The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 18

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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 a Fallen Chaebol Heir — Episode 018
Inside a black sedan heading toward Ulsan.
The landscape of the expressway blurred past in swift succession.
Jung Tae-seong, gripping the steering wheel, glanced at me in the rearview mirror and continued his report.
“The banks turned out to be far more straightforward than expected.”
“I suspected as much.”
I answered matter-of-factly.
“Just as you predicted, the bank had already classified the loans Sinhwa Welltech borrowed as non-performing loans and was preparing to write them off as losses.”
Banks are cold creatures.
Any loan to a company that’s fallen three months or more behind on interest payments gets classified as non-performing. From the bank’s perspective, they’ve already written it off as lost money—they set aside allowances for doubtful accounts and ready their books for the loss.
So what happens when someone appears and says, “I’ll acquire this company and pay back the debt”?
“When we proposed acquiring the management rights and immediately depositing the overdue interest, the branch manager practically threw his arms up in celebration. It’s not about recovering the principal—the moment a non-performing loan becomes a regular loan, it’s a win for their performance metrics.”
I nodded.
“From the bank’s perspective, it’s better to collect reliable interest payments than to sell the company cheap at auction. You handled it well.”
“Yes. It was year-end closing season, so they were desperate to reduce non-performing loans.”
I was glad our interests had aligned so neatly.
“We also made contact with the unsecured creditors.”
“How did they respond?”
“As expected. They know better than anyone that without collateral, they’ll walk away empty-handed if the company goes into court receivership. They’re terrified.”
Jung Tae-seong paused for a moment, then continued.
“The informal money lenders and second-tier finance companies agreed to settlements at just 50% of principal. The problem is the suppliers.”
“The suppliers?”
“Yes. Companies that supplied raw materials and haven’t received payment. They’re holding firm that 50% isn’t acceptable—they’re small operations, so if they don’t recover the full amount, they’ll collapse too.”
Concern colored Jung Tae-seong’s voice.
But I didn’t hesitate in giving my instructions.
“Tell the suppliers we’ll pay 100% of their outstanding receivables.”
“…… Yes? The full amount?”
“Yes. But the unsecured creditors go forward with the agreed 50%.”
“That could mean spending more than we budgeted initially. Do we really need to do that? They won’t get a won if the company goes into court receivership anyway—they’d jump at 50%.”
Jung Tae-seong wasn’t wrong. We held all the leverage here.
But this acquisition wasn’t just about picking up a shell company.
“Director, what does Sinhwa Welltech manufacture?”
“Semiconductor and LCD cleaning chemicals, and automotive exterior coating chemicals.”
“To make those, you need raw materials. High-purity hydrogen peroxide solution, sulfuric acid, ammonia—things like that.”
I watched Jung Tae-seong calmly and pressed on.
“The suppliers of those materials are exactly those cooperating companies. Even if we acquire the company, if they turn around and cut off the material supply, the factory stops. Opening new supply channels takes time too.”
Sinhwa Welltech’s suppliers were seasoned raw material vendors operating within the Ulsan Chemical Complex.
Their network itself was Sinhwa Welltech’s invisible asset.
“We shouldn’t save a few won and earn their resentment. Instead, if we pay back 100% of what we owe and tell them we’ll continue doing business, they’ll be loyal to us. Think of it as the cost of stabilizing our supply chain.”
“…… Ah.”
Jung Tae-seong let out a short sigh.
“I hadn’t thought that far ahead. Supply chain stability…… understood. I’ll negotiate the supplier debt settlements on the basis of full repayment as you’ve instructed.”
“Good. So that leaves just one thing.”
The most crucial piece of the puzzle.
Park Jin-hyuk.
“Are you really comfortable meeting him directly today?”
Jung Tae-seong’s eyes in the mirror betrayed worry.
“I mean, meeting him face to face yourself.”
In fact, I’d decided to meet Park Jin-hyuk in person.
I could have put Jung Tae-seong forward as my proxy, leaving nothing for me but signing the contracts.
But I’d concluded that wouldn’t work.
“I’m comfortable with it. I can’t stay hidden forever anyway.”
“But if your identity gets exposed—”
“Then that’ll be the end of our relationship with Sinhwa Welltech. I’m going in hoping that Park Jin-hyuk isn’t the loose-tongued merchant type.”
I shrugged as I spoke.
“More than that, this man is going to become our company’s Chief Technology Officer. He’s a partner who’ll realize my technical vision over the next ten, no, twenty years. I can’t have him working without knowing who his actual owner is.”
Trust comes from transparency.
If I wanted him to trust me enough to entrust him with all technical authority, I had to reveal my own identity and show him my sincerity.
“Wake me when we arrive. I need to get some rest.”
I gazed out the window, lost in thought.

* * *
A garden-style restaurant on a remote hillside at the outskirts of Ulsan.
Park Jin-hyuk sat alone in a private room, fidgeting with his water glass. Beyond the window, the forest swayed in the wind—silent, without a single passing car.
“…… It’s too quiet.”
