Free Web NovelThe moment the word Sovereign came out of Yoon Hyungmin’s mouth, I immediately understood.
So it was around this time. The point when Sovereign secured a massive block of shares in KS Corporation.
“I do know a bit. Just that they’re a New Zealand–based asset management company. Did they perhaps ask you to take on the KS Group management dispute case?”
Yoon Hyungmin’s eyes widened.
“You already knew?”
“I had a rough idea. I only knew they were just getting started. But I didn’t expect Father would be asked to take the case.”
“Is there a law firm in Korea that does these things as well as we do? That’s why they contacted us right away.”
It was definitely too tempting an offer to refuse. That was why Yoon Hyungmin must have wanted to ask my opinion.
He was one of the few who knew that I held quite a significant amount of KS shares.
“I did warn the chaebol chairmen the last time we met. But they let it go in one ear and out the other.”
“Well, of course. You think they can afford to pay attention to that right now? Their group chairman is on the brink of getting arrested. They’ve thrown every ounce of capacity into that mess. You think they’d listen to you at a time like this?”
Due to KS Group’s accounting fraud allegations, Group Chairman Choi Woosik, CFO Son Jisung, and other key personnel had become targets of investigation.
After the investigation, Son Jisung and Kim Changho, the head of the restructuring headquarters, were arrested.
They barely managed to keep the actual owner of KS Group, Chairman Choi Woosik, from being detained—but the group’s stock price had already entered a steep decline.
“Since they didn’t listen to my advice...”
I didn’t give an immediate answer.
“Tell them you’ll review it positively for now. They don’t even have enough shares yet to aim for an outright takeover, and they’ve only made an inquiry, correct?”
“Correct. But this is a confidentiality matter.”
“I’m not going to run my mouth about it anywhere. Besides, I already knew. The real question is whether I should step in and stop it... or whether I should just let them get hit hard—really hit hard—for once.”
If KS Corporation fell, the entire circular-shareholding chain of KS Group would collapse.
The group chairman, Choi Woosik, held only a mere 1.4% in direct shares.
KS Group’s control structure relied entirely on a tangled web of circular investments among subsidiaries.
I had already pointed out that problem before, but they didn’t even pretend to listen.
And it wasn’t just KS Group.
From here on out, foreign private equity and asset management firms would attempt hostile takeovers of Korean conglomerates with similarly fragile governance structures.
They didn’t care whether they secured management rights or not. As long as they profited by selling their stake after the chaos, they never lost.
That was why I advised the chaebols to transition to a holding-company structure. But none of them listened.
To date, only Joongwoo Group and Geumseong Group had completed the transition.
Joongwoo Group was fully unlisted after voluntarily delisting every affiliate, but Geumseong Group was not.
Geumseong had spent an astronomical amount of money converting from circular shareholding to a holding-company system.
Money was the problem.
It cost so much that Korean conglomerates preferred the circular-shareholding structure.
“They’re probably not serious about actually taking over management. They’re just using the dispute to make a profit.”
“Hm. Judging by what they asked us, they sound quite serious. They asked whether we could lobby the government effectively.”
“Really?”
That was new information.
To be honest, even I didn’t know every detail of KS Group’s internal management struggle, so I found this part somewhat interesting.
“For now, there’s still time. They’ll likely secure around 4% before the regular shareholders’ meeting, then use that to demand Chairman Choi Woosik’s resignation. That’ll be the outline. And they’ll probably start serious accumulation around April.”
“...Heh. You. What exactly are you? How are you pinpointing Sovereign’s plan so accurately? You even predicted they’ll demand Chairman Choi’s resignation at the upcoming shareholders’ meeting. And that it won’t pass.”
Recently, Future Investment had succeeded in a hostile M&A of Ilseong Mulsan and Ilseong Electronics.
So foreign firms were wary, unsure if they should charge in seriously or wait a little longer.
It seemed things were still following the original historical trajectory.
I gave a slight smile, and Yoon Hyungmin nodded.
“Alright. I’ll say we’ll review the matter positively, just as President Kim suggested. Their real goal is to lobby the incoming Yoon Changho administration rather than legal disputes.”
“Exactly. Legal issues can be handled in many ways, but in Korea, Father is the only one who can lobby the government at that level.”
“Haha! You’re gilding my face now.”
Laughing loudly, Yoon Hyungmin smiled at my remark.
We continued talking until the wedding ceremony began.
“For now, let’s celebrate Hyunwoo and Minkyung’s wedding today. Father should speak with some of the other guests as well.”
“Of course. Let’s go.”
I moved toward the table where my friends were sitting, while Yoon Hyungmin headed to the table of legal professionals.
“You’re here, Muhyuk?”
Myungsoo saw me and tapped the chair beside him.
At the table were my friends as well as guests we’d seen with Minkyung earlier.
But the family table at the front—where Minkyung’s family should be—was painfully empty.
Her mother couldn’t attend, and she had no relatives present, so there was nothing to fill it.
“I’ll sit over there. It’s too empty.” freeweɓnovēl.coɱ
I pointed toward the table where Minju and Minsoo were seated.
“You will?”
“Yeah. Hyunseong, and your wife—let’s go over there and fill that side. Hyunseong.”
Hyunseong must have thought the same; he nodded and stood with Kang Mijin.
“Oh? Then should I—?”
Myungsoo tried to stand too, but leaving all of Minkyung’s friends alone didn’t seem right.
Too many things needed handling today. I hesitated, then shook my head.
