Next Day.
As the coffee in front of him slowly cooled, Manager Choi Ho-geun sat silently on the sofa, gazing at Seok-won.
With neatly grood black hair, sharp eyes, and a defined nose, his face exhibited perfect proportions, rivaling those of actors or models.
Wearing a white shirt paired with a luxury tie, holding a folder in one hand, and glancing downward, he exuded a refined and sophisticated air.
Moreover, having graduated from Harvard with honors, his intelligence needed no further proof, marking him as an elite.
With the backing of being a third-generation chaebol, Seok-won embodied the very definition of a "prince on a white horse" without lacking in any aspect.
Even Choi Ho-geun, a man himself, found his gaze naturally drawn to him. It was no wonder that female colleagues, including team mber Hong Jae-hee, collectively swooned over him.
"It's not fair. With that face, a brilliant mind, and being a third-generation chaebol with a fortune, how much more can one person get? Is it really fair to give all of this to just one person?"
Choi Ho-geun felt a wave of envy, internally grumbling for no reason.
Just then, Seok-won closed the folder he was reviewing and lifted his head. Ho-geun quickly brushed aside his irrelevant thoughts.
"260%... the debt ratio isn't as high as I anticipated." Seok-won remarked.
In the prolonged inflationary period, most dostic companies pursued growth by securing as much borrowed capital as possible for investnts. This strategy was the norm.
Consequently, it was common for companies' debt ratios to exceed 200% or even 300%.
"With steady sales and profits in staple businesses like cooking oil, starch syrup, and animal feed, Donghae Group seems to have maintained relatively sound financial health," Choi comnted.
"Since those businesses involve quick cash flow, they'd naturally have an advantage over others," Seok-won replied.
"That's true, but we can't be certain about the future," Choi said, a slight crease forming on his forehead.
Seok-won furrowed his brow slightly as he asked.
"What do you an?"
"You probably know that, starting two years ago, Donghae Group entered the consur goods market in partnership with the multinational company Unilever. They've been expanding aggressively since last year."
Seok-won leaned back into the sofa, signaling for Choi to continue.
"Additionally, there are rumors in the stock market that they plan to venture into the U.S. telecommunications industry soon."
"Telecommunications?"
At the sudden ntion of Donghae Group, known for its focus on food products, branching into the telecommunications business, Seok-won furrowed his brow.
"Yes," Choi confird. "There's even talk that they're negotiating large loans with JP Morgan and Sumitomo Bank of Japan for the venture."
If detailed investnt plans had already been drawn up, the likelihood of these rumors being true was high.
Seokwon suddenly turned toward Choi, a thought crossing his mind.
"Did you hear this as a rumor too?" he asked.
"No," Choi responded.
Seeing Seok-won's questioning gaze, Choi scratched the back of his head and elaborated.
"Actually, I have a university friend working in the corporate loans departnt at the Foreign Exchange Bank. I heard about it through him."
"Tell
more about it."
With a curious expression, Seok-won asked, and Manager Choi Ho-geun continued.
"The loan amount is so large that, as I ntioned earlier, the two banks not only required Donghae Group's guarantee but also asked for additional paynt guarantees from the group's main banking partner, which led to further negotiations."
"So your friend shared this information with you," Seokwon confird.
"Yes. Fortunately, my friend works in the corporate lending departnt, so I was able to get the information. Of course, I had to buy him a drink to get him to talk, but that's a small price to pay."
In fact, Seok-won hadn't expected much, so discovering this kind of insider information was an unexpected gain.
He looked at Choi with newfound appreciation.
"Your information-gathering skills are better than I thought," Seok-won complinted.
"It's just that I happen to know people here and there," Choi replied humbly.
"Building a network is a skill too. Well done," Seok-won said.
"Thank you," Choi responded with a modest smile.
Choi then leaned forward slightly and continued, "The total investnt they're planning exceeds $60 million. Additionally, I've heard they're preparing to acquire a large golf resort in Phuket, Thailand."
With a glimr in his eyes, Seok-won rubbed his chin thoughtfully.
"So that's why you said Donghae Group's financial situation might change," Seokwon remarked.
"That's right. Combining these two ventures, the total investnt would be nearly 100 million dollars. If it succeeds, great, but if it fails, it could deal a significant blow."
