"Hah! Hanse Group going bankrupt? That's the most ridiculous thing I've heard in a while."
Cheon Seong-deok let out a short, incredulous laugh before his expression hardened.
"You do realize that Hanse Group is ranked 18th in the industry—higher than your own Daheung Group?"
"Of course. It's one of Korea's leading conglomerates, with annual sales reaching five trillion won last year."
"And knowing that, you're still claiming they'll go bankrupt?"
Cheon Seong-deok's sharp gaze bore into Seok-won, his tone demanding an explanation. But Seok-won didn't so much as flinch. Instead, he nodded calmly.
"Yes. On the surface, they may seem solid, but in reality, they're nothing more than a sandcastle waiting to collapse."
"You're saying Hanse Group is an empty shell?"
It sounded utterly absurd. And yet, Seok-won's unwavering confidence sent a nagging feeling creeping into Cheon Seong-deok's mind.
Every time he had this kind of unease, something bad followed.
Even if the odds were low, it was worth hearing him out.
"I assume you have a reason for making such claims. Let's hear it."
In response, Seok-won reached into the inner pocket of his jacket and pulled out a folded document, placing it on the table in front of Cheon Seong-deok.
Glancing at it briefly, Cheon Seong-deok asked, "And what is this?"
"It's a report on the amount of CP issued last year by Hanse Group's three core subsidiaries—Hanse Corporation, Hanse Steel, and Hanse Construction."
A brief silence fell as Cheon Seong-deok extended a hand, picked up the document, and began scanning its contents.
As he read, Seok-won continued,
"As the report indicates, Hanse Corporation issued 120 billion won, Hanse Construction 21.4 billion, and Hanse Steel—the company building Korea's largest private steel plant in Dangjin, with a capacity of nine million tons—issued the most, at 690 billion won."
Seok-won noted how Cheon Seong-deok's expression subtly stiffened.
"In other words, by the end of this year or early next year, they'll have to repay over 800 billion won in CP liabilities."
"…!"
"Ah, and if we factor in smaller subsidiaries and other debts that haven't been accounted for, the repayment total could easily exceed 900 billion—perhaps even reach one trillion won."
Cheon Seong-deok set the document down with a seemingly indifferent expression.
"That's a large amount, I'll admit. But what company doesn't operate with some level of debt?"
Still, the tension in his face was impossible to hide.
Seok-won shrugged, appearing to agree.
"You're right. Leveraging bank loans to expand a business is common practice. Debt, in itself, isn't unusual."
"Glad you understand that much."
"But all parties must come to an end eventually. And when you cross the line, there are consequences."
Cheon Seong-deok narrowed his eyes.
"You're saying Hanse Group has overstepped?"
Seok-won met his gaze without hesitation.
"They've not only crossed the line—they've gone far beyond what's safe."
A heavy silence hung between them.
Then, Seok-won leaned in slightly.
"Do you know why, out of all Hanse Group's subsidiaries, it's Hanse Steel that issued the most CP?"
"Isn't it because of the steel mill they're building in Dangjin, just like you mentioned earlier?"
Cheon Seong-deok crossed his arms defensively as he spoke.
"That's correct. Even POSCO took its time, completing its facilities in multiple phases over the years. But Hanse? They're making the reckless move of constructing a massive steel mill all at once. On top of that, they've introduced unproven technologies—plate slab casting and smelting reduction—both of which have yet to be fully commercialized. It's no surprise they're experiencing serious operational setbacks."
"It's only natural that building a steel mill of this scale comes with challenges. But now that construction is nearly complete, once they achieve stable operations, Hanse Group will have a powerful growth engine on its hands."
It was said that every morning at dawn, long lines of trucks formed in front of POSCO's factories, eagerly waiting to haul away steel products. The rapid growth of the industry had driven domestic steel demand to staggering heights.
From automobiles and shipbuilding to something as simple as rebar for apartment construction, steel was indispensable across industries.
