Max-Level Son of a Chaebol Family - Chapter 85

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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85. Same Incident, Different Moves

 

According to the Blue House’s official announcement, the chemical plant fire was leaning toward being classified as a ‘safety accident.’

 

Taeseong’s subsidiary presidents all began to speak up.

 

“It’s a work team hastily assembled with factory workers that Wookwang just brought in. Wouldn’t the safety training for the staff have been inadequate?”

 

“They would have had to do unfamiliar work in an unfamiliar work environment. Accidents happen in an instant.”

 

“It seems Wookwang handled things carelessly. I heard that large amounts of flammable materials were found inside the factory.”

 

Grandfather tapped the table with his fingertips.

 

“Anyway, they didn’t point to arson motivated by grudges, or explosion terrorism or air raids related to North Korea as the cause of the fire, right?”

 

“That’s correct for now. We’ll have to wait and see what the Blue House announces in the future, won’t we?”

 

Grandfather looked around at the subsidiary presidents.

 

“How are Wookwang’s movements?”

 

It wasn’t a question asked out of ignorance.

 

It was asking how serious things were.

 

“As for Wookwang, everything from headquarters to subsidiaries has been turned completely upside down.”

 

“It seems they’ve gathered all subsidiary presidents and executives for emergency strategy meetings.”

 

The Wookwang Secretariat is sending fierce protests to Taeseong, burning up the phone lines.”

 

“Honestly, if Wookwang could, they’d want to dump all responsibility for the safety accident on our side.”

 

It was that big of an accident.

 

The total casualties were close to two hundred people.

 

That’s why the faces of Taeseong’s subsidiary presidents were dark.

 

“Perhaps even our Taeseong might find it difficult to avoid accountability.”

 

“It was a chemical company jointly established with Wookwang from the beginning, and our Taeseong has been managing it all this time, hasn’t it?”

 

“It’s only been ten days since we handed Taeseong Chemical over to Wookwang. If there were problems with facility management…”

 

“Or if we kept quiet about potential retaliatory issues that could arise from the process of losing Taeseong Chemical…”

 

The voices of the subsidiary presidents grew quieter and quieter.

 

Their words often trailed off as they read the room.

 

Someone closed their eyes tight and spoke frankly.

 

“If Wookwang keeps blaming Taeseong and won’t let go, it’s obvious that Chairman or President Sim will be in trouble. I think we need to urgently prepare countermeasures for this!”

 

“That’s right. First, I’ll try to make contact with the Accident Investigation Team. We need to try to pull our feet out somehow so that Taeseong’s name doesn’t come up.”

 

“I’ll also contact the Blue House Secretariat!”

 

“Then I’ll block the media….”

 

Bang! Bang! Bang!

 

Grandfather struck the table with his palm.

 

“We haven’t committed any crimes, so why are you trying to do such dirty things?”

 

“Chairman, if by any chance our Taeseong gets involved in this….”

 

“Why do you think Wookwang Construction drew the Blue House’s ire when they forcibly demolished Guro-dong Shantytown last time? It’s because they tried to cover up the aftermath by bribing the media and silencing the police and prosecutors.”

 

Only then did the subsidiary presidents shut their mouths.

 

But they still maintained their stance that ‘we should stop it by any means necessary if we can.’

 

Grandfather clicked his tongue.

 

“Rather than playing petty tricks under the guise of damage control, it’s better to prostrate ourselves before His Excellency, admit our wrongs, and beg for mercy.”

 

This was the method Grandfather had chosen in the past.

 

“The best method is not getting involved in such matters from the beginning.”

 

How could the subsidiary presidents not know this?

 

Second Uncle spoke in a low voice.

 

“If that had been possible, we wouldn’t have gathered all the subsidiary presidents for an emergency strategy meeting like this. Taeseong is already involved, and the incident has already occurred. Now is the time to prepare countermeasures.”

 

“Really? Who said Taeseong was involved in the Wookwang Chemical accident? President Sim!”

 

“Yes, Chairman.”

 

Grandfather turned to look at President Sim.

 

“Answer directly yourself. Would the Blue House have any reason to hold Taeseong responsible for the Wookwang Chemical fire accident?”

 

“Absolutely not. I can declare that Wookwang Chemical has nothing to do with Taeseong whatsoever.”

 

President Sim spoke decisively.

