The 3th Generation of the Chaebol Wants to Live Quietly - Chapter 232



Only Noblemtl

#232.

But Chairman Choi Yong-wook thought today’s meeting was stranger than Choi Min-hyeok’s behavior. They say that every day is a market day, but there were too many people attending this gathering.

Moreover, Chairman Kim Sang-goo poured out his grievances while sitting next to him.

“By the way, what happened to the gift of the shares given to the grandson?”

“That’s my family’s problem.”

“Oh, yes, yes. But still, isn’t the amount too large? This incident has caused quite a stir at the National Tax Service.”

In fact, the National Tax Service was looking into the issue of Director Choi Min-hyeok’s stock donation.

Although the media reported that there was no problem, the amount itself was too large.

This is what happened when KM Electronics’ stock price eventually broke through 100,000 won.

The issue of Choi Min-hyeok’s stock donation was such a hot potato that even within the financial world, there was talk of him being the ‘God of Stocks.’

If this incident is overlooked, other conglomerates will also be able to avoid astronomical inheritance taxes through large-scale stock transfers.

Of course, this is not an easy task. The restructuring headquarters within Oseong Electronics is also reviewing KM Electronics as a role model, but it is not easy to find an answer.

Chairman Choi Yong-wook was also cool-headed when it came to tax evasion issues, but he was not aware of this incident.

“I don’t know what the problem is. At the time when I sold the stock at 1,500 won, KM Electronics was in a difficult situation. Minhyuk just turned the situation around with his own strength.”

“Is that really so? Can a 20-year-old bald guy complete a mega-project like Collins and make it a trillion-dollar business?”

“What do you mean?”

“While we’re on the subject, one of my grandsons is named Kim Hyun-tak. He’s 36 years old and has a lot of experience in the British financial world, so he has an international perspective. Even that kind of guy is disgusted by KM Electronics’ actions. There’s no case like this in the history of the world economy.”

Chairman Choi Yong-wook also ended up frowning at Chairman Kim Sang-goo’s suspicions about Choi Min-hyeok.

The irony is that all of these statements are difficult to refute.

The Planning and Coordination Office has actually reviewed and re-reviewed KM Electronics’ actions regarding this issue dozens of times.

But nothing came out.

If it exists, Choi Min-hyeok’s ability is beyond imagination.

In the end, because Choi Min-hyeok’s abilities were so absurd, a conspiracy theory arose that Chairman Choi Yong-wook was behind it.

Chairman Choi Yong-wook clicked his tongue as he recalled the report he had forgotten. He too had recently become conscious of the harsh gazes of those around him. No matter how much he told the truth, people only believed what they wanted to believe.

“So, what is your opinion, Chairman Kim?”

“I am certain that former Chairman Choi was behind the scenes directing this. He must have intended to transfer the shares to his grandson in another person’s name and then manage them. He intended to avoid gift tax.”

“Heh heh.”

I kept hearing the same story over and over again, and now I didn’t even have the strength to respond.

Chairman Kim Sang-goo became furious.

“It’s not something to laugh about. The National Tax Service is looking into the entire gift tax portion of large corporations because of this incident. Everyone is talking about it when Chairman Choi isn’t around. Why else would I be talking about it here?”

Chairman Choi Yong-wook clicked his tongue at Chairman Kim Sang-goo’s blatant remark. He frowned. He could not understand Chairman Kim Sang-goo’s behavior, which even showed hostility.

‘Could it be that the Federation of Korean Industries has distanced itself from me because of this?’

But there was a problem here.

As KM Electronics’ stock price rose, there was constant talk about the issue of stock donations.

It was inevitable that this would result in an astronomical gift tax savings of hundreds of billions of won.

What’s even funnier is that Executive Director Choi Hoon-yeol ended up going to jail because of that incident.

Kim Yeo-jeong, the wife of Executive Director Choi Hoon-yeol, stayed at Chairman Kim Sang-goo’s residence and continued to harass Chairman Kim Sang-goo with the second trial of Executive Director Choi Hoon-yeol.

So, Chairman Kim Sang-goo couldn’t help but feel nervous.

Moreover, his words were not over.

“Your in-laws will be really nice.”

“… … ?”

