InkBound
patreon
CH249 | GSI
🕑 Added 2025-03-25 03:31:57 +0000 UTCFour days later,
Daehung Group’s Headquarters
Seok-won entered the executive suite with his aide, Han Ji-sung, his face set in a hard expression.
The moment he stepped in, the secretarial staff, who had been working at their desks, quickly rose to their feet and bowed.
“Young Master… I mean, Mr. President, welcome.”
Manager Choo Se-young, who seemed to have lost even more hair since their last meeting, hurriedly stepped around his desk and greeted him.
Seok-won gave a slight nod before asking in a firm tone, “Is the Chairman inside?”
Sensing the tension in the air, Choo Seyoung stole a quick glance at Seok-won’s expression before answering immediately.
“He’s waiting for you with President Park.”
Hearing this, Seok-won left Han Ji-sung behind and strode towards the Chairman’s office. He knocked lightly before pushing the door open.
Inside, his father, Chairman Park Tae-hong, was sitting on the sofa, sipping coffee with his eldest son, Park Jin-hyung, the president of Daehung Textiles. Both turned to look at him.
“You’re here.”
“Yes.”
Seok-won gave a slight bow before briefly making eye contact with his older brother.
“Come and sit.”
Chairman Park set down his coffee cup and gestured for him to take a seat.
Unfastening his suit jacket, Seok-won lowered himself onto the vacant sofa to the left. As always, his father asked, “Would you like some tea?”
“I’m fine.”
Noticing the rigidity in his son’s expression, Chairman Park narrowed his eyes slightly. Something was off.
Sensing the tension, he turned to Deputy Manager Jung Yunkyung, who was standing by the door, and gave a subtle nod.
“He says he’s fine, so you may leave.”
“Understood.”
Jung Yunkyung quietly closed the door behind her.
As Park Jin-hyung watched his younger brother with a puzzled expression, Chairman Park leaned back into the plush sofa and asked, “Did something happen? You look tense.”
Seok-won glanced between his father and older brother before speaking in a heavy, serious voice.
“Do you remember when I warned you that our group’s governance structure was too vulnerable to external threats?”
“Of course.”
“Well… the thing we feared has finally happened.”
“……?!”
Chairman Park Tae-hong raised an eyebrow and pressed, his tone demanding.
“What do you mean something we feared has happened?”
President Park Jin-hyung, who had been listening intently, also looked at his younger brother with a tense expression.
With both eyes fixed on him, Seok-won calmly opened his mouth to speak.
“I’ve confirmed that there are forces attempting a hostile takeover of Mido Department Store.”
No sooner had he finished speaking than Chairman Park slammed his palm against the sofa’s armrest.
“Who the hell is behind this?”
President Park Jin-hyung also widened his eyes and leaned forward.
“Are you serious?”
Seok-won gave a small nod and replied in a heavy voice.
“They’ve already acquired over 10% of the shares.”
“What?!”
The revelation that the opposing side had already secured such a significant stake left President Park visibly shaken.
Chairman Park’s expression also darkened, his sharp gaze filled with anger.
“So, while they were quietly accumulating that much stock, no one noticed? What the hell was the finance team doing?”
Even if the Park family’s holdings in Mido Department Store were combined, they barely reached 20%.
Hearing that the opposing party had already secured more than half that amount was enough to make his blood boil.
“They disguised the purchases as foreign investments, making it difficult to detect.”
“Even so, how could we have been oblivious until it reached this point? This is unacceptable!”
Chairman Park’s face flushed with anger as he raised his voice.
Seok-won had warned them multiple times about the vulnerability of their governance structure. Now that it was happening, he wasn’t inclined to make excuses for the finance team’s oversight.
As Chairman Park fumed, his breath coming in heavy bursts, President Park Jin-hyung spoke in a grave tone.
“From what you’re saying, this wasn’t a spontaneous move. It sounds like a meticulously planned and well-organized attack on Mido. Do you know who’s behind it?”
That was the question Chairman Park was most eager to hear answered. He straightened up from the sofa and fixed his gaze on his second son.
“It’s Donghae Group.”
Both of their faces immediately froze in shock.
“Donghae Group? Are you certain?”
Chairman Park repeated the name in disbelief.
President Park Jin-hyung, equally stunned, let his mouth fall open as if the thought had never even crossed his mind.
“Are you sure there isn’t some mistake?”
"No, I'm certain."