 

“When we handed over Taeseong Chemical, we handled this issue definitively. Chairman Kim of Wookwang signed and sealed regarding this matter, and all of Wookwang’s subsidiary presidents tacitly approved it.”

 

Taeseong’s subsidiary presidents murmured among themselves.

 

“What do you mean by that?”

 

“When we handed over Taeseong Chemical, we acknowledged that everything became Wookwang’s property from that moment. We confirmed that facility management and responsibility all belonged to Wookwang. We even terminated Taeseong’s fire insurance before handing it over.”

 

“Are you saying you definitively severed all ties related to Taeseong during the negotiation process?”

 

“Yes, it was agreed that Taeseong personnel would leave with only their bodies the moment they signed and sealed the Taeseong Chemical merger and acquisition contract. How else could I have failed to even take my name plate?”

 

Grandfather smiled with satisfaction.

 

“President Sim’s insight is truly remarkable. I don’t suppose you anticipated something like this would happen, yet you handled everything as if you could see the future. Well done.”

 

“You’re too kind.”

 

“I was getting sick and tired of the prolonged nerve-wracking standoff with Wooguang over Taeseong Chemical. You handled it decisively and even set up proper bait and traps. That’s just like you, President Sim. You’ve more than earned the trust I placed in you.”

 

“Thank you, Chairman.”

 

Aunt raised her hand.

 

“I find this hard to believe. If Wooguang bought Taeseong Chemical’s equity shares, both the banks and private loan markets should have been buzzing. We’re talking about raising at least 15 billion won. Yet not only are those markets quiet, but there hasn’t been a single rumor?”

 

Her sharp, clear voice sounded like she was picking a fight.

 

The subsidiary presidents also nodded in agreement.

 

“Surely they didn’t just hand over the equity shares because the engagement fell through? An engagement is one thing, business is another. Moreover, President Sim submitted his resignation letter right after pursuing the merger and acquisition contract. Am I the only one who finds this suspicious?”

 

Aunt crossed her arms and snorted.

 

“He colluded with Wooguang to proceed with a contract highly unfavorable to Taeseong. That’s how he could ram through the Taeseong Chemical merger and acquisition in just one day, when it should take months at minimum, years at most. Isn’t that right?”

 

The longer Aunt spoke, the colder the eyes of Taeseong’s subsidiary presidents became.

 

“I question why someone who has already stepped down from his subsidiary president position can attend Taeseong’s presidents’ meeting in the first place. How will you explain this?”

 

“That’s a valid question. Before I explain that, let’s look at this first while we discuss.”

 

President Sim stood up and began distributing copies he had prepared.

 

“I thought we should address this issue clearly, so I brought the contract in question. Please refer to it.”

 

Taeseong’s subsidiary presidents flipped through the documents with curious eyes.

 

“So this is the Taeseong Chemical merger and acquisition contract that President Sim pursued with full authority?”

 

“They say Wooguang gave the okay sign right on the spot?”

 

“What kind of generous conditions did we offer that made that meticulous and thorough man… hm?”

 

The subsidiary presidents soon gaped in shock.

 

“A three-page contract? Is, is this all there is?”

 

“Wait, what’s this? They take all of Taeseong’s equity shares while giving promissory notes worth 15 billion won…!”

 

“Ha, and the promissory note issuer is Wookwang Construction, not Wookwang Group Holding Company! Can that measly Wookwang Construction handle 15 billion won?”

 

The subsidiary presidents stared at President Sim with wide eyes.

 

“President Sim, what is the meaning of this? What were you thinking when you wrote this contract!”

 

“Taeseong’s losses are enormous! All movable and immovable assets transfer to Wookwang the moment we sign the merger and acquisition contract?”

 

“You couldn’t even properly handle Taeseong Chemical’s liquidation and caused hundreds of millions in losses?”

 

“If this was going to happen, why did you obtain full authority over Taeseong Chemical’s merger and acquisition? Did you really have some kind of deal with Chairman Kim of Wookwang?”

 

Bang! Bang! Bang!

 

Once again, Grandfather slammed the table.

 

“What you should be focusing on right now isn’t the front page, but the back page!”

 

“The back page?”

 

“Everyone look at the clauses regarding repurchase negotiations first before making a fuss!”

 

“Repurchase negotiations… Huh!”

 

All of Taeseong’s subsidiary presidents focused on the last page of the contract.

 

【If promissory notes cannot be fully paid by maturity, equity shares will be transferred according to the promissory note ratio.】

 

The clause added at the very end particularly caught their attention.

