The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 110

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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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Regression of a Fallen Chaebol’s Third Generation — Episode 110
“GS has completed its due diligence on Seonjin Logistics. They’ve proposed closing the investment contract within four days.”
Seonjin Group Chairman’s Office.
Management Planning Office Director Choi Dong-su was reporting to Chairman Kim Ja-young.
“The due diligence finished quite quickly.”
Typically, investment due diligence—examining financial status, business operations, and the like—was a grueling process that took two to four weeks if conducted thoroughly. This one had wrapped up in just a week.
“Yes. Even logistics internally expected it would take a month, but GS finished satisfied in just a week.”
Kim Ja-young smiled brightly. The market’s response had been enthusiastic as well. There were already assessments circulating that Seyang Logistics had cornered the courier market through acquisitions, but a global investment bank’s investment in Seonjin Logistics was more than enough to reverse that narrative.
“What was the reaction from the logistics side?”
“Director Oh Jin-su led the due diligence response, and everything proceeded without incident.”
As Kim Ja-young nodded, Choi Dong-su spoke carefully.
“There’s strong internal assessment at logistics that Kang Seon-woo essentially handled this entire matter.”
Kim Ja-young, who had been looking at documents, lifted her gaze to Choi Dong-su at the mention of Seon-woo’s name.
“Internal assessment?”
“Yes. The directors’ reaction is quite unusual. Setting aside his background, his capable performance is undeniable.”
“Do you share that view, Director Choi?”
At Kim Ja-young’s question, Choi Dong-su paused for a moment before speaking.
“I do. To be frank, when I first met Kang Seon-woo a few years ago, I felt something that’s come back to me now.”
Back then, when Choi Dong-su had been working hard to defend Seonjin Trading Company’s management rights, he had first met Seon-woo, who was still in high school.
-Do you ever simulate things like defending the company’s equity stake?
It was not something a high school student should have said. He also recalled those clear, focused eyes—completely devoid of jest.
-The equity structure of our trading company looked a bit unstable to me. The major shareholder’s shareholding ratio wasn’t as high as I’d expect, so if someone decided to push hard, it could be risky.
What Choi Dong-su himself had deemed necessary, a high school student had identified. There had actually been an attack later on.
“Back then, I thought, well, he’s from the owner family, so maybe he naturally has that instinct.”
Choi Dong-su spoke slowly.
“But my thinking is different now. Kang Seon-woo is naturally gifted. He identifies things others don’t think to look for, and he has more than enough ability to realize those insights.”
A brief silence fell.
“The results prove that Kang Seon-woo is a different kind of person than everyone else.”
Choi Dong-su had never spoken of Seon-woo so openly before. Kim Ja-young regarded him quietly for a moment.
“That’s why I’d like to propose something. When a regular employee performs at this level, the company compensates them. I believe Kang Seon-woo should be no different.”
The internal assessment of Seon-woo at Seonjin Logistics had shifted. It would now be difficult to hear anyone say he was being compensated simply because he was the owner’s son.
Kim Ja-young thought for a moment, then nodded.
“Leave the compensation to logistics internally.”
Kim Ja-young set down the documents as she spoke.
“It would be odd for the group to get involved. Let it be handled as an internal matter.”
She didn’t elaborate on the reason. It was self-evident. Choi Dong-su nodded as well.
“Understood.”
“We should give him the compensation we’re able to provide. What’s your assessment of Director Yoon from logistics?”
At Kim Ja-young’s question, Choi Dong-su opened his mouth as if he’d been waiting for it.
“There’s one more thing I need to report in relation to that.”
“What is it?”
“There’s one person at logistics with a poor assessment, and that’s Director Yoon Sang-chul.”
Kim Ja-young focused with a hardened expression.
“The directors’ assessment of Director Yoon is very poor. They say he’s a manager for stable times, not a crisis-breaker—and that he’s not the right CEO for logistics right now.”
…….
“I agree. Director Yoon is certainly an executive who hasn’t handled changing times well.”
Kim Ja-young nodded. Yoon Sang-chul hadn’t worked at Seonjin Logistics for a short time, and he wasn’t an incompetent man. It was simply that the times no longer needed him.
“He’s worked hard for a long time, so we should see him off to a good position.”
You had to preserve the dignity of someone who had worked long.
