The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 118

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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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The Regression of the Fallen Chaebol’s Third Generation — Chapter 118
“Seonjin Parts Materials’ preliminary Q3 results have come in. We’re seeing a 7% increase year-over-year.”
Seonjin Automobile Headquarters Chairman’s Office.
The Secretary-General flipped through a document as he continued his report, and Kang Tae-yong nodded with an expression of satisfaction.
“Parts Materials seems to be finding its footing.”
“Indeed. It appears your decision to provide support is paying off, sir.”
The secretariat of Seonjin Automobile Group was less Kang Tae-yong’s hands and feet than his brain itself.
While other companies created planning divisions to control all their subsidiaries, Kang Tae-yong had built those functions into his secretariat instead.
As a result, the secretariat of Seonjin Automobile Group had grown into a substantial organization under the owner’s direct management, controlling not just administrative matters but the subsidiaries as well, and the Secretary-General had earned a reputation as the group’s de facto number two.
“Keep Materials maintaining their current growth rate through the end of the year, and next.”
“Seonjin Machinery has fallen behind on orders for industrial motors. The problem stems from raw material supply disruptions, and we’re told operations should normalize within six months.”
“What about the deadline?”
“Two weeks delayed.”
Kang Tae-yong’s brow furrowed.
“This is the most critical moment. When others are hesitating, that’s when we strike. Whatever the raw material costs, secure the supply and meet that deadline.”
“We may take a loss.”
“Market share comes first. A short-term loss is acceptable.”
“Understood.”
The Secretary-General acknowledged and moved on to the next report.
“Seonjin Construction is…….”
“That’s enough.”
Kang Tae-yong waved his hand dismissively, and the Secretary-General stopped.
“Tell me about Seonjin Global instead.”
Kang Tae-yong found himself unable to concentrate on the other subsidiaries. His mind was elsewhere, and despite his efforts not to dwell on it, he was still his father’s son, after all…….
“It’s beginning to take on the form of a proper logistics company.”
“Is that so?”
“Yes. We’ve poached cargo logistics specialists from Seonjin Logistics, and from an internal organizational standpoint, they’re ready to take on contracts immediately without issue. However…….”
“However?”
“There appear to be difficulties with capital procurement.”
It was obvious that even if an internal organization was staffed entirely by experts, a company lacking the funds to operate that system couldn’t perform its function.
“We’ve made contact with four commercial banks, but all four declined to invest.”
Kang Tae-yong studied the Secretary-General quietly.
“All four? That makes no sense.”
“It seems they’re suspicious of Seonjin Global’s origins. Additionally, there’s a common concern that without Fair Trade Commission registration, it’s effectively operating without group guarantees.”
In other words, the banks were avoiding legal risks.
“What about investment firms?”
“The outlook there is even grimmer. Their hesitation isn’t about legal risk — they simply lack interest in the logistics business itself.”
“All of them?”
Kang Tae-yong asked, his expression darkening.
“Yes.”
At the curt reply, Kang Tae-yong leaned back in his chair.
“That boy must be having a rough time of it.”
Kang Tae-yong considered for a moment, then broached the subject with the Secretary-General.
“Is there any way to help him?”
“If the group steps in directly, it constitutes a related-party transaction. You’d have to accept a Fair Trade Commission investigation for favoring one company.”
The Secretary-General paused to collect himself before continuing.
“That’s also why you’ve instructed that you won’t provide any advantages.”
Kang Tae-yong’s brow twitched slightly.
“Listen here. I didn’t ask you to come lecture me, did I? Just tell me if there’s a way. That’s all I need.”
“There is a way, if you act in your personal capacity rather than as the group.”
“Go ahead.”
“First, you could personally guarantee a loan using your real estate as collateral. This avoids Fair Trade issues, but the scale would likely be limited to only tens of billions won.”
Kang Tae-yong shook his head silently.
Tens of billions wasn’t adequate seed capital for a logistics startup.
“Second, your personal connections. You could introduce Kang Jin-ho to wealthy individuals or business leaders interested in logistics or infrastructure. Since you wouldn’t be investing directly yourself — merely facilitating introductions — it’s the cleanest approach, but as the number of contacts grows, there’s greater structural exposure risk.”
“And the third option?”
“Circumventing investment through a third party — funneling your personal funds through an acquaintance’s name. This carries the greatest legal risk.”
Kang Tae-yong stroked his chin before speaking…….
“Connect me with Chairman Jin from Myeongdong.”
