Free Web NovelAmong all the conglomerates in the country, Geumseong Group was a peculiar case.
It had been founded through an alliance between two families and had managed to pass down its leadership through three generations.
Even more remarkable, it was the only chaebol that had never once experienced an internal management dispute.
Lately, there had been rumors that the two partner families were preparing to split the group by dividing their affiliated companies.
It was also the only conglomerate that fully paid its inheritance taxes every time leadership was handed down.
Recently, it became the first among the nation’s top ten groups to complete a full transformation into a holding company system.
Geumseong had successfully broken its decades-old chain of circular shareholding and established a vertically integrated structure, thereby securing stable managerial control.
Circular shareholding, though convenient for maintaining control, had proven dangerously fragile during the recent financial crisis—when the insolvency of one affiliate could drag down the entire group.
To prevent such a risk, Geumseong had swiftly mobilized massive funds to convert into a holding company structure.
As a result, it was now the only conglomerate here over which I had absolutely no power to interfere with management control.
“How about it? I’ve earned my seat at this table, haven’t I?”
I nodded in satisfaction. As expected, a veteran of the business world.
“You know exactly what I wanted.”
“Would anyone dare show up here without knowing at least that much?”
“Good. Then Geumseong Group can take those two companies.”
“Excellent. Very good.”
A smile spread across Ye Seungjin’s face at last. Then he added,
“Since I’m already putting in effort, I might as well go further. I’ll take the lead in destroying Ilseong Group. Interviews, broadcasts—whatever opportunities arise, I’ll take them.”
“You seem to dislike Ilseong Group quite a bit.”
“Dislike?”
Ye Seungjin’s lips curled into a smirk. Casting a sidelong glance at the other chairmen around the table, he said,
“Let’s be honest. Everyone here feels the same. When a giant like Ilseong collapses, the crumbs that fall are big enough for everyone. And frankly, it’s satisfying to see the rival we’ve clashed with all these years finally crumble. When else will we get the chance to watch Ilseong fall?”
Since their founding, Geumseong and Ilseong had competed head-to-head in the same industries. To Geumseong, Ilseong had always been a thorn in the eye.
And having spent decades playing second fiddle—forever branded as “number two”—it was no wonder there was resentment.
“Understood. Then Geumseong Group will proceed to acquire Ilseong IDS and Korea DNS. Does anyone object to this decision?”
Seo Jaesang flinched but didn’t open his mouth. The rest appeared lost in thought about which subsidiaries they wanted for themselves.
“Then shall we hear from the other chairmen now?”
Watching the hunger flicker in their eyes, I smiled faintly.
The meeting dragged on for quite some time. Each chairman named one or two subsidiaries they wished to take, and whenever disputes arose, they settled them after some back-and-forth.
Every company ranked within the top thirty of Korea’s business world was gathered here.
Naturally, there were overlaps in interests, and at times voices were raised.
After smoothing them over and coaxing them into agreement, I finally settled allocations with everyone except the JC Group alliance.
Before turning to them, I looked toward Poongsan Group’s chairman, Guk Daeho.
“What about you, Chairman Guk?”
He hesitated at my question before asking,
“Once this is decided, will we truly be able to acquire the companies we choose? Any of them?”
I couldn’t help but laugh at his almost naïve question.
“Of course. How about letting Poongsan Group take over the construction division of Ilseong Trading? That alone could become a huge stepping-stone for Poongsan’s growth.”
Ilseong Trading’s construction arm ranked fourth in the nation by contract volume.
Poongsan Construction, by contrast, didn’t even break into the top ten. It would be like David swallowing Goliath.
“Is that... really possible?”
A look of disbelief flashed across Guk Daeho’s face.
I liked that genuine, unguarded reaction—it had been a while since I’d seen one.
“Everyone gathered here shoulders the weight of Korea’s economy. In a room like this, no one makes empty promises.”
“...”
He glanced around the room—at the assembled giants of industry—and swallowed dryly, realizing the reality of where he was.
“So? Will you accept my proposal?”
“I have no idea what’s going on, but I’ll do it. Turning this down would be the end of me. Just tell me exactly what I need to do.”
What he had to do was similar to, yet distinct from, the roles of figures like Ye Seungjin.
“All you have to do is make public statements criticizing Ilseong Group. A young self-made businessman speaking out against them—that makes for quite the image, don’t you think?”
I had no intention of being satisfied merely with Ilseong’s collapse.
I planned to bury Seo Yonggeon and Seo Jaehun completely in public opinion.
“This is something only you can do, Chairman Guk. Unlike the others here, you’re a businessman who rose from the ground up.”
“In that case, this is my specialty! Hahaha!”
As Guk Daeho burst out laughing, I smiled as well.
Then I looked over at the remaining three—JC Group, Daesol Group, and NEW Group—none of whom had yet chosen what to take.
“While the other conglomerates will each get one or two subsidiaries, I’ll transfer most of what’s left to you three.”
Seo Jaesang’s voice was filled with irritation.
“All the prime pieces are already gone. What’s the point of leftovers? You expect us to settle for scraps?”
“Chairman Seo.”
His resentful gaze met mine. I lifted one corner of my mouth.
“Do I look like I’m asking for a favor?”
“...”
People always get bold when you speak kindly to them. And this idiot—who’d already been burned once by me—still hadn’t learned. JC Group’s future was as clear as day.
