He is Already a Tycoon at a Young Age! - Chapter 83



Only Noblemtl

#083

April 21, 1997, Jinsoo Group Chairman’s Office.

The Jinsoo Group Chairman looked taken aback by my sudden visit.

But when the chief secretary introduced me as the CEO of Pacific Investment Corporation, his eyes changed as if he had seen a ray of light in the darkness.

[It is said that Jinsoo Group will be finally declared bankrupt tomorrow.]

I remembered what the head of the strategic planning department at Pacific Investment Corporation had reported to me.

[There’s one day left in the Jinsoo group.]

[Yes, if you take over the Soju division, which is the core business division of the main business of Jinsoo Group, then yes. According to my understanding and analysis, the market share of Jinsoo Group’s Soju division is 35%.]

[The soju division is strong.]

[Yes, Jinsoo Group also owns a liquor company as an affiliate. Based on existing reports, the liquor company may not be expected to generate large profits, but it is certainly a business that generates consistent profits. Also, if Jinsoo Group acquires the soju business division and the liquor company, it will be able to secure liquor stably, so synergy effects can be expected.]

[Chief Secretary.]

[Yes, sir.]

[Please confirm if I can meet with the Chairman of Jinsoo Group tomorrow. Tell him that I will be the hope of Jinsoo Group.]

South Korea is heading towards a national crisis.

So, if a company goes bankrupt, corporate recovery becomes impossible.

Ultimately, unless it is a heavy industry or a national strategic industry, it will be difficult to receive government subsidies.

‘Jinsoo Group is a consumer goods group.’

So, if it goes bankrupt, it will inevitably be pushed down in the priority list for public funding from the South Korean government.

“I am the representative of Pacific Investment Corporation.”

“Umm, please sit down.”

“Yes, Chairman, I have been informed that the future of the Jinsoo Group is only one day away.”

Jinsoo Group is not just a few subsidiaries going bankrupt, the entire group will go bankrupt tomorrow.

So, if Jinsoo Group does not receive a huge infusion of funds today, it will inevitably collapse due to a short-term financial crisis.

‘From then on, it’s time for corporate hunting.’

The word hunt may sound grim, but the Chairman will think of me as his savior.

Because we will be able to raise funds after the sale.

Of course, selling the group’s core affiliates will not secure enough funds to resolve all situations.

Still, we can hold on to hope for a moment.

Otherwise, it may be possible to revive the company through a bone-cutting restructuring.

“Let me put it simply. Pacific Investment Corporation has accurately analyzed the financial situation in Korea and is currently carrying out an investment project called the corporate rehabilitation program based on this analysis.”

There is no need to openly tell the other party that it is corporate hunting.

“You said it was a corporate rehabilitation program?”

“Yes. I know that the entire Jinsoo Group will go bankrupt tomorrow, and you know that too. Shouldn’t you prevent the entire group from going into receivership and disintegrating into nothing?”

“That’s true. And I also have ears to hear. I heard that Pacific Investment Corporation acquired Daenam Special Steel from Daenam Group. They say that Daenam Group’s breathing space was opened up through that.”

The chairman swallowed hard and said.

“… Which affiliated company do you want?”

Rumors of the acquisition of Daenam Special Steel have already spread throughout South Korea’s financial world.

Perhaps that is why there were quite a few groups that first made counterproposals to sell their affiliates to Pacific Investment Corporation.

‘so.’

The strategic planning office is separating the wheat from the chaff.

I am conducting more intensive analysis and research, especially in industries that interest me.

‘The IMF foreign exchange crisis in South Korea.’

It was the stepping stone for my success.

“Since the chairman is speaking directly, I will also speak frankly. I would like to acquire Jinsoo Soju and Jinsoo Etude.”

Soju these days is over 20 degrees alcohol.

‘You can take over Jinsoo Soju and lower its alcohol content to 15 degrees or less.’

Until now, soju was considered a drink only for men. Because 20 percent alcohol was too strong for women to drink. However, if you lower the alcohol content, soju becomes something that women can drink relatively easily.

“Jinsoo Soju and Jinsoo Jujeong?”

“Yes.”

“You want the two core affiliates of the Jinsoo Group?”

“If you sell the two affiliates to me, I will spare no expense to ensure that Jinsoo Group does not go bankrupt.”

“The Jinsoo Group currently needs 430 billion won in funds.”

“I’ll give it to you.”

The eyes of the Jinsoo Group Chairman sparkled at my words.

“Really?”

“Yes. Sell me Jinsoo Soju and Jinsoo Etude. Then Jinsoo Group can escape its financial difficulties and save the remaining affiliates.”

After acquiring Jinsoo Soju and Jinsoo Etude from Jinsoo Group, Hanong Group plans to acquire a seed company.

‘What next?’

I plan to watch the Korean financial world go bankrupt and see the Korean composite stock index plummet.

[Overseas, there is concentrated investment against derivative products related to the plunge in the Korea Composite Stock Price Index.]

[Which hedge fund got into the gamble?]

[Presumed to be George Soros’ hedge fund.]

[Then George Soros will enjoy his first investment failure.]

[However, the current objective indicators are negative for you, Representative.]

