Golden Spoon Investment Portfolio - Chapter 270

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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270. It would be discourteous to keep a guest waiting, so let’s proceed at once.

A week later, in the Chairman’s Office at Mapo Daeheung Group Headquarters.
Park Tae-hong sat alone in the spacious room before his mahogany desk, unfolding the newspaper with both hands as he read the economic section article.

[
Securities Supervisory Authority Bribery Scandal Confirmed as Fact
As the Board of Audit continues its investigation, evidence has emerged showing that former and current officials of the Securities Supervisory Authority, including the former director, received bribes amounting to hundreds of millions of won in connection with the controversial public offering of Oseong Information & Communications, drawing widespread condemnation.
The Securities Supervisory Authority discovered during its oversight of the external audit report, just before Oseong Information & Communications went public, that the company had failed to write down obsolete inventory assets.
According to proper procedure, corrective measures should have been issued and the listing halted. When it was revealed that, besides Oseong Information & Communications and Seonjin Leather, approximately ten other companies had provided cash and gifts to Securities Supervisory Authority officials across the board during their public offerings, opposition parties including the New Era National Council demanded a thorough investigation into this large-scale, systematic corruption and called for the prosecution to pursue the matter, arguing that those responsible should face exemplary punishment.
Furthermore, they pointed out that all companies implicated in this incident went public through Donghae Peregrine Securities, and argued that the securities firm’s involvement should also be investigated.
Additionally, Woo Chun-il, Secretary-General of the New Era National Council, raised suspicions that the Securities Supervisory Authority failed to properly investigate and downplayed a stock manipulation case led by the eldest son of Donghae Group Chairman Woo Yong-gap, which recently became a major issue due to the Midopa Department Store M&A, and urged both the Board of Audit and the prosecution to reinvestigate the matter.]

Park Tae-hong’s face filled with satisfaction as he read the article, which was entirely unfavorable to Donghae Group, and he murmured to himself.

“Even in difficult circumstances, my second son’s words have proven their worth—I’ve been consistent in providing the funds whenever needed.”

Over the past week, the New Era National Council, the leading opposition party, had seized upon this bribery scandal with apparent determination, relentlessly attacking the Securities Supervisory Authority and Donghae Group day after day.
As a result, public opinion toward Donghae Group, which was already facing criticism for attempting to acquire domestic companies with foreign capital backing, had plummeted to rock bottom.
At that moment, Gil Seong-ho, the Chief Secretary, knocked and entered the office.

“Chairman. I have something to report.”

Park Tae-hong set down the newspaper he had been holding and gestured with his chin toward the sofa in front of him.

“Have a seat there.”

Rising from his chair and coming around the desk, Park Tae-hong settled into the middle of the sofa, and Gil Seong-ho took a seat to his right.
Seeing Park Tae-hong habitually reach for a cigarette from the wooden case on the table and place it between his lips, Gil Seong-ho quickly lit his lighter and held the flame to it.

“Ahhh.”

Park Tae-hong exhaled white cigarette smoke, leaned back, and asked.

“So, what is it?”

At that moment, Chief Secretary Gil Seong-ho brought up the matter with a bright expression.

“We just received word that the Donghae Group’s injunction application to the court prohibiting the sale of shares has been rejected.”

Chairman Park Tae-hong, hearing the long-awaited good news, brightened visibly.

“Then there’s no problem whatsoever with transferring the textile shares held by Midopa Department Store to the venture capital firm.”
“That’s correct.”

With a cigarette wedged between his fingers, Chairman Park Tae-hong broke into a satisfied laugh.

“By now, that bastard Chairman Woo must be absolutely seething inside.”

Chief Secretary Gil Seong-ho also smiled and continued the conversation.

“With this development, his plan to forcibly seize control of Midopa Department Store and swallow our entire group has fallen apart. He must be furious.”
“Indeed. Especially since he accumulated Midopa shares at such an exorbitant price—70,000 won per share. His stomach must be churning.”

Chairman Park Tae-hong, letting out a satisfied snort, continued with newfound composure.

“Then don’t delay. Transfer the textile shares immediately.”
“Yes, understood.”
“What’s the current price of Midopa shares?”
“After we announced the reverse M&A, the stock surged to the high 70,000 won range per share, then fell back. It’s been fluctuating around 69,000 won for several days now.”

Chairman Park Tae-hong tapped ash into a crystal ashtray, his expression thoughtful.

“Once this news gets out, the stock will drop further.”
“That’s likely.”

Chairman Park Tae-hong smacked his lips slightly, his tone turning bitter.

“I wish that bastard Woo would give up now, but I doubt he will.”
“Considering the capital he’s already invested, it won’t be easy for him to withdraw.”
“I’d do the same in his position.”

Having already poured enormous sums into this venture, it would be difficult for him to back out now.
Of course, the current situation wasn’t a matter of one side gaining a decisive advantage—rather, the Daheung Group had recovered from its initial disadvantage and achieved a precarious balance. This meant that Chairman Woo Yong-gap and the Donghae Group hadn’t abandoned their ambitions.

“When did you say the emergency shareholder meeting was scheduled?”
“The 25th of next month, a Saturday.”
“So we have roughly a month left.”

Chairman Park Tae-hong stubbed out his barely-smoked cigarette in the crystal ashtray.

“They’ll try to accumulate as much stock as possible before the shareholder registry closes, won’t they?”
“Dragging this out would only hurt the Donghae Group, so they’ll definitely try to settle everything at this emergency meeting.”
“That’s what I think too.”

