Golden Spoon Investment Portfolio - Chapter 96

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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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96. One mistake is enough.

The next day, at the Hannam-dong Main House.

[The death toll from the Seongsu Bridge collapse has risen to twelve, with fourteen injured currently receiving treatment across three nearby hospitals.
The Blue House has instructed local governments to conduct emergency inspections on aging bridges and other hazardous structures related to yesterday’s accident, and to ensure thorough repairs and maintenance.
Accordingly, each local government has decided to conduct emergency inspections by the twentieth of next month under the responsibility of provincial governors—not only of aging bridges, but also of elevated highways, overpasses, and large buildings like aging apartments that pose accident risks—to assess their structural integrity and maintenance status, including crack conditions.
The government plans to prioritize repairs and maintenance of facilities deemed dangerous based on the safety inspection results….]

Park Tae-hong, who had left the office early on Saturday and was sitting on the living room sofa, clicked his tongue sharply at the television news.

“Tsk, tsk. That’s like fixing the barn after the horse has bolted. What good does it do to inspect after people are already dying and getting injured en masse because a bridge collapsed?”

Jo Deok-rye, sitting on the sofa to the left, pierced a peeled apple with a fork and handed it to her husband, speaking with evident sympathy.

“I know. It’s not like it came out of nowhere—what on earth could cause such a thing?”

Seok-won, dressed in comfortable clothes and seated across from them, wore a troubled expression.

“Since it happened during rush hour, I heard there was quite a commotion yesterday as companies and schools scrambled to confirm whether any of their people were among the victims.”
“Of course. People sent their loved ones off with smiles in the morning, and then something like this happens—can you imagine how shocked everyone must have been?”

Jo Deok-rye shook her head as if the thought alone pained her, then asked her husband.

“Did your company have any victims?”
“Apparently not.”
“While I feel for the families of the victims, we’re truly fortunate.”

Park Tae-hong nodded gravely.
Sensing the mood, Seok-won spoke carefully.

“Since we’re on the subject, what do you think about providing assistance to the victims at the group level?”

Park Tae-hong took a bite of the apple and responded.

“Actually, I was already planning to donate 100 million won on Monday.”
“To Seoul City?”

I nodded at Seok-won’s question.

“Seoul City will be handling the accident cleanup and victim support, so it only makes sense to contribute there.”
“That’s certainly good, but rather than simply donating money, couldn’t we directly support and help the victims ourselves?”
“Seoul City will handle it competently enough on their own. Why go through the unnecessary trouble?”

Seeing my lukewarm response, Seok-won leaned forward and attempted to persuade me.

“Seoul City will certainly make an effort, but as a government agency, there will inevitably be gaps in what they can address while juggling so many responsibilities. And even when they want to help, administrative procedures and legal restrictions make certain things difficult. We could fill those gaps they can’t cover.”

But my expression suggested I didn’t see the necessity of going that far.

“The government and insurance companies will provide compensation based on the extent of damage, but that’s where it ends. Meanwhile, the victims themselves will have to live with the trauma from this accident for the rest of their lives, so they’ll need continuous care.”
“That’s true. If I experienced something like this, I’d never forget it for the rest of my life.”

Jo Deok-rye, who had been listening to the conversation, sided with her son in agreement.
I, leaning against the sofa’s backrest, also nodded with a serious expression.

“So instead of one-time support, I’d like us to help them move past their painful memories and return to normal life—perhaps by providing living expenses to the victims’ families for a certain period or offering scholarships.”
“I understand what you’re saying, but for that to work, we’d need not just money but also separate personnel to handle and manage the work.”

I wiped away the compassionate expression from my face and pointed out the practical issues.

“The victims of this accident are certainly tragic, but since our Park Group isn’t directly involved, I honestly don’t see why we should go that far.”

It sounded somewhat cold, but my words weren’t wrong.
In fact, Seok-won’s proposal could be seen as overstepping.
Then Seok-won looked at me with a rather serious expression and spoke.

“What if we used this incident as an opportunity to establish and operate a Public Interest Foundation for our Park Group?”
“You want to create a Public Interest Foundation?”
“Yes.”

Seeing my bewildered expression at this unexpected suggestion, he continued speaking.

“Now that the Park Group has grown large enough to rank within the top thirty in the business world, I believe it’s time we turned our attention to profit-sharing and social contribution.”
“….”
“Moreover, since our core subsidiaries—the department stores and convenience stores—conduct business with direct consumer contact, we need to be even more mindful of these matters for the sake of corporate image management.”

Yet Park Tae-hong, still sitting with his arms crossed, displayed a decidedly lukewarm attitude.
At this point in time, it was only natural—the era still prioritized growth over corporate social responsibility.
Seok-won, however, had not made this proposal with mere philanthropy in mind.

“Not only can it enhance the Group’s image, but it will also prove invaluable in strengthening and maintaining management control.”

Park Tae-hong, who had been wrestling with the question of how to pass the Group to his two sons, raised his thick brows slightly, his interest piqued.

“You’re saying it can be used as a tool to strengthen management control?”
“Yes.”

Seok-won, having anticipated this reaction, allowed himself an inward smile as he proceeded with a detailed explanation.

“You’re aware, I’m sure, that assets placed in a Public Interest Foundation are, in principle, exempt from inheritance and gift taxes.”
“…!”
“In other words, if you maintain firm operational control of the foundation, you can preserve your grip over the Group proportional to the shares held by the foundation—all without paying additional taxes.”