Seok-won nodded slightly, as if in agreent.
Of course, even if Donghae Group lost the entire 100 million dollars, the damage would be substantial, but it wouldn't be enough to bring the company to its knees.
The real issue was that, in addition to their overseas expansion, the company was diversifying its operations in multiple directions—such as in securities and consur goods—like an octopus spreading its tentacles.
"In that case, their financial situation is bound to worsen."
After failing in the hostile takeover of Mido Departnt Store, it had been puzzling that Donghae Group, which had been relatively solid, suddenly began to collapse, but now, Seok-won understood the situation much better.
After organizing his thoughts, Seokwon addressed Choi again.
"Continue monitoring and collecting every piece of information related to Donghae Group without missing a detail. Report everything to ," he instructed.
"Understood," Choi replied.
Seok-won gestured for Choi to wait, then stood up from the sofa.
Retrieving his wallet from his jacket, he returned and took out five 1-million-won checks, placing them in front of Choi.
"Take these," he said.
"What? Oh no, there's no need for this," Choi stamred, waving his hands in refusal.
With a smile, Seok-won gently pushed the checks toward him.
"You ntioned earlier that you spent a lot on drinks."
"That was just a joke," Choi protested.
"Whatever the case, work requires resources. Just take it. If you need more, let
know anyti," Seok-won insisted.
After a brief hesitation, Choi gingerly picked up the checks.
"Thank you. I'll use them wisely," he said.
"Good. If there's nothing else, you can leave," Seok-won dismissed him.
"Yes, sir," Choi said, bowing slightly before exiting.
Left alone, Seokwon tapped the armrest of the sofa with his fingernail and muttered coldly, "If you covet what belongs to others, be prepared to lose what's yours."
***
At the sa ti, President Park Jin-hyung, with his trusted secretary Oh In-hwan in tow, walked briskly down the hallway. Employees passing by quickly stepped aside or bowed their heads in greeting.
Having taken over as president of Daheung Textiles at the end of the previous year, the group's core affiliate, Park Jin-hyung had solidified his position as the heir apparent to the conglorate. The respect shown by the employees underscored his growing stature within the company.
Park Jin-hyung strode down the corridor until he reached the door to the chairman's office, which he pushed open and entered.
Inside, several secretarial staff, who had been working at their desks in the spacious room, stood up as he entered.
"Is the chairman inside?" Park Jin-hyung asked.
Stepping forward, Secretary Choo Se-young, who had a slightly receding hairline, promptly replied,
"Yes, he's been waiting for you, President."
Nodding slightly, Park Jin-hyung turned to his secretary. "Wait here."
"Understood," Oh In-hwan replied.
Leaving his secretary behind, Park Jin-hyung headed toward the inner office.
President Park Jin-hyung took long strides and made his way to the inner office.
Upon entering the room, he saw Chairman Park sitting on the sofa with his close aides— Chief Secretary Gil Sung-ho and Min Pil-gi, president of Mido Departnt Store—sitting on either side of him.
Noticing his eldest son, Chairman Park gestured with his chin toward the empty seat beside Min Pil-gi.
"Take a seat."
"Yes, father," Park Jin-hyung replied as he moved to the indicated spot, exchanging brief nods of acknowledgnt with the other two n.
Once everyone was seated, Chairman Park took a sip of coffee from the cup in front of him and spoke in his deep, commanding voice.
"I've called you all here to share so news."
While Chief Secretary Gil Sung-ho maintained his calm deanor, having been inford in advance, the other two listened intently, their curiosity evident.
"The governnt plans to issue licenses for two new downtown duty-free shops within the year. One of them will be granted to us."
"What?"
The unexpected announcent left both Park Jin-hyung and Min Pil-gi visibly stunned.
Especially for Min Pil-gi, who would be directly involved, the news seed almost too good to be true. Leaning forward in disbelief, he asked,
"Is that true, Chairman?"
Leaning back against the sofa, Chairman Park nodded calmly. "The word ca directly from the Blue House, so you can consider it certain."
Hearing "Blue House," the presidential office, Min Pil-gi's eyes widened further.
Securing such a privilege would require strong backing, and the chairman's recent private audience with the president ca to mind. Min Pil-gi instinctively realized that so sort of negotiation must have occurred during that eting.
