Free Web NovelTime flew, and the day of Hyeonhwa Corp’s emergency shareholders’ meeting finally arrived.
By the time we checked the shareholder registry, most of the minority shareholders had already signed proxy forms in exchange for compensation, handing their votes over to Kim Seonghak.
“President Kim, good to see you.”
Before the meeting began, I sat down for a brief tea with Kim Seonghak.
His face, now visibly more relaxed, showed utter confidence in the outcome.
“I heard you sent your son abroad.”
I took a sip of the coffee his secretary brought.
“Well, he did do wrong.”
He said it as if sending him overseas was some kind of punishment. It was laughable.
“Don’t you regret it?”
“Regret is for losers.”
“Well, that’s true.”
His cocky demeanor was irritating, but I said no more.
The result was already set in stone.
“You seem very confident.”
“I’ve secured 51%. No matter what tricks you pull, none of the motions you’ve submitted will pass. You’ve only got, what, 37%?”
He chuckled as if twisting the knife.
Han Kyungyeong had gathered proxy votes from every foreign bank holding shares. Even with our market purchases and delegated voting rights, the total capped out at 37%.
Most of the minor shareholders were unreachable, and the ones we did manage to contact had already handed over their rights.
“Let’s go. It’s about to start.”
Without replying, I rose from my seat.
“Already? Alright then. Let’s see how it plays out.”
Together, we entered the grand hall where the meeting was being held.
Normally, emergency shareholder meetings were attended only by the party that requested it and members of upper management.
But with all the recent buzz, the place was packed.
I found my seat near Han Kyungyeong and Eva.
“What did Chairman Kim say?”
Han asked in a low voice.
“He’s convinced he’s already won. Pretty smug about it.”
“Damn it, I’m sorry. I really did everything I could.”
“It’s fine. You’ve done more than enough.”
Just then, the host raised the mic.
“This emergency shareholders’ meeting will now—”
The early items on the agenda were minor and passed quickly.
The one we submitted came last.
“Item 7: Proposal to remove CEO Kim Seonghak and the entire board of directors.”
The chair announced it in a flat voice, and Han Kyungyeong stood.
“Under CEO Kim Seonghak’s negligent leadership, the company has suffered substantial losses. He and the board have rejected every shareholder-friendly measure we proposed. I therefore submit that CEO Kim Seonghak and all current board members be dismissed.”
“Hey! Say something that makes sense!”
Before Han even finished, someone shouted across the room.
Han ignored the protest and continued.
“Chairman Kim’s reckless management has endangered Hyeonhwa’s survival amidst the financial crisis—”
Despite combing through the ledgers with top experts, including the accountant who exposed Joongwoo Group’s fraud, they hadn’t uncovered any major violations.
So all he could do was press on with the fundamentals.
“Enough of this! Chair! Let’s vote already!”
They had clearly planted vote-riggers.
Who brings vote-riggers to a shareholders’ meeting? Truly a man to admire.
“If there are no objections, we’ll move to a vote. Any objections?”
None of Kim Seonghak’s allied directors objected.
They were confident the vote would go their way.
“No objections noted. Proceeding with a show-of-hands vote.”
After quieting the murmuring crowd, the host gave the signal.
“For Item 7, those opposed to dismissing CEO Kim Seonghak and eight board members, please raise your hands.”
Hands began to go up, one by one.
Within seconds, a flicker of confusion spread across Kim Seonghak’s face.
“No more votes against? I’ll give it five seconds.”
“Come on! What are you doing?! Director Yoon?!”
Kim Seonghak’s voice rang out, but was quickly drowned by the sound of the chairman’s gavel.
Bang! Bang! Bang!
“Now, those in favor of the dismissal, please raise your hands.”
I raised mine first, followed by Han Kyungyeong and Eva. Then, the representative of Ilseong Electronics lifted his hand slowly.
Kim Seonghak’s bewilderment quickly turned to fury.
But it didn’t end there.
His own brother, Kim Seonghyuk—holder of 8.5% of shares—raised his hand.
“Hyung!”
Even the vote-riggers brought by Seonghak sat with their jaws hanging open. The spectators were dumbstruck.
All of Kim Seonghyuk’s close aides followed suit and raised their hands.
“No more votes ◈ Nоvеlіgһт ◈ (Continue reading) in favor? You have five seconds.”
The gavel slammed again.
“57.4% in favor, 27.3% opposed. The proposal to remove CEO Kim Seonghak and eight board members has passed.”
The room fell into a stunned silence, broken only by the voice of the chair.
“Next, Item 8: Proposal to appoint Kim Seonghyuk and eight others as new board members.”
Seonghak shot up from his seat, yelling. ƒгeewёbnovel.com
“What the hell?! That was the last agenda item! Who gave you permission to appoint new directors?! This is my company! Mine!”
He howled, but it was already over.
This kind of scenario had likely never even crossed his mind.