“The president of the Sports Division quit not long ago. That position would work.”
Seonjin Sports Division. A place where you only needed to manage stable operations. For Yoon Sang-chul, it could actually be the right fit.
“Understood. I’ll proceed with the selection process for the new logistics CEO.”
“Do it through internal promotion.”
Kim Ja-young answered concisely.
“Someone who’s worked inside should rise from within.”
Choi Dong-su finished his notes and bowed.
“Understood. I’ll arrange and proceed accordingly.”
As Choi Dong-su left, Kim Ja-young looked back at the documents on her desk. The global investment bank had chosen Seonjin Logistics.
It was practically what her son had accomplished.
She had sent Seon-woo to logistics to see what he was capable of. She hadn’t yet gotten a definitive answer, but she had learned one thing.
She still couldn’t see where the limits of what he could do actually lay.

* * *
“The weather is nice.”
During lunch, I’d come to the break area on the company building rooftop. The May wind felt surprisingly pleasant.
I’d slipped away from Kim So-mi’s suggestion to grab lunch and made my way here because I wanted to catch my breath for a while.
“Now it’s all done.”
With the GS investment confirmed, I finally felt like I could exhale.
Of course, GS’s money was ultimately my money, and the investment was arranged by me, so the result itself wasn’t surprising.
But pulling it off from inside was a different story. My initial report had nearly been buried, but in the end, it had led to the investment going through.
It was a result where what I’d designed from outside had interlocked with what I’d accomplished from within.
“Found you here.”
A voice came from behind. I turned to see Lim Do-hyun standing with two cans of beverage.
“Team Leader. Have you had lunch?”
“No. I came to catch my breath and spotted you, so I thought we might chat over a drink.”
Lim Do-hyun came over and sat beside me, handing me one of the cans.
“Thank you.”
“I heard the GS matter wrapped up?”
Lim Do-hyun brought it up first.
“Yes. Ms. Kim told me.”
“Thanks to your solid IR work, we reached a decision in just a week. Normally it takes a month.”
I lowered my head slightly. For a moment, we both sat in silence, taking in the view, when Lim Do-hyun opened his mouth.
“To be honest, when you first came to the team, I didn’t know how to use you.”
I knew it. When the chairman’s son gets assigned to the Management Planning Office, the team leader’s burden is beyond imagination.
What should I have you do? How should I treat you? Where should I draw the line?
It was a different kind of concern than with a regular new hire.
“Really couldn’t figure it out. Whether I should point out mistakes or if it was okay to give you menial tasks… So I just treated you like any other new hire. Even took you to the logistics hub.”
Lim Do-hyun continued.
“But then something stood out. When you take regular new employees to the Gunpo Hub, they can’t do anything. The scale overwhelms them, and they’re too busy familiarizing themselves with the materials you’ve given them.”
…….
“You were different. You observed everything once—from the dock shortages to everything else—and figured it all out.”
“You’re too kind.”
“No. I was convinced after I first received your logistics analysis report.”
Lim Do-hyun looked at me and nodded.
“This person is different, I said to myself.”
Lim Do-hyun met my eyes.
“Without you, this company would’ve been sold.”
The honest assessment of me coming from Lim Do-hyun’s mouth didn’t feel bad.
The Lim Do-hyun I’d observed was an honest person, but that honesty was the kind that doesn’t hide discomfort—not the kind that lays bare true feelings like this.
Opening up like that meant trust had been built.
That reached deeper than any other assessment could have.
“Thank you.”
“I’m the grateful one.”
Lim Do-hyun fidgeted with the beverage can before speaking.
“It hasn’t been officially announced yet, but you might already know.”
I gave him a puzzled look, and Lim Do-hyun continued.
“Director Yoon Sang-chul has stepped down from the logistics CEO position.”
This was the first I’d heard of it.
“This is news to me.”
Lim Do-hyun studied my expression.
“That’s surprising. I thought you’d know.”
“It’s that… even though I’m part of the owner family, company matters aren’t discussed separately at home.”
It was an implicit agreement between Mother and me.
Mother had sent me as an employee, and I was working as an employee. No employee anywhere got to hear about group personnel changes in advance.
Lim Do-hyun nodded.
“I see. So you don’t know about this either. The new CEO will be promoted internally—one of the directors.”
