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CH267 | GSI
🕑 Added 2025-03-31 02:14:25 +0000 UTC"What the hell is this?!"
Woo Ho-geun shouted as he crumpled the paper containing the details of the Financial Supervisory Service (FSS) corruption scandal.
Standing in front of the desk, Manager Oh Sang-hyun spoke with a grave expression.
"Given that all the companies implicated—like Osung Information & Communications—had their IPOs underwritten by Donghae Peregrine Securities, this situation seems anything but ordinary."
Woo Ho-geun narrowed his eyes at him.
"Are you saying we’re being targeted?"
"Considering we’re in the middle of a fierce stock battle with Daheung Group, the sudden emergence of this rumor is far too coincidental to be random."
"Now that you mention it, it does seem suspicious."
Woo Ho-geun’s expression hardened as he rubbed his chin.
"If you examine the details closely, you’ll see that while the report exposes systematic corruption among the former FSS chairman and senior officials, it specifically highlights how Donghae Peregrine Securities unfairly profited from it."
"That’s in there?"
"It states that during the IPO screening, Osung Information & Communications failed to account for outdated inventory reductions, inflating its net profit by 350 million won. The FSS detected the discrepancy but turned a blind eye."
Woo Ho-geun uncrumpled the paper and reviewed the details more carefully, nodding as he read.
"Instead of rejecting the IPO for fraudulent accounting and imposing penalties, they covered it up in exchange for bribes. As a result, the company was listed at a much higher-than-expected price, benefiting the major shareholders and the underwriter, Donghae Peregrine Securities."
"Hmm..."
"Moreover, to maximize profits from its underwritten shares, they deliberately released inflated investment reports to artificially boost Osung Information & Communications' stock price. The report strongly suggests this was an intentional act."
The more he listened, the more Woo Ho-geun’s suspicions solidified into certainty. His eyes flashed sharply as he asked,
"So, if someone orchestrated this, it could only be Daheung Group, right?"
"That seems highly likely."
With that confirmation, Woo Ho-geun slammed his fist onto the desk, his teeth clenched in fury.
"Those bastards!"
Oh Sang-hyun, accustomed to Woo Ho-geun’s short temper and violent outbursts, remained expressionless as he added,
"With the public already criticizing us for partnering with foreign capital to take over domestic companies, this scandal will only worsen our reputation."
"You think I don’t know that?!"
Woo Ho-geun snapped, his voice dripping with frustration.
Yanking at his tie knot irritably, he scowled as if nursing a pounding headache.
"If this rumor has spread through the financial world, it’s only a matter of time before the media picks it up, isn’t it?"
"By now, the reporters must have caught wind of this. If things move quickly, the evening news or the afternoon edition of the papers will cover it today."
"Damn it! Nothing is going right!"
Woo Ho-geun clenched his lower lip and took a deep breath, trying to organize his thoughts.
After a brief pause, he lifted his head and fixed his gaze on Manager Oh Sang-hyun.
"Contact the media immediately and stop the articles from being published."
At this, Oh Sang-hyun's expression turned troubled.
"Given that this is a large-scale scandal involving the entire Financial Supervisory Service, controlling the press will be extremely difficult."
"Then at least get them to remove Donghae Peregrine Securities' name from the reports! I don’t care if you bribe them or drown them in alcohol—just do whatever it takes to keep our group from being dragged into this mess!"
It was an unreasonable demand, but arguing was pointless—Woo Ho-geun was not the type to listen to excuses.
Suppressing a sigh, Oh Sang-hyun reluctantly responded,
"…Understood."
Just then, the phone on the desk rang loudly.
Woo Ho-geun snatched the receiver and barked,
"Who is this?!"
[It's me.]
Recognizing the voice of Chairman Woo Yong-gap, Woo Ho-geun’s face turned pale.
"Ah… Father."
[Come to my office immediately!]
The line went dead as soon as Woo Yong-gap finished his sentence, his fury evident.
"Shit…!"
There was no doubt—he was about to receive a severe scolding.
Imagining the verbal thrashing that awaited him, Woo Ho-geun hurled the receiver across the room and clutched his head in frustration.
"Damn it! This is driving me insane!"
* * *
Meanwhile, at Sechang Daily, a major newspaper with a circulation of over one million copies, Chief Editor Jung Sang-min was reviewing the final draft of the first edition, which was ready to go to print.
Just then, a female employee knocked and entered.
"Editor-in-Chief, Executive Director Woo Ho-geun from Donghae Group is on the line."
At that moment, Jung Sang-min happened to be looking over the page containing the Financial Supervisory Service scandal. His brow furrowed slightly.
"Put him through."
"Yes, sir."
As the employee stepped out, the phone on his desk rang.
Picking up the receiver, Jung Sang-min’s expression relaxed into a pleasant demeanor, his voice smooth and composed.
"Ah, Executive Director Woo! What brings you to call me at this hour?"
[I have a request to make.]
Skipping any formal pleasantries, Woo Ho-geun went straight to the point—clearly, he was desperate.
Leaning back in his chair, Jung Sang-min casually glanced at the draft article spread out on his desk.
He could already guess what this was about, but he feigned ignorance.
"Please, go ahead."
[I know you’re busy, so I’ll get straight to the point. No need for small talk.]
"Please do."
[I’d like you to remove Donghae Peregrine Securities’ name from the article about the Financial Supervisory Service corruption scandal.]
As expected.
Still holding the receiver to his ear, Jung Sang-min put on an expression of concern.
