The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 29

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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 Fall of a Chaebol Dynasty, Third Generation — Episode 29
A few days later, morning at the Golf Club House.
Kang Byeong-chul sat at the table wearing a magnifying glass, reading the morning newspaper spread before him.
[Foreign Capital Eyes Ownerless Territory — Seonjin Trading Company in the Crosshairs?]
[Emergency Analysis — Overseas Capital Concentrates Stock Purchases in Seonjin Trading… Sign of Hostile M&A?]
[Seonjin Trading Stock Surges Two Days Running; Market Watches for Management Rights Dispute]
Sensational headlines wallpapered the front page.
The articles all sang the same tune: the current owner family’s grip on Seonjin Trading was weak, and foreign speculative capital was exploiting that vulnerability to swallow the company whole.
“Reading the press this morning, you’ve played your hand very well.”
At Kang Byeong-chul’s praise, Kang Tae-yong, seated across from him, bowed his head humbly.
“It was simple. Journalists are just hyenas — toss them bait and they maul it eagerly. They write the fiction themselves.”
“Ha ha! Using those reporters’ nature to your advantage — that’s your skill.”
Kang Byeong-chul nodded with satisfaction.
Public opinion was already shaped. The word “crisis” was lodged in the public mind; all that remained was to wait for the right moment and arrive as savior.
“The operation is proceeding without a hitch, so don’t worry too much.”
“I’m not worried. It’s just…”
Kang Tae-yong reached for his teacup, testing the waters carefully.
“I wonder if you’re raising the stock price too quickly.”
Their strategy was a Diversionary Strategy.
On the front, they deployed a foreign subsidiary disguised as overseas capital, making aggressive purchases; behind the scenes, they mobilized the company names of Seonjin Aluminum and its subsidiaries to quietly accumulate shares through Parking — the stock-holding strategy.
The goal was to combine these two equity stakes and secure a majority stake in one stroke.
“Now we need to actively secure Parking shares by mobilizing the subsidiaries, but if you drive the price up too fast, the acquisition cost becomes unmanageable.”
“I know. I already told the director to report on that very matter. I made it clear that we can’t influence the price, but…”
Knock-knock.
Then, breaking the silence, came the sound of knocking.
“Come in.”
With Kang Byeong-chul’s permission, the door opened and the Planning Director, who oversaw the practical execution of this operation, stepped inside. His expression was not bright.
“Chairman, I have a report.”
“Yes, how’s the equity accumulation looking?”
The director swallowed hard and opened his report.
“First, through the BNP channel, we’ve accumulated the foreign-disguised stake up to our target of 14.28%.”
“That’s done. What about the domestic side?”
“That’s… the stock price of Seonjin Trading has risen far more sharply than we initially anticipated. It seems the rumor of a management rights dispute has leaked to the market, and retail investors and syndicates have piled in.”
Kang Byeong-chul’s brow furrowed.
“So the separately Parked shares?”
“I apologize. Our original target was to secure 20% by combining corporate and subsidiary funds, and we allocated sufficient capital… but at the current stock price, we’ll only be able to accumulate around 13%.”
Kang Byeong-chul clicked his tongue.
“13%…”
Combined with the 14% foreign-disguised stake, barely 27%.
To secure management rights firmly, they needed a minimum of 35%, or stably 40% or more.
At this rate, it was precarious.
If Mother of Kang Seon-woo mobilized every friendly share, they could still mount a defense.
“The reality is that we need more funds. The stock price has jumped so high…”
Kang Tae-yong interjected on the director’s report.
“Uncle, what if we pulled in some funds from the Myeongdong side?”
“Myeongdong?”
Kang Byeong-chul frowned.
“Word travels too fast there. And if something goes wrong later after using private lending, it becomes a headache.”
“Uncle, Myeongdong these days isn’t like it used to be.”
Kang Tae-yong smiled and continued.
“In the old days, they did promissory note cashing, lent quick cash, and took their cut. But after the Real-Name Financial System, how could that still work? These days, there’s what they call Financial Boutiques — they shape things exactly the way we need.”
“Shape things?”
“Yes. It’s not that we borrow money. Rather, they use their own funds to buy shares in Seonjin Trading on our behalf and hold them.”
So-called Stock-Collateralized Parking Transaction.
The private lender buys the stock with his own money, and delegates voting rights to Kang Byeong-chul. Later, once Kang Byeong-chul controls the company, he buys back those shares at a premium using company funds or repurchases them with interest.
