Free Web NovelAfter seeing Chairman Choi Woosik off, I called Chairman Kim Byungwoo of Joongwoo Group separately.
The Federation of Korean Industries meeting had ended, but Chairman Kim Byungwoo had stayed behind at the hotel, waiting.
“You’ve been waiting a while, haven’t you?”
“Not at all. The coffee at Baekje Hotel is excellent, so I was enjoying it for the first time in a while.”
“Please, have a seat.” ƒreewebɳovel.com
As Chairman Kim Byungwoo sat down, he glanced at me, then asked carefully,
“But why did you call Chairman Choi separately?”
“We’ve found something to work on together. Something interesting should happen soon.”
“Is that so? Something interesting, you say. May I look forward to it as well?”
Chairman Kim chuckled lightly as he joked. I watched him quietly.
He must have been curious, yet he didn’t ask. People who keep their boundaries even with time are rare.
A smile naturally formed at the corner of my lips.
“You may look forward to it. So, have you formed the TF team?”
“Yes. We put it together with people we trust while maintaining security. Things may change later, but for now, it looks like Joongwoo Construction—not Joongwoo Group as a whole—will take the lead in the North Korea project. So we built the TF team mainly around personnel who will support Joongwoo Construction.”
As expected of Chairman Kim Byungwoo. With his experience, he planned the project flawlessly even without explicit instructions from me.
Unlike ordinary projects, North Korea-related ventures required large-scale infrastructure construction first.
The best picture was Joongwoo Construction moving out front, with Joongwoo Group following behind.
“Within Joongwoo Group, Joongwoo Shipping, Joongwoo Shipbuilding, and Joongwoo Refining will move in. Keep that in mind and prepare accordingly. It would be better to send experts from those affiliates along when Joongwoo Construction goes in.”
“Joongwoo Shipping, Joongwoo Shipbuilding, and Joongwoo Refining?”
“Yes. That region was already home to a heavy industry complex even within North Korea. Of course, everything is shut down now. Still, it used to be the heart of North Korea’s shipbuilding industry. I hear there are quite a few skilled workers as well.”
After a brief pause, Chairman Kim asked,
“Hmm... I understand the intent, but isn’t Nampo Port not an ice-free port?”
An ice-free port.
A term referring to ports where ships can operate freely even in winter because the sea doesn’t freeze.
Nampo Port had originally been an ice-free port. However, due to climate change and abnormal weather patterns, the number of days it froze had gradually increased.
For now, the freezing period was short enough not to be overwhelming, but even that still significantly affected port operations.
“Nampo Port used to be an ice-free port.”
“Yes, originally it was. But I’ve heard it freezes in winter now.”
“People blame global warming and abnormal weather for that, but the biggest factor is actually the West Sea Barrage. Originally, there were only a few pieces of drift ice off the coast. After the barrage was built, water flow stagnated, preventing seawater from flowing into the Taedong River. That’s the main reason Nampo Port freezes. The North Korean government will never admit this, of course.”
Chairman Kim nodded repeatedly, letting out an exclamation.
“Ah, the West Sea Barrage. I see.”
“That’s why we plan to dismantle the West Sea Barrage and restore things to how they were. And instead of relying on the Taedong River, we’ll build a massive new outer harbor along the coast. It would be better to relegate Nampo Port to a supporting role for smaller vessels.”
At the mention of dismantling the West Sea Barrage, Chairman Kim’s eyes widened.
“You’re saying you’ll dismantle the West Sea Barrage? Did the North Korean government approve that?”
“If it were Kim Jongil, he never would have allowed it. But Jang Songthaek is different. If there’s profit to be gained, he’ll choose to break with the past.”
“Heh... They used to boast endlessly that Kim Ilsung built that barrage, and now they’re dismantling it. I suppose North Korea really is changing.”
Chairman Kim muttered in disbelief, full of awe.
Seeing him that surprised made me inwardly amused. All the effort I put into persuading Jang Songthaek to dismantle it hadn’t been wasted.
I chuckled and continued,
“Once the West Sea Barrage is dismantled, the waters off Nampo will no longer freeze. That will make it a very attractive location.”
“A dark horse could emerge in the shipping industry, then. I’ll select personnel for a preliminary survey with that in mind.”
Just as expected of Chairman Kim Byungwoo—he quickly grasped what I wanted and spoke first.
Satisfied, I nodded and asked ~Nоvеl𝕚ght~ again,
“Good. How about Joongwoo Group overall? No major issues?”
“Yes. Things are going so well it almost makes me uneasy. Just being able to invest freely without worrying about shareholders’ reactions feels incredible.”
“That’s a relief. If anything comes up, feel free to contact me anytime. I’ll help where I can.”
“I will.”
Though he agreed readily, Chairman Kim Byungwoo wouldn’t reach out unless it was truly necessary.
As I stood up, I lightly patted his shoulder.
“Then shall we continue the rest of our discussion over dinner? I made a reservation at a good place, thinking of going together. Let’s go.”
I took Chairman Kim with me to the restaurant I had reserved.
Over a late dinner, we talked at length.
* * *
The regular shareholders’ meeting of KS Co. freēwēbηovel.c૦m
The attention of both the business world and the media was focused entirely on the venue.
It was a historic moment—the first time foreign capital had declared a hostile M&A against a major domestic conglomerate.
No matter who won, the outcome was bound to have a massive impact on the Korean economy.
Naturally, the media wasn’t about to miss such a story.
Countless reporters were waiting outside the venue where the shareholders’ meeting was being held.
Last year’s shareholders’ meeting had been absolute chaos.
