He is Already a Tycoon at a Young Age! - Chapter 54



Only Noblemtl

#054

“If you say no, should we stop here?”

It was the president of Samjeong Life Insurance who was frowning at his father’s words.

“You don’t like that?”

“I can’t go against my father’s will just because I don’t want to.”

There was no one who did not know that everything that happened in the Samjung Group was produced according to the will of the Samjung Group Chairman.

“Come on, let’s compete.”

“Oh, is that true?”

“If you have the ability, will you be able to suppress that ability? But!”

The chairman of Samjeong Group glared at his second son.

“It’s fine to compete for the successor position, but don’t make a fool of the family. And don’t even think about competing with the youngest in the credit card business.”

Through these words, the president of Samjeong Life Insurance thought that Samjeong Department Store president Cho Hee-sun had tattled.

“I was the first to suggest the credit card business linked to the department store to Heesun.”

“I’m in business, what’s Heeseon doing? She’s the president of Samjeong Department Store.”

“Yes, the president of Samjeong Department Store heard my proposal and immediately said he would create a department store card.”

“so?”

“I absolutely must get into the credit card business now.”

“You should be competing with your brother. Why are you even thinking of competing with the president of Samjeong Department Store, who is a foreigner. Tsk tsk!”

“Father, should I give up the credit card business?”

“That’s up to you to decide. I said it’s okay to compete, but don’t make a fool of the family. Even if you compete for the successor position inside, you should work together outside. Right?”

“Yes, I know what you mean.”

“Second, let me make it clear here: take as much as you can.”

“thank you.”

“If you don’t have the ability, you can’t grasp anything. No matter how much I hold it in your hand, it will turn into sand and slip through your fingers. Do you understand?”

“Yes, I will keep that in mind.”

“But if you become the next group leader, how will you handle Samjeong Department Store?”

“yes?”

“Stop asking questions and just tell me what you think.”

“If Heesun takes over Samjeong Department Store… no, if the president of Samjeong Department Store becomes independent, it would be the same as Samjeong Group withdrawing from the distribution business. I think the distribution business is quite important. So I think we should prevent the separation of affiliates.”

“okay?”

“Yes, if my father passes on the position of the third generation leader of Samjung Group to me, I believe that from that moment on, Samjung Group should not become smaller in any way.”

“This is not a position I will give you, but a position you must win through competition. The principle of primogeniture has been abolished.”

The chairman of Samjung Group stood up from his seat.

‘The guy will probably split off from the group later.’

* * *

August 2, 1993, special room at Gaya Hotel Korean restaurant.

“You want me to talk to you?”

“Yes, I will make a straightforward proposal. I will give you 10 billion won on the condition that you transfer all of your shares to Pacific Investment Corporation.”

“Only 10 billion?”

“I’m not sure, but isn’t the embezzlement and breach of trust considerable? If you don’t resolve it, you’ll be arrested.”

“A business leader may focus on investments to save and grow the business, and in the process, those investments may succeed or fail.”

“The law of the Republic of Korea calls that breach of trust and embezzlement.”

Oh Jin-myeong immediately frowned at my words.

“You shouldn’t make fun of the prosecution of the Republic of Korea. We will even check the money that President Oh Jin-myeong lost through casino gambling in Macau.”

“I went to the casino for a short break.”

“I think so. I will explain it again. If you transfer the shares to me, I will send 10 billion won to the account of President Oh Jin-myeong in Macau through an investment company in Singapore. Since the embezzlement and breach of trust will soon be revealed, you are considering fleeing the country like most people. It is a clean 10 billion won.”

At my words, President Oh Jin-myeong looked at me intently.

My uncle, the president of Taean Electronics, frowned without realizing it.

‘Realistically speaking, what is the value of a pager company?’

If you include the electrode and coating divisions, the company’s value is around 100 billion won. Of that, President Oh Jin-myeong is known to own 51% of the shares.

‘There must be corporate loans, too.’

Even after deducting those things, the value of the company to be acquired is estimated to be around 50 billion.

[When the entire world goes through liquidation procedures, net assets are estimated to be around 30 billion.]

This is what analyst Kim Eung-soo reported to me.

[Only 30 billion?]

[It seems like the visible part alone is worth 30 billion. It is quite a value that is difficult to convert into money. We have confirmed that we have the original patent related to new materials.]

[Why new material?]

[Before becoming the Onsegae Wireless Communication Company, it was the number one company in the domestic electric electrode and coating sectors. After the founder passed away, the second generation CEO, Oh Jin-myeong, entered the wireless pager business, and the company’s size has been reduced since then.]

[They are saying that if they had just continued with their original business, it would have been a strong company.]

[Yes. At that time, I estimated the company’s value to be over 250 billion.]

[Then that means you sold all the good stuff.]

[However, we have confirmed that they still hold the original patents related to new materials.]

[What is that new material?]

[It is a new material called graphene.]

‘Graphene!’

It’s shocking that a company that holds the original patent for graphene, the so-called dream new material, is on the verge of bankruptcy while running it.

‘Of course, the graphene I know.’

Current technology does not allow for mass production, so it is like a pie in the sky.