The silence only amplified his anxiety.
Park Jin-hyuk swallowed hard and checked his watch. Five minutes until the appointed time.
‘This has to work out.’
It was the lifeline dropped to him at the cliff’s edge.
The banks had already turned their backs, and the suppliers were on the verge of seizing him by the collar.
If this deal didn’t close, he’d have to rush to court and file for bankruptcy tomorrow.
Yet suspicion still coiled in a corner of Park Jin-hyuk’s mind.
‘SJ Holdings…… what exactly are they?’
Shortly after receiving the phone call, he’d mobilized every remaining connection to investigate SJ Holdings.
He’d inquired through investment circles, Yeouido securities, and even the underground lending market.
But the answer was always the same.
‘Never heard of them.’
‘They’re registered legally, but zero track record. Looks like a paper company.’
There was no substance.
A legitimate investment firm should have a portfolio—data showing which companies they’d invested in, what returns they’d made, how much capital they managed.
But SJ Holdings was clean. Too clean, almost terrifyingly so.
‘They’re not scammers, are they…?’
The word “corporate raider” flashed through his mind. Hyenas who posed as acquirers of legitimate businesses, bought assets at rock-bottom prices, and left only an empty shell. Could they be those kind of people?
But the tragedy was that he was in no position to be choosy. Scammers or not, he just desperately hoped they had money.
Creak—
Then the sliding door opened.
Park Jin-hyuk reflexively stood up.
Two men entered past the threshold.
The first was clearly Director Jung Tae-seong, the one he’d spoken with on the phone. A man in his early fifties with a sharp, composed demeanor.
But the man who followed was a problem.
‘…… Huh?’
Park Jin-hyuk’s eyes widened.
Not just young—he looked almost boyish.
Despite wearing a suit, his youthful face and slender frame appeared at best to be a university student, or even a high school student.
Was he an assistant? Or a son?
“Ah, hello. I’m Park Jin-hyuk.”
Park Jin-hyuk bowed without thinking.
Jung Tae-seong returned the greeting with formality.
“Pleased to meet you, Chairman. I’m Jung Tae-seong, the one who called.”
Then Jung Tae-seong stepped aside and gestured to the young man behind him.
“And this is the person I serve.”
“I’m Kang Seon-woo.”
The young man—Kang Seon-woo—extended his hand toward Park Jin-hyuk.
The gesture was unhesitating.
‘This person is…… the chairman?’
He wanted to ask. How old are you? Are you really the decision-maker?
But what came out of his mouth was something else.
“Ah…… pleased to meet you.”
In the moment of their handshake, Park Jin-hyuk faltered slightly. The hand was soft, but the eyes meeting his held a depth and composure far beyond his years.
“Shall we sit?”
Kang Seon-woo offered the invitation gently.
As if this place were familiar to him, as if he himself were the master of this room—his manner was entirely natural.
Park Jin-hyuk found himself nodding, drawn in, and took his seat.
Whether from the tension or because of the young man before him, his mouth had begun to dry.

* * *
I examined Park Jin-hyuk carefully. His shoulders rigid and drawn tight, his gaze wandering without anchor, and the way he swallowed dryly.
‘He’s nervous.’
Anyone could see this man was unfamiliar with such situations.
He wasn’t hiding his hand at the negotiating table—he was broadcasting his anxiety with his entire body.
Interesting.
Setting aside his technical work, how exactly had he been managing the company until now?
No doubt he’d survived on his technical expertise alone, muddling through operations and finance with a hammer and nails approach.
“First, thank you for making time despite such short notice.”
“No, no. I’m the one who’s in a hurry.”
Park Jin-hyuk seemed curious about my age and background but didn’t press the question.
That passed the first test.
People with too much idle curiosity tend to be loose-lipped.
“First, I’d like to understand Sinhwa Welltech’s current technological capabilities precisely.”
“Our technology is currently used in the production lines of Taesan Electronics and Hansung Semiconductor.”
“But you don’t supply them directly, if I’m not mistaken?”
Park Jin-hyuk’s eyes widened at my words.
“Y-yes, that’s correct.”
“Their main lines naturally use Japanese, American, or German chemicals. Sinhwa Welltech can’t supply them directly—you’re a secondary vendor bound in the vendor chain, a second-tier subcontractor, aren’t you?”
In other words, he supplied to first-tier subcontractors who provided chemical products to the two major corporations—subcontracting all the way down.
Park Jin-hyuk lowered his head as if touched on a sore spot.
“…… That’s right. I won’t deny it.”
“And even that supply has been cut off currently?”
“The industry situation has been weak lately. Semiconductor production itself is down, so even major vendors are struggling to fill orders, and our turn hasn’t come around.”
“Fine. That’s sufficient understanding of the situation.”
I leaned forward.
“So objectively speaking, where does Chairman Park think Sinhwa Welltech stands right now?”
“We…”
Park Jin-hyuk hesitated briefly, then spoke as if he’d made a decision.
“The current situation has clear limitations. But with time, I believe we could rise considerably.”
