! What exactly displeases you so much? Are we saying something we shouldn't be?"
"Brother!"
At Jin Donggi's shout, Jin Younggi grunted once and closed his mouth again.
"Chief Lee. We're asking you to consider our position as well."
"Vice Chairman Jin Donggi. How about you get straight to the point? I understand this is a difficult conversation, seeing as you're beating around the bush, but it would be better if you just stated your conclusion."
"Very well. We wish to reorganize into a new holding company."
"A holding company?"
"Yes. We'll gather all the scattered shares and bind them not with a fragile spiderweb, but with a strong, sturdy rope."
"That won't be easy, will it? If you mishandle it, that delicate spiderweb could break. Furthermore, tax issues could arise in the process. It could be considered close to gambling."
"That's precisely why we're discussing this with you, Chief Lee. No one but you, Chief Lee, can lead this operation."
The two brothers had gathered the smartest people under their command and tasked them with this operation, but they had failed to even properly grasp the ownership structure and had thrown their hands up in defeat.
The only conclusion they reached was that analyzing such a diagram, more complex than a semiconductor circuit and more intricate than a spiderweb, was impossible for anyone who hadn't created the structure themselves.
"Is it really necessary? This very system is why you two are Vice Chairmen. Is there really a need to take on such risks and change it...?"
Lee Hakjae saw through their true intentions clearly, yet he wanted to hear from their own mouths exactly how far they wished to go.
"Are you really asking because you don't know? First, we need to remove Miracle Investment! If Miracle were to side with that scoundrel Dojun... No, it's certain. They plan to use Dojun as a front to slowly but surely seize Sunyang for themselves."
Jin Younggi shouted.
"Even if it's not exactly like that, an investment firm holding a significant 23% stake and just standing there isn't ideal, is it?"
Jin Donggi chimed in.
"That's true, but... Alright. Let's assume we create a separate, secure holding company. Then what kind of shareholding structure do you envision for that holding company?"
The two exchanged glances for a moment, then Vice Chairman Jin Younggi cleared his throat.
"Ahem. Donggi and I will have 55%, Sanggi 5%, executives around 10%. The rest will be distributed among the affiliates. For now, that's what we're thinking."
This meant the two of them would seize all power. It wasn't 55% including their third brother, Jin Sanggi.
This implied they couldn't even trust their youngest brother. Even if Jin Sanggi were to harbor other intentions, the group's controlling interest would remain unshaken.
"Instead of simply increasing the executives' shareholding, we plan to change the people themselves. Aren't they all from Father's generation? We intend to replace them with new executives."
Jin Donggi even mentioned a generational change.
"Even if we consider Miracle Investment, what about Dojun? He also holds a 10% stake. Do you intend to completely exclude him?"
As Lee Hakjae poked at the very point they were reluctant to discuss, the expressions of the two Vice Chairmen hardened.
"We plan to give Dojun a couple of the financial affiliates. It suits his aptitude... If that's not enough, we can throw in some affiliate shares too. He's just a child, after all, isn't he? Participating in group management isn't an easy task."
"Others would laugh at us. Does it make sense for someone in their twenties to threaten the management rights of a large corporation? Dojun is at an age to diligently receive management training, not to be in charge of affiliates."
It would be better if they simply admitted they wanted the company for themselves. Dojun had already proven his capabilities.
What could they boast of, other than inheriting Chairman Jin's blood?
Seeing Lee Hakjae's displeased expression, Jin Donggi quickly spoke up.
"We will offer you a position that you won't find disappointing, Chief. Join us."
"Oh really? What kind of position do you believe would satisfy me?"
His tone was dry, but at least he showed interest. Jin Donggi smiled faintly and said.
"We'll offer you the position of CEO of Sunyang Electronics. Isn't it the core of Sunyang?"
Knowing full well that Lee Hakjae couldn't be swayed by money, the two had offered him a position.
However, a CEO position could be replaced overnight. Even if done quietly, two years would be enough. Lee Hakjae was not ignorant of this.
They had anticipated that Chief Lee Hakjae would demand a guarantee of his position for about five years, and they had even agreed to accept that much.
"And of course, you intend to proceed with all of this without the Chairman's knowledge, don't you?"
"Is there a need to inform him? For the little time he has left, wouldn't it be more peaceful for him to believe everything has unfolded according to his will?"
In truth, even if Chairman Jin knew his two sons' true intentions, there was nothing he could do. The remaining time was far too short for him to reclaim the shares.
The new holding company rested entirely in Lee Hakjae's hands.
If he refused, they would proceed with their own power, even if it took time.
"This seems to be a matter I need to consider carefully. The Chairman is still watching me. I cannot bring myself to defy his wishes while looking him in the face."
Wasn't that a request to wait until their father passed away?
A smile spread across both their faces.
"Of course. With Chief Lee understanding our intentions, this... My heart feels much lighter. Haha."
Jin Donggi also sprang up and took Lee Hakjae's hand.
"Thank you, Chief. This is all for the sake of making Sunyang more secure. I will never forget this."
Lee Hakjae subtly withdrew his hand from Jin Donggi's.
"I have fully understood your intentions, and I have expressed my own, so I will take my leave now. Good day."
Lee Hakjae quietly departed.
As soon as he was out of sight, the smiles on their faces vanished, replaced by hardened expressions.
"That bastard, he thinks he's hot stuff. If it were up to me..."
"Stop it. He's practically Sunyang's guardian warrior. And he's a loyal subject of Father's."
"Was that man serious?"
Jin Younggi still wore an expression of distrust. Jin Donggi, on the other hand, was much more relaxed.
"He said he would step down once Father passes away. That can't be what he truly wants. He's still in his prime. The top position at Sunyang Electronics would make his heart race, wouldn't it? And we need that man's help. Think about Father's personal assets that the Sanggi Foundation will receive. We need to secure that first. It's easily hundreds of billions, isn't it?"
"I think it's even more than that. It's not just cash; there's real estate too. That's the real valuable asset."
The two began to laugh, facing each other.
The enormous sum of money they would secure after distributing a few insignificant shares. Thinking of that money, they couldn't stop laughing.