The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 98

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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 Heir, Third Generation — Episode 98
“Cargo volumes have exceeded 9,000 TEU per month.”
A few days later, in the Seonjin Group CEO Office.
Chairman Kim Ja-yeong, having finished her interim role as CEO of Seonjin Trading Company, was receiving a report from Choi Dong-su, who had returned to the Group’s Management Planning Division.
A year prior, Seonjin Trading Company had undergone restructuring—selling its container ships to DK Capital—and had since leased back the very vessels it had sold, returning to normal operations.
“It’s climbing nicely. What about losses?”
“The shipping division has turned profitable. Freight rates have risen to $560, though this isn’t a sustainable figure—we could slip back into losses next month. But I think the significance lies in breaking even, however briefly.”
The global economy remained mired in the aftermath of the Lehman Shock. Europe and emerging Asian economies were growing increasingly unstable, yet Seonjin Trading Company was building its fundamental strength in its own way.
“With a cost base of $800, we’re still a long way off.”
The company was managing to survive on freight rates below cost by squeezing expenses elsewhere.
“Still, the direction seems sound.”
Kim Ja-yeong nodded, then turned her gaze. Yoon Sang-chul, CEO of Seonjin Logistics, had also been summoned to this meeting.
As Kim Ja-yeong’s eyes found him, Yoon Sang-chul swallowed hard.
“How are logistics faring?”
Yoon Sang-chul straightened in his chair and withdrew some documents.
“Let me start with the current situation. Total package volumes in the domestic delivery market have climbed to 1.2 billion boxes annually—a 15% increase year-over-year, but….”
Seonjin Logistics was a comprehensive logistics company that created synergies with Seonjin Trading Company’s shipping division, handling corporate logistics, parcel delivery, and international express services.
“Per-unit prices keep dropping.”
Yoon Sang-chul continued his report with a grim expression.
“Unit costs have fallen to 2,500 won per package. After deducting mall commissions, courier wages, and terminal fees, the company retains roughly 70 won per box.”
Delivering 100 million boxes would generate a mere 7 billion won in profit. This was the result of intensifying competition in the domestic delivery market.
“If parcel delivery is in this state, we need revenue from elsewhere. But as you both know, the economic climate has slashed corporate logistics volumes considerably.”
Domestic enterprises were reducing imports and exports, and manufacturing plants were closing one by one, leaving the corporate logistics sector in dire straits.
Paradoxically, the unprofitable parcel business was what kept logistics afloat.
“There are rumors in the industry that Seyang Group is pursuing an acquisition of Daesung Logistics.”
Seyang Group was a chaebol operating in food and media, with Seyang Delivery among its subsidiaries.
Holding a 15% market share—second place—if they acquired Daesung Logistics with its 19% share….
Kim Ja-yeong’s hand stopped.
“Is it confirmed?”
“Not confirmed, but Nakwon Group withdrew from the acquisition, so it’s being treated as a done deal.”
Yoon Sang-chul set down his documents.
“These are difficult times across the board. I would hope the Group could spare some attention for logistics.”
Kim Ja-yeong exhaled softly. There was unmistakable longing in Yoon Sang-chul’s tone—a sense that the Group’s reach wasn’t reaching them, that they were bound hand and foot.
Nearly every resource the Group possessed was committed to the Trading Company’s restructuring. To keep pace with the industry’s top two companies merging, capital investment would be necessary, but the timing was difficult.
“A major investment decision right now is out of the question.”
……
“As you heard, once the Trading Company stabilizes, the Group’s investment focus will shift to logistics. For now, we need to pinpoint exactly where we stand—which areas need restructuring, which need additional investment.”
“Understood. I’ll conduct an internal assessment and report back.”
Yoon Sang-chul bowed his head. Kim Ja-yeong nodded before speaking again.
“Director Yoon, there’s actually one more thing I wanted to mention today.”
Yoon Sang-chul looked up.
“My son has graduated. He said he wants to start working right away.”
“You mean Kang Seon-woo?”
“Yes. I’m planning to assign him to the Management Planning Team at Seonjin Logistics as a junior employee.”
Yoon Sang-chul’s eyes widened slightly.
“Chairwoman, not at headquarters or the Trading Company, but….”
“I did consider headquarters and the Trading Company, but it seems right for him to go to logistics and learn the work from the ground up.”
Kim Ja-yeong spoke matter-of-factly.
“He said he wants to learn from the bottom, so treat him like any other new hire.”
Her tone was gentle, but her intent unmistakable.
“No special treatment. Just the same as the other junior employees.”
……I understand.
Yoon Sang-chul bowed. He’d come expecting a commitment to investment, only to leave empty-handed. The weight pressed heavy on his shoulders.
“Shall we wrap up here?”
At Kim Ja-yeong’s suggestion, Yoon Sang-chul rose, bowed, and departed the CEO Office.