[I know it’s a risky investment. And most economic experts, except me, believe in the strength of the Korean business community. But I’m sure it’s not.]

[… However, it is difficult for the composite stock index to plummet to 400 points.]

[The more risky it is, the more rewarding it is. And the more side effects follow.]

As a representative example, I plan to acquire GL Electronics and GL Securities through this derivative investment.

‘Stepping on the vice-chairman of the composition committee.’

This is the first plan.

The second is to secure the core display technology of GL Electronics. Along with that, once I get my hands on GL Securities, I plan to confidently ask my grandfather to give me Samjung Securities. Then, I plan to absorb GL Securities, Samjung Securities, and Korea Securities, which went bankrupt during the IMF foreign exchange crisis, and become the largest securities company in South Korea.

‘Pacific Investment Corporation.’

In the end, it becomes Pacific Securities.

“Even if the representative of Pacific Investment Corporation thinks about it, don’t you think I have no other choice?”

“That’s right. Jinsoo Group is currently experiencing severe financial difficulties, but if they receive a 430 billion won transfusion, they can overcome the crisis.”

“Yes.”

“Decide.”

“There’s nothing to decide. There’s no other choice. I’ll accept your offer.”

In fact, the combined corporate value of Jinsoo Soju and Jinsoo Alcohol exceeds 1 trillion won.

That’s equivalent to taking up about 40% of the price.

“Good idea. After I have sorted out the details with my staff, I will deposit the acquisition funds by midnight today.”

“Let’s do that. It’s a mere 430 billion won to rob two affiliates worth 1 trillion won, but it’s a very welcome offer to me. I have to save the Jinsoo Group somehow.”

“Thank you for thinking so.”

“If this type of investment continues, the Korean business world will become the world of the Samjung Group Chairman.”

All the business leaders in Korea know that I am the grandson of the chairman of the Samjung Group.

“That may not necessarily be the case. The business leaders think that Taean Group and Pacific Investment Corporation are affiliates of the Samjung Group, but they have already gone beyond affiliates.”

“Then the grandson will fight his grandfather?”

“That won’t happen.”

“Hahaha, the chairman of Samjung Group must be really dependable. He has a grandson who is good at investing. Anyway, soon, Samjung Group will reign as the center of the Korean business world.”

“Maybe so? Well, I’ll take my leave. It was a good deal.”

As soon as I got up from my seat, the corporate acquisition team entered the chairman’s office.

“Please discuss the details with your practitioner.”

“Let’s do that.”

With this, I have acquired all of the main alcoholic beverages that I was targeting, Jinsoo Soju and Jujeong.

‘Soju and Soojeong are now being reborn as subsidiaries of Taean Group.’

* * *

A week later, in the Taean Soju president’s office.

We acquired Jinsoo Soju and Jujeong through our staff. In the process, we also transferred 100% of our employment.

At the same time as the acquisition was announced, it announced a 100% transfer of employment and said it would maintain a cooperative relationship with the union.

And the chairman of the Jinsoo Soju Union was present at this event.

“Union Chairman.”

“Yes, our largest shareholder.”

As rumors of a Jinsoo Group crisis began to circulate, the first thing Jinsoo Group did was restructuring, which meant layoffs.

‘When problems arise in the company and a crisis arises.’

The first ones to see blood are the workers.

In fact, the workers did nothing wrong while the Jinsu Group was in crisis.

Yet it is always the workers who are sacrificed.

“I would like to ask the union president a question.”

“Please speak.”

With 100% employment announced, it was reported that there would be no layoffs for restructuring.

In addition, since the existing Jinsoo Group had ordered the reinstatement of all laid-off workers, it was recognized by the union for the time being.

“Do you want your children, the union chairman, to get a job at this place, which is now Taean Soju? To be exact, if you, the union chairman, can succeed in employment after retirement, would you let your children work at Taean Soju?”

The reason I ask this question is because the actions of the big powerful unions came to mind before I returned.

‘It was a car company.’

The auto union went on strike in a working environment that was no different from hell, but strangely enough, what the union demanded from the company was employment succession.

‘Why would he put his own children in hell?’

That’s nonsense.

That’s why I hate strong unions.

I also really hated the way those unions turned their attention away from labor struggles and became vested interests that only pursued profit.

‘If we leave the Republic of Korea to continue like this.’

The public sentiment of the Republic of Korea will decline.

“I think that’s a really difficult question to answer.”

“You don’t have to answer.”

“No. If it was Jinsoo Soju, I would never have let my child join the company. But it’s different with Taean Soju. Looking at the document that the largest shareholder notified the union executive in writing, I think Taean Soju is a company that you have to work for unconditionally until retirement.”

“Is that what you think?”

“Yes, that’s right.”

“Then I will convey my demands to the Taean Soju Union.”

The Taean Soju Union Chairman looks at me with fearful eyes, as if he knew this would happen.

“I am also the largest shareholder of the Taean Group. As you know, the Taean Group recognizes multiple unions.”

“A revenge union?”

“Yes, even if a second union is formed in Taean Soju, it will never be a company union. The company has absolutely no intention of interfering with the union or turning it into a company union.”

The union leader looked at me with suspicion at my words.