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CH96 | GSI
🕑 Added 2025-02-02 03:40:01 +0000 UTCNext Day,
Hannam-dong.
[As of today, the death toll from the Seongsu Bridge collapse has risen to 12, while 14 injured individuals are currently receiving treatment at three nearby hospitals.
The Blue House has instructed local governments to conduct an urgent safety inspection of ageing bridges and other hazardous structures, ensuring thorough maintenance and repairs.
In response, each city and province has been ordered to inspect the safety and management conditions of not only ageing bridges but also overpasses, pedestrian bridges, and large structures such as old apartment buildings that may pose a risk. These inspections must be completed under the responsibility of the provincial governors by the 20th of next month.
The government has announced that facilities deemed dangerous based on the inspections will be prioritized for maintenance and repairs...]
It was Saturday, and Chairman Park, who had come home early, clicked his tongue in disapproval as he watched the news from the sofa in the living room.
"Tsk tsk. This is a classic case of closing the barn door after the horse has bolted. What’s the point of taking action only after a bridge collapses and people die or get injured?"
Sitting on the sofa to his left, Mrs. Jo Deok-rye handed her husband a fork with a peeled apple slice on it and spoke with sympathy.
"I know, right? It’s not like lightning struck out of nowhere. What a terrible tragedy."
Across from them, Seok-won, dressed casually, also had a troubled expression.
"Since the accident happened during rush hour, I heard companies and schools spent all of yesterday scrambling to confirm whether any of their employees or students were among the victims."
"Of course. Imagine sending someone off in the morning with a smile, only to have something like this happen. Everyone must have been terrified."
Mrs Jo shook her head, clearly distressed by the thought, and then turned to her husband.
"Were there any victims from your company?"
"It doesn’t seem so."
"That’s a relief, though I feel sorry for the families of those who were affected."
Chairman Park nodded heavily.
Noticing the mood, Seok-won cautiously brought up a suggestion.
"Speaking of which, what do you think about providing aid to the victims as a group initiative?"
Taking a bite of the apple, Chairman Park replied,
"I was already planning to donate 100 million won on Monday as relief funds."
"Are you donating it to the Seoul city government?"
When Seok-won asked, Chairman Park nodded.
"Seoul will be handling the recovery efforts and victim support, so that seems like the most appropriate course of action."
"That’s a good idea, but instead of just donating money, wouldn’t it be better if we also provided direct assistance to the victims?"
"The city government will handle things properly. There’s no need for us to get involved unnecessarily."
Seok-won leaned forward, trying to persuade his father who remained indifferent.
"The Seoul city government will do its best, but since it’s a government agency with many responsibilities, there will inevitably be aspects they overlook. Even if they want to help, bureaucratic procedures and regulations might limit their ability. That’s where we can step in to fill the gaps."
However, Chairman Park’s expression suggested he wasn’t convinced that such extra efforts were necessary.
"The government and insurance companies will provide compensation based on the extent of the damage, but that’s the end of it. The victims, on the other hand, will have to live with the trauma of this accident for the rest of their lives. They’ll need ongoing support."
"That’s true. If I went through something like this, I’d never be able to forget it."
Mrs. Jo Deok-rye, who had been listening, nodded in agreement and took her son’s side.
Leaning back against the sofa, Chairman Park began nodding as well, now taking the conversation more seriously.
"So rather than just providing one-time aid, I think we should offer long-term support—perhaps by providing living expenses to the victims’ families for a certain period or by setting up scholarships. That way, they can recover from this painful experience and return to their normal lives as soon as possible."
"I understand what you’re saying, but beyond the financial burden, we would also need a dedicated team to manage everything."
Chairman Park, who had previously shown a trace of sympathy, now shifted to a more pragmatic stance as he pointed out the logistical challenges.
"Of course, this tragedy is unfortunate, but our company isn’t directly involved. I don’t see why we should go to such lengths."
