God of Corporate Hunting - Chapter 229



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◈ Episode 229 MZ Securities (3)

Nam Yun-myeong made a meeting with Ms. Joo Do-hee of the Bukseong Group.

The location is a hotel cafe in Gangnam. I sat at a table by the window with a view of the forest of buildings in the distance.

Joo Do-hee, who is over 70 years old, looks much younger than her age. It is unclear whether it is due to the power of modern medicine or good care.

Today too, Hyun Aram was accompanying Joo Do-hee.

Since it was afternoon, we had coffee instead of a meal. We weren’t close enough to have a meal together.

This was the first time we met after meeting Hyun A-ram and Hyun A-sol just before the extraordinary general meeting of shareholders of Bukseong Construction and explaining the general situation.

“I wanted to meet you anyway.”

Joo Do-hee spoke calmly while drinking coffee elegantly.

He may have heard from Hyun Aram that it was okay, but he had lost the civil war in the Bukseong Group anyway. It was obvious that he would want to hear Nam Woon Myung’s explanation because he thought things had changed from his original intention.

“I missed you too.”

“Haha, really? Do you see Asol often?”

“I’ve been traveling abroad on business trips lately, so it’s been hard for me to find time. However, I’m not particularly close to Hyun Ah-sol.”

This time I hit the nail on the head again.

“I know. Fate is something that comes and goes.”

After finishing the small talk, Joo Do-hee asked.

“We lost at the Bukseong Construction temporary shareholders’ meeting. Does that matter? Of course, I didn’t expect to win either. Chairman Hyeon-seop has been planting considerable influence.”

“It can’t be that easy for the North Star Group. If it ends in one go, wouldn’t the lady be even more disappointed?”

“I heard you said that to Aram and Asol too… Do you have another strategy?”

Compared to when he first fought against Bukseong, Namunmyeong’s power has grown beyond recognition. Now, the assets managed by Mega Asset Management and Goryeo Asset Management have grown to the point where they can wage an all-out war against Bukseong. In fact, he had been waiting for this moment to come.

“First, I apologize for the defeat at the Bukseong Construction temporary shareholders’ meeting. It was because I couldn’t tell you the plan in advance. However, I think the defeat was somewhat intentional, so the damage was minimal. More importantly, the defeat was not the end, but the beginning.”

“I don’t quite understand what you’re saying. Now that Jae-seop has ascended to the position of chairman, won’t his power become even stronger in the future?”

“It will become stronger over time, but not right away. This time, you were bleeding quite a bit while buying up Bukseong Construction stocks. On the other hand, our side is bleeding less. Do you still have Bukseong Construction stocks?”

“yes.”

“Chairman Hyun-seop Hyun still holds on to it. Chairman Hyun-seop scraped together the stocks without any money. He used the stocks as collateral, sold some of the affiliates’ stocks, or transferred them to a private equity fund to buy Bukseong Construction. Of course, it’s not free. He has to keep paying interest… Since he entrusted it to a private equity fund, he has to buy it back within 5 years since his power is weakened.”

“Is this a move within the plan?”

“If we, the opposing camp, liquidate our stocks, Chairman Hyun-Seop Hyun will also liquidate his stocks, and the situation will naturally resolve itself. But what will happen if we do not liquidate our stocks?”

“ah!”

Joo Do-hee also seemed to understand. Hyun A-ram had already realized it.

Now it’s time to see how far they will go together.

“We need to prepare for a second attack. Let me ask you this. Are you okay with the North Star Group being broken up?”

Although Hyun-Seop is the chairman of Bukseong Group, the two are not the same. To Joo-Hee Joo, Bukseong Group is the great legacy of her husband, the late Chairman Hyun Man-Heum.

When we met before, I was busy telling her the reason for Chairman Hyun Man-heum’s death, so I couldn’t gauge her attachment to the Bukseong Group.

Although Hyun A-ram and Hyun Jae-eun said that they didn’t care if the Bukseong Group broke up, they are actually outsiders and not the ones who took the lead in the Bukseong Group.

Joo Do-hee’s thoughts may be different.

