The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 34

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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 Third Generation — Regression 034
“All this fuss. Such unnecessary fuss.”
Kang Tae-yong, chairman of Seonjin Motors, skimmed through the report his secretary had brought and tossed it onto the table with a flick of his wrist.
“So Seonjin Aluminum has declared itself a White Knight? Defending Seonjin Trading Company’s Management Rights from foreign speculative capital. How touching this familial bond is.”
A sneer curled at Kang Tae-yong’s lips.
The situation was pure comedy. It was like the attacker marching into the inner chamber with a blade raised, declaring, “Let me protect you from myself.”
“But the response from Seonjin Trading Company is even more amusing. They issued an immediate rebuttal, stating they neither requested nor desire this White Knight support.”
“Of course. Who opens the door when you’re running from a thief but a robber stands there? The news desks must be tearing their hair out right now. On the surface, it looks like a fight over justifications for defending Management Rights, but underneath it’s a shareholding war between an uncle and his nephew’s wife. They’ll have a hard time nailing down the right angle for their reporting.”
Kang Tae-yong shook his head with a click of his tongue.
“Your uncle is the same way. I made it clear enough—finish all the back-channel contacts with Seonjin Group first, then make your move. Build your justification before you go in, and you avoid trouble. That’s what I told him.”
“It seems Chairman Kang Byeong-chul may have different thoughts than you do, sir.”
Kang Tae-yong nodded at his secretary’s careful words.
“He probably does. He’s likely thinking that if he does exactly as I say, he’ll eventually have to bring me into the game. If he takes my help, he’d have to split the shares later or concede some Management Rights. That’s what he doesn’t want.”
Of course, it was Kang Tae-yong himself who had set Kang Byeong-chul in motion.
He was the one who leaked information that Seonjin Trading Company’s governance structure was weak, and who stoked Kang Byeong-chul’s greed for its choice assets.
But as the game expanded, Kang Byeong-chul was increasingly sidelining him.
“Well, it’s not the worst outcome either. He’s volunteering to weaken the other side for me. Let’s just sit back and watch the show. We’ll have our fill of spectacle and rice cakes.”
Despite Kang Tae-yong’s ease, his secretary’s expression was dark. After a moment’s hesitation, he spoke.
“Sir, but there is something we should worry about. Chairman Kang Byeong-chul might monopolize everything.”
“Monopolize?”
“Yes. Seonjin Aluminum’s financial power is tremendous. Meanwhile, Seonjin Trading Company was ambushed unprepared. If Aluminum presses hard, Trading Company won’t be able to hold out. Shouldn’t we intervene now? We should secure an equity stake before Chairman Kang Byeong-chul completely swallows Trading Company, or at least throw a counterattack. That’s what I believe.”
The secretary’s analysis was sound from a conventional perspective.
By the logic of sheer force, the large ship of Aluminum was ramming the small boat of Trading Company. But Kang Tae-yong slowly shook his head.
“Look here, Director Yoon. Seonjin Trading Company won’t go down that easily.”
The secretary waited quietly for Kang Tae-yong’s next words.
“On the surface, Aluminum looks overwhelming, doesn’t it? But no. Seonjin Trading Company isn’t easy prey to devour. Did you look carefully at the financial statements? Trading Company acquired several vessels recently, didn’t they?”
“Yes, I understand they expanded their fleet.”
“Do you know what that means? It’s not just inflating their size. By now, their cash flow should be phenomenal. In other words, they’re stockpiling ammunition for the war in their coffers.”
Kang Tae-yong’s eyes glinted sharply.
“And they’re not without allies either. There’s still plenty of potential reinforcements they can bring to their side.”
“…… Reinforcements you mean……?”
“Treasury Stock. We can revive that.”
The secretary still harbored doubts.
“But who would accept it? Seonjin Aluminum has entered into an all-out war now. No domestic company will step forward to help Seonjin Trading Company. They’d risk retaliation from Chairman Kang Byeong-chul. No fool would get involved in a battle with an obvious victor.”
“There won’t be any domestically, that’s true. Everyone in the narrow business world is too busy watching each other’s faces.”
