» The Youngest Son of Sunyang
Reborn Rich - 276
[276]Bowing My Head 1
Time flowed by relentlessly as I feigned the role of a polite nephew, bowing my head before my uncles, who, though they looked upon me with satisfaction, secretly harbored daggers in their hearts. We jostled back and forth, a constant struggle for power.
The family registry system was abolished, and Park Ji-sung became the first Korean player to join the dream stage of the 'English Premier League.'
The Cheonggyecheon restoration project, a long-cherished dream of the Seoul mayor, was completed in 2005 after two years of construction.
The country was in an uproar due to Professor Hwang Woo-suk's academic paper controversy, and on December 30, 2006, the execution of Saddam Hussein, the dictator of Iraq, was carried out.
As I passed thirty, only my older brother, Jin Sangjun, and I remained unmarried in the family.
"Well... it's not like you're leading a debauched life, chasing after this woman and that with overflowing money... I have no intention of rushing a marriage that you can't have because you're too busy with your work, with no time for dating."
My father didn't burden me with overly serious words.
"But will your girlfriend keep waiting for you? A woman in her thirties must be quite anxious."
"A prosecutor is a public servant so swamped with work that she has no time for other thoughts. She doesn't seem anxious at all."
"Is that really true?"
"She also has confidence. Even if it's not me, there are men lining up with number tickets, ready to come running and fawn over her if she extends her hand. She's someone who has no reason to be desperate, you know."
My father's gaze turned pathetic.
"If you're saying that because you don't know, then giving up on love marriage and opting for an arranged marriage is the answer. If you're saying it knowing full well, then it means you intend to live as a bachelor. But I can't bear to see my son grow old as a solitary elderly man."
Marriage is also a card that can be used effectively.
I want everything to go well so that I can play this card where I want it.
To do that, I must work tirelessly now.
This year, in particular, is a golden period. I must lay out a meticulous plan and follow it step-by-step without a single error.
My greedy impatience kept getting the better of me, but I shook my head, dispelling the greed.
Greed must not be the basis of a plan. As always, greed pokes holes in a plan. Because it is greed itself that fills those holes.
Like a boat on flowing water, if you let yourself go with the current and flow naturally, an opportunity will come. The secret to victory is to thoroughly prepare so as not to miss that opportunity.
Preparation is exceedingly easy for someone who already knows the dangers to come.
Fortunately, I had thoroughly reviewed all the reports on HW Group's major projects and was in a position to warn of danger at any time.
"Chairman Lee Hakjae. It would be best to postpone our expansion into the Middle East."
Chairman Lee Hakjae sighed briefly, as if utterly dumbfounded.
"Hmph. It's the first workday of the new year, you rascal. We haven't even had the inaugural ceremony, and you're already pouring cold water on it?"
"That's why I'm telling you in advance. If you say we'll focus all our efforts on Dubai in the Middle East, and then cancel, wouldn't you lose face as the chairman?"
Confirming my serious expression, Chairman Lee Hakjae spoke into the intercom.
"Tell the presidents of each affiliate to proceed with the inaugural ceremony. And let them know there won't be a company-wide broadcast, so don't wait. Oh, and postpone the meeting of the presidents. I'll make a decision this afternoon."
He then looked back at me and said,
"Alright, tell me now. You know the construction industry is buzzing, right? They're even calling it the second Middle East boom. It's a golden opportunity to rake in tons of oil money. And you want to kick it away?"
"We're not kicking it away; we're simply not going in."
"It's all the same. What's your reason?"
"The current boom in Dubai is a sandcastle built on sand... no, on foam. The foundation, the pillars, everything is incredibly precarious. Dubai will turn into a sandstorm and engulf us."
"Foam and sand... What's your basis?"
"Because the United States is collapsing."
Chairman Lee Hakjae was speechless for a while, a look of absurdity on his face. But when he spoke again, his expression and tone were very serious and calm.
"I know you're the only person on earth whose nonsense I have to listen to. But this is a bit much. The U.S. collapsing?"
"It's true. The U.S. is currently holding a feast of money on top of tens of trillions of dollars in bad debt. Doesn't a flawed structure collapse if it can't bear its own weight? It will soon sink, unable to bear the weight of this money feast."
"Continue."
He perked up his ears and focused on my words.
"U.S. housing prices have been faltering and showing a downward trend since last year... specifically, since September 2006. They doubled in exactly 10 years, but no more."
"Is it so strange that it doubled in 10 years? After the dot-com bubble ended in 2000, money flowed into real estate. It's a natural phenomenon. That's not a flaw. Real money moved, you see."
"Even with all the money from Silicon Valley investors, do you think the money that left dot-coms was enough to double U.S. home prices? This is the average index. Excluding the American boondocks, decent residential areas have more than tripled."
"Even if that's true, why is it a flaw?"
"Because everyone bought houses with debt."
"It's the same in our country."
"Our banks don't lend money to the unemployed to buy houses. Furthermore, even a solid employee wouldn't get loans from three or four different banks, all lining up to lend money, with just one house as collateral."
Chairman Lee Hakjae raised his eyebrows. He knew U.S. banks were different from Korean ones and weren't afraid of aggressive lending, but this was practically throwing money away.
In Korea, such lending would lead to unavoidable prison time for illegal loans.
"Is that true?"
"Yes. This has been going on for several years. Now, the time has come when it can no longer bear its weight."
"How on earth do you know such facts?"
"Miracle Investment in New York is an investment company. They send me reports every day. I analyze them. And the New York employees are quite competent. They detected warning signs long ago."
