As everyone struggled to hide their confusion, Executive Director Yoon Ki-hoon, seated to the left, adjusted his glasses and asked for confirmation.
"You're not just withdrawing funds from two companies, but rather liquidating everything except Jo Sang-beom's Virus Research Lab and Jin-hyung Machinery?"
Seok-won paused briefly before responding in a calm tone.
"That's right. I reviewed the companies we've invested in, and aside from a few, most are operating quite solidly."
At that, Finance Director Um Tae-joon, seated across from Yoon Ki-hoon, responded with a subtle hint of pride.
"When making investnts, we focus heavily on risk assessnt to ensure that we can successfully recover profits later on."
"If we invest funds but fail to recoup our principal, then it's all for nothing. Recovery rates are crucial, and in that sense, I think risk managent has been handled well."
Despite Seok-won's complint, Yoon Ki-hoon still looked unconvinced.
"You say that, yet you're telling us to liquidate the entire portfolio and recover the investnts. I don't understand your reasoning."
The other two executives subtly nodded, seemingly sharing the sa thought.
Seok-won placed his interlocked hands on his knee and looked directly at Yoon Ki-hoon.
"What is the role of Daheung Venture Capital?"
Yoon Ki-hoon, eting his gaze, promptly answered.
"We invest in promising but credit- and collateral-lacking startups that struggle to secure bank loans. When these companies grow, we generate profits through significant capital gains."
"That's correct. But you're missing sothing important."
Noticing the puzzled expressions on their faces, Seok-won continued in a serious tone.
"Risk."
"...?"
"Venture capital firms exist to invest in high-risk projects with the potential for high returns. In other words, we take on high risk with the expectation of high rewards."
Seok-won's expression hardened as he spoke firmly.
"But looking at Daheung Venture Capital's current investnts, you're focusing on low-risk ventures with diocre returns. At that point, what makes us any different from a regular loan company?"
Yoon Ki-hoon quickly responded, as if trying to justify their approach.
"Pursuing high returns is ideal, but if the results fall short of expectations, the company could suffer significant losses. That's why we prioritize stability."
The other two executives nodded in agreent, reinforcing Yoon Ki-hoon's statent.
"And that's exactly why the company's performance is what it is today."
Seok-won's cynical remark left Yoon Ki-hoon and the other executives speechless.
After briefly soaring upon its stock market debut, the company was still trapped in a cycle of deficits. No excuse could justify that reality.
At that mont, a knock on the door broke the tense silence.
Na Seong-mi entered, carefully balancing a tray with both hands.
Sensing the heavy atmosphere, she remained quiet, placing the cups of tea on the table one by one before quietly exiting the room.
Seok-won was the first to break the silence again.
"I'm not trying to undermine the effort that's gone into minimizing losses during difficult tis. But if Daheung Venture Capital wants to grow and survive, fundantal changes are necessary."
At this rate, it was clear that the company would be swept away, completely defenseless, by the impending IMF crisis.
'Big corporations struggled during the IMF crisis, but it was the small and mid-sized businesses that suffered the most devastating losses.'
As liquidity dried up, a domino effect of bankruptcies took hold, causing dozens—sotis even hundreds—of small businesses to collapse daily throughout the crisis.
Daheung Venture Capital's portfolio companies were no exception.
'Other than Jo Sang-beom's Virus Research Lab, I don't recognize a single company na in this portfolio. That ans none of them survived the storm of the IMF crisis.'
It wasn't necessarily a result of poor managent—IMF was a national catastrophe, too destructive and overwhelming for most businesses to withstand.
'Before these investnts turn into bad debts that can't be recovered, the best course of action is to sell them off and cut our losses.'
Clearing his thoughts, Seok-won looked at the executives on either side of him and spoke with firm resolve.
"This is the first step in restructuring our investnt portfolio."
Yoon Ki-hoon's face grew tense with concern.
"If we proceed as you say, the company will have to take on significantly higher investnt risks."
But Seok-won remained unfazed, his response calm and unwavering.
"In the midst of uncertainty, venture capital firms invest in the 1% chance of success."
"..."
"And our job is to identify promising companies with foresight, conduct thorough evaluations, and filter out the weak ones to reduce that 99% risk as much as possible."
Seok-won had pinpointed the exact role of a venture capital firm, leaving the three executives without a rebuttal.
Looking at them, he continued in a firm tone.
"In my view, it's far better to invest in one high-potential company, even if there's a chance of failure, than to spread investnts across ten low-return companies."
At this, Eom Tae-jun, the CFO, still looking unconvinced, voiced his concern.
"If we liquidate the entire investnt portfolio all at once, it will be difficult to recover the full investnt."
Sensing the tension, Yoon Ki-hoon also spoke up, offering an alternative.
"If this is your decision, rather than rushing, wouldn't it be better to set a longer tiline and gradually divest to minimize losses?"
The companies they had invested in weren't necessarily on the brink of collapse. While the returns were low, gradually recovering the funds would help mitigate losses.
'But there isn't much ti left.'
By early next year, the ominous signs of a devastating financial crisis would start sweeping through developing Asian countries like Thailand and Indonesia.