Joo Do-hee sighed, as if it was a difficult question.

“I wish the Bukseong Group was whole… but I would rather it be broken than be whole in Jaeseop’s hands. It breaks my heart to see his legacy disappear, but I have no intention of forgiving Jaeseop.”

It seemed like he had a will not to leave alone Hyeonjae-seop, who killed Hyeon Man-heum.

Nam Woon-myeong turned his gaze to Hyeon A-ram.

“Me too. My aunt thinks the same.”

Fortunately, no one on this side has changed their mind yet, despite the last defeat.

Nam Yun-myeong understood that feeling.

“Imagine what would happen if the Bukseong Group were to break up. The current major shareholder family… will remain major shareholders in the future. However, it would be different from now. Currently, Bukseong Machinery and Bukseong Foods are affiliates that carry the name Bukseong, but in reality, they are not affiliates that receive orders from the chairman, right?”

“Are you talking about a professional management system?”

“Yes. It is rare in our country, but it is a common method in other countries. Of course, I am not saying that a professional management system is better than a family-run system. They both have clear advantages and disadvantages. However, when the major shareholder is incapable of managing, a professional management system is the way to protect the company.”

Looking at it another way, this remark was also a very rude remark. It was the same as pointing out that the current owner family of Bukseong did not have that ability.

If he had to pick the most suitable person among the current family members to become the next chairman of the Bukseong Group, he would choose Hyun A-ram without hesitation. Among them, she is the most rational, and she is moderately greedy and motivated.

At least he is not a great person like Hyun Chang-min or Hyun Ah-sol who would ruin the group. Also, he is not someone who manages the group by just watching the situation like Hyun Chang-yoon.

But Hyun A-ram has a fatal weakness: Bae Joo-kwang.

Given Bae Joo-kwang’s personality, it was obvious that he would interfere the moment Hyun A-ram took control of the Bukseong Group. And he would destroy it right away, just like his own company.

In conclusion, there is no one suitable within the current owner’s family.

Of course, even if there was a suitable person, the Bukseong Group would have decided to disband unconditionally because they were his enemies.

Maybe it was because of her age. Joo Do-hee wasn’t very greedy. She nodded quietly. It meant that she would accept the professional management system.

“There’s nothing I can do.”

Hyun Aram was the same. She may be greedy, but she is not yet confident that she can take over the group, so she is accepting it as a second choice.

At least, it seems like they think it’s better than the current Seop or Changyoon Hyun regime.

“Then I will tell you about the fight that will unfold.”

Nam Yun-myeong partially solved the plan he had been struggling with for a while.

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Up until now, the purpose was to weaken Hyun Jae-seop’s power, especially his financial power, but from now on, the plan is to cut off the affiliates one by one and ultimately drive Hyun Jae-seop out.

“The core is Bukseong Life Insurance. Bukseong Life Insurance is the company with the largest share of affiliates within the group. Although it is a financial company, its voting rights are limited. The most important thing is that Bukseong Life Insurance’s largest shareholder is Bukseong Cultural Foundation, and Bukseong Cultural Foundation is in the hands of Ms. Joo.”

During the first civil war, Bukseong Life Insurance did not participate in the war. It was to be used during the second civil war.

“Hmm, I see.”

Joo Do-hee also easily understood Nam Woon-myung’s explanation because she had been listening to him for decades.

“Please transfer some of the affiliated companies’ shares held by Bukseong Life Insurance to Mega Asset Management and Korea Asset Management. At market price.”

When shares are transferred, the rights to exercise voting rights that were restricted are naturally lifted.

“Okay.”

“Who is the current president of Bukseong Life Insurance? Is he the person who worked under Chairman Hyeon-Seop?”

“After President Kim I-geun left, Jae-seop made the appointment.”

I’m in trouble.

If it were the current owner, he would immediately report the plan to transfer shares. There is also concern that he may refuse to transfer shares at all.

“But people’s opinions aren’t bad. I know him well because he was a person who received favors from Chairman Hyun Man-heum.”

That was fortunate. Can we roughly understand him as a moderate figure?

“I guess I should meet that person first.”