Park Tae-hong’s eyes gleamed as he straightened his torso, asking as if to confirm.

“So by placing shares in the Public Interest Foundation, I can maintain management control of the Group without worrying about taxes?”
“Yes. And in addition, you can build a positive image of returning profits to society.”

Even if I managed to fend off the hostile M&A that would occur not long from now, that alone wouldn’t solve everything.

‘The fundamental problem was that the shareholding our family—Father and the rest of us—held was far too low.’

Without addressing the root cause, the same attack could come at any time.

‘If I were the one taking over the Group, I could have solved it easily by simply purchasing a majority stake from the market.’

But the Group belonged to my older brother, and I harbored no particular ambitions of my own, so there was no reason to do such a thing.
Any overt move would inevitably invite misunderstanding—suspicion that I harbored ulterior motives.
So, after much deliberation, I had devised this solution: using the Public Interest Foundation as an indirect means to maintain and strengthen control over the Group.

‘It’s a loophole, certainly, but it’s better than aggressively defending management control only to face embezzlement and breach of fiduciary duty charges later.’

In fact, even after the Park Group collapsed in the pre-regression timeline, Chairman Park Tae-hong had to endure considerable hardship because of this issue.
Establishing the Public Interest Foundation with such intentions gave me some pause.
However, rather than using it merely as a tool to maintain control, I rationalized that if the foundation genuinely conducted active public welfare projects, the benefits would far outweigh any harm.
With one hand stroking my chin, Chairman Park Tae-hong pondered seriously for a long moment before straightening my head and speaking.

“Organize the specific implementation methods and bring them to me.”
“Yes, sir.”

* * *

After the executive meeting ended, Director Kim Deuk-han returned to his private office and was removing his jacket to hang it on the rack when he heard a knock from behind.

“Come in.”

Yang Young-mo then opened the door and entered with an expressionless face.
Seeing this, Director Kim Deuk-han showed a slight hint of discomfort before settling into his chair as if nothing were amiss.

“Ahem.”

Director Kim Deuk-han cleared his throat, approached his desk, and looked up at Yang Young-mo standing before it.

“What is it?”

Yang Young-mo placed the paper he was holding onto the desk with a subdued expression.

“I’ve brought a new article.”

Because of the incident where Director Kim Deuk-han had suppressed the article that had pointed out the danger before the Seongsu Bridge collapse occurred, he had become uncomfortable facing Yang Young-mo.
So despite his curt demeanor, he said nothing further and picked up the paper before him with a slight grimace.
After quickly scanning the article’s contents, Director Kim Deuk-han’s brows furrowed.
He then looked up at Yang Young-mo standing before him.

“You’re saying the Sampoong Department Store in Gangnam has a collapse risk due to poor construction and maintenance?”

Yang Young-mo, receiving his gaze, answered calmly.

“As noted in the article, the Sampoong Department Store was originally approved and designed as a comprehensive shopping complex for nearby apartment residents. However, the developer changed his mind midway through, altered its purpose to a department store, added an additional floor on top of the fourth floor, and completed the construction as a five-story building.”
“Changing the purpose or adding floors during construction isn’t common, but it’s not unheard of either.”
“Of course, that’s true.”

Yang Young-mo continued with a grave expression.

“The problem is that the original construction company refused to proceed with the expansion, citing collapse risks.”
“…!”
“So Sampoong Department Store terminated the contract and forced the expansion through with a different construction firm. In the process, there was no expert diagnosis or safety inspection whatsoever.”
“Hmm.”

Kim Deuk-han let out a low groan at this textbook example of shoddy construction.
What made it even more alarming was that this came mere weeks after the Seongsu Bridge collapse had sent the entire nation into upheaval.

“What’s more serious is that the building is bearing a weight far exceeding its design load.”

Since excessive load was the primary cause of the Seongsu Bridge collapse, Kim Deuk-han’s face hardened visibly.

“The newly added fifth floor was originally planned to house a roller skating rink—relatively light for the structure. But it was scrapped because it didn’t fit the upscale department store image, and restaurants were installed instead.”
“Right. I take my family there often, and the entire fifth floor is packed with restaurants.”

Kim Deuk-han, who owned a home in Gangnam, responded with the confidence of someone familiar with the place.

“As a result, the additional load exceeds two thousand tons compared to when it would have been a roller rink.”

Yang Young-mo spoke while observing Kim Deuk-han listening intently.

“It’s equivalent to twenty-four hundred cars packed onto the fifth floor.”
“….”
“With the structure already weakened by shoddy construction, adding this kind of weight… honestly, it could collapse at any moment.”

Under normal circumstances, I would have dismissed this as excessive thinking, but having witnessed the Seongsu Bridge collapse, I couldn’t.

“Will you cut this article as well?”

Yang Young-mo looked directly at Kim Deuk-han and asked.
Meeting those razor-sharp eyes, Kim Deuk-han started to speak but, remembering his previous mistake, simply let out a pained groan instead.

“Ugh… the article content is verified, right?”
“Of course. I’ve cross-checked it multiple times.”

Kim Deuk-han read through the article once more carefully, then looked up again.

“Fine. Run it in tomorrow’s paper.”
“Are you certain? You mentioned the advertising revenue would take a hit.”
“A major incident has already occurred. I won’t allow the same mistake to happen twice. One error is enough.”

Only after witnessing the resolute expression on Kim Deuk-han’s face did Yang Young-mo’s rigid countenance finally relax.

“Understood.”

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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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