Free Web NovelThe Chandler brothers had calculated that if the shares we held were transferred to Chairman Choi Woosik, they would lose.
That meant the voting rights Chairman Choi Woosik had secured were highly likely to be around 25%.
To be sure, I asked Richard.
“How much voting power has Chairman Choi Woosik secured?”
“By our assessment, roughly 25%.”
Even if you added my 8.7%, the 30% secured by the Sovereign fund, and the 25% secured by Chairman Choi Woosik, it still didn’t reach two-thirds.
I gathered my thoughts for a moment, then slowly pulled one corner of my lips upward.
“So there was a reason you came looking for us.”
The National Pension Service held roughly 4% of KS Co.’s shares.
There was no way they would side with a foreign fund like Sovereign.
Of course, it was uncertain whether they would side with Chairman Choi Woosik either, given that he was under intense media fire.
Even so, if there was a risk that management control might change hands, the probability that they would side with Chairman Choi Woosik was higher.
‘Originally, there was no way for them to win no matter what. But now they calculated that they could win as long as they received our voting rights, which is why they came to Korea.’
Last year, James Peter, the chief operating executive and proxy for the Chandler brothers, had visited Korea.
Under normal circumstances, that would have been the last time Sovereign’s management ever came to Korea.
There were many reasons, but the biggest was that the government had already filed complaints against them.
If it became known that the Chandler brothers had entered the country, there was a high chance they would be summoned by the prosecutors.
But there was no way these two would stay still in a fight where victory was in sight.
The Chandler brothers personally visited most of the companies they invested in and took direct control.
To the point that they had even entered Russia while receiving threats from the mafia during the process of ousting Gazprom’s management.
Investors who avoided media exposure, yet never flinched from any threat as long as money was guaranteed. That was the Chandler brothers.
“For a decisive victory, we need the voting rights held by Future Investment.”
“I understand. The voting rights held by the National Pension Service are the issue. If those voting rights end up in Chairman Choi Woosik’s hands, you can’t guarantee victory.”
Richard Chandler shook his head.
“Even if the National Pension Service supports him, we’re confident we can win. From the start, we planned with pension funds included as Chairman Choi Woosik’s friendly shares.”
No matter how much Chairman Choi Woosik was on trial, Korea couldn’t hand over one of its major conglomerates to foreign capital.
At the government level, they would likely move the pension fund management division to support Chairman Choi Woosik.
At this point, there were still no properly established guidelines for how the National Pension Service exercised voting rights.
Of course, there were internal, simplified standards.
But those were nothing more than clauses meant to avoid responsibility if problems arose later. The National Pension Service was not exercising voting rights systematically.
In the end, it was no different from exercising voting rights according to the government’s preferences.
“Is that so? You’re confident you can win even if the National Pension Service supports the Choi family. You’re very confident.”
“If Future Investment joins hands with us, we can take management control without question. Even if you remain neutral and don’t exercise your voting rights, our chances of victory exceed eighty percent.”
“Over eighty percent just by staying neutral... That means if you side with them, we lose for sure. I didn’t realize we were the casting vote.”
Being the casting vote with just an 8.7% stake. It wasn’t a bad situation.
But there was something these two brothers still didn’t know.
“By the way, did you know this? We can exercise the National Pension Service’s voting rights as well.”
“What do you mean...?”
Richard Chandler asked back with a blank expression, and I deliberately turned to Eva.
“Eva, we can move the pension fund’s voting {N•o•v•e•l•i•g•h•t} rights, right?”
“Of course, Boss. If needed, I can make the call right now.”
I shook my head and smiled again as I looked back at Richard Chandler.
Richard Chandler muttered in disbelief.
“You can move the pension fund?”
“This is Korea. You focus on emerging markets, so you know this well. This place doesn’t run purely on systematic processes like the United States. Didn’t you make huge profits using those very methods in Brazil and Russia? Partnering with governments, paying bribes. That’s how you devoured companies.”
“We don’t invest that way. We are morally—”
I sneered at Richard Chandler as he tried to explain.
“What morality is there in money? Don’t engage in absurd self-justification. I don’t do business with people who lie. That’s my principle. Don’t lie in front of me.”
Richard Chandler’s eyes wavered in agitation. At that moment, Christopher Chandler stepped in.
“What do you want?”
I turned my gaze toward Christopher Chandler.
“You’re the ones who should make the offer. My role is to listen and decide whether to accept it.”
“...Korea’s major corporations are abnormal. Founding families control conglomerates with minimal shareholdings. They treat corporate money like their own pocket change. This isn’t normal. We act in the interest of shareholders.”
“What does that have to do with me? Spare me the nonsense. We didn’t carve time out of our schedules just to play word games. What can you offer me? Tell me why we should side with you.”
From beside me, Eva’s laughter rang out.
Where had these two ever been treated like this?
Whenever they announced an investment, governments stepped forward with open arms to welcome them.
That was true in Brazil, and it was true in Russia.
Throughout their investments in emerging markets, they had always stood in the position of saviors.
Richard Chandler took a deep breath and spoke again.
“What do you want? If it’s something we can do, we’ll do anything. Just tell us what you want.”
