The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 122

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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 122
“Once DK confirms the investment, that’s the end of it.”
Seonjin Global Office.
Kang Jin-ho came in and immediately powered up his monitor, opening the due diligence documents. The Seonjin Automobile Group’s global due diligence was underway, and the counterparty’s response had been favorable.
“Danny writing that letter of intent really made a difference.”
Of course, Seonjin Automobile Group didn’t view Seonjin Global’s current situation positively, but with the business plan and the documentation of DK Capital’s willingness to invest, the pressure had lifted somewhat.
“Next time I need to take everyone out for a meal to say thanks. They’re all so pleased.”
As the due diligence proceeded in a favorable atmosphere, the sound of employees laughing and chattering outside the office drifted through the glass doors.
With the competitive bid results approaching and a contract seeming likely, the office had transformed entirely. The anxious glint in everyone’s eyes that had lingered just days ago had vanished, replaced by the warmth of laughter.
Knock-knock.
Just as he was thinking these things, the office door opened with a knock and a subordinate stepped in.
“Ah, you came at just the right time. I was actually about to… Why do you look like that?”
He looked up at the subordinate’s face and found it drained of color.
“Sir, you’re trending number one on the portal site right now.”
“Trending? Why? Don’t tell me news leaked that we landed the Seonjin Automobile Group contract.”
“Well, that’s…”
“What is it?”
Kang Jin-ho said this and moved his mouse to navigate to the portal site, and sure enough, his name was the number one trending search. Below that were the names of Seonjin Global, Seonjin Automobile, and his father, Kang Tae-yong.
Kang Jin-ho clicked on his own name, and news article headlines immediately filled the screen.
[Exclusive — Seonjin Global, Kang Jin-ho’s Paper Company Suspected for Loophole Succession]
[Exclusive — Seonjin Global Monopolizes Seonjin Automobile Group Subsidiary Cargo Contract: Insider Contract Favoritism for Successor’s Succession?]
His finger froze on the screen.
From the fact that Seonjin Global was Kang Jin-ho’s 100 percent personal corporation, to the fact that it was an independent corporation not registered as a subsidiary with the Fair Trade Commission, to the structure by which it monopolized Seonjin Automobile Group’s logistics through insider contract favoritism—
The articles even detailed how his father Kang Tae-yong’s assets had flowed into the company during its establishment.
[Experts say such actions are typical means of loophole succession, and by monopolizing logistics for group subsidiaries, corporate value naturally increases, allowing wealth transfer without inheritance taxes.]
There were other articles, but different news outlets aside, the framework of the content was identical.
“Right now reporters are calling the office asking for confirmation.”
At the subordinate’s words, Kang Jin-ho clenched his teeth.
‘Loophole succession? Bullshit.’
It was true his father had provided the seed capital. The company’s founding had been his father’s suggestion too.
But everything he’d done after that was all his own doing. Winning the competitive bid was his own ability, and bringing in DK Capital had been his work as well.
There was an unbridgeable gap between the loophole succession the articles described and what he’d actually accomplished.
“Look into a law firm. We need to respond immediately.”
“Yes, I’ll contact them right away.”
After sending the subordinate out, Kang Jin-ho sat back down and re-read the articles.
The more he read, the more disgusted he felt, but there was nothing to back down from.
While they called it insider contract favoritism, the competitive bid had been a fair competition among five contractors, and there had never been any funds flowing from Seonjin Automobile Group.
Buzz.
As he was sitting with his anger, his phone vibrated. The screen showed it was Danny Kim calling.
Kang Jin-ho took a long deep breath to calm himself before hitting the answer button.
“Danny, I was actually waiting to hear from you.”
—Mr. Kang. I saw the articles.
Danny’s voice on the other end of the line lacked his usual ease. Kang Jin-ho consciously adopted a light tone.
“Ah, that. Looks like it came from a competitor. There are a lot of inaccuracies, so we’re pursuing legal action.”
—I see.
After a brief silence, Danny asked,
—I just need to confirm one thing.
“Of course, go ahead.”
—Seonjin Global has nothing to do with succession, correct?
Kang Jin-ho fell silent for a moment.
He could have lied. Could have said his father had nothing to do with it, that it was a company he’d built purely with his own money.
But he didn’t want to. His pride wouldn’t allow him to package his own efforts—efforts his father had never even acknowledged—with lies before an investor.
