» The Youngest Son of Sunyang
The Youngest Son of a Chaebol Family - Chapter 278
[278] Bending the Knee 3
"Hah! Well, look at that... Lee Hakjae... Was he serious?"
Vice Chairman Jin Donggi tossed the morning newspaper aside and pressed the intercom.
"Dubai Team, everyone to the conference room."
He threw the newspaper to the dozen people who had gathered in moments.
"Everyone saw this, right?"
"Yes, sir."
"So? Are there many companies enticed?"
"Everyone is buzzing, but there are only a few companies large enough to join this consortium. They all complained that the cutoff was set quite high."
"So, it's just media play?"
"We anticipate that."
Jin Donggi was considering two paths.
First, going it alone!
"Our financial situation isn't great, is it?"
When he asked about their most vulnerable point, everyone merely eyed each other.
"When do you think the money tied up in Incheon New City will be released?"
Claiming a rosy future was certain, they engaged in all sorts of lobbying to secure that area first, and as a result, secured the largest section.
But far from blooming roses, they were walking a path of thorns. No one knew when the necessary government infrastructure would be laid, and all that remained was a ghost city, filled only with towering grey concrete buildings.
Unsold properties rapidly piled up, and there was no telling when the tightly bound funds would be released. They were barely holding on, intending to shift responsibility to the government if the administration changed.
"We expect the next administration might provide a breakthrough, sir."
"What if the administration doesn't change?"
"We can guarantee that. The ruling party has no strong presidential candidate, and their mediocre contenders are just 'measuring acorns' against each other. As for the opposition party, their two strong candidates just need to win the primaries. The preliminary rounds are proving more difficult than the main election."
"What we hold are promissory notes... but we need immediate cash, this is driving me crazy."
The people gathered in the conference room were grateful that the boss they served was Jin Donggi, not Jin Younggi.
It was Vice Chairman Jin Donggi who had strongly pushed for the Incheon New City project. Since the difficulties stemmed from his own misguided judgment, he didn't badger his subordinates.
If it had been Vice Chairman Jin Younggi...?
He would have completely forgotten that he was the one who pushed it, and would have daily badgered them to clear the unsold inventory. Of course, he would have held innocent people responsible, and a dozen or so heads would have rolled.
"Vice Chairman, Chairman Lee Hakjae of HW Group extended his hand first, so why don't you pretend to be reluctantly won over and accept it?"
Second, an alliance. This is a method even the subordinates are considering.
"Now, after all this time?"
"The consortium is open. Isn't this an overture towards our Sunyang?"
Jin Donggi looked around the conference room and said.
"Do you all have the same opinion? Should we join hands with them?"
As he asked, shaking the newspaper, everyone nodded.
"Then pull as much money as possible from the financial sector. We'll only share the shortfall with them."
"It's impossible, Vice Chairman. We have no room for further financial credit. We've already used everything for the Incheon New City and Burj Dubai constructions. Even corporate bonds are impossible now."
The person who immediately shot back with that answer was the youngest man in the conference room.
It was a bold answer, but the conference room didn't freeze over. This was because Vice Chairman Jin Donggi wouldn't get angry at him, even if he said something more impertinent.
"Are you sure? Can you take responsibility for that statement?"
"Yes. The only remaining option is to borrow against the group's shares as collateral."
"Then use that as collateral and borrow."
Seeing Jin Donggi's expression, which made it impossible to tell if he was serious or not, the young man said.
"It would be safer to reduce the expected order volume. My opinion is that a conservative approach to management is better until the tied-up funds are released."
"An opportunity like Dubai now might never come again. Wouldn't it be foolish to proceed safely and conservatively?"
"In a bottom-of-the-ninth, two-outs, bases-loaded, full-count situation, a game-winning hit or a grand slam comeback rarely happens. The game usually ends with an out."
Watching the man talk back without yielding a single word, Vice Chairman Jin Donggi subtly smiled.
"Revise the proposal and submit it to Chairman Lee Hakjae. And frame the consortium so that our Sunyang leads it. Everyone, you're dismissed."
As people stood up, Jin Donggi looked at the young man from moments ago and said.
"Executive Jin, please stay."
When only the two of them remained, Jin Donggi's expression softened considerably.
"Taejun, did you accurately grasp the financial situation?"
"Yes, Father. I've contacted all the commercial banks, and that's their official response."
Jin Taejun, Jin Donggi's eldest son, as the Head of Management Support Division, oversees the finances of the construction and heavy industries divisions. Although he was still young, in his mid-thirties, the halo effect from his father and his title as Head of Division allowed him to quickly seize control of the group's finances.
"Taejun. There's no progress if we only pursue aggressive management when our conditions are favorable. We must always maintain an aggressive stance. In a bottom-of-the-ninth, two-outs, bases-loaded, full-count situation, don't look at the batter; look at the pitcher. The pitcher is already utterly exhausted. After throwing over a hundred pitches, do you think his shoulder is perfectly fine? Everyone is tired and struggling. It's not just us."
Jin Donggi spoke in a chiding tone. Although his son was diligent and honest, he was also timid. He always checked for safety first before taking a step.
As the Head of Management Support Division, he was impeccable, but he lacked the capacity to become a top executive. Jin Donggi's wish was to expand his capacity within ten years.
"Only by gritting your teeth and throwing until they ache when things are tough do you become an ace. Even if our situation isn't good, it's the Head of Management Support Division's job to procure funds, even if it means selling the stone ring in the closet. Whining about 'how hard it is to raise money' is something a section chief might say. Keep that in mind."
Executive Jin Taejun knew that if he weren't his son, he would have been severely reprimanded.
