Golden Spoon Investment Portfolio - Chapter 85

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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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85. Surely nothing unexpected happened in the meantime.

The next day.
As the coffee before him gradually cooled, Choi Ho-geun sat quietly on the sofa, observing Seok-won.
His neatly trimmed black hair, sharp eyes, and refined nose formed a face of such perfect proportions that even accomplished actors and models would struggle to compete.
Dressed in a crisp white shirt and designer necktie, holding a file folder in one hand with his gaze lowered, he exuded an air of intelligence and sophistication.
Having graduated from Harvard University with honors, he was undoubtedly a prodigy whose intellect required no further verification.
When one considered that he also possessed the backing of being a third-generation chaebol heir, he was truly a prince charming lacking nothing whatsoever.
Even Choi Ho-geun, a man himself, found his eyes drawn to him—no wonder the female secretaries in the office, including Hong Jae-hee from his team, seemed collectively afflicted.

‘It’s unfair, really. A face like that, brilliant intellect, and wealth as a third-generation heir. Isn’t it unjust to heap everything onto one person like this?’

Choi Ho-geun felt a twinge of envy and grumbled inwardly without reason.
When Seok-won closed the file folder and looked up, Choi Ho-geun quickly abandoned his pointless musings.

“At 260%, the debt ratio doesn’t seem as high as expected.”

During prolonged inflation, corporations had pursued growth through investment by securing as much borrowed capital as possible—a fundamental business strategy shared by virtually all domestic enterprises.
Consequently, it had become quite common for debt ratios to exceed 200 to 300 percent.

“The core business segments—edible oils, corn syrup, and animal feed—show steady growth in both sales and profits, suggesting relatively sound financial health.”
“That makes sense. Since all of these are fast-turnover businesses, they’d have an advantage compared to other companies.”
“That’s true, but I’m uncertain about the future.”

Seok-won furrowed his brow slightly as he posed the question.

“What do you mean by that?”
“You’re likely aware that following the Securities Company two years ago, Donghae Group partnered with the multinational Unilever last year to enter the consumer goods business.”

Leaning back against the sofa, Seok-won listened quietly.

“Beyond that, rumors are circulating in the securities district that they’re planning to venture into telecommunications soon for business diversification.”
“Telecommunications, you said?”
“Yes.”

At the unexpected news of Donghae Group—a company focused on food products—entering telecommunications, Seok-won’s brow furrowed deeper.

“The fact that there’s talk of securing massive loans from JP Morgan and Sumitomo Bank for funding suggests the project is already quite far along.”

Given that concrete investment plans had been drawn up, it was likely true.
A sudden thought crossed my mind, and I looked at Choi Ho-geun.

“Is that information you heard as rumors too?”
“No, sir.”

Choi Ho-geun scratched the back of his head with one arm, responding to my questioning gaze.

“Actually, I have a university classmate in the corporate lending division at Foreign Exchange Bank, and I learned about this through him.”
“Explain in detail.”

As I asked with an intrigued expression, Choi Ho-geun continued.

“Because the loan amount is so large, the two banks I mentioned earlier—in addition to Donghae Group—apparently requested additional payment guarantees from their primary banking partners, and there were discussions about this.”
“So you heard about it from your classmate.”
“Yes. Fortunately, my friend works in the corporate lending division, so I was able to hear about it. Of course, it cost me a bit in drinks to loosen his tongue.”

I hadn’t expected much, but obtaining such insider information was an unexpected windfall.
I looked at Choi Ho-geun with fresh appreciation and praised him.

“Your information-gathering skills seem sharper than I anticipated.”
“Well, I just happen to know a few people here and there.”
“Connections are a skill too. Well done.”
“Thank you.”

Choi Ho-geun smiled slightly, looking a bit bashful, then leaned forward in his seat.

“The money they’re planning to invest through loans apparently exceeds 60 million dollars. On top of that, I heard they’re also planning to acquire a large-scale golf resort in Phuket, Thailand.”

My eyes gleamed as I brushed my chin with my fingertip and spoke.

“So that’s why you mentioned there might be changes in Donghae Group’s financial situation.”
“Exactly. When you combine both projects, nearly 100 million dollars in investment capital will be involved. If successful, all is well, but if it fails, they’ll suffer considerable damage.”

I nodded slightly in agreement.
Of course, even if they lost all 100 million dollars, it would be a blow, but not enough to shake Donghae Group to its core.
The real issue was that beyond overseas expansion, they were spreading themselves thin across multiple ventures—securities companies, consumer goods, and more—under the guise of business diversification.