“I consulted with my father on the company’s founding, and I did receive his help. But everything after that has been entirely my own…”
—Then we cannot invest in Seonjin Global.
The sentence was cut short.
“… I’m sorry?”
—We’re a private equity fund, so we do all deals that make money. Seonjin Global fit that purpose. But I don’t want to push my principal’s money into something with legal risks.
“Wait, Danny. This is a misunderstanding. The articles are exaggerated, and legally there’s nothing that would…”
—I think I’ve said what I needed to say. I’d hoped we’d build a good relationship, but it seems it ends here. I’ll hang up then.
Click-click-click.
The dial tone hit his ear.
Kang Jin-ho stared at his phone, and his hands began to tremble.
Without DK, the trucks, the warehouse, the due diligence response—everything crumbles. He’d already cut all other investment prospects. Going back to his father…
“Dammit!”
With that cry, Kang Jin-ho hurled his phone at the wall.

* * *
“Team lead, I think you need to check Naver right now.”
While I was deep in work, Kim So-mi’s voice reached me.
“Naver?”
“Yes, the real-time search terms…”
Kim So-mi trailed off, and I nodded before checking the portal site she’d mentioned.
The real-time searches showed things related to Kang Jin-ho’s name, and the moment I clicked, I couldn’t help but smirk inwardly.
The articles had incredibly sensational headlines.
[Exclusive — Seonjin Global, Kang Jin-ho’s Paper Company Suspected for Loophole Succession]
[Exclusive — Seonjin Global Monopolizes Seonjin Automobile Group Subsidiary Cargo Contract: Insider Contract Favoritism for Successor’s Succession?]
The article content was detailed and included expert commentary. It meant Jung Tae-sung had handled the matter cleanly.
I scrolled down and checked the comments, which were filled with criticism about loophole succession.
‘With his personality, Kang Jin-ho would definitely fan these flames further.’
Sure enough, when I checked an article containing Seonjin Global’s response, they said they’d be pursuing legal action.
He really did have a talent for escalating things this way.
When he should have stayed still and let it die down, he fans the flames instead.
All that remained now was for Danny to seize this opportunity and corner Kang Jin-ho even further.
“Team lead Kang.”
As I was checking the articles, I heard Lim Do-hyeon’s voice and stood from my seat.
“Did you check the articles?”
“Yes, I did.”
“The representative checked them with the CEO, and they said to proceed according to plan right away.”
It was the right judgment. With public sentiment driven to this degree, these stories were slated to run for at least a month.
Especially with the media—once the sharks smell blood, they swarm, and even if they didn’t break the story themselves, they’ll chase after whoever did.
Once that happens, even Seonjin Automobile Group will have to hesitate about the cargo contract.
“I’ll schedule a meeting with Operations and HR immediately.”
“Set it up as soon as possible. I’ll attend personally.”
“Understood.”
As Lim Do-hyeon turned to leave and I was about to sit down and prepare,
Buzz.
My phone vibrated, and when I checked the screen, a smile spread across my face unbidden.
[Looks like our connection with Kang Jin-ho ends here. All wrapped up]

* * *
“I’ll report on the situation we’ve assessed so far.”
In Seonjin Automobile Chairman’s Office, the Secretary Director unfolded documents and spoke. At the table sat Kang Tae-yong, Kang Jin-ho who had been summoned, and the Legal Director.
“We’ve contacted the three news outlets that ran the stories and confirmed the circumstances. Their position was that they wrote the articles with solid sources in hand.”
Kang Tae-yong listened without speaking.
“They didn’t reveal the source, but hinted that it could be internal material.”
“Internal material?”
“The details about the founding circumstances and capital structure were quite specific. It’s not something that could be deduced from outside.”
Kang Tae-yong’s brow narrowed.
“Get that article taken down immediately.”
“They refused.”
At the Secretary Director’s response, Kang Tae-yong lifted his eyes to look at him.
“We mentioned that future advertising might be difficult, but that didn’t work either.”
He was saying they were pushing back against taking down the article.
The advertising spending Seonjin Automobile Group subsidiaries executed was substantial.
For a news outlet to lose that advertising would be a burden, yet they refused to take it down—which meant there was good reason for their stance.