"I apologize for showing a lacking performance in the official meeting..."
"It's fine. Just do better next time. I won't forgive making the same mistake twice. Understood?"
"Yes."
"Alright. You can go now. Double-check the funds again."
Jin Donggi patted his son's shoulder.
Although he had his shortcomings, he was also a son who didn't fall behind.
* * *
"Director, Executive Jin Taejun is here to see you."
The secretary, who had slightly opened the door, said in a slightly flustered voice. She usually rejected unexpected visitors outright, but since he was a member of the owner family, it must have been difficult for her too.
"Tell him to come in. It's fine."
What brought him here? Was it his father's errand?
"Dojun, I hope I'm not interrupting."
"No. It's fine."
Everyone was now past thirty, and gradually securing their own positions. Jin Youngjun, the eldest grandson of the family, had already been fast-tracked to Vice President of Sunyang Electronics.
Had Jin Taejun already become an executive director?
There were so many of them, I couldn't possibly remember who was playing executive where.
"Taejun, how long has it been since you came to headquarters? You were out at construction sites, learning the ropes, weren't you?"
"It's been almost a year. We're in the same building, but we see each other so rarely. Right?"
"That's true. How was the site? It must have been tough, wasn't it?"
"Did I really rough it properly? I just superficially skimmed over things, like licking the surface of a watermelon. By the time I got used to on-site jargon like hori-gata, uchi-banashi, and shi-age, three years had already passed. Heh heh."
I don't know what he was saying, but he certainly made sure to show off that he'd 'roughed it' at the site.
"Sounds like you did a proper job?"
Although I hadn't seen him in a long time, since he wasn't a particularly close cousin, I figured we should end the pleasantries here.
"But given your sudden visit, it looks like there's something urgent, isn't there?"
"Ah, you probably know, right? Dubai."
Indeed, if it weren't for this matter, he wouldn't have gone out of his way to come.
But I couldn't pander to every one of them playing at being an executive. I needed to draw a clear line early on.
"Taejun. Before we talk business, let me ask you something."
"Yeah, go ahead."
He seemed a bit nervous, wondering what I would say.
"If you want to discuss business with me, don't say anything you can't take responsibility for. And you must speak with authority. Don't even bring up matters where you can't make a decision yourself and need approval. This room is where decision-makers gather. Or it's a place where someone reports to me."
Jin Taejun's expression stiffened. He probably never imagined I would so overtly highlight the difference in our positions.
"There are four rooms in the Sunyang main building where decisions can be made. This room, the two Vice Chairmen's rooms, and the Chairman's vacant room. If you are a decision-maker, state your business; otherwise, speak with the person in charge. Then that person in charge will report to me. And then I'll make a decision."
Seeing Jin Taejun's complexion turn red as if it were autumn foliage, I found it quite amusing.
Right, at least my second uncle's children had some manners.
If it had been my first uncle's children, they would have had their pride wounded and started shouting.
"If you make a face like that, I'll feel bad. Anyway, since today is the first time you've come to my room, Taejun, you can comfortably say everything you want without any conditions."
I wanted to give him credit just for not storming out. His patience was remarkable.
Was it because he was older now? Or did it mean he was that desperate?
"Alright. Just humor me today. Next time, I'll come with decision-making authority in hand. Haha."
Taejun changed his expression with an awkward laugh.
There won't be a next time. It would take at least ten years for him to gain decision-making authority.
"I'll get straight to the point. Construction has too many projects underway, so funds are very short. It's planting season now, so we'll return it as soon as we harvest."
"So, it's not relief grain, but a grain loan system, is it?"
"Huh? What do you mean by that?"
"Oh, never mind. It just came to mind because you mentioned farming. But I've already told your father. Our financial affiliates also have no spare funds. It's difficult."
"Your personal funds would also be fine. It's my first time asking you for a favor, so don't just flat-out refuse; at least think about it. I'll give you plenty of interest. Everyone knows you have a lot of money, you know."
"Alright. I'll think about it, but don't expect too much. It's not as much as the rumors say."
"You donate tens of billions to help the needy, but you have no money? Lower your standards. You'll surely have enough money to lend."
"Oh come on, that's an old story now, isn't it? Back then, I just happened to get some good investment returns, that's all, now I'm just playing with pocket change."
Jin Taejun, thinking this was a clear refusal, his face grew increasingly stiff.
"Taejun. If you're truly desperate, use your own hidden pocket money first. Do you know what people who lend money are most curious about? 'Is this person not using their own money and just going around borrowing from others?' 'Do they think they don't want to lose money, but it's okay if I do?' It's thoughts like these."
"It's not like that. I told you! Just think about it, at least!"
"I know. But if you truly believe Dubai is an opportunity, go all-in. Only then will I have faith."
"To do that, I still don't have decision-making authority."
I've planted enough 'wind' in his sails. Now, all that's left is their decision. No one could resist the allure of Dubai's dazzling skyline.
The global construction industry was rushing into that temptation like moths to a flame, so why would they be an exception?
"First, I'll try meeting with the financial institutions. If it's Sunyang Construction or Heavy Industries, they might be able to increase the credit limit."
"I've already checked. Those guys all shook their heads."
I smiled and looked straight at Taejun as I spoke.
"When I, who holds a firm grip on Sunyang Group's financial affiliates, speak, it'll be hard to ignore, won't it? The weight of my words is different, you see. Heh heh."
The thought hidden in Jin Taejun's eyes.
If this was what he wanted to hear from me, then he'd played his hand quite well.
Because he still didn't know he was digging his own grave.