‘If this continues, the financial situation will inevitably deteriorate.’

I had found it strange that the Donghae Group, which had been reasonably sound for years after failing in the hostile takeover of Midopa Department Store, suddenly collapsed. Now I understood to some degree.
Seok-won paused to organize his thoughts, then spoke again.

“Continue collecting and reporting all information related to the Donghae Group without missing anything.”
“Understood.”

After hearing the response, Seok-won told him to wait a moment, then rose from the sofa.
He retrieved his wallet from the jacket hanging on the coat rack behind the desk, returned, and sat back down.
Seok-won pulled out five checks worth one million won each from his wallet and placed them before Choi Ho-geun, then spoke.

“Take it.”
“Sir? No, you don’t have to do this.”

The flustered Choi Ho-geun waved his hands in protest, but Seok-won smiled and pushed the checks forward again.

“You said the drinks cost a lot earlier.”
“That was just something I said in jest.”
“Money is necessary for any work, so just take it. And if you need more later, tell me anytime.”

Choi Ho-geun hesitated for a moment before reluctantly reaching out and taking the checks.

“Then I’ll use it well.”
“Good. If there’s nothing more to discuss, you can go.”
“Yes.”

Choi Ho-geun stood up, bowed his head slightly, and left the room.
Alone now, Seok-won tapped the armrest of the sofa with his fingernail and muttered in a cold voice.

“If one covets what belongs to others, one must be prepared to lose what is theirs.”

* * *

As Park Jin-hyung, whose face bore a stern expression, walked down the corridor accompanied by his trusted aide Chief Secretary Oh In-hwan, the passing employees quickly stepped aside or bowed in greeting.
It was a scene that reflected Park Jin-hyung’s elevated status, having solidified his position as the group’s successor in both name and reality since assuming the presidency of Daeheung Textiles, the group’s flagship subsidiary, at the end of last year.
Park Jin-hyung opened the door to the Chairman’s Office at the end of the corridor and stepped inside.
The secretarial staff working in the spacious room rose from their desks.

“Is the Chairman inside?”

Choo Se-young, whose forehead was slightly exposed, quickly stepped forward and answered.

“Yes. In fact, he’s been waiting for you, sir.”

Park Jin-hyung gave a small nod and spoke to Oh In-hwan, who stood behind him.

“You wait here.”
“Understood, sir.”

Park Jin-hyung took long strides toward the inner chamber.
As he entered the room, I could see Park Tae-hong seated on the sofa with Gil Seong-ho, his trusted Chief Secretary, and Min Pil-gi, the president of Midopa Department Store, flanking him on either side.
Upon seeing his eldest son, Park Tae-hong gestured with his chin toward the empty seat next to Min Pil-gi and spoke.

“Sit there.”
“Yes, sir.”

Park Jin-hyung took the vacant seat and exchanged quiet nods with the other two men.
Once everyone had gathered, Park Tae-hong took a sip of the coffee before him and spoke in his deep, commanding voice.

“I’ve called you all here because there’s something I need to tell you.”

Gil Seong-ho maintained a composed expression, having already heard the details beforehand, but the other two men gazed at Park Tae-hong with curious eyes.

“The government plans to issue operating licenses for two new duty-free shops in the city before the end of this year, and they’ve decided to give one of them to us.”
“…!”

Both Park Jin-hyung and Min Pil-gi were taken aback by this unexpected news, their expressions registering genuine surprise.
Min Pil-gi, in particular, who was directly involved, leaned forward in disbelief and immediately asked for confirmation.

“Is that truly the case, sir?”

Park Tae-hong nodded while leaning back against the sofa.

“The Blue House told me directly, so you can be certain it’s true.”

At the mention of the Blue House, Min Pil-gi’s eyes widened noticeably.
To receive such extraordinary privileges, one certainly needed backing of that caliber.
Recalling that Park Tae-hong had met with the President in a private audience not long ago, Min Pil-gi instinctively sensed that something significant had been discussed between them.
Though desperately curious about what had transpired, he wisely refrained from asking and held his tongue.
Instead, he glanced sideways at Park Jin-hyung seated beside him, and the younger man bore the same expression of surprise, suggesting he too had not been forewarned.

“An announcement should come soon, and the review will likely be completed before summer ends. You can prepare without any issues, correct?”

