God of Corporate Hunting - Chapter 200



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◈ Episode 200: Setting a trap (4)

Bukseong AF Tech had its factory located on the outskirts of the metropolitan area.

It’s already been over 10 years since we started our business here, back in the days of AF Tech.

As a specialized manufacturer of secondary battery components, we develop and produce various industrial materials and components, including secondary batteries, cathode active materials, precursors, NCA, NCM chemical filter catalysts, and SCR.

In particular, with secondary batteries receiving attention recently, it has emerged as a promising company.

It is now a major subsidiary of the Bukseong Group. Since most of its sales come from Bukseong Chemical Energy, the general public also recognizes it as a factory belonging to Bukseong Chemical Energy.

Managing Director Kim Young-dal recalled his memories while walking through the flower garden in front of the main building.

It was only a small flower garden of about 20 pyeong next to the building, but he watered it and tended to it every day. This was the flower garden that Nam Yoon-hyung, the former president and founder of the company, had cherished and cared for almost ten years ago.

“It’s already been ten years…….”

President Nam Yoon-hyung collapsed from overwork and never got up from his sickbed. It was a tragedy for AF Tech, which was rapidly expanding.

And after some time, AF Tech was incorporated into the Bukseong Group, and now the company has grown to an incomparable size compared to then.

Kim Young-dal’s face was filled with regret.

“You’re leaving without seeing this wonderful world.”

Every time I look at this garden, I think of our founder, CEO Nam Yoon-hyung.

When CEO Nam Yoon-hyung died, the issue of bullying in large corporations came to the forefront, but quickly died down. As a result, AF Tech employees who had become employees of large corporations in an instant also quickly began to quell their complaints.

People are quick to criticize their own losses, but generous to their own gains.

Kim Young-dal was the same. At first, he was saddened by the death of CEO Nam Yoon-hyung, but at some point he became indifferent. Now, he consoles himself with the thought that it was the founder’s intention for Bukseong AF Tech to continue operating steadily.

Of the people who were executives at AF Tech at that time, he was now almost the only one left. In fact, after ten years, the remnants of AF Tech were erased, and only Bukseong AF Tech remained.

He was the only one who remembered those days.

“You, are you going to see flowers again? Why don’t you set up a flower garden?”

At the harsh voice, Kim Young-dal quickly straightened his back and turned around.

President Park Chi-guk.

He is the president who took office here three years ago from Bukseong Chemical Energy. He is not a powerful figure in the Bukseong Group, but he is a key figure.

Although the problem is that he pushes his employees too hard for their own advancement, the company is growing thanks to him.

“Sir, are you here?”

Kim Young-dal bent his waist at a right angle. There was no one who didn’t know that the president liked this kind of greeting. So when the president passed by, everyone around him bent their waists at a right angle as if it were a royal procession.

“Do you have time to do this now? Didn’t you say that an important person was visiting today?”

“All materials have been prepared.”

“Since we’ve even called a temporary board meeting… shouldn’t we check again to see if there are any problems?”

“sorry.”

Kim Young-dal bent over again at the scolding that was being spoken to him in an informal tone.

“Director Kim! How’s the supplier coordination going?”

“That, that…….”

“Change it quickly. You should know how scary a difference of 1 won in the delivery price is.”

Recently, Kim Young-dal clashed with President Park Chi-guk over the selection of a material supplier. President Park Chi-guk made suppliers compete with each other to increase net profit. This time, a new company with the lowest price was selected over an existing company.

“If we replace it, the existing company will go bankrupt immediately. There is still a difference in quality.”

“Your excessive mercy will harm the company. Then why don’t you just supply it at a cheaper price?”

“Don’t you know very well that that can’t be done? We need to guarantee profits and continued stability to our suppliers.”

“Director Kim! Then what are we going to do? Bukseong Chemical Energy is squeezing us. Stop complaining and change the delivery line.”

Kim Young-dal sighed.