With personal connections, school ties, and regional loyalties all tangled together, who would dare help a nephew’s wife stand against an uncle?
Kang Tae-yong chuckled and continued.
“But overseas? There could be some. Actually, there definitely will be.”
“Overseas, you mean……?”
“If you pitch a comprehensive equity swap, you’ll have global corporations flocking to you. For example? Global shipping companies that need a logistics hub in East Asia, or massive trading houses eying entry into the Korean market.”
Kang Tae-yong paused and spoke again.
“Those companies don’t care who Kang Byeong-chul is or what the Seonjin Group’s traditions are. All they care about is profit. Give them good dividends and rising share prices, and they’re satisfied. If Trading Company hands over Treasury Stock and gets their shares in return, everyone wins. Can Aluminum fight against global capital no matter how much money it has?”
Only then did the secretary seem to grasp Kang Tae-yong’s intentions, his eyes widening.
“And there’s still the New Share Issuance card to play. If you issue shares cheaply to friendly forces through a Third-Party Allotment Capital Increase, Aluminum’s Shareholding Ratio gets diluted in an instant. The money Chairman Kang Byeong-chul poured in could become worthless. And——”
Kang Tae-yong swiveled his chair to face his secretary head-on.
“I know what you’re worried about. Your uncle is intentionally pushing me out right now. Once this war ends, he’ll monopolize the spoils and fortify his position within the group, and later he’ll even threaten Seonjin Motors. What’s his intention?”
“……”
“He doesn’t want to share. He can’t bear to see me pile on even one more spoon. But he showed his hand too early. He revealed his cards too fast. Know why?”
The secretary remained silent. Kang Tae-yong tapped his temple with his index finger.
“Your uncle doesn’t have what it takes.”
“……”
“A man who spent his whole life running factories under his father’s thumb, eating his share of the spoils. He may be adept at the manufacturing mindset—making good products, selling them for their true value—but he’s not the man to lead a Shareholding war that requires this level of financial engineering.”
Kang Tae-yong’s voice carried absolute conviction.
“Look at what Chairman Kang Byeong-chul is doing now. It’s just grabbing a wad of cash and bellowing, ‘Hand it over.’ There’s no calculation of what defensive logic the other side has, or how public opinion will swing. When greed outpaces reason, defeat is certain.”
Kang Tae-yong laughed softly.
“Let’s just wait. Aluminum will attack, Trading Company will defend, and it’ll turn into a protracted mudslinging match. Aluminum’s stock will be volatile, and Chairman Kang Byeong-chul’s funding lines will start to dry up. If things go wrong, he’ll call me. That’s when we move.”
“You’re planning to act at that point, sir?”
“Exactly. By then, I’ll have gotten more than I would have originally. We’re not in a hurry. They are.”
The secretary nodded at Kang Tae-yong’s explanation, and knowing the timing wasn’t right, Kang Tae-yong smiled coldly.

* * *
I sat at my desk, resting my chin in my palm.
Exam prep books lay loosely open on the desk, but my eyes were elsewhere.
‘Seonjin Aluminum’s weakness is Kang Byeong-chul himself.’
The reason was clear.
Kang Byeong-chul wasn’t the type to listen to those around him. And his greed was boundless.
In my previous life, it was purely thanks to Kang Byeong-chul’s arrogance that the relatively weaker Seonjin Trading Company could endure Seonjin Aluminum’s attack and drive them back.
‘In a way, it’s fortunate that Seonjin Trading Company’s first opponent is Kang Byeong-chul.’
No matter that I’m living a second life or that I’ve prepared thoroughly to never be taken advantage of again, there are still gaps in my readiness.
But Kang Byeong-chul remained incompetent and greed-stricken enough to make up for my shortcomings.
‘He’d have pushed Kang Tae-yong out this time too, wouldn’t he?’
I knew. I knew that it was my uncle, Kang Tae-yong, who had incited Kang Byeong-chul.
Kang Tae-yong, like Kang Byeong-chul, was driven by desire and pettiness, but at least he understood how to maneuver in an M&A game.