"There's a reason they call steel the 'rice of industry.' "
So much so that there was a running joke that the most underworked department at POSCO was the sales division—because orders kept rolling in on their own.
That was why Chairman Choi Byung-moo had been so adamant about pushing forward with the steel mill project, even if it seemed reckless. The potential profits were simply too great to ignore.
"But when you overreach without the capability to back it up, disaster is inevitable."
Brushing aside his momentary thoughts, Seok-won responded firmly.
"As a citizen, I, too, hope Hanse Group's steel mill succeeds. But that doesn't mean I'm willing to board a sinking ship."
Seok-won's unwavering tone, as if Hanse's collapse was already a foregone conclusion, made Cheon Seong-deok grimace.
"You keep painting such a grim picture. I won't deny that Hanse Group's financial situation is concerning—I'm well aware. Do you think someone like me, who has spent years navigating the ins and outs of Myeong-dong's financial scene, wouldn't know that?"
"Of course, you would."
"Then tell me—why do you think I still hold onto Hanse Group's CP?"
Seok-won answered without hesitation.
"Because you believe in 'Too Big to Fail.' "
His nonchalant response made Cheon Seong-deok furrow his brows slightly.
"Exactly. You understand, then. Even Hanse Steel—the subsidiary you claim is struggling the most—has received loans totaling 1.43 trillion won from state-run banks and financial institutions by last year. With that much money on the line, do you really think the banks will just sit back and let them fail?"
Cheon Seong-deok snorted, his voice firm.
"If Hanse Steel collapses, all that loaned money vanishes into thin air. The banks will do whatever it takes to prevent that."
"..."
"And let's not forget the government. If a top-20 conglomerate like Hanse goes under, the economic shockwave would be enormous. They'll step in with a bailout to keep that from happening."
But even after hearing all this, Seok-won's stance remained unchanged.
"They say if you borrow 100 million won, you're in debt. But if you borrow 1 trillion won, you become the master. I understand how state-controlled finance works—that's precisely why the 'Too Big to Fail' concept exists."
A faint, bitter smile crossed his lips.
"And no one understands how to exploit that better than Chairman Choi Byung-moo."
Choi Byung-moo, known as the master of lobbying, had once been forced to step down as Hanse Group's chairman after getting caught up in the infamous Suseo corruption scandal. Yet, as if nothing had happened, he made a swift comeback and resumed his aggressive expansion.
The Suseo scandal had rocked the nation. It involved lifting the greenbelt restrictions on a massive 35,500-pyeong plot of prime land in Seoul's Suseo and Daechi districts to develop high-end apartment complexes. The scheme had entangled everyone—from Seoul's municipal government and the Ministry of Construction to the Blue House and the National Assembly.
At the center of it all was Choi Byung-moo, who orchestrated the entire operation and reaped enormous profits. The scandal had landed him in a parliamentary hearing and even behind bars.
But he returned to the business world as if none of it had ever happened.
Seok-won's voice carried a weighty finality.
"During times of economic prosperity, companies can recklessly expand, leveraging borrowed money without much consequence. But once the downturn begins, everything changes."
"...!"
"POSCO had the advantage of expanding its blast furnaces in Pohang and Dangjin during a period of steel industry boom. But Hanse Steel? Unfortunately, their steel mill is being completed just as the market is peaking and beginning its decline."
Cheon Seong-deok's expression grew increasingly complicated as he listened to Seok-won's pointed analysis.
"Hanse Steel is carrying a staggering debt of over 4 trillion won, yet its projected revenue for this year is just over 1 trillion won. And that's total revenue—not operating profit. To put it bluntly, they're a zombie company that can barely afford to pay interest on their debt."
Seok-won's voice carried unwavering conviction as he continued.
"Sure, there's a saying—'Too Big to Fail.' If Hanse Steel collapses, the shock to the national economy would be severe. The government and banks may try to patch things up by injecting more funds. But that's only if Hanse Steel were the only problem."
