The next day.
We flew back to Korea. As we retrieved our luggage and made our way to the arrival hall, security personnel sent by Manager Lee Cheol-jin were waiting for us.
“You must have had a hard time coming over.”
Taek-gyu glanced around the arrival area and spoke up.
“Isn’t it common to get some coverage after meeting the President of the United States?”
“It seems they didn’t know you were returning today.”
The news of our meeting with Ronald had already been reported by CNN, yet it was oddly receiving little attention in Korea.
One might think media outlets were intentionally withholding coverage due to government pressure.
Well, from my perspective, it’s a good thing.
We exited the arrival hall with the security personnel. Outside, a Maybach S-Class was waiting.
“Oh! This car belongs to my noona.”
Did Hyun-joo send it over?
Once we got in, the beautiful woman in the driver’s seat turned to speak.
“How was the trip?”
I was taken aback when I saw her.
“Ellie, what are you doing here?”
“I came to pick you up.”
“Did my noona send you?”
Ellie winked one eye at me.
“No, I sneaked out without Jessica knowing.”
“……”
Is that really okay?
I moved from the back seat to the passenger seat and fastened my seatbelt.
Ellie started the car. Despite the driver’s seat being on the opposite side compared to Hong Kong, she seemed completely accustomed to it now.
She radiated energy while driving.
“Did you meet Ronald, well?”
“Yes, it was brief.”
“What was it like to meet the President of the United States in person?”
Since I had only met him when he was a candidate before, this was my first time meeting the actual President.
“Well, it’s kind of amazing.”
“I heard CNN rated him as the worst president in history.”
“We’ll find out as we watch.”
Oracle had only informed me that Ronald was becoming president. What happens after that is uncertain.
Typically, a new administration pushes policies strongly based on high approval ratings during the early days. However, Ronald’s approval plummeted to 30 percent even before taking office. This indicated that even those who voted for him had turned their backs.
The bigger issue is that both the House and Senate are dominated by the Democrats. Given this situation of a minority government, challenges in governing are expected.
If he fails to gain the cooperation of Congress, all the promises he made will become empty words. Because of this, anxiety is already circulating from various places.
“Is your noona at the office?”
“Of course.”
“Then we need to gather everyone in the branch manager’s office.”
At my words, Ellie’s eyes sparkled with excitement.
“What’s going on? Is it something fun?”
“I’ll tell you once we arrive.”
***
As we went up to the branch manager’s office, Hyun-joo noona was already there with Senior Sang-yeop and Henry, as I had mentioned earlier.
Hyun-joo noona stopped what she was doing and glared at Ellie.
“When did you take my car out?”
Ellie quickly hid behind me and explained, “You said I could use it when needed.”
Hyun-joo noona sat on the sofa and lit a cigarette.
“I need a lighter…”
Henry swiftly pulled a lighter from his pocket and lit it for her.
“Here you go.”
“Thank you.”
Senior Sang-yeop asked, “Did meeting with Ronald go well?”
“Yes.”
“What’s going on that you called us all here?”
As soon as I sat down, I began to speak.
“After the inauguration ceremony, Vice Chairman Im Jin-yong came to see me.”
Everyone was surprised at my words.
“Vice Chairman of Seosung Group? Why?”
“He asked me for help.”
I summarized his proposal for them.
Senior Sang-yeop nodded.
“So, he suggested buying Seosung SB stocks.”
Hyun-joo noona said while puffing on her cigarette, “If he wants to invest in the battery business, there are plenty of other ways.”
“Not just in batteries, but I’m thinking about collaborating across the entire electronics business. What do you think?”
Hyun-joo, who had been pondering for a moment, nodded her head.
“That’s a good idea. CarOS has secured software, and Seosung Electronics has hardware technology. It won’t be easy to find such good partners. But is it just for the sake of collaboration?”
The most critical reason is…
“We can’t let Seosung SB become Eunsung SB.”
If Seosung SB is secured, Eunsung Motors will ramp up its electric vehicle development and mass production. However, a failure would cost considerable time.
“How much does Golden Gate own?”
“Hold on. Let me find some data.”
Hyun-joo sat in front of her desk and typed on her computer.
“1.8 percent. Including what affiliated companies have, it’s 2.2 percent.”
If Golden Gate supports us, even buying just 1.5 percent will give us more shares than the opponent.
“What’s the circulation of shares?”
“It’s probably around 20 percent at most.”
The shares held by Director Yeon So-hyun, CEO Im Seung-yong, and the National Pension Service account for 26.6 percent. Seosung Electronics, treasury shares, and Golden Gate together hold 25.2 percent.
That alone exceeds 50 percent. The rest is divided among institutions, foreign investors, and minor shareholders. The circulating amount will likely be less than half.
Even buying just half of that would lead to the stock price soaring daily.
Ellie said, “It seems impossible for either side to secure a majority share.”
Hyun-joo nodded. “The key is who can attract the shareholders’ votes.”
“Between Im Jin-yong and Im Seung-yong, who has the advantage?”
“Well, if we only consider the small battery sector, Im Jin-yong might be better. Seosung SB relies heavily on Seosung Electronics for most of its sales. But for large batteries for electric vehicles, Im Seung-yong has the edge. Just because Im Seung-yong takes charge doesn’t mean the relationship with Seosung Electronics will end.”
Senior Sang-yeop also spoke up.
“If Im Seung-yong brings a cooperation card with Eunsung Motors, the government will likely back it openly. Two major companies joining forces to develop future vehicles means the National Pension Service has no reason to oppose it.”
The signing of a battery supply contract between Seosung SB and Eunsung Motors would be a factor for rising stock prices. Naturally, shareholders would welcome it with open arms.
However, whether this will truly benefit Seosung SB remains uncertain.