‘Of course, he won’t be an opponent for me either.’
But Kang Byeong-chul had likely rejected even his advice, so his attack in this life would be no different.
Knock, knock.
While I was still organizing my thoughts, I heard a knock at the door.
“Come in.”
The door opened and Mother entered. She had finally come.
“Aren’t you asleep?”
“Oh, I was studying. It’s my College Entrance Examination year, after all.”
“Then how about we talk for a moment, you and I?”
“Of course.”
Mother came into the room and sat down on the edge of the bed. Then she simply looked at me quietly.
The silence stretched on.
‘I should be the one to start, shouldn’t I?’
“Mom. I went to see Executive Director Kim Seok-jun.”
At my words, Mother nodded and simply listened.
She was probably waiting for me to speak first.
“I’ve met Executive Director Kim Seok-jun many times with Father. I was young, of course, but Father always told me back then that Executive Director Kim would be someone I could count on.”
It was true. The reason I sought out Kim Seok-jun first after my return was because Father’s words had come back to me.
“So I went and asked for his help. That’s all there is to it.”
The rest, Mother would have heard from Kim Seok-jun.
Mother spoke quietly.
“Why did you think that way? I mean, why did you think of going to find Executive Director Kim?”
“I saw that the company was in trouble. Your brother said he would help us, but I didn’t believe it.”
At my words, Mother’s eyes wavered slightly. From her perspective, her son—whom she thought still a child—had suddenly grown tall, and it seemed to pain her.
“I trusted that you would handle things well, but I also thought there might be an easier path. I’m sorry. I was too presumptuous. I should have discussed it with you first.”
Only then did Mother smile.
“No. Mom wasn’t trying to scold you. I was just curious why you thought that way.”
Mother took my hand and continued.
“And Executive Director Kim’s help really is a great strength for me too.”
Mother looked at me quietly for a moment, then spoke again.
“But Seon-woo, next time could you discuss it with Mom first?”
Mother’s face was marked more by worry than anger.
“Seon-woo, you’re worried about Mom these days, and you keep telling me about this and that concerning the group. It makes Mom feel uneasy.”
She looked pained that her son, still young, would burden himself with such adult concerns and take action.
“Your actions help me, that’s true, but you’re at an age when you should be studying, aren’t you? Could you leave the affairs of adults just to adults……?”
“Yes. I understand. I’m sorry.”
“All right, I can’t tell you not to study. Just go to bed early.”
“Okay, Mom.”
After Mother left, I exhaled a long sigh.
I got through that hurdle, but it still left me feeling unsettled.
‘But once this matter is done, I shouldn’t need to get involved in group affairs for a while.’
While I was thinking that, my phone vibrated. When I checked the screen, it was Jung Tae-sung.
“Yes, Director.”
When I came home today, I had discussed what lay ahead with Jung Tae-sung and a trustworthy lawyer he had brought.
—Sir, this is Jung Tae-sung. I’ve traced Seonjin Aluminum’s record of accumulating shares in Trading Company, as we discussed this afternoon.
“How does it look?”
—It seems they’ve been accumulating shares for quite some time. And as you suspected, there’s reason to believe they may have violated the 5% Disclosure Rule.
The 5% Disclosure Rule.
The system whereby if one acquires voting shares in a listed company amounting to 5% or more, one must report one’s holding purpose and the amount of stake secured within five days.
“You mean they may have exceeded that five-day window?”
In my previous life too, Seonjin Aluminum made the exact same mistake.
They miscalculated their Parking holdings split across accounts, failing to properly identify the moment they crossed the 5% threshold.
Kang Byeong-chul’s incompetence combined with his staff’s careless error. That was why the weaker Seonjin Trading Company was able to defeat Seonjin Aluminum.
—Yes, that’s correct.
“Good. Then immediately report this to Executive Director Kim Seok-jun, and let’s file a petition with the Financial Supervisory Service under SJ Holdings’ name.”
I smiled as I spoke to Jung Tae-sung.
“Requesting that the Voting Rights of Seonjin Aluminum’s shareholdings be revoked.”

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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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