A cutting-edge technique that deftly evaded the law while throwing fund tracking off the scent.
“So all we need is a power of attorney for the shares, and after you secure management rights at Seonjin Trading, you buy back those shares with company money — without spending a single won of your own, right?”
Kang Tae-yong’s proposal was sweet.
Kang Byeong-chul pondered for a moment, then nodded.
“There’s logic to it.”
He looked at the director and gave his instruction.
“You hear?”
“Yes. I’ll look into a respectable boutique on the Myeongdong side.”
“Good. Then let’s proceed this way for now, and we’ll inject more if needed as the situation develops.”
Kang Tae-yong rose from his seat.
“Yes, uncle. I have company business to attend to, so I’ll head out first. Best regards.”
“All right, I’ll call you.”
As Kang Tae-yong bowed and left, only Kang Byeong-chul and the director remained in the room.
Kang Byeong-chul set down his teacup and shot a look at the director.
“Have something to say? Why the expression?”
“…Chairman. Using Myeongdong money could be risky. Those underground types have no conscience.”
“That may be so. But do we have an alternative? The stock price is going wild right now.”
“Wouldn’t it be better to ask Chairman Kang Tae-yong for financial support instead?”
Tsk.
Kang Byeong-chul cut him off sharply, clicking his tongue.
“If I take his money, the accounting gets complicated later.”
“Yes? But you’re in the same boat anyway, aren’t you?”
“Who said we were in the same boat?”
A cold smile played at the corner of Kang Byeong-chul’s mouth.
“Look at what that bastard is doing. He doesn’t want to spend his own money, so he pushes me to use Myeongdong lending, and on top of that, he plans to slink away.”
“…”
“He wants me up front wallowing in the mire while he sits in back, watching the show and stuffing his face. Does he think I’m crazy enough to do him favors?”
Kang Byeong-chul glared at the door through which Kang Tae-yong had exited.
Nephew in name, but ultimately a rival.
Once Seonjin Trading fell, Seonjin Motors could be the next target.
“It seems high time I taught that bastard, as his uncle, that nothing goes the way he plans.”
Kang Byeong-chul chewed over his muttered words and looked at the director.
“In any case, we need funds. Contact Myeongdong and bring me someone sharp — someone reliable, tight-lipped, and clean with his work.”
“Yes, understood. I’ll scout around.”
Kang Byeong-chul gazed out the window.
His eyes, glittering with greed, shone as though devouring Seoul itself.

* * *
After school, I habitually opened the car door waiting at the Back Gate and got in.
But the air inside felt different from usual.
“Hello, sir. How are you?”
A deep voice I’d never heard before.
I turned my head and saw an unfamiliar man sitting in the passenger seat.
He had a solid build and sharp eyes, but overall gave a composed, well-groomed impression — a man of middle years.
He turned his body back and bowed respectfully.
“I’m Choi Sung-hun. Thank you for taking me in.”
Choi Sung-hun.
Once the limbs and hands of Kim Jong-su — the king of retail investors from the Northern Village — cast aside after being outmatched by my intelligence network.
The man I’d instructed Jeong Tae-sung to bring in, now that he had nowhere else to go.
“Hello. We haven’t met before.”
I set down my bag and studied him carefully.
“You’re not surprised by my appearance? I thought you’d be taken aback since I’m a high school student.”
“I’ve already heard from Chairman Kim about your exceptional nature, and Jeong’s been drilling it into my ears the whole way here.”
“That’s good. So you’ll be working with me from now on — are you all right with that? It may be more taxing than your previous job.”
At my question, Choi Sung-hun’s eyes brightened as he answered.
“Of course. I’ll repay your kindness in calling me with all my strength and serve you faithfully.”
There was a grim determination in his attitude — a man who’d fallen to the street level once before, then grasped a lifeline once more.
It seemed almost overwrought in its loyalty, but it wasn’t bad.
There’s no better weapon than the desperation of a capable man.
Jeong Tae-sung, watching through the rear-view mirror, opened his mouth.
“Sir, for Choi, I’ve given him the position of Director of Administration at SJ Holdings. And I’ve allocated about 200 million won monthly for covert activity expenses.”
“200 million.”
As I turned the amount over in my mind, Choi Sung-hun opened his mouth hurriedly, as if anxious.