Seok-won knew they needed to build financial resilience to survive the impending storm and position themselves for the explosive IT boom that would follow. Even with imdiate action, ti was tight.
Without hesitation, he shook his head.
"It's a tough decision, but sotis, sacrificing the smaller gains for a bigger opportunity is the right move for the future."
Eom Tae-jun spoke up again, still uneasy.
"We won't know the exact numbers until the liquidation is complete, but the losses could exceed tens of billions of won."
For Daheung Venture Capital, this was no small amount.
But Seok-won remained unfazed and calmly responded.
"Once we complete the ongoing stock buyback and voluntary delisting, I plan to inject an additional 100 billion won of my own capital."
"...!"
The three executives were visibly stunned.
"If the capital base expands, we won't just cover the losses from restructuring the portfolio—we'll have enough liquidity to pursue new, high-potential investnts."
Still processing the shock, Yoon Ki-hoon widened his eyes in disbelief.
"Did you just say you're investing 100 billion won of your own money?"
Leaning back in his chair, Seok-won gave a casual nod.
"Yes. What, you don't believe ?"
Flustered, Yoon Ki-hoon quickly waved his hands.
"N-no, it's not that!"
A personal investnt of 100 billion won—not a loan, but his own capital. It was hard to believe.
But then, they recalled that Seok-won was the second son of Chairman Park Tae-hong, the owner of the conglorate. Given his background, it just might be possible.
If he truly injected that much money, not only would they cover any losses from restructuring, but their available capital for new investnts would skyrocket. There was no reason to oppose his plan.
As the three executives rapidly processed this information, Seok-won continued.
"I also brought in a team from my previous securities firm to establish a new fund managent division. That division will handle the incoming capital."
"I see."
They nodded, finally understanding his earlier personnel moves.
Initially, many within the company had been uncomfortable with Seok-won bringing in so many of his own people from Daheung Securities to form a separate division.
But now, it all made sense.
At that mont, Eom Tae-jun leaned forward and asked,
"Then, will the new fund managent division be responsible for managing all of the company's retained earnings?"
Since managing financial reserves had been his responsibility, Eom Tae-jun was visibly on edge, concerned that his authority might be diminished.
Sensing this, Seok-won shook his head reassuringly.
"You'll continue overseeing the retained earnings as before, Director Eom. However, simply keeping them in bonds or savings won't yield high returns. That's why the fund managent division will allocate a portion of the cash assets into stocks and foreign exchange investnts to grow our capital."
"So, will you be directly controlling the fund managent division, President?"
Eom Tae-jun asked cautiously.
Seok-won gave a firm and decisive answer.
"Yes, I will."
He deliberately set a clear boundary to prevent anyone from interfering.
Although Eom Tae-jun looked slightly disappointed, he seed satisfied that his original responsibilities and authority remained intact. He quietly withdrew from the conversation.
After a few more directives, the eting wrapped up without much resistance—perhaps because everyone was still processing the initial shock.
As the three executives exited the president's office, their expressions were heavy and complex.
The lowest-ranking of the three, Yoo Hyun-seok, glanced at the other two before hesitantly speaking.
"It's good that the new president is ambitious, but isn't he pushing things too hastily?"
Eom Tae-jun nodded, sharing the concern.
"Maybe it's because he's young, but he seems more than just bold—he doesn't seem to fear risk at all. That worries ."
Their gazes then shifted toward Yoon Ki-hoon, as if seeking his agreent.
But Yoon Ki-hoon recalled his recent dinner with Gil Seong-ho, the chief secretary at headquarters, who had specifically asked him to support Seok-won. With that in mind, he tried to ease their concerns.
"I won't say I have no concerns, but he already proved his abilities with remarkable results at Daheung Securities. Let's wait and see."
"I've heard those stories too, but stock trading and venture capital investnt are very different matters," Eom Tae-jun argued, still uneasy.
Yoo Hyun-seok sighed, his expression darkening.
"Explaining the situation to all those companies and trying to recover our investnts at the best possible value… just thinking about it is giving
a headache."
Yoon Ki-hoon felt the sa anxiety about the mountain of work ahead, but he remained composed.
"At least he gave us six months to handle it, rather than demanding imdiate liquidation. That's sothing."
"That's true."
Yoo Hyun-seok forced a bitter smile and nodded.
At that mont, Eom Tae-jun glanced around cautiously before lowering his voice.
"When they announced the tender offer and voluntary delisting, there were rumors in the stock market that this was a move to rge with Daheung Securities. But with him investing a whole 100 billion won to expand capital, that doesn't seem to be the case."
"I've heard those rumors too."
Since voluntary delisting and a tender offer were rare in the dostic market, speculation had been rampant. One prevailing theory was that Daheung Securities was planning to absorb the venture capital firm.
This rumor seed credible, especially since Chairman Park Tae-hong had transferred all his shares in Daheung Venture Capital to Seok-won. There had long been talk that the group would eventually spin off its financial subsidiaries for the Seok-won to take over.
Yoon Ki-hoon had also considered that possibility, but he kept his thoughts to himself and quickly shut down the conversation.
"Whatever happens, that's for the higher-ups to decide. Let's not waste energy on speculation and focus on the urgent tasks in front of us."
"Understood."
"Yes, sir."
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