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CH192 | GSI
🕑 Added 2025-03-06 08:43:29 +0000 UTCAs the rain, which had been falling since dawn, grew heavier, Seok-won drove his cherished BMW 540i toward his company in Yeouido.
With the usual heavy morning traffic compounded by the rain, cars crawled along the congested road like turtles.
Seated in the driver’s seat, listening to a soft ballad, Seok-won lightly tapped the steering wheel and muttered as he observed the near standstill of traffic.
"It feels even more jammed because of the rain."
Glancing at the clock on the dashboard, he reached out, turned off the music, and switched on the radio.
[Now for the latest news.
The prosecution's investigation into former President Noh Gi-hoon's slush fund, estimated at over 400 billion won, is rapidly escalating, causing widespread turmoil.
Meanwhile, the stock market reacted sharply yesterday, at one point dropping more than 20 points.
Notably, Woo-young Bank—where a 30-billion-won slush fund account was discovered—as well as Donghae Group and ST Group, both connected to former President Noh through marriage, have been experiencing steep declines since the initial exposé on the 19th.
Donghae Oil hit its lower limit yesterday, while ST Group saw simultaneous drops across nine stocks from four subsidiaries.
Financial analysts report that the government and prosecution plan to conduct special tax audits and trace funds of companies and corporations involved in illicit transactions during President Noh’s tenure. Given that many of those implicated are among the country’s top 30 conglomerates, market sentiment has taken a significant hit.
In other news…]
The stock market, which had been rallying on optimism after reclaiming the four-digit index, collapsed as soon as the slush fund scandal broke.
"With all these conglomerate heads being summoned and lined up at the prosecution’s photo zone, it’d be stranger if the market didn’t react like this."
To make matters worse, concerns over Japan’s weak yen leading to a trade deficit, combined with an oversupply of semiconductors, were dragging the index down even further.
"With the slush fund investigation tightening, not only banks but even the private lending market in Myeong-dong will freeze up. Investors will become more cautious, and the stock market will shrink further."
At this rate, the slush fund scandal could end up wrecking the entire economy.
"Looking at it from that perspective, letting these conglomerate heads off with non-custodial indictments or suspended sentences and quietly sweeping the case under the rug might have been the only viable option."
Of course, that wasn’t the only reason. High-ranking politicians from both the ruling and opposition parties, including figures in the Blue House, were all directly or indirectly entangled in the scandal. An unspoken agreement had been reached to settle things quietly at a manageable level.
"Even Kim Jae-chun, the leader of the New Era National Assembly and the opposition candidate in the last presidential election, received 2 billion won as 'consolation money' after his defeat. That says it all."
As a result, the New Era National Assembly, which had been fiercely attacking the Blue House and the ruling party, now found itself in an awkward position.
"This isn't the kind of scandal that will die down easily. At the very least, the political landscape will remain chaotic for the rest of the year."
And with that, the stock market would likely remain weak, struggling to gain momentum.
For domestic securities firms that relied heavily on transaction fees for revenue, this was nothing short of a disaster.
Daeheung Securities was no exception. Just yesterday, CEO Ko Young-il had personally convened an emergency strategy meeting.
However, no amount of discussion could change the fundamental reality of the situation. Seok-won simply accepted it as it was.
"A bleak situation—but if played right, it could also be an excellent opportunity."
Just then, his phone rang. Seok-won picked it up from the passenger seat and answered.
[Boss, it's me.]
"Hold on a second."
He reached for his earphones, plugged them in, and put them on.
"Okay, go ahead."
[Were you in the middle of something?]
"I’m driving, but traffic is so bad we’re practically at a standstill. Go ahead."
[Understood. I just wanted to inform you that, as per your instructions, we’ve successfully established the investment corporation in Hong Kong.]
A smile played on Seok-won’s lips as he listened.
"Good work. So, when can we start investing?"
[There’s still a process left to register with the Korean financial authorities, so we can’t start immediately, but everything should be finalized in about a week.]
Estimating the timeline, Seok-won responded.
"Once everything is ready, discreetly start acquiring shares in a domestic company."
[Just tell me which company.]
"It’s called Donghae Oil & Fats, a food company with annual sales of approximately 290 billion won."
[290 billion won? Isn’t that a bit small for us to get involved with?]
Landon's voice was filled with doubt.
It was understandable—Seok-won typically handled multi-billion-dollar deals, so this venture seemed rather modest in comparison.
Suppressing his mild disappointment, Landon asked.
[Is this another case like Cisco—one of those hidden gems poised for a massive stock surge?]
"While Donghae Oil & Fats has strong cash flow, holding over half of Korea’s cooking oil market, its growth potential isn’t particularly high."
[Then I don’t see much appeal. Why are you interested?]
With his earphones still in, Seok-won flashed a subtle grin.
"Think of it as a Trojan horse strategy. It’s about securing a card that allows us to tighten our grip on the opposition whenever necessary."
As its name suggested, Donghae Oil & Fats started in the cooking oil industry before expanding into a comprehensive food company. More importantly, it was the parent company of Donghae Group, led by Chairman Woo Yong-gap.
"With its stock price currently crashing below fair value due to its involvement in a scandal tied to the former president, it’s the perfect opportunity for a bargain buy."
Landon didn’t fully grasp Seok-won’s intentions, but knowing his track record, he assumed there was a well-thought-out plan behind it.
