The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 47

—————
This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
—————

The Regression of a Fallen Chaebol’s Third Generation — Episode 47
“That, that is…….”
Nakamura Kenji couldn’t finish his sentence, his mouth falling open.
The young executive secretary standing before him had suddenly revealed himself in fluent Japanese—and as the owner, no less.
It was understandable that he couldn’t believe it.
“Exactly as I said.”
I dabbed the corner of my mouth with a napkin and met his gaze steadily.
“Of course, I regret hiding my identity from the start. I’m well aware it’s poor form in business. But I needed to know something.”
…….
“What Shinei really has in mind. Would you believe me if I said this was a last resort—a way to see the board more broadly and deeply?”
At my words, Nakamura Kenji’s expression remained dazed.
His eyes kept flicking between my face and the formal suit I wore.
“Of course, my appearance now is probably harder to believe than my words.”
I wouldn’t have believed it either, had I been in his position. A boy who looked like a college student at most becoming a negotiation partner—it defied convention.
“But since you’ve also approached us with plenty hidden, how about we call it even?”
I smiled slightly as I continued.
“The toxic clauses hidden in that ’51 to 49′ figure, the profit recovery through the raw material supply chain, the roadmap to swallow the joint venture outright—all of it. Let’s say my hiding my identity and your hiding your intentions cancel each other out. And we’ll forget the discourtesies we’ve already exchanged.”
……!
Nakamura’s face flushed red, then pale.
But he had nothing to counter with.
Everything I’d said was true.
“Dinner was absolutely delicious, thank you. I’ve learned that Japan has such wonderful culinary traditions.”
I drew out the business card wallet I’d prepared beforehand.
I placed a single card bearing the SJ Holdings logo respectfully on the table.
“I’ll return to my lodgings and wait. If you find the will to have a real negotiation where we both win—rather than some fake proposal designed to deceive us—do get in touch.”
I rose from my seat and bowed respectfully.
“Then, I’ll take my leave.”
I turned without hesitation and left the room, leaving Nakamura frozen behind me.
Click—thud.
The sound of the sliding door closing echoed unusually loud.
In the hallway, Jung Tae-sung and Park Jin-hyeok, who’d been waiting near the corridor’s end under the pretense of using the restroom, approached me with questioning eyes.
Their gazes asked without words: how did it go?
I let out a slight laugh and loosened my necktie a touch.
“Let’s go. We’re done here for today.”

* * *
The next morning, Osaka Shinei Chemical Headquarters CEO Office.
Nakamura Kenji stared down at the thick investigation report his secretary had brought. His fingertips trembled slightly.
“So…… he’s a high school student who just took the College Entrance Examination?”
The first page of the report had a Korean newspaper article clipped to it.
Beneath the sensational headline—”The Miracle of Perfect College Entrance Exam Scores: A Chaebol’s Third Generation Rebellion”—was a clear photograph of that boy I’d seen yesterday.
“And the direct third-generation heir of Seonjin Group, ranked third in Korea’s business world?”
All the pieces of the puzzle were clicking into place.
Just yesterday at that kaiseki restaurant, when the young boy who called himself my executive secretary revealed his true identity, I’d felt affronted.
I’d thought it was a crude, contemptuous prank on a business partner.
But it wasn’t.
“However, according to the report, the registered representative of SJ Holdings is someone named Kim Seok-jun. He’s said to be the Seonjin Group chairman’s retainer and vault keeper…….”
At the secretary’s cautious addendum, Nakamura raised his hand to stop him.
“The true owner is definitely this boy. Among zaibatsu, it’s not uncommon to hide one’s identity and exert influence from behind the scenes.”
Japan’s chaebol families operated similarly.
When an heir was still young and it was burdensome to bring him to the fore, a trusted retainer would be set up as a figurehead, controlled from behind—a common succession method called regency.
In fact, the very fact that they’d placed someone of Kim Seok-jun’s stature as a proxy only proved the boy’s position within the group was unshakeable.
“What should we do? Should we continue the background investigation?”
At the secretary’s question, Nakamura Kenji slowly shook his head.
“No. If the other party revealed that hidden identity directly to me, it means they’ve shown me the courtesy of sincerity.”
Nakamura Kenji closed his eyes and recalled Seon-woo’s image from the night before.
Fluent Japanese.
Eyes so cool they made one forget his age. And an insight that pierced straight to the heart.
It wasn’t the recklessness of some wealthy family’s spoiled son. He possessed a weightiness—an aura that only those who’d made countless decisions and borne their consequences could carry.
‘Is it innate…….’
Though clearly young, Seon-woo’s conduct embodied the seasoned bearing of an accomplished businessman.
Competent and uncompromising—enough to stand comparison with myself.
“Destroy all materials we’ve gathered on Kang Seon-woo.”
“……Destroy them, sir?”
“Yes. Our conversation partner has changed; I must show corresponding respect. Since he revealed himself directly, there’s no point in digging further.”
“Understood. I’ll handle it immediately.”
As the secretary bowed deeply and left, the office fell silent and heavy once more.
Nakamura Kenji withdrew the business card he’d received yesterday from his inner jacket pocket.
Beneath the name, a direct number to the Japanese Hotel had been written in careful pen strokes.
‘If you find the will to have a real negotiation……’
That voice still echoed in my ears.
Nakamura fingered the card, deliberating for a long while. His pride was wounded, but he had to admit it.
The other party held the blade.
He made his decision and picked up the receiver.

