Golden Spoon Investment Portfolio - Chapter 274

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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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274. What nonsense are you spouting! That’s impossible!

“You said you could block the sale of textile shares until the extraordinary general meeting. What is this!”

At Chairman Woo Yong-gap’s thunderous roar, which reverberated through the conference room, everyone instinctively hunched their shoulders and lowered their heads, fearing stray sparks of his wrath.
His face flushed crimson, Chairman Woo Yong-gap turned his head and glared savagely at Jung Chan-won, the Chief Legal Officer seated to one side, pressing him for answers.

“If you have a mouth, then offer some excuse!”

At that, Chief Legal Officer Jung Chan-won, looking flustered, adjusted his horn-rimmed glasses and began to speak.

“Given that the share sale was clearly intended to defend the group’s management rights, I believed the court would likely accept the injunction application to block the sale.”
“Then why did the result turn out like this!”

Visibly furious, Chairman Woo Yong-gap repeatedly struck the conference table with his palm, raising his voice once more.
Chief Legal Officer Jung Chan-won hurried to respond, as if making excuses.

“There were certainly legal grounds worth contesting. However, other factors worked heavily against us.”
“Other factors? What are you talking about.”

Chairman Woo Yong-gap furrowed his brow and asked.

“There’s already significant negative public sentiment about bringing in foreign capital to seize management control of another group. And the Securities Supervisory Authority scandal that broke recently has only intensified this atmosphere.”
“Hmm.”

As Chairman Woo Yong-gap let out a low grunt, Chief Legal Officer Jung Chan-won glanced sideways at Executive Director Woo Ho-geun seated across from him, then looked away again.

“Moreover, the stock manipulation case involving Donghae Peregrine Securities resurfaced, making the situation even more unfavorable.”

Though Chief Legal Officer Jung Chan-won spoke obliquely, no one in this room was unaware that Woo Ho-geun was the architect of the stock manipulation scheme.

“On top of that, the Federation of Korean Industries leadership issued a statement supporting Daheung Group, and the fact that Daheung Venture Capital purchased the textile shares at fair market value rather than a discount influenced the court’s decision to reject the injunction.”

Chairman Woo Yong-gap, who had been listening quietly, raised his thick eyebrows.

“Regardless, you should have produced results somehow. Did you think I paid you that exorbitant salary and put you in that position to make excuses? Do your job. Do your job!”

Jung Chan-won, the Chief Legal Officer who came from a prosecutor’s background and carried strong pride, flushed red under the relentless barrage of criticism from Chairman Woo Yong-gap and bowed his head.
Watching this with a displeased expression, Chairman Woo Yong-gap clicked his tongue disapprovingly before turning his arrows toward his son, Woo Ho-geun.

“Everything fell apart once the textile company shares slipped away. What are you going to do now?”

Woo Ho-geun was equally frustrated and irritated by the increasingly tangled situation, but he spoke without letting it show.

“The situation has become complicated, but it’s merely a matter of time. Ultimately, the entire Daheung Group will fall into our hands.”
“You’re spouting such nonsense even after losing the Daeheung Textiles shares?”

Chairman Woo Ho-geun’s expression darkened sharply.

“While we lost the textile shares, we still have a way to strangle both the textile company and its subsidiaries beneath it.”
“You do?”

Chairman Woo Yong-gap narrowed his brows and asked with a serious expression.
The other executives, including Chief Secretary Jeon Hae-cheol, looked at him curiously.
With all eyes focused on him, Woo Ho-geun brought forth the alternative he had devised after careful deliberation.

“You must be aware that as the textile company faced difficulties due to industry downturn and margin compression, Midopa Department Store has single-handedly shouldered the Daheung Group’s cash flow for the past several years.”

Chairman Woo Yong-gap, his face hardening as if urging him to continue, nodded with his arms crossed.

“In that process, Midopa Department Store provided substantial funds to each subsidiary through loans and payment guarantees, and those remain outstanding to this day.”
“…!”
“If we secure management control of Midopa Department Store through an extraordinary shareholders’ meeting and then demand repayment of the funds loaned to Daeheung Textiles and the other subsidiaries, we can drive the other side to the brink and regain the initiative.”