I recalled Vice Chairman Im Jin-yong’s words: No one can be trusted when money is on the line.
How much does Eunsung Motors really trust Im Seung-yong?
Combining the stakes of Director Yeon So-hyunand CEO Im Seung-yong, they hold only 10.5%. If they receive treasury shares, Eunsung Motors will acquire 6.3%, and if the National Pension sells its shares, they could secure around 15%.
“Even if they entrust it to Im Seung-yong temporarily, isn’t it still possible to take back the management rights later?”
Ellie replied, “That could happen. Once you catch the rabbit, the hunting dog might no longer be needed.”
Hyun-joo exhaled cigarette smoke and asked, “Do you have a specific plan?”
I nodded. “I have some ideas in mind.”
“I understand, but you must disclose if you acquire more than 5% of a specific company’s shares. For now, quietly increase your stake in the market. Once the sale of treasury shares is announced, they won’t stay silent either. It’s best to hold at least 10% to cooperate.”
“Yes.”
I turned to Henry. “I’ll leave that task to you.”
This time, I want to see the skills of the Golden Gate heir.
Henry nodded confidently. “I’ll diversify the accounts and purchase shares from various brokerages. They won’t notice until it surpasses the 5% threshold.”
***
I explained the current situation and future plans to Daryl during our call.
[Collaboration with Seosung Group is a good thing. However, I worry that we might be over-investing. If things don’t go as planned, everything could fall apart.]
“That’s true.”
In manufacturing management, demand forecasting is crucial. If it’s underestimated, we may accept orders but fail to supply on time. Conversely, overestimating means our facilities and workforce remain idle.
I invested in acquisitions and factory construction, anticipating a rise in demand. Yet, if demand doesn’t meet expectations, we could face significant losses even if products sell well.
Is it wise to invest in batteries when I haven’t even stabilized what I’ve already started?
I thought of Oracle.
Oracle had only mentioned that Karros would equip their vehicles with Seosung SB batteries, but didn’t specify how well they would sell.
But the die is already cast.
“Don’t worry about that. Focus on development for now. Internal combustion engines may not be immediately profitable, but we must ultimately transition to electric vehicles.”
Following everyone else is meaningless.
We need to move faster and differently from others.
**”
Chairman Im Il-Kwon has been hospitalized in a VIP room on the 25th floor of Seoul Seosung Hospital in Songpa District since he collapsed.
The VIP room is off-limits to anyone other than medical staff and family.
A few times, reporters tried to interview the medical personnel, but no one spoke, citing the patient’s privacy as confidential.
With his prolonged absence, various rumors about Chairman Im’s health circulated.
Some speculated he was feigning illness to push Im Jin-yong as his successor, while others claimed he had dementia, was in a coma, or had already died.
However, the Seosung Group made no announcements, leaving everything in the realm of speculation.
Recently, though, rumors began circulating again that Chairman Im’s condition had worsened.
I thought it was just a rumor again, but the situation unfolding was unusual. President Im Soo-mi of the Ceylon Hotel and President Im Soo-kyung of Neverland had been going to the hospital instead of the company for days, while Director Yeon So-hyun and President Im Seung-yong stayed confined in the hospital room.
Vice Chairman Im Jin-yong had a schedule in the U.S. to meet with business leaders but hurried back after attending Ronald’s inauguration ceremony.
A few days later, shocking news broke.
[Chairman Im Il-Kwon passes away!]
[The entire business world is in shock]
[What lies ahead for the Seosung Group?]
[President Park Si-hyeong expressed sorrow, stating that a star in Korean economic history has set…]
Chairman Im Il-Kwon’s life was synonymous with the history of Seosung Group and Korea’s industrialization.
Like many large conglomerates, they grew through political and economic ties and committed various illegal acts: tax evasion, embezzlement, breach of trust, slush funds, and illicit succession methods.
As a result, he was sentenced to three years in prison with a five-year probation but was soon pardoned.
Despite the controversies surrounding him, no one can deny that he made significant contributions to the Korean economy.
Thus, his death came as a great shock.
Including Seosung Electronics, the Seosung Group’s shares accounted for nearly 30% of the stock exchange. Upon the shocking news, the KOSPI index plummeted by 1% within moments.
The Seosung Group quickly released an official statement, mourning Chairman Im Il-Kwon’s death and announcing their commitment to stable management under Im Jin-yong’s leadership.
In essence, Im Il-Kwon’s death does not affect the fundamentals. Consequently, the losses were quickly recovered.
The business community was somber. Some even canceled scheduled events as a sign of mourning.
On the other hand, we became busier.
With the chairman position and several other roles, including CEO of Seosung SB, vacant, each affiliate would move to appoint a new CEO once the funeral concluded and the situation stabilized.
Then, the real competition would begin.
I called Vice Chairman Im Jin-yong to express my condolences first.
“I’m sure you are heartbroken. I pray for the repose of the deceased.”
[Thank you.]
Personally, I respect ‘entrepreneur’ Im Il-Kwon. I had always thought I would like to meet him and have a conversation, but now that has become impossible.
“However, if we announce the sale of our company shares, the media and government won’t stand idly by.”
Vice Chairman Im Jin-yong agreed with my statement.
[The Joongilbo will probably be the first to open fire.]
Until now, Joongilbo has been thoroughly on the side of Seosung Group. Even when other media pointed out Im Jin-yong’s questionable succession methods, Joongilbo remained silent.
But since Director Yeon So-hyun is on the opposing side now, it will be different this time.
“No matter how many shares we secure, if minor shareholders turn against us, we will lose in a vote.”
[We plan to announce shareholder return policies and strengthen cooperation with Electronics.]
“But that alone won’t be enough. President Im Seung-yong would say the same thing.”
[That would be the case.]
“I have been thinking a bit…”
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