“If you leave, Minkyung’s guests will be sitting there all alone. Can you stay with Jaeha and take good care of them?”
“Ah, right. Got it.”
Myungsoo sat back down. Leaving Myungsoo and Yoon Jaeha there, we headed for the family table.
“Minju, Minsoo. Mind if we sit here?”
“Of course not. Please come.”
Han Minju smiled brightly, and Han Minsoo gave a shy smile.
As the once-empty seats filled with people, their expressions visibly brightened.
I sat beside Han Minsoo and lightly patted his shoulder.
“Did you talk with your sister?”
“Yes. She cried.”
“She lived her entire life grinding and struggling only for the two of you. You know that, right?”
“Yes, I know. That’s why I tried to earn my own allowance... but maybe my sister didn’t like that. Since she’s getting married now, I told her she shouldn’t worry about us and should live her own life... but I think those words hurt her.”
Han Minsoo lowered his head in dejection.
Given how hard their situation had been, the fact that he’d grown up straight and thoughtful was something to be thankful for.
Now I understood why Han Minkyung had cried.
I gently patted Han Minsoo’s back.
Then I looked at both siblings.
“She probably wasn’t hurt—she was proud. She realized you two are grown enough to take care of yourselves. Now you can help her live her own life, not just be someone’s older sister or guardian, right?”
“Yes!”
Both answered at the same time. I chuckled and nodded.
When their sister moved out, they would feel lonely—but they were tougher than expected.
After the wedding and honeymoon, Han Minkyung would have to leave home.
Oh Jeongseok wanted them to live in his house, but Oh Hyunwoo adamantly opposed it.
In the end, the couple found an apartment near the court and the Prosecutor General’s Office as their newlywed home.
The wedding host tapped the microphone.
“Ladies and gentlemen, the ceremony of Groom Oh Hyunwoo and Bride Han Minkyung will begin shortly. Please take your designated seats.”
The orchestra arranged by the hotel began playing soft classical music.
Guests who had been chatting dispersed and returned to their seats.
Finally, the ceremony began.
Since Han Minkyung’s mother couldn’t attend, the candle-lighting needed a substitute.
Thus, Han Minju stepped forward and lit the candles in her mother’s place.
After an unbearably long officiant’s speech, it was time for the groom to enter. fɾeewebnoveℓ.co๓
“Groom, enter!”
The orchestra played the entrance march, and Oh Hyunwoo walked in slowly, his face tense.
“Bride, enter.”
A new melody began, and this time Han Minkyung entered.
Because of her long dress, hotel staff held up the train behind her.
She was clearly nervous as well.
She walked slowly toward the officiant’s stand, and Hyunwoo stepped forward slightly to take her hand.
The wedding proceeded smoothly without issue.
As the ceremony progressed, tears welled up in Han Minju’s eyes.
Han Minsoo handed her a handkerchief and held her hand tightly.
After nearly two hours, the ceremony ended, and the hotel began setting up for the buffet reception.
Hyunwoo and Minkyung went inside with their families to prepare for the reception.
Guests began eating the prepared food and chatting.
Hyunseong and I returned to our table and joined the conversation.
Myungsoo and Yoon Jaeha seemed to have grown quite friendly with Minkyung’s acquaintances.
As the atmosphere warmed and conversations flowed pleasantly—
“President Kim Muhyuk.”
Someone called me. I turned.
“Oh! Chairman Park.”
It was Park Younggeun, Chairman of the Fair Trade Commission.
I rose and shook the hand he extended.
“I meant to greet you earlier, but people kept grabbing me and wouldn’t let go.”
Everyone at the table turned their attention toward us.
It would be hard to talk here.
“I’ll step out to talk with him for a bit. Keep chatting.”
After asking for understanding, I led Park Younggeun to a quiet corner away from prying eyes.
We sat across from each other at an empty table.
“I heard you’ve been nominated for Deputy Prime Minister for Economic Affairs. Congratulations.”
“You made that happen, President Kim.”
“If you lacked ability, the civil servants under you would already be in an uproar. You know how vicious the MOFIA types are.”
“Those people fear me because of you, President Kim. Because you support me.”
At his words, I smiled faintly. The powerless reformist he once was no longer existed.
To execute reforms, one needed power—and mine was the source of his.
“There’s a lot of talk inside the FTC because of Ilseong Group. They say if Future Investment acquires Ilseong after already controlling Joongwoo Group, it will become a near-monopoly.”
Not everyone at the FTC knew who I really was.
The higher-ups did, but rank-and-file workers on the ground did not.
“Future Investment isn’t going to swallow everything. We’ll secure control first, then begin the resale process. To domestic conglomerates.”
“I see.”
“I understand what you’re worried about. But you know very well that I’m not someone who acts recklessly out of greed.”
Park Younggeun nodded.
“Correct. The President Kim Muhyuk I know is not that kind of person.”
I smiled at him.
Even if he understood, others would need a justification they could ~Nоvеl𝕚ght~ accept.
“I can’t explain every detail, but it’s not different from your reforms. I don’t want to see Korean companies threatened by foreign capital.”
“I feel the same. That’s why I’ve always opposed circular shareholding. Even after the Circular Shareholding Ban passed the National Assembly, few conglomerates have transitioned to holding-company structures.”
“Because it costs a fortune.”
“That’s true... but it’s frustrating. We can’t force it, and even though the global economy is booming now, who knows how long it will last.”
I looked at him with interest and asked:
“Chairman Park, do you believe another economic crisis will strike Korea?”