Chairman Park Tae-hong’s expression hardened slightly as he looked toward Chief Secretary Gil Seong-ho.

“How much of Midopa Department Store’s shares have we secured so far?”
“Following the younger chairman’s judgment, we haven’t been aggressively purchasing. We’re still holding steady at 31.2%.”

A flicker of anxiety crossed Chairman Park Tae-hong’s face.

“I understand the younger chairman’s point—that Midopa’s stock price has surged so dramatically that buying at these inflated prices would become a heavy burden later. But with the other side taking on dollar debt just to accumulate shares, I’m worried we’re being too passive.”

By acquiring Chairman Cheon Seong-deuk’s stake—a major figure in the Myeongdong loan shark market—I had managed to significantly increase my shareholding in one stroke.
Yet the Donghae Group, through public acquisition, had poured over 140 billion won to secure an additional 13.24% stake, making victory uncertain if a vote were held today.
Perhaps sensing my growing unease, Chief Secretary Gil Seong-ho spoke in a reassuring tone.

“The younger chairman assured us that there’s absolutely no chance this emergency meeting will take place next month. Please trust him on this.”

Chairman Park Tae-hong regarded him with a renewed gleam in his eyes.

“Aren’t you the type who prefers certainty over uncertainty? Yet knowing the Donghae Group keeps gradually increasing their Midopa stake, you’re telling me to trust the younger chairman? That’s rather unexpected.”

In fact, I had expected Chief Secretary Gil Seong-ho to grow restless and voice his concerns first.
Instead, he seemed to trust Seok-won even more than I did, which caught me off guard.
Chief Secretary Gil Seong-ho smiled faintly and answered with some embarrassment.

“Haven’t you handled every difficult situation—from the ongoing struggle with the Donghae Group to countless seemingly impossible challenges—with remarkable ease? And each time, you’ve delivered results beyond our expectations. So without realizing it, I find myself believing you’ll do the same this time.”
“True. The younger one is no ordinary fellow.”

Chairman Park Tae-hong chuckled softly, his expression betraying quiet satisfaction and genuine pride.

“And if the Second Young Master’s plan proceeds as intended—transferring the textile stake and using the proceeds to aggressively accumulate Donghae Oil shares—the Donghae Group will find it increasingly difficult to pour money into Midopa Department Store stock as they have been.”
“Quite right. Even with stock purchases continuing, the Midopa share price has declined, and this factor certainly plays a role.”
“Precisely.”

Midopa Department Store would transfer its textile holdings to the venture capital firm via block deal, then lend the proceeds directly to the Ubo Foundation and Daheung Textile in the form of loans.
Once both entities wielded hundreds of billions in cash and began moving to accumulate Donghae Oil shares, the Donghae Group—sensing the threat as Chief Secretary Gil Seong-ho described—would have no choice but to hesitate.
Chairman Park Tae-hong leaned back against the sofa and nodded slowly.

“In any case, this battle should reach a complete resolution within one or two weeks.”
“It should.”

A thought suddenly occurred to Chairman Park Tae-hong, and he lifted his head.

“Right. The Second Son mentioned he was making a brief trip to Hong Kong, didn’t he?”
“Yes. He should have arrived by now.”

* * *

Tsim Sha Tsui, Hong Kong.
On the rooftop helipad of The Peninsula Hotel—the premier luxury establishment representing old Hong Kong, positioned where one could gaze directly upon the beautiful Victoria Harbor through the windows—stood a middle-aged Caucasian man.
Impeccably dressed in a suit and wearing sunglasses, the man was Eric Burnas, manager of the Jupiter Fund, a paper company created by the Eldorado Fund.
Given the hotel’s storied history, having first opened its doors in 1928, it was the only hotel in Hong Kong where helicopters could land and take off—a distinction that spoke volumes about the Peninsula Hotel’s prestige and pride in the city.
One could gauge from this alone just how elevated the Peninsula Hotel’s standing and self-regard were in Hong Kong.
After waiting some time beneath the scorching sun, the distant whir of helicopter rotors reached his ears.
When Eric turned his gaze toward the harbor, shading his eyes with one hand above his brow, a small black speck appeared in his field of vision, drawing closer.

“That must be it.”

The sleek thirteen-passenger Bell 412 helicopter, equipped with twin turboshaft engines, cut swiftly across the cloudless sky.
It circled once in a wide arc above the hotel, then descended slowly and touched down with precision on the broad helipad painted in green.
From where he stood at a distance, Eric pressed down his jacket and hair against the powerful rotor wind, then bent forward to approach the helicopter.
As Eric drew near, the side door opened, and a powerfully built Black Man emerged.
His frame was so densely packed with muscle that he remained unmoved by the rotor blast; he descended first, surveyed the surroundings, then stepped aside.
From within, a young East Asian man wearing sunglasses disembarked—it was Seok-won.

“Welcome to Hong Kong!”

Eric called out with a broad smile, flashing white teeth.
Seok-won extended one hand for a light handshake with Eric, then asked in fluent English.

“Thank you. I’m not late for our appointment, am I?”
“No, sir. You’ll arrive at precisely the right time if you head down now.”

Eric rolled up his sleeve to check his watch as he answered.
The helicopter rotor had come to a complete stop alongside the engine, and Seok-won gave a small nod.

“It would be discourteous to keep our guest waiting, so let’s proceed at once.”
“This way, please. Follow me.”

Eric gestured toward the exit with one arm extended and led the way.
Seok-won then followed with his bodyguards Bockus and Han Ji-sung, striding purposefully into the Hotel building.

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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