“Don’t tell me…”
“Yes. Director Oh Jin-su has been appointed as the new logistics CEO.”
The Management Planning Office was a department directly under the CEO, and while the title was Director, the rank was that of an executive.
The promotion to CEO was extraordinary, but since Oh Jin-su had spearheaded the due diligence response and essentially led logistics through the GS investment matter, it was a credible appointment.
“And I’ve been appointed as the new Management Planning Office Director.”
Lim Do-hyun said it matter-of-factly. But I could tell he was just pretending to be calm. His eyes gleamed slightly.
“It hasn’t been announced yet, so it’s a secret from the other team members.”
“Congratulations.”
Lim Do-hyun smiled brightly and nodded.
“Thanks. I’m thinking it’s thanks to you. I just used one person well, and now this opportunity came.”
I laughed. It was the kind of thing only Lim Do-hyun would say. That honesty felt good to hear.
Lim Do-hyun stood up and crumpled the empty can.
“Let’s grab some food. I’m buying today.”
“If the director is buying, we should get something good.”
“I’m not director yet. Until the announcement, I’m still team leader, so let’s stick to team leader salary level.”
At Lim Do-hyun’s words, I chuckled and got to my feet.

* * *
“Senior.”
The clock on my desk pointed to 3 a.m., and I held my phone to my ear while watching the monitor screen.
-What’s going on? Why’d you ask me to stay on standby today?
For Han Jae-yi, this was prime working hours. Ribbon Capital’s focus was the U.S. market, so there was a team that worked until dawn.
The team was split between those handling the domestic market and those handling the U.S. market.
“There’s something important happening today. The team members covering the U.S. market are on standby, right?”
-Yeah. The U.S. market team is on standby with me.
Han Jae-yi answered, then added:
-By the way, I heard the news. GS is investing in Seonjin Logistics?
“Yes, that’s how it turned out.”
It was all over the press. A global investment bank investing in a courier company was industry-wide news, so there was no way Han Jae-yi wouldn’t have heard.
-So you’re not coming in tomorrow? Why are you staying up at this hour and asking me to standby today?
“Because something’s going to happen today.”
-What is it?
I took a breath and opened my mouth.
“I’ll explain the details once it unfolds. For now, just remember this: when I give the signal, you need to move immediately. The time window will be short.”
A brief silence fell.
-Got it.
Han Jae-yi responded as if this kind of thing had become routine, asking no further questions.
“How’s the U.S. market looking right now?”
-As you know, the whole world market is suffering because of Greece. It’s been dropping for days.
Greece’s crisis was deepening. The country’s credit rating had fallen to junk status, and massive protests were ongoing in the streets.
The European Union, usually quiet, had said it would rescue Greece, but the market didn’t believe it.
I nodded. The situation was unfolding step by step, exactly as my memories from my previous life had shown.
That meant today would be no different.
“Senior, check the S&P Futures order book right now.”
Futures move before the stock market itself, so traders use this order book as a leading indicator.
-The futures order book?
“Yes.”
I heard the sound of keys being tapped.
-I don’t see anything unusual.
“Look at the top of the order book.”
At my words, there was silence as Han Jae-yi looked—then she spoke with surprise:
-Wait… Why is there so much piled up on the sell side?
“You see it?”
-This is weird. The buy wall is thin, but sell orders keep stacking up.
A pile-up of futures sell orders meant people were betting the stock market would fall.
“Someone’s betting on a market crash. Or fishing.”
-Fishing? Who?
“Isn’t it strange? If someone really wanted to bet on a downturn and sell immediately, they’d throw it at market price or near current price. But stacking hundreds of billions of won worth of orders way up there where they won’t execute…”
If someone wanted to profit from a stock or futures downturn, the normal play would be to throw volume at the current price where it could actually execute, or below it.
But piling hundreds of billions or even trillions of won in volume way up in the order book where execution was nearly impossible?
It made no sense.
-That’s true. The sell orders that actually execute at current price are no different from normal.
“Someone’s playing games.”
-Trying to scare people? Like a warning that a bomb’s coming so run?
“Exactly right. But not to scare people. You and I don’t get scared looking at this.”
-Then what?
“Algorithmic machines.”
-Is it Spoofing?