Chairman Jin from Myeongdong was a cash magnate who once held sway over the corporate bill market. Though the Myeongdong Underground Financial Market had shrunk, entrepreneurs still sought him out regularly.
“Collateral guarantees have their limits, and third-party circumvention crosses a line. Chairman Jin is the only suitable candidate.”
“Chairman Jin…… his reputation isn’t very good. We’ve even heard rumors that he liquidated a small manufacturer just last month.”
“That’s just his hobby. Tell him I’m counting on him, or better yet — I’ll call Chairman Jin directly. It’s been a while.”
The Secretary-General nodded at Kang Tae-yong’s words.
“Understood.”
“Process the other reports and bring me the written summaries. I’ll review those.”
The Secretary-General gathered his documents and stood to leave when Kang Tae-yong spoke again.
“As for Jin-ho…….”
His words trailed off briefly.
“Don’t tell him it came from me. Make it look like you arranged it.”
“Understood.”
The Secretary-General bowed and left the room. Kang Tae-yong let out a long sigh and loosened his tie.

* * *
“Organize the additional materials to send to DK and have them out today.”
Seonjin Global Office.
Kang Jin-ho finished giving instructions to his subordinate and was heading back to his desk when he noticed someone standing at the office entrance.
The visitor had his head bowed, but Kang Jin-ho’s brow furrowed immediately.
“Why are you here again?”
He averted his gaze and walked toward his office. The visitor followed him in.
“I mentioned it last time — things are progressing well. There’s nothing I need to report.”
The person who’d followed Kang Jin-ho inside was the Secretary-General, his father’s right hand.
“I understand the situation isn’t favorable.”
Kang Jin-ho’s hand stopped over the documents.
“Interesting. This is the first I’ve heard of that.”
“I’m told there are issues with capital procurement.”
“Has your job changed? Did you become a private investigator or something? Or has Father developed some unsavory hobby?”
Kang Jin-ho spoke sharply.
“Whenever I ask how you know about our situation, you don’t answer anyway.”
“…….”
“I knew you wouldn’t.”
Kang Jin-ho leaned back in his chair and looked at the Secretary-General.
“So what are you really doing here? Get to the point.”
“I’d like to introduce you to an investor.”
Kang Jin-ho’s eyes narrowed.
“An investor? Out of the blue?”
“Chairman Jin from Myeongdong. He has an extensive background in corporate finance and has expressed interest in logistics infrastructure investment.”
‘Chairman Jin from Myeongdong.’
I’d heard the name before.
Not good memories, though — just that he was the type who dealt in corporate bills at the Myeongdong Underground Financial Market.
Back when Korea’s financial system hadn’t developed as it had now, the Myeongdong Underground Financial Market had served a purpose, funneling short-term capital to major corporations and businesses, keeping things afloat.
“Are you seriously asking me to go to the Underground Financial Market for money?”
“Chairman Jin is difficult to categorize as a mere loan shark. There’s also nowhere better for companies to secure short-term capital.”
“Did Father put you up to this?”
Kang Jin-ho asked as if confirming something, and the Secretary-General shook his head.
“I’m acting independently.”
“Haha.”
Kang Jin-ho laughed loudly.
“You’re telling lies without batting an eye on a day that isn’t even April Fools’. You’re saying you moved without Father’s orders?”
Kang Jin-ho studied the Secretary-General quietly.
“Or are you switching sides and pledging yourself to me now?”
“…….”
“Not funny, is it? So don’t joke with me either. I’m not amused.”
Kang Jin-ho asked with a twisted expression.
“Isn’t this just Father confirming that I can’t do it alone, and then stepping in to help?”
Kang Jin-ho spoke as if he already knew this whole situation was orchestrated by his father.
“That’s not…….”
“Father’s always been that way. He drags me down to rock bottom and then, as if to make me feel his power, finally steps in.”
“…….”
“I’m doing fine on my own. So stop taking an interest, will you? I’m passing the test — don’t give me any more problems.”
The Secretary-General fell silent. He neither denied nor confirmed, but his silence was answer enough for Kang Jin-ho.
“That’s all.”
Kang Jin-ho looked directly at the Secretary-General.
“I don’t need it. Not Chairman Jin, not anyone. Tell Father that too.”
“…….”
“I’ll do this my way.”
The Secretary-General looked at Kang Jin-ho for a moment. There was no attempt to dissuade him. He nodded and stood to leave.
“Understood.”