The ripple effect that a U.S. credit crunch would bring, and its impact on the Middle East. Chairman Lee Hakjae fell silent, lost in thought for a moment.
"Chairman. You just need to know that danger lurks. We'll avoid that danger and..."
"We have to let the others fall in completely."
Indeed, this man was also a villain, no different from my grandfather.
"But you're the only one claiming there's danger. No one else is sending warnings. Neither our U.S. branch nor Sunyang Group's American subsidiary has said anything. If your words turn out to be wrong, we'll be left out of the feast, sucking our fingers while watching others gorge themselves."
"Think back to the IMF Crisis. Not a single soul warned of danger back then. But I secured Sunyang Motors, and acquired Ajin Group and Dae-A Construction. I had a feast all to myself. Have you forgotten?"
"That's precisely why I'm listening intently to your words, which are nothing short of nonsense. Though I don't believe it..."
"You don't believe it, but you will believe it, won't you?"
"For now. I'll need to look into it myself to be convinced. We can't discard the possibility of a soft landing, even if bad debts accumulate. The wealth the U.S. has built cannot be compared to our country's. I think it's unreasonable to compare it to the IMF crisis."
Even if it seemed like he was postponing, he would do as I wished. The greater the risk, the more intensely the voice of a trusted person resonates.
"If your words are right, Sunyang Construction will take a huge hit. It will be difficult to recover."
"Would just construction be enough? We need to make construction, heavy industries, civil engineering, and trading all totter."
Chairman Lee Hakjae again fell into thought.
When he spoke again, he even showed a strange smile.
"Construction performance will hit rock bottom for a while."
"I won't hold them accountable for that poor performance. As a major shareholder."
"And me, having to bow my head to Vice Chairman Jin Donggi?"
This was the one thing he hated most: having to make requests to the children of the person he once served. It felt like being a servant across generations.
It was something that would only ease his mind with significant compensation.
"If he becomes unemployed, I plan to offer him the position of HW Construction President... How about you make that offer directly? Would that ease your mind a bit?"
The corners of Chairman Lee Hakjae's mouth turned up.
"That's a good idea, isn't it? Haha."
* * *
"Who?"
"It's Chairman Lee Hakjae of HW Group."
"Connect him."
Vice Chairman Jin Donggi took a deep breath and picked up the receiver.
"Oh my, who is this? Chief of Staff Lee Hakjae... no, Chairman. My apologies. The title of Chairman isn't quite on the tip of my tongue yet, so I made a mistake."
- Perhaps I preferred being Chief of Staff... Now that I'm chairman of a company that feels like a corner store, I don't know why there are so many obstacles. I didn't call to lament my fate, but...
"Please speak, Chairman."
- How about we have dinner sometime? I have something important to discuss, and I think Vice Chairman Jin might find it quite enticing.
Enticing? A distant friend, whose feelings were bruised, would only contact him again to ask for a favor, like an insurance policy.
Even though it was obviously a story that wouldn't be enticing or helpful at all, Jin Donggi readily agreed.
"Even if there isn't anything enticing, I wouldn't refuse a dinner invitation from the Chairman. Let's catch up on old times."
- Then, how about this evening?
"By all means. Strike while the iron is hot, they say... Haha."
Lee Hakjae's gaze, which used to disregard his own brothers. His demeanor, always giving orders, backed by my father's trust.
The fact that he urgently wanted to meet suggested he definitely had something he wanted to ask.
Jin Donggi wanted to meet him, laugh heartily at his pleading, help him a little as if giving charity, and see his servile face.
* * *
Vice Chairman Jin Donggi was surprised twice this evening.
The first surprise was Lee Hakjae's changed appearance after such a long time. His appearance hadn't changed much, but the sharp, cold demeanor he had when serving my father had vanished without a trace.
His gentle smile and unpretentious laughter made him seem like a completely different person, yet it wasn't awkward.
It made him wonder if this man had such a side to him.
The second surprise was the reason he wanted to meet.
He expected him to bring up a difficult matter and make a tough request.
But while it was clearly a request, in a way, it was closer to a concession.
Jin Donggi changed his mindset. He had to firmly hold onto Chairman Lee Hakjae's change of heart.
"So, you're suggesting we join hands on the Dubai project?"
"That's essentially the conclusion, yes."
"May I ask the reason?"
Lee Hakjae did not avoid Jin Donggi's suspicious gaze.
"It's a matter of capability. What other reason could there be?"
"Capability? Are you suggesting Dae-A Construction's capabilities are insufficient?"
Lee Hakjae sighed and took a drink of his alcohol.
"It seems Sangam-dong is the extent of their big projects. And all the experienced early members of Dae-A Construction packed up and left. It's substantial and fundamentally sound, but it lacks experienced people. One or two buildings in Dubai wouldn't be a problem, but we can't just go in for only that."
Large overseas projects carry risks incomparable to domestic projects.
It's a game where you have to move big and eat big, proportional to the risk, but this is impossible without the asset of experience.
"All the experienced early members of Dae-A Construction were caught embezzling money, so the company couldn't keep them on either. Haha, that's really something."
To hide his joy, Jin Donggi replaced it with a hearty, seemingly regretful laugh.
"Then, have you thought about the form our collaboration might take?"
"I was thinking of a consortium between HW Group and Sunyang Group."
If a negotiation starts with a consortium, it can end with a subcontract.
Jin Donggi began quickly calculating the pie that would need to be divided between the two companies.