Under the law, a two-thirds majority of attending shareholders was needed to dismiss and appoint directors.
So he had assumed it was impossible.
“Item 8 passes with 57.4% in favor. Kim Seonghyuk and eight others are hereby appointed as new board members.”
Bang!
The gavel struck again.
It was as if the blow had landed directly on Kim Seonghak’s skull.
“Congratulations, Chairman Kim Seonghyuk.”
I approached him with a smile.
Kim Seonghyuk silently withstood the astonished gazes around him, then turned to me.
“Thank you. It’s all thanks to you, President Kim.”
“It was your decision that made it possible.”
Kim Seonghak, still frozen in shock, suddenly lunged toward us with rage.
But Manager Ma and the security team blocked him.
“Hyung! How could you do this to me?! I’m your blood! Your brother!”
“Blood?”
His voice turned cold. Seonghak visibly froze.
“Do you remember what you did to your ‘blood’ brother after our father died?”
The grudge that Kim Seonghyuk had harbored for so long was terrifying in its depth.
“If you were human, you wouldn’t even call me ‘hyung.’”
Not wanting to speak any further, Seonghyuk turned away and ordered the security guards stationed at the hall:
“Get him out of here.”
The guards exchanged glances, unsure.
“Manager Ma, remove him.”
At my nod, Manager Ma and the guards picked him up.
As Kim Seonghak flailed in the air and screamed obscenities, I almost burst out laughing—but the mood kept me in check.
“Keep your promise.”
The Ilseong Electronics CEO quietly approached me and Seonghyuk.
“We’ll be in touch shortly.”
“I’ll be on my way, then.”
But from behind, a cold voice rang out.
“Hey, Kim Muhyuk.”
Shit.
“I’ll contact you later, Chairman Kim Seonghyuk.”
“Yes, I need to begin cleaning house as well. We’ll need a full board meeting and complete purge.”
Just because Seonghak had been ousted didn’t mean his influence was gone.
For the coup to succeed, all his allies embedded throughout the group had to be dealt with.
I bowed to Seonghyuk and turned to Han Kyungyeong.
“Surprise!”
I said it playfully. Even Eva, who’d had a stiff expression all day, sighed in disbelief.
“Explain. What the hell just happened?”
“How was my surprise?”
“Forget the surprise—just explain!”
Han glared daggers at me through narrowed eyes.
Chuckling, I began to tell them what had happened over the past few days.
* * *
I’d arranged to meet Chairman Seo Yonggeon of Ilseong Group, but I already had a good idea of what he’d demand. It left a sour taste in my mouth.
I couldn’t handle this like Cheongpunghoe—with an off-the-books takedown.
But then I got an unexpected call.
“You said you wanted to speak with me.”
It was from Kim Seonghyuk, Seonghak’s older brother.
— Yes, this is Kim Seonghyuk.
His voice on the line sounded a bit nervous.
— Could we meet privately, without anyone knowing?
“I’m at the Myeongdong office.”
— I’ll head there right away.
I had no idea why he would approach me.
He still had a position within Hyeonhwa Group, but it was an honorary role. He rarely did anything. All I knew was that he and his brother didn’t get along.
A power grab?
But Seonghyuk had always been far removed from power. Practically a walking corpse.
He hadn’t even spun off a side company like other chaebol heirs.
Before I could make sense of it all, he arrived. He must’ve left as soon as we spoke.
When the door opened, the resemblance to Kim Seonghak was striking—aside from looking a bit younger.
“Nice to meet you. I’m Kim Seonghyuk.”
Maybe because our names sounded alike, I didn’t get a bad first impression.
“Please, have a seat.”
“Thank you.”
Just from the way he spoke, it was obvious he had a completely different personality from his brother.
“It’s an honor to finally meet the infamous President Kim Muhyuk. Thank you for making time.”
But the cordial atmosphere didn’t last.
When we got down to business, his tone changed drastically.
“Let’s join forces. I don’t care about running the company. I just want you to kick Seonghak out.”
I couldn’t answer right away.
He didn’t want control—he just wanted Seonghak removed?
It seemed Seonghyuk wasn’t interested in Hyeonhwa Group’s future—only in seeing his brother fall.
“I’ll give you all my shares. With my allies and Ilseong Electronics’ shares, we’ll have enough votes to force the board out with a special resolution.”
I quickly ran the numbers in my head.
We could force out the board with a two-thirds majority of those in attendance. It was doable.
Of course, only if he could be trusted.
“I don’t quite understand. You’re telling me to take Hyeonhwa from your brother, but you don’t want any control?”
“I get why you’d be skeptical. But I mean it.”
His face and tone betrayed no signs of deceit.
“Then what’s your reason?”
He hesitated, then spoke at last.
What he revealed was a deeply buried secret of Hyeonhwa Group.
His eyes looked heavy with sadness.
And after hearing everything,
I could understand his heart.