[How much equity should we acquire?]
"The foreign investment cap is 15%, so secure as much as possible within that limit."
[Are you planning to take control of the company?]
Landon asked cautiously.
"Not immediately, but depending on the situation, that could be an option."
[Hmm… Understood.]
"There’s no need to rush the purchase. Manage the stock price carefully and spread the acquisitions out over the first half of next year, keeping the process as quiet as possible."
[Even if we proceed cautiously, acquiring a significant stake will inevitably raise suspicion. Wouldn’t it be better to establish a few additional shell companies and distribute the purchases?]
Seok-won nodded slightly.
"Not a bad idea. Let’s go with that plan."
[Understood. I’ll proceed accordingly and provide you with progress updates.]
"Good."
Seok-won ended the call and set his earphones down.
Raindrops streamed down the windshield with a steady tuk-tuk-tuk, while his eyes gleamed with a sharp intensity.
"There’s no rule saying you have to just stand there and defend when someone comes at you."
Even if Daehung Group managed to fend off Donghae Group’s hostile takeover attempt, the battle itself would inevitably come with significant losses.
In his previous life, Daehung Group had barely managed to retain control of Mido Department Store with help from the Federation of Korean Industries, but the aftermath had left the entire group shaken.
"And then, not long after, the IMF crisis struck, delivering a fatal blow that led to the group’s collapse."
They had fought so hard to protect their management rights, only to go bankrupt within a year—what a hollow victory that had been.
But this time, things would be different. With Seok-won actively involved, Daehung Group wouldn’t be pushed to the brink like before.
That said, no matter how well they fought, wounds were inevitable. And if the conflict dragged on too long, surviving the looming IMF crisis could become even more difficult.
So, after careful thought, Seok-won had devised a strategy: if Donghae Group made a move on Mido Department Store, he would retaliate immediately, striking them where it hurt.
"If they march into someone else’s house with greedy intentions, they’ll know how it feels to have their own home ransacked instead."
If Seok-won’s interference altered the course of history—perhaps deterring Donghae Group from attempting the hostile takeover, or forcing them to back off quickly—so be it.
In that case, he could simply sell off the Donghae Oil & Fats shares he had acquired at a bargain price, pocketing a hefty profit with no downside.
"But ideally, they’ll keep pushing forward until they regret ever setting their sights on Mido Department Store."
Seok-won muttered coldly to himself.
Just then, the traffic congestion finally began to clear. As the cars in front of him started moving, he lifted his foot off the brake and pressed the accelerator.
* * *
In Myeong-dong, at a high-end hair salon frequented by celebrities, Choi Bo-kyung, wife of Daehung Textile’s CEO Park Jin-hyung, stepped inside.
"Welcome!"
A staff member at the entrance immediately recognized her and greeted her with a bright smile.
"Is the director in?"
"Yes, please have a seat, and I’ll call them right away."
At her nod, an assistant emerged from the back and led her to her usual spot.
She had been coming here for years, and the seat by the window had practically become her reserved spot.
As she absentmindedly adjusted her hair while gazing into the large mirror in front of her, the salon director, a woman with gold-rimmed glasses, approached with a warm smile.
"Bo-kyung, you're here?"
"Hello."
Since they had been close ever since her days as an actress, Choi Bo-kyung greeted the salon director with a warm smile.
"I heard the news! You’ve been incredibly busy preparing for the Miss Korea pageant these days, haven’t you?"
"Oh my! Word has already spread that far?"
"You know how fast gossip travels in this industry. Congratulations on being appointed as a judge."
"Thank you! That’s why I always say, no one’s as thoughtful as you, Bo-kyung."
As they spoke, the director gently ran her fingers through Bo-kyung’s hair, checking its condition.
"Just a light trim today?"
"My hair feels a bit dry, so let’s do a treatment while we’re at it. I heard you brought back some great hair care products from the U.S. last time."
"Hoho, you remembered! Alright, let’s do that."
The director turned to the assistant waiting nearby.
"Prepare the shampoo, please."
"Yes, Director."
A short while later, after washing her hair, Bo-kyung returned to her seat.
The director carefully examined her hair before opening a nutrient-rich ampoule and applying it meticulously with a comb.
Normally, she would leave half the process to an assistant, but since Bo-kyung was a VIP, she handled everything herself.
"Just sit tight for 30 minutes."
After placing a transparent hair cap over Bo-kyung’s head, the director briefly stepped away.
An assistant swiftly approached and handed her a menu.
"Would you like something to drink while you wait?"
"I’ll have an iced coffee."
"Right away, ma’am."
Soon, a staff member returned with the iced coffee along with a magazine.
Knowing Bo-kyung’s preference for foreign fashion magazines, the assistant had brought her the English edition of Vogue US.
Bo-kyung sipped her coffee as she casually flipped through the pages.
She was in the middle of an article about Gucci’s recent successful fashion show when her eyes suddenly widened.
"Huh?"
Her gaze froze on a full-page spread featuring a photo of Seok-won in Florence—standing beside Kinsley.
Blinking in disbelief, Bo-kyung leaned in to examine the male model’s face more closely.
Even after looking twice, three times, she couldn’t be mistaken.
"Why is the Seok-won in this photo?"
Had he secretly changed careers without anyone knowing?
Bo-kyung’s expression turned serious as she debated whether she should inform her mother-in-law about this shocking discovery.