Chairman Choi Yong-wook, who already had a grudge against Chairman Kim Sang-goo because of the Choi Min-hyeok stake issue, was wary of Chairman Kim Sang-goo on the one hand, but on the other hand, he looked at him with a confused look on his face.

“There is talk that KM Electronics is involved in the satellite broadcasting business. Are you saying that you don’t know about this?”

To be exact, it was something Chairman Kim Sang-goo came up with based on what he heard from Chief Kim Hyeon-tak and what was reviewed in the DL Group’s keynote speech room.

DL Group also did not know exactly how Director Choi Min-hyeok was involved in the satellite business.

I didn’t even know the inside story of Choi Min-hyeok putting forward Professor Lee Dong-ho and Professor Song Han-seong.

This is something that happened because Choi Min-hyeok did it under the pretext of investment, so no one other than three people knew about it.

“I have heard about the satellite business, but this is the first time I have heard about KM Electronics.”

“Is that so? That’s strange. Professor Song Han-seong, who led this project, says he only did research.”

“well.”

Chairman Choi Yong-wook also received reports from Director Jang Seung-il, but he did not know the details of their relationship. At the time, the satellite business was not as important as other companies.

But looking at the people who came to the meeting today, it didn’t seem like that.

Vice President Lee Dong-soo of the Han-Young Daily, who is famous for his arrogance, approached me quietly and bowed deeply to greet me.

“This is Vice President Lee Dong-soo of Han-Young Ilbo. I heard that you have recovered. Congratulations.”

“Oh, thank you.”

But Han-Young Ilbo was just the beginning. Vice presidents from major broadcasting stations, including Hansun Ilbo, came to say hello.

They greeted me with a greeting that said, “Please take care of me in the future,” which was something I never saw before.

As a company that has grown to its current size by targeting niche markets, KM Group’s influence has not been that great.

Rather, the influence of Chairman Kim Sang-gu, who had money to spare, was greater.

However, he only gave a quick nod to Chairman Kim Sang-goo and treated Chairman Choi Yong-wook separately.

Although this meeting was held whenever there was an agenda, it was unusual.

It would not have been strange to have been treated like cold rice.

I didn’t know I would get this much attention.

Chairman Choi Yong-wook opened his eyes wide because he really didn’t know English.

Chairman Kim Sang-goo was even more displeased when he saw that. He had already heard the inside story through his grandson, Chief Kim Hyeon-tak. It made no sense for Chairman Choi Yong-wook to not know about what Director Choi Min-hyeok had done.

“Do you really not know anything about the digital satellite broadcasting business today?”

“I don’t know for sure. Even if KM Electronics is involved in the satellite business, it’s not something we should be involved in. If we are, I think it’s all about the receiver side.”

“Is that really all?”

Chairman Choi Yong-wook also clicked his tongue at the gaze of Chairman Kim Sang-goo.

“Okay, let’s say you know. Is your brother-in-law also interested in this matter?”

“It’s my dream. It’s a business I definitely want to try.”

Chairman Kim Sang-goo’s behavior in revealing his desires was quite different from usual. He revealed his dreams to Chairman Choi Yong-wook without hiding anything.

“…hmm.”

Chairman Choi Yong-wook, who had no interest in satellite broadcasting in the first place, clicked his tongue at Chairman Kim Sang-goo’s behavior of spitting while looking at him with bloodshot eyes. Although they were in-laws, Chairman Choi Yong-wook did not like Chairman Kim Sang-goo very much.

In particular, after the incident involving Executive Director Choi Hoon-yeol, who was after the management rights of KM Electronics, he distanced himself even further. He knew that the DL Group was behind it.

But now, he didn’t even hide his feelings in front of himself.

“If my brother-in-law can help me with this, I will not spare any investment in the KM Group. I know that the KM industry in particular requires a lot of investment, so I will help with that as well.”

It was a surprising suggestion in the past, but now even Chairman Choi Yong-wook frowned.

“…Thank you for your kind words.”

“This isn’t just a passing remark. Our DL Group Planning and Coordination Office has already formed a separate TFT team to help your brother-in-law. If you give us your OK, we’ll help you right away.”

“…yes.”

Chairman Choi Yong-wook also swallowed dry saliva, but he could not bring himself to say okay at that moment.

KM Group still has not shaken off its obsession with innovation through large-scale borrowings.