“Director Choi.”
“Yes, Chairwoman.”
“Set up a channel within logistics to monitor Seon-woo’s every move and report back. He’s not the type to act recklessly, but if he ever behaves with unwarranted arrogance, remove him from logistics immediately.”
……Understood.
Choi Dong-su acknowledged, and Kim Ja-yeong nodded.

* * *
“Congratulations on graduation, CEO.”
In the Ribbon Capital office, Jung Tae-sung handed over a cup of coffee.
“Thanks.”
“I heard you received the President’s Award.”
Danny sank deeper into the sofa as he spoke.
“I did.”
“I should’ve gotten one too.”
“Didn’t you?”
Han Jae-yi chimed in as she took her seat.
“Danny probably wouldn’t have gotten one even if he’d studied hard.”
“What?”
Danny bolted upright, staring at Han Jae-yi.
“Jae-yi, you can’t attack me like that. We ordinary folk have to stick together, right?”
“I at least graduated with a department award.”
“Hah…… So even among us commoners, there are rankings.”
“You had good grades too, didn’t you?”
I posed the question to Danny. From what I understood, Danny Kim had performed well enough to graduate early and head straight to Wall Street.
“No matter how hard I studied, guys like you still ended up above me. So what.”
Danny shrugged, and before long, all four of us had gathered around the conference table.
“Still, you’ve got a good personality, Danny.”
“What kind of sudden consolation is that?”
“Never mind that—let’s get to the meeting. We have quite a bit to cover today.”
As I steered the conversation, Danny rolled his eyes, and Jung Tae-sung pulled out documents.
“I’ll start with Ochang. Interior construction is complete, and equipment delivery has begun.”
“It’s proceeding on schedule.”
Jung Tae-sung was nothing if not thorough. He was advancing each project methodically, according to plan.
“Yes. Shinhwa Welltech’s mass-production line equipment is being delivered, and Synapse Robotics’ new headquarters is proceeding simultaneously. Both facilities are expected to open within three months.”
Shinhwa Welltech would manufacture semiconductor chemicals and, soon, electrolyte additives for secondary batteries. Synapse Robotics was a startup focused on robot control technology.
“There’s good news from Synapse. Lucas and Director Seo Min-seung have begun running the Reinforcement Learning-based Robot Control Simulation. The moment we move into Ochang, they’re ready to transition straight into prototype manufacturing.”
Software and hardware were finally beginning to mesh. Both were headstrong engineers, and I’d worried, but it seemed things were progressing well internally.
“That’s fast. You’re continuing oversight, correct?”
“Yes. SJ Security’s move to Ochang in March is confirmed.”
“Did you find suitable facilities?”
“Yes, we leased five floors of an office building near the industrial complex.”
With SJ Security—the security and protection firm—moving in as well, Ochang would now become a proper hub.
“Excellent. I’ll continue delegating full authority to Director Jung and entrust it all to him. Danny.”
As I called his name, Danny spoke up.
“DK Capital’s headcount has grown to twenty. After the Seonjin deal got out, our reputation changed, and we’re running two or three additional deals.”
“How are the transaction volumes?”
“Still modest. But whereas people used to ignore my calls, now they reach out first.”
DK Capital’s name value had shifted after the Seonjin Trading Company sale-and-leaseback. Operations were now running smoothly.
“And Min-jae is heading off for his final semester. His abilities are quite strong, so we’ll bring him on as a full-time employee right after graduation.”
Lee Min-jae had enlisted later than I did, so he was now entering his final semester.
“Good to hear. Please develop Min-jae well. If you trust him with assigned tasks, he’ll handle them capably.”
“I’ll look after him. And…… there’s the Volta matter.”
Danny’s tone shifted.
“Volta is looking to acquire a factory. It’s a plant in California that GM vacated when they went bankrupt, with equipment still in place, so the acquisition cost is low. They need investment capital and are looking for investors. They reached out to me first because Ribbon has pro-rata rights—the opportunity to invest first before offering to other existing investors.”
This was the same moment that had occurred in my previous life.
Back then, a Japanese automaker had invested, taking an equity stake in Volta, and Volta’s mass production began at the facility.
In this life, there was no need to share the equity with a Japanese company. This time, I’d rather keep it all to myself.
“We’ll make the investment. Coordinate with Ribbon and prepare accordingly.”
“Got it. I’ll put together the investment size and timeline and send it over.”
Danny continued.
“And Volta’s IPO. The roadshow prep has started.”
The roadshow was the process of visiting institutional investors before listing, introducing the company, and securing their investment.
Ryan Holt was pushing Lightning production volumes up before the IPO to build the numbers.
“When’s the listing target?”
“End of June, roughly.”
Ribbon’s equity stake was already worth dozens of times the original investment. With the factory acquisition and IPO converging, Volta would jump to the next level.
“Good. Danny, keep channels open with Volta and manage the relationship.”