His words sounded a bit cold, but they weren’t wrong. In fact, Seok-won’s proposal could easily be seen as unnecessary meddling.
Still, Seok-won looked at his father with a serious expression and said,
"Why don’t we take this opportunity to establish and operate a public foundation for our group?"
"A public foundation?"
"Yes."
Seeing Chairman Park's puzzled expression at the sudden suggestion, Seok-won continued speaking.
"Now that our group has grown large enough to rank among the top 30 business conglomerates, I believe it’s time we start focusing on profit redistribution and social contributions."
"……"
"Moreover, since our core subsidiaries, such as department stores and convenience stores, interact directly with consumers, corporate image management is more important than ever. We need to pay attention to these aspects."
Even so, Chairman Park remained lukewarm, sitting with his arms crossed.
At the time, it was natural for business leaders to prioritize growth over corporate social responsibility.
However, Seok-won’s suggestion wasn’t purely driven by philanthropy.
"Not only would this enhance our corporate image, but it would also play a crucial role in strengthening and maintaining management control."
This caught Chairman Park’s attention. He had already been contemplating how to pass the group down to his two sons, so his thick eyebrows lifted slightly in interest.
"Are you saying this can be used as a tool to solidify management control?"
"Yes."
Anticipating this reaction, Seok-won smiled inwardly and proceeded to explain in detail.
"As you know, funds allocated to public foundations are generally exempt from inheritance and gift taxes."
"……!"
"In other words, as long as we secure control over the foundation’s management, we can maintain a firm grip on the group’s shares held by the foundation—without paying additional taxes."
Chairman Park’s eyes gleamed. He straightened his posture and asked for confirmation.
"So, by placing company shares under a public foundation, we can secure management control without tax concerns?"
"Yes. On top of that, it would help build a positive image by demonstrating our commitment to social contribution."
Even if they successfully fended off the imminent hostile M&A, that alone wouldn’t solve everything.
'After all, the fundamental reason we’re vulnerable to attacks is that our family’s shareholding percentage is too low.'
Unless that core issue was resolved, similar threats could arise at any time.
'If I were the one taking over the group, I could simply buy up a majority stake in the market and end the problem right there.'
However, the group rightfully belonged to his older brother, and Seok-won had no particular ambition to claim it for himself.
If he got too involved, people might suspect he had ulterior motives.
After much contemplation, he devised a plan—leveraging a public foundation as an indirect means to maintain and strengthen control over the group.
'It may be a loophole, but it’s better than aggressively defending management rights and later being accused of embezzlement or breach of trust.'
In fact, in the previous timeline before his regression, even after the group had gone bankrupt, Chairman Park had suffered significant trouble because of this issue.
Setting up a public foundation with such intentions did give him some pause.
However, he rationalized it by telling himself that as long as the foundation wasn’t just a front for maintaining control, but also actively engaged in meaningful public service, the benefits would outweigh any ethical concerns.
After stroking his chin in deep thought for a while, Chairman Park straightened his posture and said,
"Prepare a detailed plan on how this will be implemented."
"Yes, sir."
***
After wrapping up an executive meeting, Manager Kim Deuk-han returned to his private office. As he took off his jacket and hung it on the coat rack, he heard a knock from behind.
"Come in."
The door opened, revealing Yang Young-mo, his face expressionless.
Kim Deuk-han’s expression briefly stiffened at the sight of him, but he quickly regained his composure and sat down as if nothing was wrong.
"Ahem."
Clearing his throat, Kim Deuk-han glanced at Yang Young-mo, who had stepped forward and was now standing in front of his desk.
"What brings you here?"
Without a word, Yang Young-mo placed a sheet of paper on the desk, his expression heavy.
"I’ve written a new article."
Kim Deuk-han felt uneasy facing Yang Young-mo, still troubled by the fact that he had discarded the article that had previously warned of structural risks before the collapse of Seongsu Bridge.