At times like this, words just didn’t make sense.

Park Chi-guk’s voice grew louder as he felt that the president’s reputation had been hurt.

“Do you want to cut the existing company? Or should I cut you?”

Kim Young-dal shrugged his shoulders, unable to refute.

“Hey! Hurry up and have all the employees mobilize to the front gate. Shouldn’t we be welcoming the high-ranking official?”

Abu Hana is a thorough boss.

Kim Young-dal gathered key executives and staff members under the president’s orders.

As they lined up in front of the main gate, a jaw-dropping foreign luxury car drove in.

A man and a woman got out of the Bentley. Kim Young-dal felt bad at the sight of the two young men and women. He thought that they were guys who lived comfortably thanks to their parents.

The man and woman who got out of the car frowned slightly when they saw the line of employees.

The two people were Nam Woon-myeong and Yun Se-bin.

President Park Chi-guk made a fuss.

“Are you here? Come in.”

As President Park Chi-guk and Yoon Se-bin walked away, Nam Woon-myung stopped in his tracks and looked around.

The basic structure of the company has not changed from before. It was a long time ago, but it was still vivid in my memory.

In fact, he never forgot his father’s legacy, AF Tech.

Even now, when I look at the flower garden in front of the main building, I feel like I see the shadow of my father walking there and watering the plants.

Nam Woon-myung barely managed to calm down the emotions welling up from the depths of his heart.

People may have changed, but other things remain the same.

Yoon Se-bin, who was walking ahead, looked back at him.

Nam Yun-myeong realized that everyone’s eyes were on him and started walking again.

There are seven executives and employees gathered in the conference room, including the CEO. They are the board of directors of Bukseong AF Tech.

While Yoon Se-bin was introducing himself as the representative, Nam Un-myeong stayed by his side.

“I am Yoon Se-bin, the CEO of Korea Asset Management, a private equity fund management company. Recently, there has been a change in the stake of Bukseong AF Tech.”

The directors were in an uproar. They couldn’t hide their agitated expressions, thinking that the rumors they had heard were true.

“Previously, the owner’s family including Hyun Chang-min owned 30%, Bukseong Chemical Energy owned 20%, Korea Asset Management owned 20%, Mega Partners owned 20%, and others owned 10%. Do you understand that?”

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Previously, the directors had heard that they were transferring 40% of their shares to two private equity funds for strategic reasons. However, they did not raise an issue. After all, the stake in the Bukseong Group was 50%. It was known that they had only temporarily entrusted the shares to the private equity firm.

“This time, Mega Asset Management acquired the 30% stake of the owner’s family and the 20% stake of Mega Partners, making Mega Asset Management the largest shareholder with a 50% stake.”

The faces of the directors darkened. Private equity funds do not manage companies consistently. They raise the value appropriately and then sell it to others.

“Does that stake include a call option for the North Star Group?”

“Of course. I still have a 20% stake in Bukseong Chemical Energy.”

The directors’ expressions of relief were evident. If there is a call option attached, it can be assumed that Bukseong plans to acquire it again later.

Of course, Nam Yun-myeong assured that Bukseong would never exercise its call option, because Bukseong would soon collapse.

“So today, for the first time, Korea Asset Management and Mega Asset Management came to check on Bukseong AF Tech. We hold a total of 70% of Bukseong AF Tech shares, and we will clearly exercise that sovereignty going forward.”

Yoon Se-bin announced a major reorganization of the board of directors.

The atmosphere in the room became quiet again.

President Park Chi-guk said, rubbing his hands together.

“I have prepared all the materials including recent major business and accounting data, and the company’s long-term plans. Shall I give you a brief briefing?”

“No, it’s okay.”

Yoon Se-bin waved his hand.

Nam Yun-myeong received the prepared materials and examined them.