“Information from the areas I manage doesn’t come cheap. The people I work with are rough types, street-level guys, so you have to put something in their hands to get them to talk. That’s why…”
“Ah, I wasn’t saying it was too much.”
I waved my hand and let out a soft laugh.
“I was just wondering if that’s enough. Information is life — if we skimp on money and miss something, the loss is greater.”
“…Excuse me?”
“200 million is on the high side, but if you need more, let me know. Don’t worry about the budget.”
Choi Sung-hun’s eyes widened. He must have expected me to cut it.
I looked at Jeong Tae-sung and added.
“Good. Choi will recruit his own intelligence operatives as needed. Jeong, make sure Choi’s salary matches the highest industry standard. And handle performance bonuses separately — make sure there’s no shortage.”
“Yes, understood.”
Solid compensation. That’s the first principle of managing people.
I could see Choi Sung-hun’s expression ease.
Then Jeong Tae-sung spoke again.
“And as soon as Choi arrived today, he brought a piece of intelligence.”
“Already? He brought intelligence right away?”
I looked at Choi Sung-hun with interest.
If it was worth reporting immediately, it wasn’t common gossip — it had to be information immediately useful to me.
Our eyes met through the rear-view mirror.
“It’s that… the Seonjin family has been digging around the Myeongdong lending market recently.”
“The Seonjin family? And you don’t know exactly where?”
“It’s said to be the Seonjin Aluminum side.”
In that instant, my brow furrowed involuntarily.
Seonjin Aluminum. That was my youngest uncle, Kang Byeong-chul.
“Are they trying to borrow money? Running short on funds?”
“It doesn’t seem to be simple borrowing. If that were the case, Seonjin Aluminum would just go to the promissory note dealers they usually work with. But this time, they’ve added conditions.”
“Conditions?”
“Someone savvy in the stock market. They’re said to be looking for a player.”
“Since when?”
“The rumor started yesterday. It hasn’t spread widely on the street level — it’s circulating among the big money players through back channels.”
I rested my chin in my hand, lost in thought.
Why is Seonjin Aluminum looking for a stock manipulator in the lending market?
Not just money — a player.
“Jeong.”
“Yes, sir.”
“What’s the current stock price of Seonjin Trading?”
“As of today’s close, 42,000 won per share. That’s up about 15,000 won from last week.”
“How much equity have we secured?”
“Through SJ Holdings, we secured 4.95% and then stopped. Through Ribbon Capital, we’ve additionally secured around 3%.”
I ran the numbers through my mind.
‘If they just wanted to borrow money, they’d go to their usual lenders. Why specifically find someone who knows stocks? Because they want him to buy on their behalf.’
The stock price had risen too steeply in too short a time.
The budget Chairman Kang Byeong-chul initially set would be nowhere near sufficient to accumulate his target share.
‘Money’s run dry.’
If that was the case, there was only one answer.
Use someone else’s money to buy stocks, borrow only the voting rights.
A behind-the-scenes deal promising to make them whole with company funds after success.
They need a money provider and a technician to execute that work.
“I see the picture now.”
I smiled, curling up the corner of my mouth, and looked at Choi Sung-hun.
“Choi.”
“Yes, sir.”
“Not long ago, there was a man working with a Mr. Jo from Myeongdong on stock manipulation — the technician who gave Chairman Kim from the Northern Village such a headache. Who was that?”
“Ah, you mean Park Nam-gyoo? He’s quite famous on the Yeouido street level for Stock Price Manipulation.”
Park Nam-gyoo. Greedy, quick-witted, and the type who’d stop at nothing if you put money in his hand.
“Can you approach him?”
“Sir?”
Jeong Tae-sung and Choi Sung-hun both looked at me in surprise simultaneously.
“It should be possible. Since he fell out of favor with Chairman Kim, he’s been ostracized on the Yeouido street level. By now, his money’s probably dried up and he’s desperate.”
“He’ll have the gift of the gab, though? He’s got con-artist written all over him.”
“…He was born for that. The man could build a Yeouido skyscraper with his tongue alone.”
“Perfect then.”
I smiled coldly.
“I needed a puppet — someone good at scratching where the opponent itches, someone who’ll move exactly as written in the script we provide.”
“Surely you don’t mean…”
I have the hilt of the sword in my hand now. Time to draw it.
I can’t play pure defense like I did in my past life.
“Let’s recruit Park Nam-gyoo and attach him to Seonjin Aluminum.”

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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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