“Limitations…”
“Yes. Speaking bluntly, entering the first-tier vendor tier with Taesan and Hansung is still beyond us for now.”
“Why is that?”
“The ultra-high purity refining technology is near completion, but consistency for mass production falls short. Samples coming out of the lab in beaker-scale are as excellent as Japanese products, but production at ton scale shows high defect rates.”
He was honest.
Most managers would scramble to package rosy futures and paint the company in glowing colors to sell it off.
Here was a man candidly evaluating his own company’s shortcomings before someone about to buy his management rights.
“Is it a shortage of funding?”
“Yes. We lack precision analytical equipment, and infrastructure upgrades are behind schedule. Frankly, we don’t have the resources to keep up with major Japanese or American players yet.”
I smiled inwardly.
So he really is obsessed with technology. Not that he can’t lie—he chooses not to.
You have to be honest with technology.
“How many years would it take?”
“Sorry?”
“Assuming unlimited funding, how long until you could compete with the majors?”
Park Jin-hyuk stared into space for a moment, calculating.
“…… It depends on how much is invested, but with sufficient research funding and equipment, I’d estimate around fifteen years.”
“Fifteen years.”
It’s certainly not a short timeframe. Yet considering the massive undertaking of localizing semiconductor materials, it’s not a long one either.
Given the current gap, it’s actually quite fast.
“Even if we acquire Sinhwa Welltech’s management rights, could it be done without you? After you’re gone?”
“It should be possible even without me. The researchers are talented and motivated. As long as we establish proper systems, they’ll manage it.”
Park Jin-hyuk answered without hesitation.
His attitude was one of willingly erasing himself if it meant the company’s survival—the company he’d founded.
‘This is enough.’
I nodded.
“Good. I’ll acquire your stake in Sinhwa Welltech. According to our investigation, that’s 77%, correct?”
“That’s correct.”
“I’ll give you 1.5 billion won.”
Park Jin-hyuk’s pupils trembled.
“Given the current enterprise value—three years of operating losses and debt nearly eclipsing assets—this is extremely generous, including a management rights premium.”
The stock was essentially worthless. Once court receivership kicked in, it’d be tissue paper.
Park Jin-hyuk’s lips quivered as if he were deliberating. Probably not about the amount of money, though.
After a moment, he slowly nodded.
“…… I have a condition.”
“Tell me.”
“Will the entire workforce be retained?”
“Of course. We won’t conduct restructuring. In fact, we’ll need to hire more.”
“Will you put that in the contract as well?”
“Yes, I’ll include it.”
“There’s quite a bit of debt. Especially outstanding payables to suppliers—”
“We’ll handle that too. We’ll pay off all supplier debt in full cash immediately upon acquisition. They’re partners we’ll need to work with going forward.”
Relief washed across Park Jin-hyuk’s face at my answer.
‘Look at him—his attachment is bleeding through.’
Even though he’s being pushed out, he makes sure to look after his employees and business partners. That sense of responsibility.
“Yes, I understand.”
Park Jin-hyuk exhaled deeply as if resigned.
“Then…… I’ll sell it.”
At his answer, I glanced at Jung Tae-seong.
Jung Tae-seong pulled out the prepared documents from his briefcase as if he’d been waiting, spreading them across the table.
“This is the stock transfer agreement. Please fill in the conditions you mentioned in the special provisions section by hand.”
“….”
“It’s a standard template with no legal issues, but if you’d like, we can call in a lawyer for consultation—”
“No. The company’s urgent, so it’s important to get the cash moving as quickly as possible.”
Even as he said this, Park Jin-hyuk read through the contract meticulously.
Line by line. Like a parent sending off a child, he etched each word into his eyes.
And in the special provisions section, he wrote in the retention of all employees.
“Phew…”
At last, he paused before the signature line, took a long deep breath, and signed his name with trembling hands.
Then he pulled out his seal and pressed it firmly into place.
“And initial here as well.”
Following Jung Tae-seong’s guidance, only the sound of the seal stamping between pages filled the silent room.
All procedures were complete.
Park Jin-hyuk put away his seal and looked at me. The corners of his eyes were red.
“Sinhwa Welltech…… please take good care of it. I started this from nothing after college and poured ten years into it. Though I’m passing it on due to my own shortcomings, the technology is genuine. Please…”
He stood to bow.
“Wait a moment.”
I stopped him.
“Yes?”
“There’s one more document.”
At my words, Jung Tae-seong produced another envelope and slid it across to Park Jin-hyuk.
“What is this…”
Park Jin-hyuk pulled out the document with a puzzled expression.
“I’d like to contract with Chairman Park Jin-hyuk as Sinhwa Welltech’s Chief Technology Officer.”
“…… Pardon?”
“We’ll handle the management. You do what you do best.”
I smiled and continued.
“Technology development. You said it would take fifteen years? I’ll fund it—you shorten it to ten years.”
Park Jin-hyuk stared blankly, his eyes shifting between the document and my face.
His mouth fell open.

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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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