* * *
Hotel Suite Living Room.
After breakfast, the three of us sat sipping coffee, catching our breath.
Yet Jung Tae-sung’s expression still seemed unsettled.
“Do you think it’ll be all right? Revealing your identity like that?”
Jung Tae-sung asked with deliberately worried eyes.
“In Korea, only the three of us here, Vice President Kim Seok-jun, and a very small circle know that I’m the real owner of SJ Holdings. Yet you’ve given that information—information that could become a weakness—so easily to a foreign negotiation partner…….”
He seemed anxious that my identity might leak out and spread as gossip in Korean business circles.
I was still a high school student, and my position within Seonjin Group was delicate.
I set down my coffee cup and smiled.
“It should be fine. I measure my step by the room I have to lie down in. By now, he’s probably already investigated whether what I said is true.”
I looked around at the three men.
“And once he’s confirmed that my words are genuine, there’ll be no reason for further investigation.”
“What do you mean?”
“The title of ‘chaebol bloodline’ becomes perfect camouflage for my conduct, no matter my age. People simply think, ‘Ah, his blood is different—that’s why he’s so brilliant from childhood’—and accept it without question.”
When people encounter talent they can’t explain, they readily accept it when a plausible background exists. For me, being a third-generation Seonjin Group heir serves exactly that purpose.
“At least, from what I’ve seen of Nakamura Kenji, if he’d struck me as a lightweight without substance, I wouldn’t have revealed myself. He’s someone who calculates profit and loss meticulously. He’ll instinctively understand that keeping my secret and tying himself to me is far more advantageous than the alternative.”
At my words, all three men nodded in agreement.
Nakamura was a merchant. He chased profit, not gossip.
“Do you think he’ll call?”
Park Jin-hyeok, who’d been listening quietly, asked.
“He will.”
I answered with conviction.
“Every move Nakamura Kenji has made so far suggests someone who’s staking his life on this. A man at the cliff’s edge won’t refuse a rope—especially once he’s verified whether it’s rotten or gold.”
That’s when it happened.
The phone in the suite rang loudly, breaking the silence.
Ring-ring-ring—
All eyes turned to the phone.
I could almost hear Jung Tae-sung and Park Jin-hyeok swallowing hard.
I nodded calmly and picked up the receiver.
“Kang Seon-woo speaking.”
After a moment of silence on the line, a low, measured voice came through.
—…….
“Good. Come by tonight, where I am.”
I arranged the time with him and set down the receiver.
When I turned, the three men were watching me with tense faces. I smiled at them and nodded.