Chairman Woo Yong-gap, who had leaned forward in his chair, straightened his posture and stroked his chin with one hand, mentally reviewing Woo Ho-geun’s proposal.
Then he turned his head and asked Chief Secretary Jeon Hae-cheol, who sat to his left.

“It doesn’t sound bad. What do you think?”

However, Chief Secretary Jeon Hae-cheol showed a negative reaction, unlike Chairman Woo Yong-gap.

“It seems Executive Woo has given this considerable thought, but there is a significant problem that must be resolved before we can proceed.”
“A problem?”

Woo Ho-geun glared with irritation at Jeon Hae-cheol for dampening the mood just as he had finally appeased Chairman Woo Yong-gap, but the Chief Secretary remained utterly indifferent.

“It’s about managing negative public opinion regarding the M&A of Daheung Group and securing additional capital.”
“Hmm….”

Chairman Woo Yong-gap crossed his arms again and let out a low, thoughtful hum.

“As Chief Secretary Jeon mentioned earlier, not only are we facing pressure from the Federation of Korean Industries, but the series of incidents that have erupted one after another means that the longer we drag this out, the more the situation will turn against us. On top of that, we’ve already far exceeded our initial acquisition budget. If we have to engage in a prolonged and tedious battle over equity stakes with Daheung Group even after acquiring control of Midopa Department Store, the burden could become unbearably large.”

Chief Secretary Jeon Hae-cheol glanced at Woo Ho-geun, whose brow was furrowed, then turned his gaze away and spoke in a grave voice.

“You’ve surely heard that the banks, mindful of the Federation of Korean Industries and public sentiment, have been reluctant to lend us the full amount we need by using the manufacturing plant as collateral. And hasn’t the Federation of Korean Industries’ leadership publicly declared that they would lend Daheung Group the funds necessary to defend its management rights if requested?”

At that, the other executives present began to murmur in agreement, opening their mouths one by one.

“We’re certainly feeling that the atmosphere isn’t favorable.”
“I heard that Park Group and Hyunwoo Group proposed lending over a hundred billion won in convertible bond form. If that actually happens, wouldn’t it be a disaster?”
“Money aside, the fact that the Federation of Korean Industries didn’t just talk but actually moved into action will be an even greater pressure.”

While speaking cautiously as they gauged the mood of Chairman Woo Yong-gap and his son, they all seemed to be thinking the same thing.
As the conference room’s atmosphere quickly tilted toward the negative, Woo Ho-geun’s frown deepened further.
Throughout this, Chief Secretary Jeon Hae-cheol continued his remarks.

“The most concerning point is that the New Era National Council, the primary opposition party, is turning this incident into a political issue in an effort to shake off the shock of their general election defeat and regain control of the political agenda.”

A dark shadow crossed his stern face.

“You can see it clearly just by looking at how they’ve been attacking our group and our affiliate, Donghae Peregrin Securities, day after day in the National Assembly, linking it to the Securities Supervisory Authority corruption scandal.”
“In any case, the most useless thing in the world is politicians!”

Chairman Woo Yong-gap vented his anger with an agitated gesture.

“I’m also displeased with the opposition’s actions, but since we’ve given them a clear opening, I don’t think we can simply ignore it and move on.”
Then Chief Secretary Jeon Hae-cheol lowered his voice with a grave expression.

“There are reports that the Blue House and the Ruling Party are trying to use us as a scapegoat to prevent the opposition from taking control of the political agenda.”
“A scapegoat?”

Chairman Woo Yong-gap’s eyes widened.
His hand, which had been reaching toward his teacup to wet his throat, froze suspended in mid-air.

“Soon, the Prosecution will be investigating whether the Midopa Department Store M&A is connected to violations of the Capital Markets Act and the Securities Supervisory Authority scandal, and….”

Chief Secretary Jeon Hae-cheol deliberately paused, casting a glance at Woo Ho-geun, whose expression had been uneasy since earlier, before turning back to face Chairman Woo Yong-gap and continuing.

“I’ve received word through reliable channels that they intend to launch a reinvestigation into the Boseong Communications stock manipulation case.”
“!”