Receiving the question, Min Pil-gi responded immediately.

“Yes. Please have no concerns.”

This was a directive from Park Tae-hong himself—no one else—so even if time was tight, I would have the team work overtime through the night before the review to ensure everything was flawlessly prepared.

“Even with preliminary approval secured, the content cannot be lacking. Prepare thoroughly to ensure there are no complications whatsoever.”
“Understood.”

Park Tae-hong shifted his gaze to his eldest son, Park Jin-hyung, and spoke.

“The groundbreaking ceremony for the second factory in China, the one to be built in Shenyang, is next month, correct?”
“Yes.”

Meeting his gaze, Park Jin-hyung continued calmly.

“We plan to complete the first phase of construction by spring of the year after next, and simultaneously begin transferring equipment from the Cheongju textile factory in phases.”

Since Park Tae-hong had already received this briefing, he nodded slightly.

“Once the first phase is complete, the second phase construction will follow immediately. The department store agreed to provide 19 billion won in funding for that, correct?”
“That is correct.”

Even with the Chinese local government providing land at no cost, constructing a large-scale textile factory and equipping it entirely required substantial capital investment.
Therefore, Midopa Department Store, which had a favorable financial situation among the group’s subsidiaries, agreed to provide funding in the form of a loan.

“Creating a new duty-free shop will require considerable expenditure. There won’t be any issues with cash flow management, will there?”

After mentally running through some calculations, Min Pil-gi glanced at Park Jin-hyung beside him before returning his gaze forward.

“We won’t know the exact investment amount until the final figures come in, but I’m concerned the cash situation will become rather tight.”

While Midopa Department Store was doing reasonably well, it hardly had abundant cash reserves.
Rather, as major conglomerates like Lotte and Utopia aggressively entered the department store business in recent years, competition had intensified, causing the financial situation to deteriorate rapidly.
The duty-free shop venture had been an unavoidable choice to overcome these difficulties.
Park Tae-hong, fully aware of the situation, spoke to his eldest son in a measured tone.

“The duty-free shop will be a heavy burden. I’ve decided to revise the plan—Daeheung Textiles will need to shoulder half of the second-phase construction costs that the department store was supposed to support. Can you manage that?”

Park Jin-hyung inwardly sighed. The factory relocation was already draining substantial funds, and now he had to secure additional capital.
Yet he couldn’t let such feelings show before Park Tae-hong, so he maintained a composed expression as he replied.

“I’ll make it happen.”
“Good. Then let’s proceed with those arrangements.”

Satisfied, Park Tae-hong turned his gaze toward Chief Secretary Gil Seong-ho.

“I’d like you to assist in securing the additional funds without complications.”
“Understood.”

After continuing their discussion for some time, Park Jin-hyung finally returned to his office.
He removed his jacket, hung it on the rack, and sank into his chair with a troubled expression, loosening his tie slightly.

“This is becoming a headache.”

Park Jin-hyung, who inherited his father’s bold, striking features, furrowed his brows deeply.
There was still over a year before the deadline, so it wasn’t immediately pressing.
Yet having to suddenly secure nearly a billion won in additional funds was undeniably burdensome.
A thought suddenly occurred to him, and Park Jin-hyung opened his desk drawer, retrieving a file folder from within.

[Group Governance Improvement Plan]

It was a proposal he’d been gradually preparing based on his younger brother’s advice that the group’s governance structure, overly concentrated in Midopa Department Store alone, was vulnerable to hostile M&A.
The plan was nearly complete, and he had intended to present it to Park Tae-hong soon.
But today’s developments had made that impossible.

“The group’s financial situation is already precarious, and now we’re launching a duty-free shop business. There’s no way I’ll have the capacity to undertake governance restructuring.”

To secure additional shares of Midopa Department Store—the most pressing issue at hand—to a stable level, I needed hundreds of billions of won at minimum.
However, with the domestic factories’ relocation to China compounded by the unforeseen variable of the duty-free shop business, I found myself unable to allocate sufficient capital for share acquisition.
Park Jin-hyung tapped his fingernail rhythmically against the file folder resting on his desk, and after prolonged deliberation, finding no viable solution, he exhaled a weary sigh.
I had no choice but to postpone the governance restructuring for now.

“Hopefully nothing unforeseen happens in the meantime.”

Park Jin-hyung murmured to himself, returning the file folder to the drawer while attempting to suppress his mounting anxiety.

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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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