“Will do.”
“Now then, Jae-yi.”
I turned to look at Han Jae-yi.
“I think we need to discuss the Greece situation.”
At Han Jae-yi’s words, everyone focused. The economic bomb of the moment was undoubtedly Greece.
“January bond maturities were covered, but yields keep climbing. The ten-year is past 6%.”
Rising sovereign bond yields meant the market was getting nervous about lending to a country.
Bond yields in the 6% range meant the market was beginning to lose faith in Greece.
“Talk of a Eurozone exit is already surfacing.”
“And our positions?”
“As instructed, we’ve completed additional CDS purchases, executed the PIIGS contagion position, and all the euro shorts. We established the EUR/USD position at 1.45; it’s now 1.36.”
We made money as the euro fell. We were already up over 6%.
“Well done.”
The trajectory was identical to my previous life. By April, ratings agency S&P would downgrade Greece’s sovereign credit rating to speculative grade—junk status.
In other words, Greece would be technically insolvent, and lending money there would carry high default risk. That’s when Greece’s economy truly crashes.
“For now, we just wait. Don’t expand positions further—hold what we have.”
“Understood.”
Once the briefing concluded, I looked at all three and slowly parted my lips.
“There’s something I need to tell you.”
The three of them focused on me.
“I told my mother I want to work at Seonjin Group, and I’ve been assigned to the Management Planning Team at Seonjin Logistics as a junior employee. I won’t be able to come to this office for a while.”
“Isn’t that pretty sudden? What are you trying to do in there?”
Danny asked. To be honest, I had told my mother I wanted to work in logistics, and the placement came through as I’d hoped.
“There’s not much I can do as a junior employee—I’m just going to work.”
In my previous life, when the Group stumbled, logistics was the first thing sold off. Left as things were, it would become a target for divestiture within a few years.
While my position as a junior employee limited what I could accomplish, there was still a difference between viewing something from the outside and being inside.
“Seon-woo, even if you think of it that way, others won’t. They’ll assume you’re there to take a course in succession training.”
I wasn’t unconcerned, but that wasn’t my problem to worry about right now.
“That’s true anyway. Learning the Group’s subsidiaries first will make the transition to headquarters easier.”
“So you could be away from the office when Greece implodes?”
Once Danny and I finished, Han Jae-yi posed the question.
“Yes. That’s why I’m reorganizing things.”
I looked at the three of them in turn.
“Jae-yi, I’m giving you full authority over the European positions. When Greece goes down, you’ll need to move regardless of whether I’m there. Follow the principles we established beforehand.”
“I can do that, but without you here, we’ll be short-staffed.”
Ribbon Capital ran on just Jae-yi and me through role-sharing.
To be honest, I handled most of the work. Once I’m gone, Jae-yi would have to shoulder everything.
“Director Jung. Danny.”
I nodded and called to both of them.
“You heard that, right? We need new people. Use your networks to find recruits—Danny, look for Wall Street talent; Director Jung, domestic candidates.”
Now was the time for Ribbon to hire and cultivate new talent.
“It’s not a hard ask, but can Jae-yi hold down the fort alone during the interim?”
“That’s why I want you to temporarily send one trader from SJ Holdings and one from DK Capital to support her.”
Both men nodded at my words.
“Jae-yi, you’re Ribbon’s CEO now.”
“Me, me? I am?”
“Yes. You handled everything from my side—you’ll do fine.”
Han Jae-yi’s face was full of anxiety.
“It’s not like you’re handing over the entire company, just the CEO position. Don’t be so shocked, Jae-yi. You were beside me the whole time—you’re capable of this.”
With Danny’s encouragement, Han Jae-yi seemed to steel herself, and she nodded with resolve.
“I’ll give it a try.”
I smiled at her, then looked to Jung Tae-sung.
“Director Jung, I’m entrusting you with Ochang and oversight of all SJ Holdings operations.”
“Yes, CEO.”
“Danny, DK Capital and Volta’s IPO—make decisions on the next deal yourself.”
……Got it.
The crucial thing was building a structure where each of them could act and decide independently, even without me.
“Well then, I trust all of you. Call me if something urgent comes up.”
At my words, everyone rose from their seats, each face etched with concern.

* * *
Sigh……
After tidying up Ribbon’s internal affairs, a week later, I stood before a building in Gwanghwamun.
Seonjin Building
It housed two Group subsidiaries: Seonjin Trading Company and Seonjin Logistics.
“Surprisingly nerve-wracking, this.”
It was the same feeling I’d had on my first day of work at the Trading Company in my previous life. Even experiencing it a second time, nothing had changed.
Standing in place and looking up at the building, employees coming to work filed in one by one beside me.
From today, I’ll be working alongside these people.
“I’ll do well. It has to be different from last time.”
With those words, I tapped both cheeks, steeled myself, and took my first step inside.

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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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