"But why would Donghae Group attack us? We’re not particularly close, but we’ve never done anything to make enemies of them."
Chairman Park Tae-hong muttered, his expression dazed as if he had been struck on the back of the head.
Seok-won calmly began laying out the reasons for his certainty.
"The firm being used to acquire Mido Department Store shares on the open market is none other than Donghae Peregrine Securities."
Since this was a serious matter, President Park Jin-hyung remained cautious and countered his claim.
"Couldn't they simply be facilitating the purchase? That alone doesn’t seem like enough proof to definitively say that Donghae Group is behind this."
"Of course, you're right."
Despite the sharp observation, Seok-won remained unfazed and continued speaking with confidence.
"They succeeded in disguising the transactions as foreign investments to avoid suspicion, but there’s one critical flaw in their method."
At that, Park Jin-hyung seemed to realize something and quickly responded.
"Are you talking about the foreign ownership limit on shares?"
"Exactly. No matter how much capital they have, foreign investors are legally restricted to holding a maximum of 15% of a company’s total shares. The law changed today, raising the limit to 18%, but even so, that’s still far too little to launch a hostile takeover of Mido Department Store."
Park Jin-hyung nodded in agreement.
"That makes sense. After all, our family alone holds 19.6% of Mido's shares, and if we consolidate other allied shares, we’d easily exceed 25%."
Chairman Park, who had been sitting with his arms crossed and a grave expression, also nodded, clearly thinking along the same lines.
Seok-won continued.
"That’s why they’ve been using a loophole—transferring some of the shares they acquired through Donghae Peregrine Securities to other entities."
"They transferred the purchased shares somewhere else?"
Park Jin-hyung furrowed his brows.
"Yes. By moving the acquired shares elsewhere, they can stay within legal limits while freeing up space to buy more."
"Unbelievable…"
Park Jin-hyung let out a stunned breath, his expression incredulous.
Chairman Park’s face grew even darker.
It was now painfully clear that this had been a meticulously calculated and well-orchestrated attack from the beginning.
"Once you hear where they’ve been transferring those shares, you’ll understand why I’m certain that Donghae Group is behind this."
Chairman Park, barely suppressing his anger, asked in a strained voice.
"Where is it?"
"Baekje Industries."
"…!"
Chairman Park Tae-hong's eyes flashed fiercely as he ground his teeth.
"Baekje Industries... That’s Chairman Woo Yong-gap’s in-laws."
"That’s right. When pulling off something this big, there’s no safer place to entrust the shares than with family."
Even with just this circumstantial evidence, it was clear that Donghae Group was behind the scheme.
Chairman Park clenched his fists, his body trembling with anger.
"That bastard Woo! He’s always been a thorn in my side, and now he dares to pull something like this behind my back?"
He had seen Woo Yong-gap just days ago at a Federation of Korean Industries gathering.
The thought of Woo acting so nonchalantly while secretly plotting this betrayal made his blood boil.
"Hmph."
President Park Jin-hyung also let out a low grunt, his face contorted with fury.
Unlike the other two, however, Seok-won remained calm as he laid out a plan.
"What’s done is done. Instead of getting angry, we need to act fast before the situation worsens."
Suppressing his growing rage like a true leader, Chairman Park let out a long breath and turned to his second son.
"Hoo... Alright. What do you suggest we do?"
"It would have been better if we had taken precautions earlier, but now that a hostile takeover is already in motion, there’s only one way to counter it—we need to secure more shares than the opposition, no matter what it takes."
It wasn’t a particularly novel answer, but it was the most effective solution.
Chairman Park nodded heavily.
If he had heeded Seok-won's warnings and prioritized strengthening the company’s governance structure, they wouldn’t be in this situation. But there was no point in regretting the past now.
"The problem is that the Gangnam branch construction has drained most of the group’s available cash. If this turns into a battle over shares, I’m not sure we have the resources to fight back properly."
President Park Jin-hyung spoke with deep concern.
"Those bastards must have calculated all of that and struck now, at our weakest moment."
Chairman Park let out a derisive snort before his expression hardened.
"But that doesn’t mean we can just sit back and let these thieves rob us blind. Whether we take out loans or borrow in foreign currency, we must do whatever it takes to protect Mido Department Store."
Losing Mido meant the entire Daehung Group could collapse due to the complex web of shareholdings. No matter the cost, they had to defend their management rights.