At that, Cheon Seong-deok, who had been silently listening, finally spoke in a subdued voice.
"But if the debts of other affiliates start unraveling one after another, to the point where they can no longer be contained… then even the government and the banks will have no choice but to step back."
"Exactly. The 4 trillion won in visible debt is concerning enough, but considering Chairman Choi's management style, the hidden liabilities beneath the surface are likely far greater."
"Hmm."
"On top of that, Hanse Steel and its affiliates have issued mutual guarantees for each other's debts. The moment one of them falls, the entire group will collapse like dominoes."
Cheon Seong-deok nodded grimly.
"If it's Chairman Choi we're talking about, there's bound to be a web of hidden debt."
Still, he eyed Seok-won with skepticism.
"I won't deny that Hanse Group is in a precarious position. But Chairman Choi didn't build a conglomerate from scratch by being easy to take down. He's weathered countless storms. Even after the Suseo scandal, when it seemed like he was finished, he came back stronger than ever—like a Weeble doll that never falls."
A faint, knowing smile curved Seok-won's lips.
"Then how about we make a bet?"
"A bet?"
Cheon Seong-deok narrowed his eyes, wary of any hidden agenda.
"Sell me your Mido Department Store shares at the proposed price or sign over your proxy rights. In return, if Hanse Group doesn't go bankrupt by the first half of next year, I'll return every single share to you—exactly as they were."
Caught off guard by the unexpected proposal, Cheon Seong-deok stared at him in disbelief.
"Are you serious?"
"Absolutely. If I weren't certain, I wouldn't have brought this up to you in the first place."
"Hah."
Cheon Seong-deok let out a hollow breath, momentarily at a loss for words.
"Does Chairman Park know about this?"
"Chairman Park has given me full authority over this battle."
At those words, Cheon Seong-deok's eyes widened once again. He looked at Seok-won with a newfound curiosity.
"It seems Chairman Park has a great deal of trust in you."
"Thankfully, yes."
Cheon Seong-deok tapped the armrest of his sofa with his fingers, lost in thought.
Time passed in silence as he weighed his decision.
Finally, he lifted his head and met Seok-won's steady gaze.
"Alright. I don't see how I could lose in this bet, so I'll accept."
"Thank you."
Seok-won's lips curled into a smile—the kind of smile that carried an air of quiet confidence, as if he had already won.
Cheon Seong-deok narrowed his eyes at him, his gaze sharp.
"If you try to back out or change your tune later, you'd better be prepared for the consequences."
"That won't happen, so you needn't worry. And if I may offer some advice—you should offload your Hanse Group CP before the year is out."
"I'll handle that myself. You needn't concern yourself."
Cheon Seong-deok's curt rejection ended the conversation there.
Not long after Seok-won left, Oh Tae-min, the butler, entered the reception room. Seeing his employer sitting alone on the sofa, deep in thought, he cautiously approached.
"Chairman."
Cheon Seong-deok unfolded his arms and asked,
"Has he left?"
"Yes."
For a moment, Cheon Seong-deok glanced at the spot where Seok-won had been sitting just moments ago.
"It seems I misjudged him."
"Pardon?"
"Chairman Park's second son… I thought he was just a young tiger showing promise. But he's not. He's a phoenix, fully grown and ready to take flight."
Oh Tae-min had served Cheon Seong-deok for decades, but hearing him praise someone so highly was a rarity.
And this wasn't mere praise—it was near reverence.
Oh Tae-min's eyes widened in surprise.
"Is he really that remarkable?"
"He is."
Cheon Seong-deok gave a small nod before his expression turned sharp.
"Tae-min."
"Yes, sir?"
"I want a detailed report on Hanse Group's financial status. Leave no stone unturned—especially in steel. I want to know if that company can even survive."
"Understood."
Leaning back into the plush sofa, Cheon Seong-deok murmured to himself,
"Challenging me to a bet… He's either a reckless fool or a true phoenix. We'll see soon enough."