Because of this, despite Yang Young-mo’s curt demeanour, Kim Deuk-han remained silent, merely smacking his lips as he picked up the document in front of him.
Scanning through the article, his expression quickly hardened.
He lifted his gaze toward Yang Young-mo, who stood before him.
"You're saying that due to shoddy construction and poor maintenance, Sampoong Department Store in Gangnam is at risk of collapsing?"
Meeting his gaze, Yang Young-mo responded calmly.
"As stated in the article, Sampoong Department Store was initially approved and designed as a shopping complex for nearby apartment residents. However, midway through construction, the developer changed their mind, converted it into a department store, and even added an extra floor—turning what was originally a four-story structure into a five-story building."
"Modifying the purpose of a building or adding floors during construction isn’t common, but it’s not unheard of either."
"That’s true."
Yang Young-mo’s expression grew more serious as he continued.
"The problem is that the original construction company refused to proceed with the expansion, citing structural risks."
"…!"
"In response, the Sampoong management terminated their contract and hired another construction company to push forward with the expansion. And throughout this process, there were no expert evaluations or structural safety inspections whatsoever."
"Hmm."
Kim Deuk-han let out a low sigh. It was a textbook case of faulty construction.
Moreover, the timing made the situation feel even more severe—it had only been days since the Seongsu Bridge collapse had shaken the entire nation.
"What’s even more alarming is that the department store is bearing a load far exceeding its originally designed capacity."
Given that excessive weight load had been a key factor in the Seongsu Bridge collapse, Kim Deuk-han’s face stiffened.
"Initially, the fifth floor was supposed to house a roller-skating rink, which would have been relatively lightweight. However, since that didn’t align with the department store’s upscale image, the plan was scrapped, and a food court was installed instead."
"That’s right. I often take my family there, and the entire fifth floor is filled with various restaurants."
Kim Deuk-han, who lived in Gangnam, responded knowingly.
"Because of that, the additional weight load has increased by over 2,000 tons compared to when it was initially planned as a roller-skating rink."
Yang Young-mo spoke while observing Kim Deuk-han’s increasingly serious expression.
"To put it into perspective, that’s the equivalent of 2,400 cars crammed onto the fifth floor."
"……."
"Given that the structure was already weakened due to poor construction, adding this much weight makes it a disaster waiting to happen. Frankly, it wouldn’t be surprising if it collapsed at any moment."
Under normal circumstances, Kim Deuk-han might have dismissed this as excessive speculation. However, after witnessing the collapse of Seongsu Bridge, he couldn’t afford to take it lightly.
"Are you going to cut this article too?"
Yang Young-mo fixed his sharp gaze on Kim Deuk-han as he asked.
Feeling the weight of his piercing stare, Kim Deuk-han opened his mouth as if to respond but, still burdened by past mistakes, let out a groan instead.
"Ugh… The information in the article—is it solid?"
"Absolutely. It’s been verified multiple times."
Kim Deuk-han carefully reread the article, then looked up again.
"Alright. Run it in tomorrow’s paper."
"Are you sure? I thought you were concerned about losing ad revenue."
"A major disaster has already happened. We can’t let something like that happen again. One mistake is enough."
Only after seeing the firm determination on Kim Deuk-han’s face did Yang Young-mo’s tense expression finally relax.
"Understood."
Comments
Jayant Suthar
Chairman Park is like many real-life tycoons who use philanthropy strategically to maintain power and protect their wealth. Examples include: Lee Kun-hee (Samsung) – Used corporate donations to boost Samsung’s image while securing family control. Shin Kyuk-ho (Lotte) – Built a business empire but used charitable foundations to strengthen family influence. Walton Family (Walmart) – Their philanthropy helps shape public policy while preserving their fortune. Carnegie & Rockefeller – Donated vast sums but also used their wealth to maintain influence and avoid scrutiny. Many rich people use foundations as both a social contribution and a tool to protect their interests—just like Chairman Park.
Rivo
MCs dad is so gross lol