Curious though he was, he knew better than to pry and held his tongue. Instead, he glanced at Park Jin-hyung, noting that even the chairman's eldest son seed just as surprised by the news, having clearly not been inford in advance.
"The public announcent will be made soon, and the selection process will take place before sumr ends," Chairman Park continued. "I trust there won't be any issues in preparing for it?"
eting the chairman's gaze, Min Pil-gi quickly responded, "Of course not, sir. We'll be fully prepared."
Even though the license was as good as guaranteed, a poorly prepared application could still cause complications. Min Pil-gi resolved to ensure everything would be flawless, even if it ant burning the midnight oil.
"Even with the license secured, we can't afford any missteps in the details. Make sure nothing becos a problem," Chairman Park instructed.
"Yes, sir. Understood," Min Pil-gi replied firmly.
Chairman Park then turned his attention to his eldest son. "The groundbreaking ceremony for the second plant in Shenyang is next month, correct?"
"Yes," Park Jin-hyung replied, maintaining his composed deanor as he spoke. "The first phase of construction is scheduled for completion by next spring. Once that's done, we'll begin moving equipnt from the Cheongju spinning plant in phases."
The chairman, already familiar with the plans, nodded briefly. "And the funds for the second phase? The departnt store was set to contribute 19 billion won, wasn't it?"
"That's correct," Park Jin-hyung confird.
Even though the local governnt in China was offering the land for free, building a large textile factory and equipping it fully would require a significant investnt.
That's why Mido Departnt Store, which had a relatively good financial situation among the group affiliates, had agreed to provide the funds in the form of a loan.
"Building the new duty-free shop will require a significant investnt as well. Will it strain the company's finances?"
After running so quick calculations in his head, Min Pil-gi stole a glance at Park Jin-hyung before answering, "The exact cost hasn't been finalized, but securing additional funds will likely tighten our cash flow."
Though relatively stable, Mido Departnt Store wasn't flush with cash, and fierce competition from rivals like Lotte and Utopia had been eroding its financial health.
Understanding the situation, Chairman Park addressed his eldest son in a low, firm tone.
"To reduce the burden on the departnt store, revise the plan. Half of the second-phase construction costs will need to be covered by the textile company. Can you manage that?"
Already stretched thin from the factory relocation, the prospect of raising additional funds added to the stress. Nevertheless, Park Jin-hyung maintained his stoic expression and responded, "We'll make it work."
"Good. Then let's proceed accordingly," Chairman Park concluded, looking satisfied.
Turning to Chief Secretary Gil Sung-ho, he added, "Assist them in securing the necessary additional funds."
"Understood," Gil replied.
The eting continued for so ti before Park Jin-hyung finally returned to his office.
As he stepped inside, he removed his jacket and hung it on the coat rack, loosening his tie slightly before collapsing into his chair.
"This is going to be a headache," he muttered, his brows knitting in frustration.
With his broad features and strong build, inherited from his father, Park Jin-hyung's frown deepened as he pondered the financial strain the new demands would place on the company.
Though the second plant's first phase had so leeway in terms of timing, adding nearly 10 billion won in additional funding on top of existing commitnts was no small burden.
Then, a thought crossed Park Jin-hyung's mind, and he opened his desk drawer, pulling out the file he had kept inside.
[Group Governance Improvent Plan]
This was a proposal he had been ticulously preparing based on his younger brother's advice, which highlighted the vulnerabilities of the current structure, overly reliant on Mido Departnt Store.
He had been planning to present it to his father, Chairman Park, soon.
However, today's issue had made that impossible.
"Given the already poor financial condition of the group, and now the addition of the duty-free shop business, there's no way I'll have the resources to tackle governance improvents as well."
To stabilize the ownership of Mido Departnt Store, which was currently the most problematic, Park Jin-hyung would need to secure several hundred billion won in funds, even if he was being conservative.
But with the unexpected variables of relocating dostic factories to China and launching the duty-free shop business, it had beco nearly impossible to gather the money needed to acquire the additional shares.
Sighing, Park Jin-hyung tapped the folder with his fingers before reluctantly setting it back in the drawer.
He reluctantly decided to put the governance improvent plan on hold for now.
"Hopefully, nothing happens in the anti," he murmured, trying to suppress his unease.
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