He glanced at the butler, Chae Yun-jip.

Butler Chae Yoon-jip also didn’t answer Chairman Choi Yong-wook, with an odd expression on his face, unlike usual. Chairman Kim Sang-goo’s actions were very different from what he had expected. Fortunately, he had figured out the strategy of using carrots and sticks skillfully.

‘Why on earth is this person doing this?’

Of course, even after the meeting, Chairman Choi Yong-wook still had no idea about what was going on around him. This was because KM Electronics was not mentioned even once during the meeting.

He eventually instructed his butler, Chae Yun-jip, to look into the matter.

* * *

Minhyuk Choi also looked into the status of the human restructuring he had worked on.

He discovered one more interesting fact during this process.

“Are you saying that the story about MP3 didn’t leak out?”

“There has been no trace of it leaking outside since the last meeting.”

“Is that so?”

It’s quite interesting for him. I thought that no matter how much they tried to block the access, the MP3 information would have leaked out.

No, that’s what he wanted.

However, the fact that it was quiet meant that the staff who attended the last meeting were tight-lipped.

“That’s amazing. I expected at least one person to open their mouth… … .”

Team Leader Jo Seong-don glanced at Choi Min-hyeok.

“I think everyone should be careful because of this incident and the director’s decisive handling of the situation. The situation is different from before.”

“Good.”

It’s quite satisfactory for him. At least all the conditions for doing the job properly have been created. Especially for the staff who attended the last MP3 meeting.

“Oh, and this is a different story, but I received a call from Butler Chae Yun-jip.”

“Did Butler Chae Yun-jip contact you separately?”

“Yes. It is said that at the meeting of the National Competitiveness Enhancement Private Sector Committee, Chairman Kim Sang-goo pressured the Chairman about the gift tax issue.”

“Chairman Kim Sang-gu? It’s a gift tax issue… … Is it perhaps because of the KM Electronics stock price?”

“yes.”

KM Electronics’ stock price eventually broke through the 100,000 won mark and hit a high of 110,000 won due to Collins’ cumulative volume surpassing 100,000 units and Walmart’s large-scale supply story.

Although it fell back to the 100,000 won range due to the KOSPI adjustment, KM Electronics’ stock price hit a new all-time high.

Naturally, Choi Min-hyeok’s stock value continued to soar.

Another thing that came up during this process was Choi Min-hyeok’s actions that saved astronomical amounts of gift tax.

Team leader Jo Seong-don sighed.

“To be exact, it’s because of the recent media behavior. It seems like they’re deliberately attacking the director. So I don’t think the National Tax Service will just sit back and watch this happen.”

Until now, Chairman Choi Yong-wook has covered up this issue.

But now it has become a problem as it is out of Chairman Choi Yong-wook’s hands.

But something like this couldn’t happen suddenly.

Because it was such an unexpected incident, Choi Min-hyeok tilted his head at Chairman Kim Sang-goo’s actions and then ended up chuckling.

“Wait a minute, is this because of the Oculus project?”

“That’s probably true. I heard that Chairman Kim Sang-goo showed great interest in the Oculus project.”

“is it so?”

“I was certain that Director Choi was involved in this incident.”

It wasn’t a very good thing, but Choi Min-hyeok smirked instead. In fact, he had brought Professor Lee Dong-ho and Professor Song Han-seong forward because he was worried about these external issues.

‘I just didn’t know that it would be over my share issue.’

Choi Min-hyeok was rather satisfied with the situation going his way.

This is because, unlike the negotiations between Oseong Electronics and ETRI that did not go as he had hoped, DL Group responded appropriately.

‘It must be Chief Kim Hyeon-tak’s skill. Let’s solve them one by one.’

Team Leader Jo Seong-don also opened his mouth while looking at Choi Min-hyeok’s expression.

“The gift tax issue continues to be an issue, so I think we need to take action. The National Tax Service officials also seem to be greatly embarrassed by this incident. No matter how legal it is, the gift amount is in the hundreds of billions of won, so it is having a negative impact on public opinion. What’s more serious is that whenever KM Electronics’ stock price rises, people keep talking about it. There is a limit to responding to it temporarily as before.”

Choi Min-hyuk chuckled.

“Then why don’t you just be honest?”

“yes?”