 

【Instead of Taeseong exerting pressure such as demanding payment for overdue promissory notes until maturity, Wookwang Securities as collateral will also be processed under repurchase negotiation conditions.】

 

Taeseong’s subsidiary presidents suddenly drew in sharp breaths.

 

A moment of silence fell over the conference room.

 

“This… this couldn’t be… Give flesh to take bone, that’s it, right?”

 

“When Chairman Kim of Wookwang signed this contract, he probably didn’t know there would be a fire at the chemical plant…”

 

“My goodness, trying to save billions in interest only to lose Wookwang Securities that was put up as collateral?”

 

Everyone’s lips were curling up to their ears, grinning widely.

 

As if everyone was busily working calculators and abacus beads in their heads, some presidents quickly started taking notes with their fountain pens.

 

“How about it? Pretty solid, right?”

 

Grandfather smiled while waving the three-page contract.

 

“Chairman Kim of Wookwang has been summoned to the Blue House. What do you think the chances are that Wookwang will repay these promissory notes?”

 

Taeseong’s subsidiary presidents answered in unison with bright smiles.

 

“Unlikely.”

 

“Do they have the mental capacity to worry about Taeseong Chemical’s promissory notes right now?”

 

“Currently, all of Wookwang’s subsidiary stocks are plummeting to rock bottom in real time.”

 

“Rather than scraping together every penny they have and don’t have to devour Taeseong Chemical, they’ll desperately struggle to save Wookwang Steel, which is about to be buried in the mud.”

 

Grandfather asked once more.

 

“Now you understand why I called you all here today, don’t you? We didn’t gather here to devise countermeasures to escape from the chemical plant fire incident.”

 

Bang!

 

“We gathered to discuss how to reclaim Taeseong Chemical using this opportunity!”

 

Bang!

 

“We gathered to discuss how to reach out and devour Wookwang Securities!”

 

The subsidiary presidents of Taeseong shouted in unison.

 

“Yes! We understand, Chairman!”

 

So their discussion was just beginning now.

 

“Wookwang’s stocks are plummeting. The shareholders won’t just sit back and watch this. I’ll secretly stir things up on that side.”

 

“I’m thinking of more decisively blocking Wookwang’s cash flow, which is on the verge of a liquidity crisis. I’ll make contact with people from the Korea Employers Federation.”

 

“I’ll carefully select the prime assets from Wookwang Group’s subsidiaries. I happen to notice several subsidiaries that would be good for our Taeseong to acquire.”

 

“That’s a good idea. I’ll join in too. For Wookwang to revive, we’ll have to tear off a few of their limbs. We shouldn’t miss this opportunity and should expand Taeseong’s size.”

 

“Taeseong just attracted a large amount of investment funds at the Year-End Night. On top of that, by taking on the Subway Line 2 construction, we can buy land where subway stations will be built and aim for capital gains.”

 

Bang!

 

Grandfather smiled coldly.

 

“Everyone, forget about going home early today. Even if we have to pull an all-nighter, we must finish discussing countermeasures for this. From tomorrow, all subsidiaries must move in perfect coordination according to the goals we set today. Isn’t that right?”

 

“Yes, we understand!”

 

“Let’s move faster before other companies quickly snatch up Wookwang’s vacant positions.”

 

“Yes, Chairman!”

 

“I’m not satisfied with our Taeseong merely staying at 5th place in the business rankings. When opportunity comes, we seize it! When we can eat, we eat! When we can take, we take!”

 

“Of course!”

 

Grandfather had the eyes of a ruthless businessman.

 

In front of him, the phrase “40 years of friendship” could hardly find a place to intervene.

 

Just the subsidiary presidents looking at Grandfather alone in this room numbered 38 pairs of eyes.

 

They too were leaders heading their respective subsidiaries.

 

All of them were shining with eyes just as ruthless and calculating as Grandfather’s.

 

At that moment, Father raised his hand.

 

“There are many casualties from the chemical factory fire accident. Wookwang Hospital alone won’t be able to accommodate all the patients.”

 

Father alone presented a completely different opinion.

 

“I would like Taeseong Hospital to send medical support.”

 

In an instant, all the subsidiary presidents fell silent.

 

The same was true for Grandfather.

 

“Before the seriously injured become fatalities, before the lightly injured become seriously injured, we must save those who can be saved. I’ll take charge of that.”

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