To anyone listening, it was a blatant declaration of intent to dismantle the Donghae Group, and the conference room erupted in visible turmoil.
Most notably, Min Jung-hwan, president of Donghae Peregrine Securities, who would become the primary target if a Prosecution investigation proceeded, went ashen.

“Is… is that really true?”

President Min Jung-hwan asked in a trembling voice.
I nodded gravely in affirmation, and President Min Jung-hwan became visibly agitated, at a complete loss for what to do.

“Not only will our business suffer a blow, but we’ll find it nearly impossible to continue the equity battle with the Daheung Group. What should we do?”

Woo Ho-geun, too, appeared dismayed—he clearly hadn’t anticipated this development.
Chairman Woo Yong-gap, having instantly grasped the Blue House and Ruling Party’s intentions, bit down hard on his lower lip.

“They’re using us as a shield to deflect the criticism that will rain down on the Blue House and government because of the Securities Supervisory Authority scandal.”
“Precisely. In circumstances like these, prolonging an equity battle with the Daheung Group over management rights would be decidedly unwise.”
“Damn it. You’re right.”

Chairman Woo Yong-gap dragged his large hand across his face.
Though the situation had clearly become complicated, Woo Ho-geun, unable to abandon the M&A, interjected urgently.

“If we hesitate now, all the capital and effort we’ve poured in will be wasted! The funds promised by Peregrine Securities Hong Kong will arrive in just days—let’s maintain the pressure and continue searching for a solution.”

At that, Chairman Woo Yong-gap’s expression flickered with momentary hesitation.
He understood well enough that circumstances were unfavorable, yet the prospect of letting slip the Daheung Group, which seemed almost within his grasp, was far too painful to bear.
Moreover, knowing that if he missed this opportunity, another chance to swallow the Daheung Group would never come again, his reluctance only deepened.
Watching him struggle to reach a decision, Chief Secretary Jeon Hae-cheol felt as though he were observing a gambler who, having lost money at the tables, cannot bring himself to leave his seat, clinging to the hope of recovering his losses.
As everyone waited in hushed anticipation of Chairman Woo Yong-gap’s decision, a sudden, loud ringtone shattered the silence.

“I… I apologize.”

President Min Jung-hwan, unexpectedly the focus of everyone’s attention, fumbled in panic to retrieve his phone from his pocket and silence it.

“Tsk. It might be urgent, so take the call for now.”

Chairman Woo Yong-gap furrowed his brow and spoke curtly.

“Yes, of course.”

Min Jung-hwan, his face flushed with embarrassment, bowed slightly and answered the phone.

“Hello? Yes, it’s me. If it’s nothing urgent, call back later… What?”

Min Jung-hwan, who had been speaking rapidly in an irritated tone, suddenly fell silent as he listened to whatever was being said on the other end.

“Are you sure about that? This is… Yes, I understand. Contact the Hong Kong office again and find out why they’re doing this.”

Seeing Min Jung-hwan’s expression of dismay, Chairman Woo Yong-gap narrowed his eyes with an ominous feeling.
The moment Min Jung-hwan hung up, he asked immediately.

“What’s happened?”
“Well…”

When Min Jung-hwan hesitated instead of answering right away, Chairman Woo Yong-gap’s frustration deepened the wrinkles etched between his brows.

“What is it!”

Pressed again, Min Jung-hwan spoke with a bewildered expression.

“Apparently, Peregrine Securities Hong Kong just unilaterally notified us that they cannot provide the funding they promised earlier.”
“What? Is that really true!”

As Chairman Woo Yong-gap shouted, Woo Ho-geun also cried out in disbelief, even pointing accusingly.

“What nonsense is this! That can’t be right!”

Min Jung-hwan shrank his shoulders like a condemned man and broke into a cold sweat.

“Since I only just heard this news, I need to verify further, but given that they sent documents directly under the name of Douglas Hurd, Vice President of Peregrine Securities Hong Kong, it seems highly likely to be true.”

Chief Secretary Jeon Hae-cheol, who had been staring in shock, instantly grasped the failure of the hostile M&A upon hearing that Peregrine Securities Hong Kong—their most reliable ally—had withdrawn.

‘It’s over.’

Chief Secretary Jeon Hae-cheol squeezed his eyes shut.
He could hear the sound of the great ship called Donghae Group sinking.

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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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