“For now, all subsidiaries are distributing press releases about unrelated business matters.”
At the report that they were pushing back against the suspicious article, Kang Tae-yong nodded. The Secretary Director was responding in the best way possible given the circumstances.
“What’s the legal department’s assessment?”
At Kang Tae-yong’s question, the Legal Director handed over prepared documents and spoke.
“I’ll be frank with you. During Seonjin Global’s establishment, the group’s personnel were mobilized, and the capital came from your personal assets, so we could face an investigation by the Fair Trade Commission.”
Kang Jin-ho lowered his head. The Legal Director continued.
“However, the fortunate thing is the Fair Trade Commission can only conduct investigations and issue corrective orders. Any investigation beyond that—meaning criminal punishment—requires referral to prosecutors.”
The Fair Trade Commission could investigate unfair business practices and impose surcharges or corrective orders, but had no authority to conduct investigations or prosecute independently, and if criminal punishment was deemed necessary, they had to refer to the prosecutors.
“We believe we can block a certain portion at the prosecutor stage.”
Kang Tae-yong nodded.
With former prosecutors on the legal department’s staff, defense at the prosecutor stage was well within their capability.
“Proceed with that approach.”
“Understood.”
Kang Tae-yong shifted his gaze from the Legal Director to Kang Jin-ho. His son kept his head down, staring only at the table.
“Don’t worry yourself about this. The group will handle the response, so you just focus on Global’s operations…”
“Father.”
Kang Jin-ho opened his mouth carefully, and his voice wavered.
“Because of the article, DK Capital said they can’t proceed with the investment.”
The air at the table shifted.
“What?”
“Exactly as I said. They said they can’t invest in something with legal risks…”
Bang!
Kang Tae-yong’s palm struck the desk. The Secretary Director and Legal Director’s shoulders flinched simultaneously.
“You idiot! Is that what you call an explanation!”
Kang Jin-ho fell silent. His father’s voice echoed off the walls of the chairman’s office, and the Secretary Director across the table held his breath, his gaze fixed on the floor.
“If the investment fell through, how do you plan to handle the due diligence? You said you’d take care of everything!”
Kang Jin-ho sat quietly listening to the accusation. His fists trembled, and he could hear his teeth grinding in his own ears.
“…This isn’t my fault.”
After enduring his father’s tirade for a while, Kang Jin-ho raised his head. He looked directly into his father’s eyes.
“I won the competitive bid. I found DK Capital. I don’t know who leaked the article, but that’s not my mistake.”
The chairman’s office fell silent. The Secretary Director seemed to have stopped breathing, and something beyond anger flashed across Kang Tae-yong’s face.
“You really think you landed that contract with your ability alone?”
“Whether or not you acknowledge it, Father, that’s the truth.”
“Get out!”
As if he couldn’t stand the sight, Kang Tae-yong shouted at Kang Jin-ho and pointed at the door with his finger.
Kang Jin-ho stood abruptly from his seat as if he had nowhere left to retreat.
“I’ll go find another investor.”
“I said get out!”
As Kang Tae-yong shouted once more, Kang Jin-ho left the chairman’s office without even bowing.
“Good lord, my head.”
“Chairman, are you alright?”
Kang Tae-yong rubbed the back of his neck and raised his hand to stop the Secretary Director.
“I’m fine. We need to think about how to respond going forward.”
The article was speculation.
There was no definitive evidence; it was written based only on expert commentary and circumstantial details. This was a battle they could win legally.
But public sentiment was the problem.
With his son’s name in the portal search terms and the loophole succession label attached, if they pushed subsidiary logistics into Seonjin Global now, they’d be directly confirming the suspicion.
So buying time was the answer. Let public sentiment cool. Public feelings, hot as they burn, cool just as quickly.
Having reached his conclusion, Kang Tae-yong looked at the Secretary Director.
“Seonjin Global needs to build the company internally for two years.”
“…”
“It was my mistake to give him something too big too soon. Drop them as the preferred negotiation partner.”
His son wasn’t ready yet. He’d have to start from the ground up again, Kang Tae-yong decided, changing his mind.
“Then the alternative would be Seonjin Logistics.”
“Can’t be helped. We’ll hand it to them for two years.”
“Understood.”
As the Secretary Director and Legal Director bowed and left, Kang Tae-yong sank deep into his chair.

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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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