Due to the stock price collapse caused by the accounting fraud scandal, small shareholders had gathered, demanding the entire board resign, pouring out protests and accusations.
But no matter how many small shareholders gathered, they couldn’t win a vote battle. In the end, they were always outmatched in terms of shares.
This time, however, things were different.
Sovereign had purchased KS Co.’s shares and become the single largest shareholder, completely changing the atmosphere.
Small shareholders formed an alliance with Sovereign and shaped public opinion, and even the KS labor union joined hands with them.
Chairman Choi Woosik stepped out of his car to attend the meeting.
His face, standing at the center of a management control dispute, was stiff and hardened.
“Chairman Choi Woosik! How do you predict today’s shareholders’ meeting will turn out?”
“Chairman Choi! Please comment on the accounting fraud and slush fund allegations for which prosecutors have indicted you!”
Without any coordination, reporters thrust their microphones at Chairman Choi, firing off questions.
His security guards tried to block them, but it wasn’t enough.
Nearby, the KS labor union and various civic groups were protesting with placards.
“Crush union suppression!! Entire management must resign!! Withdraw layoffs!! Reinstate all workers!!”
“Take responsibility for illegal acts and step down!!”
“Resign! Resign!!”
The area in front of the KS Building was complete chaos.
Chairman Choi Woosik ignored the barrage of questions and walked into the building.
“Chairman Choi Woosik! Please respond!”
Even after he disappeared inside, the reporters kept shouting.
The moment the elevator doors closed, Chairman Choi Woosik spat out a curse.
Then he kicked the shin of the chief secretary standing beside him.
“Argh!”
“You bastard! Can’t you handle things properly? I have to deal with those assholes from the morning? Do you want to die?”
The chief secretary curled inward. A sharp pain shot through his shin, but he couldn’t show it.
If he did, Choi Woosik would only rage harder. The chief secretary snapped to attention and lowered his head.
“I’ll correct it.”
“Correct my ass! Disband the union by force right now! Things are already bad enough—are you going to let the union run wild too?!”
Chairman Choi Woosik was considered physically imposing even among top business leaders.
Him raising his hand and threatening a much smaller chief secretary was an everyday occurrence.
Looking down at the secretary with his head bowed, Choi Woosik snarled,
“Keep this up and see what happens.”
“I’m sorry. I’ll take care of it immediately.”
The elevator arrived, and the doors opened.
As if nothing had happened, Chairman Choi Woosik put on an expressionless face and walked toward the large conference hall where the shareholders’ meeting was being held.
At the same time, Eva arrived in front of the KS Building.
Stepping out of her car, she smiled brightly at the reporters.
It had been a long time since Eva appeared at an official public event.
Reporters rushed toward her just as they had with Chairman Choi, but the quality of her security team was on an entirely different level.
The reporters couldn’t even get close. They were blocked by the human wall surrounding Eva.
Seeing them, Eva smiled and spoke,
“If you keep your distance and maintain order, I’ll answer your questions.”
At her words, the reporters glanced at the faces of their competitors.
“What should we do? Just go in, or answer a few questions, even briefly, before going in?”
In the end, they all took a step back.
“I don’t have much time, so I can’t answer many questions. I’ll take exactly three. Who wants to ask?”
Hands shot up competitively. Eva pointed to one reporter.
“You there, in the white outfit. Go ahead.”
The selected reporter introduced himself and asked,
“I’m Kim Heeseong from Gyeongu Daily. At today’s shareholders’ meeting, whose side does Future Investment plan to support? And I’d also like to hear your thoughts, CEO Eva, on the management takeover methods of Crest Securities, which is also headquartered in Hong Kong.”
As he finished, Eva let out a small laugh.
“I asked for one question, but you asked two. That’s not very considerate to the others.”
Under the glares of other reporters, he cleared his throat awkwardly.
“I’ll answer both this time. But next time, please ask only one. As for which side we’ll support... we haven’t decided yet. We plan to listen to both sides at the shareholders’ meeting before making a decision. And the second question was... um, what was it again?”
Her playful act of pretending not to know drew laughter from the crowd.
But some reporters clicked their tongues at Eva’s sly way of instantly controlling the atmosphere.
“Crest Securities is indeed an investment firm headquartered in Hong Kong. But to be precise, it’s a wholly owned subsidiary of the Sovereign fund based in New Zealand. I’d appreciate it if you didn’t write fiction by tying that to me. And while Future Investment is headquartered in Hong Kong, most of our investments are in Korea. Most of our profits are reinvested here as well. If you keep calling us foreign capital, I’ll be a little hurt, you know?”
Her bright smile softened the tense atmosphere.
“Back to the main point—Sovereign’s management dispute is, in my view, a legitimate right of shareholders. The owners of a company are its shareholders. If shareholders see problems, they can demand corrections, and putting those demands to a vote is a lawful process. However, if there are illegal or unlawful elements in that process, then criticism is deserved.”
Eva took a second question and answered it with her own perspective.
“Now I’ll take the final question. The reporter in the orange outfit—your turn.”
The chosen reporter raised her microphone.
“Hello, I’m Song Heekyung. Sovereign is one thing, but I can’t avoid asking about the source of Future Investment’s capital. It’s known as Hong Kong-based funding, but according to our investigation, the funds appear to have come from multiple paper companies located in tax havens, not Hong Kong. Do you have anything to say about that?”
Eva’s smiling face instantly went expressionless.
Her voice, which had carried warmth just moments before, turned cold as she asked,
“Which outlet are you from?”
“I’m Song Heekyung from New Fact. We’re still a small online newspaper.”
“Hm...”
Eva frowned slightly and let out a low sigh.
