The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 26

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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 26
Two months later, on a day in March.
The school courtyard, now that opening ceremonies had finished, filled with the chatter and laughter of students.
I loosened my tie as I stepped through the school gates.
Outside the gates, I spotted the familiar black sedan waiting with its hazards on.
I glanced around before slipping naturally into the back seat.
“Welcome, sir.”
Jung Tae-sung, from the driver’s seat, greeted me through the rearview mirror.
He studied my school uniform for a moment, then a faint smile crossed his lips.
“It suits you well.”
I looked up from the documents I’d been reviewing in my bag.
“Director, you actually know how to joke.”
“Ah, my apologies. If I’ve offended you, I sincerely apologize.”
“Not at all. I meant you should do it more often—a little humor breathes life into this stuffy car. We need it.”
I chuckled and turned my attention back to the papers.
Jung Tae-sung’s smile deepened.
“From now on, I’ll wait for you after school and brief you during the drive.”
“Yes, please. The morning commute is awkward—I have to keep an eye on Mother’s reaction.”
The main house driver, who usually handled my commute, was still on duty.
For the ride home, I could make excuses—”I’m stopping at the study room,” “I have study group with friends”—but the morning drive was unavoidable.
It bothered me that I couldn’t use that travel time for work, but there was nothing I could do about it yet.
“In any case, what’s the situation with Seonjin Aluminum? Anything unusual?”
“No, sir. We’ve been keeping close watch as instructed, but everything’s been quiet so far. Nothing unusual to report.”
I nodded.
The calm before the storm.
In my memory, Kang Byeong-chul’s first move came as summer approached.
“Keep monitoring. Focus especially on Seonjin Trading Company stock.”
“Trading Company stock, you say……”
“Check whether there are any sudden purchases—domestic or foreign. The inheritance should be wrapped up soon, but it looks like they’re waiting for that paperwork to clear.”
The Seonjin Trading Company stake my father held was being distributed to Mother, me, and my younger sister Seon-ah according to legal proportions.
The inheritance tax was enormous, so we were locked in negotiations with the tax office over in-kind payment—paying the tax in stock—and installment payments. That’s why things were dragging on.
But it would be finalized soon.
And the moment that seal hit the document, the hyenas would come running.
“Understood, sir. I’ll report immediately if there are any changes.”
“Now, let’s hear the report on Shinhwa Welltech.”
Jung Tae-sung deftly handed me the next file.
“Following your instructions, sir, we’ve begun expanding production lines to enter the chemical market for automobiles and heavy industry. We’re currently constructing Factory 2 on a site right next to the semiconductor chemical plant in Ulsan, with completion expected in the second half of the year.”
“What’s the projected construction cost?”
“Including equipment, approximately 12 billion won.”
“Yes, allocate that from stock profits into Shinhwa Welltech’s corporate account.”
“Understood, sir.”
I checked the asset status of SJ Holdings listed in the report.
My mouth curved upward at the sight of the numbers.
[Total Investment Assets: 89.5 Billion Won]
“……Hah.”
Seokin Information & Communications had become the lead stock in the satellite DMB theme and continued its climb, while Pharma Bio was setting new highs daily, riding the wave of avian flu pandemic fears.
Add to that the spring yellow dust season, and CleanAir had also burst onto the scene.
Along with the other stocks I’d been running in the background.
Before I knew it, SJ Holdings’ operating capital was pushing toward 90 billion won.
‘Really is money making money.’
The seed money of roughly 15 billion won had swollen like a snowball, rolling itself into an avalanche.
The speed at which capital begets capital was terrifying.
“Liquidate all the stocks.”
“Sell everything, sir?”
“Yes. We’ve harvested what we could from this theme. Any more and I’ll get indigestion.”
“Understood. I’ll execute a staged sell-off to avoid market shock. The next investment target, then……”
I stared out the window and gave my instructions coldly.
“Accumulate 4.95% of Seonjin Trading Company stock.”
“4.95%, you say……”
Jung Tae-sung did the math quickly in his head.
“Based on current market cap, it’ll run about 30 billion won, give or take.”
It was time to start building a defensive position in Seonjin Trading Company.
Once a management rights dispute becomes public, the stock price will skyrocket—that’s certain. The smart move was to quietly accumulate shares now, while they were cheap and nobody was paying attention.
“To avoid triggering the 5% Disclosure Rule, sir.”
“Exactly.”
Once you hold 5% or more of a listed corporation’s stock, you must report your holding purpose and any changes to the Financial Supervisory Service within five days and make a public announcement.
If that happened, it would expose that SJ Holdings was accumulating shares—to everyone, especially to the relatives.
‘It’s not the right time yet.’
Even though it was technically Kim Seok-jun’s company, I didn’t want to draw that kind of attention by filing a public notice right now.
“Do it slowly and very discreetly, spread across many purchases, so it looks like ordinary retail investors buying in.”
“Understood. I’ll use professional traders to accumulate without drawing notice.”
“I’ll think over the remaining funds and let you know. Hold the rest in cash.”
“Yes, sir.”
The briefing seemed to be wrapping up.
I organized the documents and asked, “Anything else to report?”
“Nothing else, sir.”
“There is one suggestion, actually.”
“Go ahead.”
Jung Tae-sung met my eyes through the rearview mirror and spoke carefully.
“Lately, I’ve realized we urgently need to expand our staff.”
“Expand……”
Fair point. SJ Holdings was essentially a one-man operation—Jung Tae-sung doing everything himself.
Investments, legal matters, taxes, and even the background checks I assigned him.
Ten bodies wouldn’t be enough.
“Do you have someone in mind?”
“A man named Choi Seong-hun, a director-level manager.”
“Who’s that?”
“He was director under Kim Jong-soo, the Buchon Ant King. From what I’ve learned recently, he parted ways with the Buchon operation.”
I felt a slight jolt of surprise.
“Is that so? Looks like that old bastard Kim threw him out.”
“Yes. It seems they held him responsible for being a step behind the intelligence you had. The street operates ruthlessly, after all.”
I nodded.
A small pang went through my chest.
Technically, he’d been branded incompetent and cast out because of my future knowledge.
“So you want to scout him, then?”
“Yes. As an information broker for both the Myeongdong lending market and the underground networks—areas where my own sources are incomplete—he’s among the very best in the industry. His abilities are proven.”
Ironic, really.
The man thrown out because of me was coming to work under me.
But this was no time to be sentimental. A capable information broker was one of the assets I needed most right now.
There was no reason not to put him to use.
“Fine. I’ll leave that entirely to you.”
“Thank you, sir.”
“Spare no expense bringing him in. And if there are other personnel needs beyond that, hire them and report afterward. We need to build an organization now.”
“Understood. I’ll organize it properly.”
“I’ll rest a bit now. Wake me when we arrive.”
I turned to gaze out the car window.
Over the rapidly passing cityscape of Seoul, I could see what was coming.
‘Summer……’
There was much to prepare before then. I closed my tired eyes for a moment.