President Park Jin-hyung understood the gravity of the situation and nodded in agreement.
It was obvious this would turn into a brutal game of chicken, with both sides suffering massive losses—but they couldn’t afford to back down.
Seok-won watched as his father and brother steeled their resolve before finally speaking up.
"First, we should mobilize all available cash to buy up department store shares. At the same time, we need to expose Donghae Group’s hostile takeover attempt through the media."
Chairman Park looked at him with a puzzled expression.
"You want to go public with this?"
President Park Jin-hyung furrowed his brows, clearly just as unconvinced.
"Wouldn’t that just cause the stock price to skyrocket, making it harder for us to buy the shares we need?"
"Exactly."
"Hmm?"
Seok-won flashed a sly smile and met their gazes.
"If it becomes difficult for us, it means the opposition will also have to buy shares at a much higher price. That would drain their financial reserves much faster, wouldn’t it?"
Chairman Park Tae-hong immediately grasped the idea and smacked his knee.
"Aha! Since we’re not fully prepared, you’re planning to shake them up and slow down their stock accumulation as much as possible!"
"Yes. At the same time, if we frame this as a hostile takeover attempt—especially one carried out in collusion with foreign entities—it’ll create a public outcry. That would put immense pressure on Donghae Group."
"You’re right. We’re not the only company with a low owner-family shareholding. Most conglomerate chairmen will see this as a serious threat."
Chairman Park’s eyes gleamed as he nodded in agreement.
If the hostile takeover of Mido Department Store succeeded, other major conglomerates could become vulnerable as well. This wasn’t just their fight—many other business leaders would have reason to intervene.
‘Even in my past life, I remember how Donghae Group's attempt to seize Daehung Group by using Peregrine Securities as a foreign front triggered strong backlash from the Federation of Korean Industries and other conglomerates.’
As a result, Donghae Group was condemned as a traitor, ostracized by the business community. With support from other chaebol groups, Daehung Group had managed to defend Mido Department Store.
‘Of course, that brutal stock battle left both Daehung and Donghae Group so weakened that neither survived the IMF crisis. They were shattered into pieces.’
In the aftermath, the best-performing subsidiaries of the two collapsed groups were snatched up by rival conglomerates. It was a disaster that ultimately benefited their competitors.
Just then, President Park Jin-hyung voiced the most pressing concern.
"Even so, at the end of the day, we need more shares than the opposition to win this fight. Right now, we only control 19.6%—that’s what worries me."
"Hmm. That is a problem."
Chairman Park let out a heavy sigh. He was well aware that the group had little available cash.
It was one thing to say they needed to secure funds—but actually coming up with the money was an entirely different challenge.
As both were wrestled with their predicament, Seok-won calmly interjected.
"It’s not 19.6%. It’s 28%."
"What do you mean?"
A slow smirk crept across Seok-won’s lips.
"Anticipating something like this, I set up a paper company in Hong Kong and secretly acquired 5% of Mido Department Store’s shares. On top of that, I noticed suspicious movements early on and began accumulating shares myself over the past few months. I now hold 3.4% personally."
Chairman Park’s face lit up with surprise and delight.
"Are you serious?"
"Yes. That means we hold a total of 28% of the shares."
At those words, President Park Jin-hyung’s expression brightened noticeably.
"In that case, we have a real fighting chance."
The atmosphere, which had been heavy with uncertainty, was now charged with hope.
Chairman Park Tae-hong gazed at Seok-won with admiration, a proud smile forming on his lips.
"You little rascal. To think you had the foresight to prepare for this in secret... You’re sharper than I am."
Nodding repeatedly in approval, Chairman Park’s expression suddenly hardened, his eyes flashing with determination.
"That bastard Woo thinks he can take me lightly. It’s time we make sure no one ever dares to challenge our group again."
Without hesitation, he stretched out his hand and pressed the intercom button on the side table.
[Yes, Chairman. How can I assist you?]
"Summon Chief Secretary Gil and all the executives immediately."
His voice was cold and commanding, leaving no room for argument.
[Understood, sir.]
As he clasped his hands together, he looked at his two sons, who sat on either side of him, with unwavering confidence.
"You two stay here until the executives arrive."
"Yes, Father."
"Of course."
This was no longer just a family matter—it was a battle that the entire group had to fight together.
And Chairman Park Tae-hong had made up his mind.
Woo Yong-gap, the man who had orchestrated this scheme from the shadows, would pay the price.