“You’ll give me 10 billion?”

“Yes. The entire world is worth about 15 billion. However, if you are arrested for embezzlement and breach of trust, I will hire a legal team, so I will deduct 5 billion for the cost. What do you want to do? Do you want to hand over all your shares to me and go abroad to start anew?”

“What did you say your name was?”

“My name is George Sung.”

I smiled at President Oh Jin-myeong.

“10 billion? Huh, 10 billion?”

“Yes, exactly 10 billion.”

I am currently secretly encouraging President Oh Jin-myeong to flee overseas, but the transfer of shares will be handled legally.

“If you don’t like it, just have a meal with me and then we can part ways. I don’t mind if it’s not your company.”

“After Taean Electronics entered the wireless pager business, are you trying to acquire a telecommunications company through a company called Pacific Investment Corporation through Samjeong Group? Are you trying to create grounds for acquiring the telecommunications company during the competition?”

“You don’t need to know that.”

“He’s pretty scary for a young kid.”

“What would you like to do? Would you like to have a meal with me and then end the meeting?”

“Okay, I’ll give you all the shares in my company for 10 billion.”

People who are desperate for money only think about the present, not the future.

“Great uncle.”

“Okay, Ji-seong.”

“Please finalize the contract for me.”

“I get it.”

My uncle, the president of Taean Electronics, took out a stock transfer contract with Pacific Investment Corporation stamped on it from his bag and handed it to President Oh Jin-myeong.

“After the contract is signed, the funds for the equity acquisition will be deposited into Mr. Oh Jin-myeong’s personal account through the Singapore branch of Pacific Investment Corporation. It doesn’t matter whether the account is a domestic account or an overseas account, the deposit will be made.”

Pacific Investment Corporation’s overseas branch is located in the United States.

There is also one in Singapore.

“You can just sign.”

In response to the words of the Taean Electronics president, President Oh Jin-myeong immediately signed the stock transfer contract.

‘A company that the founder created through his hard work and sweat.’

I’m watching my son talk like this.

There are so many situations like this.

No matter how strong a company is, if the second generation management fails to manage it properly, it will fail. And if the company is listed, individual shareholders will be upset.

‘It’s a listed company.’

Now, it will be reborn as Taean Communications.

* * *

Two days later, at the Pacific Investment Corporation office.

Today’s intensive meeting started at 9pm. The life of Pacific Investment Corporation’s investment managers can be said to be a life without dinner.

Of course, dinner is prepared by a chef assigned to the office apartment to suit each person’s taste.

“Onsegae Wireless Communications is a listed company.”

“Yes, we are preparing to change the company name as instructed by the director. Along with the announcement of the change in the largest shareholder’s stake, the director will be registered as the largest shareholder.”

I own 51% of the shares.

“The stock price will go up right away.”

This is the time to buy right now.

“What is the current stock price?”

“It’s 1,200 won.”

I feel like I have all these stocks for 1,200 won each.

“We will secure up to 75%. Let’s first announce a third-party paid-in capital increase in the form of investment by Pacific Investment Corporation to secure more shares. Let’s pay off all debts with the funds invested by Pacific Investment Corporation.”

If a company has no debt, its stock price can only rise.

“Yes, I understand.”

Team leader Lee Seo-jin answered right away.

“Sir, what is the mission that needs to be changed?”

“This is Taean Communications.”

“If we change our name to Taean Telecom, people in the business world will say that Samjung Group is entering the telecommunications business.”

“Then the stock price will rise further.”

“That’s right. And currently, Taean Industrial, Taean Yanghwa, and Taean Planning are hot potatoes in the unlisted stock market. The three companies are called hot stocks of the Samjung Group, and they are receiving everyone’s attention even though there is not a single stock for sale in the unlisted stock market.”

The Fleet Road investment manager told me.

“If it changes to Taean Communications, GL Electronics will be surprised first.”

“With him, Jin Kyung Group will be on edge.”

The real war is the war over telecommunications companies.

‘I have a trillion in my hand.’

I plan to take over the telecommunications company even if it means giving it my all.

“That’s right. The biggest area that Pacific Investment Corporation is lacking right now is securing talent.”

I feel the acute shortage of manpower.

To be precise, I should say that I feel a shortage of talent.

“Yes, that’s right.”

If you are a regular employee, you can just take them from Samjung Group or its affiliates. But it is not easy to get core staff.

“So, I plan to start scouting from headhunters.”

Up until now, I have also been in charge of headhunting. Of course, even if I scout a headhunter, I will still be in charge of the intensive meetings.

“ah!”

“We also plan to increase the proportion of overseas investment.”

Most of the 1 trillion I have will be used to fund the acquisition of a telecommunications company. So the remaining capital after the acquisition, along with the profits from shorting the British pound, is investment capital.

‘From now on, I’ll go with what I know.’

He has already invested about 50 billion won in Apple stock. It is now 1993, and in two years, the dot-com boom will hit the United States.

This is the easiest time to copy capital.

“You are increasing the proportion of overseas investment?”

Team leader Lee Seo-jin asked right away.

“The key investment stage will be the US Nasdaq, and the investment field will be the IT industry.”

Episode 55