Nam Un-myeong’s sword, which was trying to dismantle the Bukseong Group, went in an inch deeper.

* * *

The current president of Bukseong Life Insurance is an insurance veteran who has worked at Shin-O-Guk and Bukseong Life Insurance for 20 years.

Although he was not a charismatic figure like the previous CEO, Kim Lee-geun, he was a practical person who worked his way up from the bottom.

You could say he’s the type that quietly builds up his inner strength.

Although Hyeon Jae-seop was appointed after President Kim I-geun resigned, it can be seen that he followed Chairman Hyeon Man-heum’s wishes at the time, as Chairman Hyeon Man-heum was still alive.

That’s why I didn’t think Nam Woon-myeong was on Hyeonjae-seop’s side.

Even if it was someone from Hyeonjae Seop’s side, it wouldn’t matter. At that time, you could have used a different method.

The person who will naturally act as a bridge between the Shin-O-Guk President and C&C Life Insurance President Kim I-Geun is the one. The two have been eating from the same pot for at least ten years, so there is no awkwardness.

Kim I-geun incited Shin O-guk to have dinner with him, and when the meal was over, Nam Woon-myeong appeared.

“This is Nam Un-myeong of Mega Asset Management.”

The moment he introduced himself, Shin-O-Koku’s attention was immediately drawn to him.

Bukseong Life Insurance is also a financial company in name. Naturally, it could not have been unaware of Mega Asset Management, which has recently become famous.

In particular, the acquisition of CSK became a hot topic in the financial world, and since Mega Asset Management is always involved in the Korea Asset Management consortium, it became famous along with it. Recently, there have even been rumors that it has incited internal strife within the group.

“I guess you are close with CEO Yoon Se-bin.”

“Yes, because we are business partners.”

Here again, Yoon Se-bin’s reputation was confirmed.

“Does CSK also have a stake in Mega Asset Management?”

“Of course. Mega Asset Management has also participated in projects promoted by Korea Asset Management.”

“What is the relationship between Mega Asset Management and Mega Partners?”

As if they were curious, many questions poured out.

It wasn’t a bad start, because it allowed us to naturally show off our strengths.

After answering various questions, Nam Woon-myeong also asked a question.

“How is Bukseong Life these days?”

“It’s being run pretty well. Although the growth rate is much lower than that of C&C Life.”

“Hehe, you guy! C&C Life is a hole-in-the-wall store compared to Bukseong Life.”

Kim I-geun smiled and intervened.

Nam Yun-myeong began to ask planned questions.

“Who is the largest shareholder of Bukseong Life Insurance?”

“Well… it’s Chairman Hyeonjae Seop. Why… Ah! Legally, it’s the Bukseong Cultural Foundation.”

Shin O-guk, who had been answering absentmindedly, frowned slightly.

“I would like to ask if it is Chairman Hyeon-Seop Hyeon or Ms. Joo-Hee Joo.”

“That doesn’t really mean anything… Ah! Is it because of Bukseong Construction?”

The civil war within the owner’s family surrounding Bukseong Construction was seen as a one-time incident from the outside, but it was a fairly big incident internally. This was because the younger brother and his son dared to rebel over the next CEO.

The heads of each affiliate were busy keeping an eye on the owner’s family. If they stood in the wrong line at a time like this, they would be kicked out.

They outwardly bowed their heads to Hyunseop, but they were always listening to the other side. Shin-O-Kuk was in a similar situation.

“You can think of me as Ms. Joo Do-hee’s representative today. She wants to know which line you belong to. Her line or her son, the chairman’s line.”

Shin-O-Guk let out a soft groan and closed his eyes.

Perhaps it was because an important, unexpected choice was right in front of him. However, he seemed to have prepared for it, so he didn’t seem too flustered.

From then on, Kim Yi-geun also noticed the meaning of today’s event. Kim Yi-geun watched the conversation between Nam Woon-myung and Shin O-guk with an excited expression.

Soon, Shin-O-Kuk opened his eyes wide.

“I am not on any line. I am just for the future of Bukseong Life.”

Is this correct?

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