* * *
A private club room atop Namsan, overlooking all of Seoul.
Inside the room sat two men: Kang Byeong-chul, chairman of Seonjin Aluminum, and Kang Tae-yong, chairman of Seonjin Motors, facing each other.
“Cars are doing well these days.”
Kang Byeong-chul spoke first.
Despite being close to seventy, he remained spry as he ate and addressed Kang Tae-yong.
“Yes. It seems like riding the wave of China’s economic growth has revived domestic demand—people have the means to upgrade their vehicles now. Export volumes are exceeding expectations as well.”
Kang Tae-yong answered with an easy smile.
Indeed, Seonjin Motors was on the verge of its best performance since its founding.
“You’re doing well too, I trust? I hear the raw materials market is booming, so aluminum must be quite profitable.”
Despite Kang Tae-yong’s pleasantries, Kang Byeong-chul’s expression remained unmoved.
He furrowed his brow and clicked his tongue.
“It’s not good.”
Kang Tae-yong looked puzzled.
“Really? China’s consuming raw materials like this, so surely you’re drowning in export orders. Isn’t it a matter of not being able to sell fast enough?”
“What good are stockpiles if I have no ship to carry them?”
“Ah……”
“I don’t have ships to send to China, so aluminum’s rotting in the warehouses. Freight costs are through the roof, and there’s no space even at those prices. It’s chaos.”
A smile played at the corners of Kang Tae-yong’s mouth at Kang Byeong-chul’s complaint.
He understood at once what lay behind those words.
Seonjin Trading Company, the mother corporation of Seonjin Group. And the shipping and logistics network they controlled.
What Kang Byeong-chul needed most right now was Seonjin Trading Company itself—to ship that aluminum.
“It seems you’re all prepared, Uncle.”
Kang Tae-yong asked in a low voice.
Kang Byeong-chul chuckled and placed a cigar between his lips.
“You clever bastard. You remind me of your father, Man-ho.”
At the mention of Kang Man-ho, the founder of Seonjin Group, a peculiar shadow flickered across Kang Tae-yong’s face.
Kang Byeong-chul nodded.
“Yes, I’m ready. It took a while, but the market was favorable—a blessing. I quietly liquidated the subsidiary stocks and bonds I’d been holding, and the realized capital came in fatter than I expected.”
Cash reserves were secured.
Now it was just a matter of pulling the trigger.
Kang Byeong-chul leaned forward and asked, “What’s the situation inside Seonjin Group? The wife seems to be holding her own from what I heard.”
“Yes. Your sister-in-law……she does seem to have some competence, at least.”
Kang Tae-yong nodded, as if conceding the point where it was due.
“The group seems to be stable already, and recently she’s been aggressively expanding the Trading Company’s fleet, snapping up export volumes to China. She’s pushed the Trading Company stock up quite nicely.”
“Her? I thought she was just the quiet, supportive type.”
“That surprised me too, so I looked into it. Seems she has a sharp mind helping her from the background.”
“Is that so?”
“Yes. There’s someone in the operations side with real tactical thinking. But then again……”
Kang Tae-yong filled his glass and let out a scoff.
“These salaried men are fungible—they’ll switch allegiances the moment the master changes. Don’t worry too much about them. There’s no business before money.”
Kang Byeong-chul nodded in agreement.
It didn’t matter who held the controls. He was taking the plane itself.
“The Trading Company stake should be wrapped up soon with the inheritance completion. That seems like the right moment to make our move.”
“That’s what I think too. When they’re busy with inheritance taxes and the stakes are divided—that’s when they’re most vulnerable.”
Kang Byeong-chul paused for a moment, then spoke carefully.
“But we can’t just start grabbing stock off the market without justification. We need a pretext.”
“……Uncle, what about this?”
Kang Tae-yong leaned forward and lowered his voice.
Kang Byeong-chul’s eyes glinted.
“You have a way?”
Kang Tae-yong’s lips curled into a slight smile, and he began to speak in a low voice.

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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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