At Richard’s words, Christopher called his brother’s name quietly.
“Richard!”
“Christopher. This isn’t the time for pointless pride. We’re investors. Let’s think rationally.”
“Richard. We can just sell our shares and leave. Management control? Sure, it’d be nice. But it’s not essential.”
But Richard Chandler ignored his brother and asked me again.
“What do you want?”
“Well. Is there really anything I want from you?”
“It may not compare to Dreamhigh, but we do have a strong reputation in this field. So speak.”
Instead of answering, I slowly stroked my chin.
As I watched Richard’s face twist while waiting for my reply, it seemed he had read the sneer on my face.
“Is Sovereign really such a prestigious name? From what I know, your operating capital doesn’t even reach two billion dollars.”
“.......”
“Even Future Investment alone, sitting right here, manages over ten billion dollars.”
“Why are you bringing this up now?”
Richard glared at me sharply, but I shrugged and replied casually.
“Isn’t it ridiculous? You’re trying to swallow a group ranked fifth in Korea with less than two hundred million dollars. Either you’re bold—or you’re looking down on Korea...”
The money Sovereign had spent to acquire 14.9% of KS Co.’s shares didn’t even reach two hundred billion won.
Trying to seize management control of one of Korea’s top conglomerates with that amount.
If they truly intended to take control, they would have needed to accumulate around 30% on their own.
With KS Group’s stock price having fallen by half due to accounting fraud and slush fund scandals, the only direction left was further downward.
‘But Crest Securities submitted a report to the exchange stating that it had acquired 8% under those conditions.’
That news caused the stock price to rebound, and small investors welcomed them.
Trusting that, they stopped buying and settled at 14.9%.
By then, the stock price had already recovered to its pre-scandal level, and continued buying by Sovereign would almost certainly push it higher.
The shares available on the market were limited. To reach the targeted 30%, Sovereign would have had to pour in more than half of its assets.
So instead of gambling, they chose the safer path.
That was to turn the shares held by Future Investment into friendly shares.
Which meant Future Investment was the one with leverage, and they desperately needed our help.
“Give up on management control. I do not welcome foreign capital owning Korea’s major conglomerates.”
“.......”
I had no intention of handing KS Group over to them.
Once that door was opened, hyenas would begin shaking the vulnerable governance structures of Korean conglomerates and threatening management control. That was something I would never tolerate.
“Don’t like it? Then I’ll make an offer. Whether you accept it is up to you. But if you reject it, you’ll suffer massive losses and leave the Korean market. I’m confident I can make that happen. No— even if you withdraw from Korea, I’ll follow you and harass you wherever you go.”
“Is that a threat?”
They didn’t know that I was the owner of Future Investment.
That was the Chandler brothers’ biggest mistake.
I chuckled softly and met Richard’s eyes.
“Well. If you take it as a threat, it’s a threat. If you take it as an offer to work together, then it’s an alliance.”
Both brothers clenched their lips tightly. Christopher even closed his eyes, as if deep in thought.
There was no way they didn’t know that Dreamhigh was capable of exactly that.
They asked whether it was a threat, but they had already guessed it was simply the truth.
“Don’t worry. If you join hands with me, I’ll make sure you earn sufficient profits and leave Korean soil safely. And afterward, I’ll help you get a foot in on my future investments as well. So—what will you do?”
Richard Chandler and Christopher Chandler exchanged looks.
“Did a cat take your tongues? Why can’t you answer?”
I gazed at them with an even deeper smile.
* * *
“Well. Mockery, you say...”
“Stop dodging the issue! What do you think you’re doing right now?!”
Chairman Choi Woosik finally exploded in anger. I raised one eyebrow and looked him straight in the eye.
“Is now really the time to be angry at me? I clearly advised you. Use your slush funds, or whatever other means necessary, and secure KS Co.’s shares. You’re the one who ignored that advice. And now your management control is under threat. Yet you’re venting your anger at someone who could be your ally?”
His inability to distinguish when pride mattered and when it didn’t was deeply disappointing.
At this point, even getting on his knees and begging small shareholders wouldn’t be enough.
He knew perfectly well what would happen if the shares held by Future Investment went to the other side, yet he was still acting this emotionally.
I clicked my tongue loudly and continued.
“Is your pride more important than KS Group’s management control? What do you plan to do if I side with them? Are you relying on the National Pension Service? Or the shares hidden in nominee accounts?”
Chairman Choi Woosik’s eyes widened. ƒreewebηoveℓ.com
“H-How did you know that?”
In my previous life, how had Chairman Choi Woosik defeated Sovereign?
This was the point that had always puzzled me.
With small shareholders and the KS Group labor union backing it, Sovereign still lost the vote battle in the end.
That meant Chairman Choi Woosik had more shares than people realized.
Most likely, shares still held under nominee accounts by the previous chairman, not yet transferred due to inheritance tax issues.
I immediately ordered Eva to look into it, and she quickly found the answer.
A full 7% was scattered across various accounts.
“What matters isn’t how I know. What matters is that your lifeline is in my hands.”
“.......”
“Chairman, let’s work together on one thing. If you do, I’ll protect KS Group’s management control.”