* * *
“Is Cola acceptable?”
I asked Nakamura Kenji, who’d come to my lodgings.
At his request, this was a one-on-one meeting with no attendants.
“I’m not of legal drinking age, you see.”
“Cola is fine.”
I pulled two cans of Cola from the minibar and handed one to Nakamura.
He accepted it respectfully with both hands.
“Thank you for coming. My position makes it difficult for me to move about freely.”
“I understand. Rather, I’m grateful that you’ve made the opportunity for us to speak so openly, just the two of us.”
Nakamura Kenji’s demeanor had become subtly more formal.
He seemed to have recognized me as an equal partner after yesterday’s shock and this morning’s confirmation.
“From my personal perspective, I think it best that we reach a broad agreement first, then hand things over to the working-level teams. After all, we’ve probed each other so thoroughly that the cards need to be reshuffled.”
“I’m entirely in agreement. May I speak with candor first?”
I nodded while opening the can.
“As you’ve already surmised, we’ve installed several safeguards to prevent losing control of the joint venture after our Korea entry. I’m genuinely sorry for that.”
“I understand. It was necessary.”
I’d accused them of wrongdoing, but realistically, in business, the company’s own interests come first.
Especially in a foreign land like Korea.
“There’s no need to apologize. What I was objecting to wasn’t your intent, but the opaque manner in which you approached from the start—as if you were trying to deceive us.”
“Thank you for understanding so generously. Shinei’s position is that we need minimum management safeguards and security measures within the joint venture from the start.”
I nodded. That was necessary not just for them, but for Sinhwa Welltech as well.
“Good. Accepting that broad framework, let me present Sinhwa Welltech’s revised proposal.”
I set my Cola can on the table and spread my fingers.
“First. The 51 to 49 equity stake remains as is. I agree to an evenly composed board as well. However, let’s appoint one additional Outside Director who’s neutral. In case of deadlock, this one neutral party will hold the casting vote.”
“The appointment of an Outside Director…….”
“Someone both sides agree on. Moreover, we’ll clarify the CEO’s authority in writing. Day-to-day operations—procurement, hiring, line management—will be the CEO’s sole decision. The board convenes only for policy decisions and investments above a certain threshold. That’s locked in.”
At my words, Nakamura Kenji nodded.
This way, neither side could paralyze operations by weaponizing the board. A genuine neutral safeguard would be in place.
Plus, by maintaining our 51% Major Shareholder status, we could secure tax incentives and various support from the Korean government.
“Agreed. I accept.”
“Second. I’ll accept the clause for 100% raw material supply over three years. However, we’ll disclose the pricing formula and set a cap based on international supply rates.”
What Sinhwa Welltech had feared most was revenue leakage through raw material supply dependence.
But we couldn’t simply refuse. Shinei’s verified materials were necessary for early quality stability, and Nakamura needed the carrot of minimum profit assurance.
“Moreover, starting from year five, we’ll add a clause mandatorily reducing the raw material monopoly. Eighty percent one year, fifty percent the next, thirty percent after that.”
“That’s…… far too disadvantageous for us. If the supply chain destabilizes, we can’t guarantee quality.”
Nakamura showed reluctance. I’d expected that.
“It’s merely an upper limit to prevent monopoly. If price and quality are sound, we’ll continue using Shinei materials under a priority purchase clause.”
“What’s the standard for quality judgment……?”
“A third-party certified agency will compare and analyze against global major suppliers. If Shinei’s quality matches or exceeds the majors, why would we look elsewhere?”
What Shinei needed most was for their chemical to enter a new market and build reference credentials.
I’d guarantee that opportunity while preventing the harms of monopoly.
“……That’s reasonable. I’ll accept.”
“Finally, initial capital for the joint venture will be split by equity ratio. Since we’ll hold 51%, we’ll contribute that in cash. Shinei will cover the remaining 49%. When future expansion or additional investment is needed, we’ll follow the same Paid-in Capital Increase principle.”
This was a safeguard for Sinhwa Welltech.
It was meant to block the scenario where Shinei later exercises financial muscle, dilutes our equity through a Paid-in Capital Increase, and steals management rights.
SJ Holdings’ vaults overflowed with cash. We wouldn’t lose a money fight.
I finished my proposal and looked at Nakamura Kenji.
“That’s the broad framework I’m proposing. What do you think? I believe this is the most realistic and fair proposal that lets us both win.”
Nakamura Kenji crossed his arms and fell silent for a moment.
I could almost hear him mentally calculating profit and loss.
“I’ll accept it if one more point is added from our side.”
I nodded, inviting him to speak.
“Process improvements and Improved Technology should be jointly owned. However, on the condition that each side retains clear separate ownership of the Original Technology it already possesses.”
In joint venture operations, the term “improvement” always becomes a seed of dispute.
As I nodded, I first grasped what he truly wanted.
“Good. Let’s define it clearly. Improvements from equipment, processes, recipes, and quality management will be bundled as joint venture Improved Technology—jointly filed and jointly owned. Everything else remains Original Technology.”
I saw Nakamura take a subtle breath. The critical part remained.
“And external use will require advance consultation, not mere notification. Direct use by competitors or uses conflicting with the joint venture in the Korean market will be restricted. However, non-competitive uses like supporting existing customers in Japan will get expedited approval. How’s that?”
Putting safeguards on everything benefited both Shinei and us.
“An excellent proposal. Staking Shinei’s future, I extend my hand to Sinhwa Welltech.”
Nakamura Kenji rose and extended his hand respectfully.
I also stood and, smiling, gripped his hand firmly.

—————
This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
—————