Most of it was guessed or known. It was true that Bukseong AF Tech had grown significantly after becoming a subsidiary of Bukseong Chemical Energy. Since they had planned to go public by exaggerating like Bukseong Polymer, the sales they had pushed were very high. Also, the technology had developed as much as they had invested.

Nam Woon-myung checked the members of the board of directors. Most of them, from the president to the directors, were from the Bukseong Group, so he didn’t know anyone. No, he thought there weren’t any.

One person stood out.

I don’t remember his name, but he was a person who assisted my father. He was the closest person who took care of him when he came to visit the factory when he was young.

The faint memory that came to mind sent gentle ripples through Nam Woon-myung’s heart.

Looking back, it was the same old man. I was so happy to see my old self.

Nam Woon-myung pushed aside the documents he had been looking through and spoke.

“Now, if you have any suggestions, please let me know.”

Gave the directors a voice.

A general and extremely ordinary request was made. It was a request to pay attention to the private equity fund. It was the limit that those who thought it was a subsidiary of the Bukseong Group expected. It meant that they would stick to the same management policy as before.

Soon it was the old man’s turn.

“This is Managing Director Kim Young-dal. We have been working hard to meet our net profit target recently. We also know that a large net profit will lead to a higher valuation of the company when it goes public. However, because of this, suppliers are having a hard time. In particular, the principle of selecting the lowest-price supplier has many side effects…….”

“Director Kim!”

Park Chi-guk cut him off abruptly.

“yes?”

“What are you doing? In front of the guests!”

“I just…….”

Nam Yun-myeong intervened decisively.

“What is your name?”

“This is Executive Director Kim Young-dal.”

“Please continue. Have you encountered any problems in selecting suppliers?”

Park Chi-guk furrowed his eyebrows and secretly warned.

Kim Young-dal looked around and then stuttered as he spoke.

“There is a company that supplies secondary battery cathode active materials. It is a company that has been supplying consistently for the past three years, but the unit price went up when the equipment was replaced recently. As a result, they lost out in the low-price competition. The quality has improved compared to before, but…….”

“Can I see the data from those two companies?”

Park Chi-guk waved his hand as if he was embarrassed.

“There is no need to investigate the supplier…….”

“Just give it to me first.”

As Nam Woon-myung came out strong, Park Chi-guk reluctantly gave instructions.

We compared the documents of the two companies. There was no significant difference, but the quality improved and the unit price increased as the existing company replaced its equipment.

Nam Woon-myeong checked the faces of the presidents of the two companies.

“Let’s go with the existing company.”

“Director Nam, even though you are a major shareholder, isn’t it difficult for you to get involved in such matters?”

“So?”

“You must follow the will of the North Star, right?”

President Park Chi-guk smiled slyly and protested, as if he thought his reputation had been lost.

Nam Woon-myeong examined President Park Chi-guk’s face.

Since I had confirmed the fate of the board before coming, it was enough to just check.

Park Chi-guk was loyal to the Bukseong Group, so he had to be fired anyway. Also, the reason for changing the company was obvious. The newly selected supplier was run by his relative.

There is no way fair competition can take place in the supply price competition because there is an internal spy. Existing companies that trusted the supply and improved their facilities were struck by lightning.

‘It was like this in the old AF tech too.’

I thought of my father, who was driven into bankruptcy because Bukseong Chemical Energy changed its mind in an instant. The pain from that time was still being passed on to other companies.

Nam Woon-myung, who had been laughing, made a shocking declaration.

“From this moment on, I hereby remove President Park Chi-guk from his position as CEO.”

“No! What the heck! Do you know who I am?”

Park Chi-guk, astonished, jumped up and cursed.

“Are you going to just leave?”

“Hey! Who are you? Even the owner of the Bukseong Group wouldn’t dare cut me! With just one phone call, you…….”

Park Chi-guk picked up his cell phone.

Just as I was about to press the call button, the office door burst open.

“Mr. Destiny? What if you go alone?”

It was HyunA Sol.

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