"Even though I’m the editor-in-chief, I can’t just tamper with an article our reporters worked hard to investigate. Especially one with such major social implications."
Woo Ho-geun scoffed internally—he knew full well that newspapers often edited or even buried stories depending on the situation or in exchange for advertising revenue.
But since he was the one in need, he held back his frustration and softened his tone.
[Of course, I understand. That’s why I’m asking for a favor. Given our longstanding relationship, I’d appreciate it if you could look the other way just this once.]
"Well, this is quite the dilemma…"
[If you help us, we’ll make sure you’re properly rewarded.]
At this, Jung Sang-min’s interest was piqued, and he straightened his posture.
"And by ‘reward,’ you mean…?"
[We’ll place advertisements for our newly launched spaghetti sauce and cooking oil in your paper.]
"Ah…"
Hearing this, Chief Editor Jung Sang-min’s expression immediately turned disappointed.
Unaware, Woo Ho-geun spoke with a hint of smugness.
[I’m not even asking you to scrap the article entirely—just to remove the name of our affiliate. That shouldn’t be too much of a burden. I’d say this is a reasonable deal.]
"Well… I’ll discuss it and see what we can do."
Jung Sang-min smacked his lips in dissatisfaction before offering a vague response.
[I’d really appreciate it. And when you have some free time, we should hit the golf course together.]
"Yeah, sure. Sounds good."
Replying with a disinterested tone, Jung Sang-min put down the receiver and clicked his tongue.
Still seated, he reached down, pulling open the bottom drawer of his desk.
Inside, a paper shopping bag lay neatly folded. As he opened it, stacks of crisp ten-thousand-won bills came into view.
Eyeing the cash with satisfaction, Jung Sang-min closed the drawer without hesitation and signed off on the final draft of the first edition.
* * *
That afternoon.
Frustrated by the endless complications, Woo Ho-geun stormed into the antechamber, dragging Manager Oh Sang-hyun with him.
The secretarial staff, who had been focused on their work, quickly rose to greet him.
"The Chairman is inside, right?"
Sensing his foul mood, a female secretary hesitated before responding promptly.
"Yes, he’s expecting you."
Without another word, Woo Ho-geun strode past her, leaving Oh Sang-hyun behind. He approached the door and gave it a light knock before stepping inside.
Inside the chairman’s office, Woo Yong-gap sat on the sofa with Chief Secretary Jeon Hae-cheol and Executive Director Jung Yoon-sik.
"You called for me?"
As soon as Woo Ho-geun entered, Woo Yong-gap shot him a glare, his face red with fury. He suddenly sprang to his feet and hurled a stack of newspapers from the table.
"I told you to make sure this wouldn’t be a problem! What the hell is this?!"
His voice thundered through the office.
Caught off guard, Woo Ho-geun blurted out in protest,
"I contacted the media and ensured that Donghae Peregrine’s name wouldn’t appear in the articles. What’s the issue?"
"You idiot."
Woo Yong-gap pressed his fingers to his temple, looking at his son with utter disappointment.
"The real mistake was trusting you to handle this."
Woo Ho-geun stood frozen, his face betraying confusion—he had no idea why he was being reprimanded.
As he remained standing, his face flushed, without so much as an invitation to sit, Jeon Hae-cheol interjected with a stern voice.
"The early editions of major afternoon newspapers have already hit the stands, and Donghae Peregrine Securities' name is still in the articles."
"What?! That’s impossible!"
Stunned, Woo Ho-geun’s face twisted in disbelief.
Meanwhile, Woo Yong-gap let out a deep sigh, slumping back onto the sofa.
"You complete fool."
Jeon Hae-cheol, his face rigid, fixed his gaze on Woo Ho-geun and asked,
"Did you receive a clear confirmation that the company name would be removed?"
"Of course!"
Woo Ho-geun blurted out without thinking.
But then, he suddenly recalled how the editors he had spoken with had all given him vague, noncommittal answers.
Too late, he realized his mistake.
Jeon Hae-cheol continued, his expression unreadable.
"That’s strange. Looking at the published articles, not only was Donghae Peregrine Securities not excluded from the story, but it was actually depicted as having played a central role in the scheme, making significant profits."
"What?!"
Panicked, Woo Ho-geun scrambled to pick up one of the newspapers scattered across the floor and scanned the article.
…Under normal circumstances, Osung Information & Communications would not have been eligible for a public listing. However, by selecting Donghae Peregrine Securities as its underwriter, the company was able to proceed with an IPO at a relatively high offering price of 12,500 KRW per share.
Following its IPO, a combination of overall strength in the IT sector and misleading financial statements led to a surge in stock value, pushing the price up to 65,000 KRW per share.
During this period, Donghae Peregrine Securities, which held a substantial number of shares as the underwriter, is believed to have earned a massive windfall through high underwriting fees and substantial capital gains.
Meanwhile…
Just as Jeon Hae-cheol had said, the article blatantly described Donghae Peregrine Securities as a key player in the scandal.
Woo Ho-geun, unable to hide his growing anxiety, frantically flipped through the other newspapers—only to find that in every single one, Donghae Peregrine’s name was still there.
"This… this can’t be happening."
Then, his gaze fell just below the article—where a massive half-page advertisement caught his eye.
[Spring BIG Bargain Sale!]
To celebrate the fresh new season, Mido Department Store is slashing prices once again!
The beaming model in the ad and the bold Mido Department Store logo stood out so prominently that it almost felt taunting.
"I've been played!"
Like a bolt of lightning, it struck him—Daehung Group, no, Seok-won had outmaneuvered him once again.