“You call them scraps, but over half of Ilseong Group still remains. The others chose subsidiaries that synergize with their existing businesses. If you can’t make something out of that, maybe you shouldn’t be running a company at all.”
“President Kim!”
Seo Jaesang’s face flushed red, as if set ablaze.
“Does this hurt your pride? Do you honestly think you could take all of Ilseong Group and protect it intact?”
“I... I can.”
“No. JC Group doesn’t have the capability.”
He ground his teeth and glared at me, eyes burning.
“What do you even know about me to say that? I haven’t even shown you what I can do.”
I nodded.
“Exactly. You haven’t shown me anything—so I don’t trust you. Take what’s given, grow it properly, and then we’ll talk again.”
“President Kim, this makes no sense.”
“What exactly is your problem?”
“You’re talking about destroying Ilseong Group—the great empire the Seo family built. And you’re saying we can’t even take part in that?”
Poor Seo Maenggeon. To think his son, to whom he entrusted the company, was this foolish.
“Did you forget that Chairman Seo Maenggeon himself led the charge in bringing Ilseong down?”
“T-that’s...”
“I gave him a choice—to abandon JC Group and help Ilseong, or to protect JC Group. He chose the latter. It was Seo Maenggeon who turned his back on Ilseong. So don’t start spouting nonsense about how Ilseong ‘belongs’ to you. At least not in front of me.” frёewebnoѵel.ƈo๓
Seo Jaesang lowered his head and rubbed his cheek with the back of his hand.
Right—he’d been slapped over this once. He should remember.
“If you don’t want what’s offered, say so. I’ll give it to someone else. But be ready to watch your group slip down the rankings.”
The dismantling of Ilseong Group—one of the nation’s top five conglomerates—would inevitably shake up the corporate hierarchy.
Clinging to pride over practical gain would get them nowhere.
“So what’s your decision?”
“...I’ll discuss it with my father.”
I nodded and turned to Daesol’s chairman, Jo Hyungwoo.
“And you, Chairman Jo?”
Jo glanced at Seo Jaesang before answering.
“Daesol Group will follow President Kim’s direction.”
“Good. I’ll select subsidiaries that complement your existing business portfolio. Please also convey this properly to Honorary Chairwoman Seo Hyunhee.”
“Yes, I’ll relay it.”
Finally, I looked at NEW Group’s chairman, Jung Hanseong.
“And you, Chairman Jung?”
“If you grant us the distribution and logistics divisions, we’ll follow your lead.”
“Understood. Then those sectors go to NEW Group. I didn’t expect the honorary chairman himself to attend, though.”
“Haha, I live like a retired man these days—I should at least show up to something like this. I’ll talk to my wife myself.”
“Thank you.”
Everyone except Seo Jaesang had «N.o.v.e.l.i.g.h.t» now agreed to participate.
My throat was dry from all the talking, so I moistened my lips and looked around the room.
“All groups will delegate their Ilseong-related shares to Future Investment. Especially for JC Group and other Ilseong spin-offs, you must entrust every share in Ilseong affiliates. This isn’t a request. If you refuse, everything we’ve discussed becomes null and void—and your company will be the next target after Ilseong.”
Every face, except those from Geumseong, froze.
“Also, besides Chairman Ye, the Federation of Korean Industries will need to issue a separate statement—after the presidential election, of course. During the campaign period, no one will pay attention anyway. Once you all step forward, the Fair Trade Commission and FSS will find things much easier.”
That was all I needed from them—or almost.
“One more thing. Once this is over and the subsidiaries are reorganized, I recommend all of you convert to holding companies. The circular shareholding model is far too vulnerable to external attacks.”
Without such restructuring, even if it wasn’t me, some other hedge fund would shake them to their core.
“KS Group, in particular, should start preparing immediately. Hedge fund movements around you look suspicious.”
Chairman Choi Woosik of KS Group looked startled.
“Pardon? President Kim, do you know something?”
In fact, the Monaco-based asset manager Sovereign was secretly accumulating shares of KS Corp—the group’s de facto holding company—through a Hong Kong entity called Crest.
I explained this to him as I continued.
“That’s the word going around. Your personal stake is too small. Even with circular shareholding, if the largest shareholder changes, it’ll be problematic. How about restructuring your governance now while you can?”
Once I took control of Ilseong Group, other hedge funds would surely turn their gaze to Korean companies.
I had no intention of letting Korean corporations fall into foreign hands.
“There’s no need to worry. We’ve already taken every measure to secure management control.”
“Really? You’ll regret that.”
“I’ll handle it. Just keep your end of the deal.”
I raised an eyebrow at his dismissive tone.
Once he gets burned badly, he’ll learn. I’d let him be for now.
“If that’s Chairman Choi’s stance, I won’t press further. Do the rest of you feel the same?”
No one answered, but I could tell—they had no plans to change anything soon. Geumseong truly was the exception.
Even in my previous life, hardly any groups had properly converted to holding companies before I died.
“If that’s the case, I won’t insist further.”
Better to let them watch one of their own fall and learn from that.
It was time to wrap up the meeting.
“Within a week, submit all letters of delegation to Director Eva.”
Everyone nodded.
“Thank you all for coming today. As long as you keep your promises, I’ll keep mine.”
And with that, the long, long meeting with the conglomerate heads finally came to an end.