The Secretary-General bowed and left the office.
Alone in the office, Kang Jin-ho returned to his chair. He opened the desk drawer and pulled out Danny Kim’s business card, studying it.
‘That was the right call.’
Danny was the first person to recognize his vision.
Danny was a hundred times the better choice compared to the Myeongdong loan shark Father had sent.

* * *
“Sorry about that. Someone busier than me was already waiting.”
A high-end Korean restaurant in Yeouido.
Danny opened the door and entered the private room, speaking as I let out a quiet laugh.
“A venture capital representative is definitely busier than a general employee.”
“Don’t even mention it. These days I’m running around just making my rounds, and it’s killing me.”
Danny removed his jacket, hung it on the rack, and sat across from me.
“I already ordered ahead and started eating.”
“How could you? I’m the one treating you.”
“Today I’m definitely getting a free meal off you.”
Danny said that and pressed the call button. After a staff member came and we placed our order, Danny handed me a document envelope.
“Here — about your cousin.”
I took a sip of water and looked at Danny.
“What was your impression after meeting him in person?”
“Desperate.”
Danny said with a grimace.
“From experience, people without money have a distinctive look in their eyes. They talk with confidence, but there’s something about them that suggests they’d crumble with just one push. Kang Jin-ho has exactly that look.”
I nodded. I couldn’t help but wonder if my past self had ever looked the same way.
“He’s got all his personnel in place, and the proposal is almost finished. The problem is capital.”
“I expected as much.”
“Here’s something interesting though — he brought up Seonjin Trading Company first, hinting that since shipping’s in decline, DK coming to him would be better.”
“He’s positioning himself as an alternative to DK?”
“Yeah. He’s got incredible confidence.”
Danny said with an exasperated tone.
“But that kind of confidence is necessary for someone running a business, except it’s too naive. When you’re literally screaming ‘I don’t have money’ the way he is, talking like that just comes across as ridiculous. From my perspective, it’s laughable.”
“What’s this material you brought?”
I asked about the document envelope Danny had handed me.
“He sent it the day after our meeting. I just asked for information about their business plan for due diligence review, and he sent it within a day — that alone tells you how desperate he is.”
I took the documents and began flipping through them. This was material Seonjin Global had prepared directly for attracting investment.
Company overview, logistics market analysis, contract acquisition strategy — as I read through page after page, my hand stopped at the operations timeline.
“Danny.”
“Yeah?”
“Did you see this?”
Danny examined the section I was pointing at. It was an internal assessment showing that even if they secured Seonjin Automobile Group’s cargo contracts, transportation wouldn’t be possible until three months later.
“Ah, three months before operations start? Since this is material for investors, they have to be honest about it. They’ll never put it in the bidding proposal, obviously.”
Just as Danny said, the bidding proposal would claim immediate operational capability.
They couldn’t lie to investors without causing problems down the road, so they’d put realistic timelines in the business plan, but in the bidding they’d have to hide that weakness.
But from Seonjin Automobile’s perspective, a three-month logistics gap meant their parts supply line would grind to a halt.
A single car requires over thirty thousand individual components.
If even one disruption occurs in delivery, the assembly line stops, and when production stops, daily losses run into tens of billions won.
“So if this goes through as planned, Seonjin Automobile’s subcontractors end up bearing all the logistics costs for those three months.”
I nodded. To save Kang Jin-ho, the subcontractors — not even the group itself — would have to absorb those losses.
“We can’t write this directly into our proposal.”
“Because it would expose that the information came from DK’s due diligence?”
“Yes.”
“Then we can’t target that aspect directly.”
I nodded.
“DK needs to dig deeper.”
I set down the documents and spoke.
“During the due diligence, push back on insufficient operational readiness and demand he show more detailed planning. Kang Jin-ho will need to prepare more to hold onto DK, and that preparation costs money — money that can only come from DK.”
“So basically, you want him to become completely dependent on DK?”
“Yes.”
Danny nodded and asked.
“When’s the exit timing?”
“After the bidding results come out.”
A brief silence fell.
“That would be the most devastating moment for him.”
“And the contract falls apart, then Seonjin Logistics picks up what’s left?”
“I hadn’t thought that far ahead, but seeing what you brought, it does seem possible.”
Someone had to fill the void, and there was no one better positioned than Seonjin Logistics.
“There’s no one else who could do it. It’s the exact scenario Chairman Kang Tae-yong would have wanted most to avoid.”
Danny smiled and nodded at my words.

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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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