Spoofing meant trickery, and in the stock market it referred to the manipulation of the order book by placing fake orders.
It was clearly illegal, and I knew exactly what this was targeting.
-What?
“What’s wrong?”
-The Dow just dropped suddenly.
The Dow Jones Index represents 30 core U.S. companies, and a drop meant blue-chip stock prices were falling.
Han Jae-yi’s voice had changed.
-200 points… 300… it’s accelerating.
I listened quietly.
-P&G is dropping. It’s at 56 now… 52… Why is this happening? This doesn’t make sense.
P&G. The world’s largest consumer goods company was experiencing the sharpest crash, regardless of the company’s actual value.
Han Jae-yi was too busy searching for a reason to gather her wits.
“Senior, snap out of it.”
I checked the screen and confirmed the Dow had dropped over 900 points.
The bottom is here.
“Now, Senior. Buy P&G.”
-What? P&G? It’s at 39 now. Is that price right?
“No time. Start placing orders first. Tell the team members too. Quick!”
I heard Han Jae-yi shouting to her team members and moving.
-Keep placing them, but trading just stopped.
“Trading halt just triggered. Stay focused and start placing again as soon as it resumes.”
When a single stock’s price moves too drastically, a safety mechanism halts trading.
-Keep placing orders.
I checked the monitor and saw the rebound was about to start.
“Senior, stop now.”
Han Jae-yi relayed my instruction to her team. Moments later, the P&G chart on the monitor began climbing again.
-……It’s going back up.
The strength had drained from Han Jae-yi’s voice—so different from how it had sounded mere minutes earlier, like the world was ending.
“How much did you accumulate?”
-Huh? Um… just a second.
A moment of silence, then Han Jae-yi’s voice returned.
-I was so frantic buying that I grabbed 30 million dollars.
“Nice work.”
P&G’s stock, which had plummeted to 39 dollars, was now climbing back toward 60.
-The Dow too… S&P recovered. What in the world was that?
“Someone targeted the algorithms.”
-Algorithms?
“You know about HFT?”
High-Frequency Trading is algorithmic trading where thousands of orders are placed and canceled every second.
Because it was machines, not people, they moved based on indicators alone, without seeking reasons.
“Someone spoofed specifically to target HFT.”
-So that’s why P&G went down to 39…
“Right. But then people notice something’s off and buy at the sale prices.”
-Should’ve bought Accenture then. That one hit 1 cent before bouncing back to 41 dollars.
I let out a laugh.
“Senior, those trades will be canceled.”
-Canceled?
“Any trade deviating more than 60% from the reference price gets nullified by the exchange. Those penny purchases disappear.”
Indeed, the exchange later canceled over 20,000 trades that deviated more than 60% from the reference price that day.
P&G had dropped 37%, so it wasn’t subject to cancellation.
That was why I’d chosen P&G.
-… You knew about that too?
“You just learned it. You’ll remember better because you learned it in real-time.”
The stock market normalized within 30 minutes.
In my previous life, an individual British trader named Navinder Sarao had built a spoofing algorithm that accounted for over 20% of the futures sell order book.
Of course, that fact wouldn’t be revealed for another five years.
“So, shall we look at the profits?”
Han Jae-yi read out the numbers in a dazed voice.
-The P&G we just bought went up 53%. We made roughly 15 million dollars in profit.
“And the CDS?”
-CDS was 100 million dollars invested at an average price of 200 basis points, and now it’s at 1,000 basis points, so…
Han Jae-yi paused for a moment.
-400 million dollars. 480 billion won.
Han Jae-yi’s voice trembled as she read the number.
-That’s over 500 billion total.
I listened calmly.
“Liquidate the P&G position when the market opens tomorrow. Hold the euro shorts through June. Keep watching the CDS—it’s got more room to run.”
-… What exactly are you?
“Isn’t it time you got used to it? To having a gifted junior. Senior, should we call it a night? You’ve been at it until dawn.”
-How can I leave now? My hands are shaking. Are you even sleepy?
“I’m different from you—I’m an office worker with a morning shift. I’m hanging up.”
-Hey…
I hung up and dove toward my bed.
“I’m tired, but I don’t think I’ll sleep.”
I told Han Jae-yi matter-of-factly, but for me too, tonight was going to feel long.

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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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