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CH139 | VOC
🕑 Added 2025-05-21 13:09:46 +0000 UTCWhile everyone was cautiously assessing the situation, the consortium began rapidly acquiring Daehoo shares.
Individual investors and institutions, seeing the renewed upward trend, also joined the buying spree, but the momentum wasn’t as strong as before.
Chairman Kim Hoo-joong, short on cash and suspicious of another trap, was watching from the sidelines.
Three weeks passed.
The consortium, having acquired a 5% stake in Daehoo’s key subsidiaries, emerged as a major shareholder.
“It was… real.”
Chairman Kim’s face turned pale, and he stumbled.
“Father!”
Kim Sun-woong, his son and vice-chairman, who always addressed him formally at the company, instinctively called him “Father” and rushed to support him.
“A traitor… There must be a traitor.”
If it had been an external partner, both the consortium and the partner would have been revealed once they crossed the 5% threshold. But the only new major shareholder was the consortium.
Convinced of a traitor’s existence, Chairman Kim asked, “What about the consortium? Are they still buying shares?”
Kim Sun-woong said, biting his lip, “They quietly acquired 5% and then immediately launched a tender offer after reporting to the Financial Supervisory Service. They’re offering a 30% premium to acquire up to 6%.”
“6%?”
Acquiring a 6% stake in the key subsidiaries was a bold move.
They had declared their intention to invest 7.5 trillion won, but no one had taken it seriously.
“Acquiring 5% would have cost them at least 5 trillion won. They still have that much money left?”
He asked urgently, “How much cash do we have?”
“…We’re out.”
They had lost 2 trillion won out of the 3 trillion won they had scraped together, and the remaining 1 trillion won was barely enough to cover their short-term debts.
“Find more money! Ask the banks for loans! Do whatever it takes! And the traitor… who’s the traitor?”
His son said cautiously, “Could it be Managing Director Kim Sun-yeop?”
“Sun-yeop?”
“Yes, he’s influential within the group, and he’s the second son. He’s the most likely candidate.”
“Hmm…”
Chairman Kim also suspected his second son.
He had a substantial stake in the company, his wife’s family had influence within the group, and he had the legitimacy of being the second son.
“I hope I’m wrong. Have Sun-yeop come to my office.”
Kim Sun-yeop arrived and bowed his head. “You called for me, sir?”
“Yes, come and sit down.”
Chairman Kim stared at him intently. “You know about the consortium acquiring over 5%, right?”
“Yes, I do.”
“There’s a traitor within the group. Do you have any idea who it might be?”
Kim Sun-yeop looked at him silently and then said, “Are you suspecting me?”
His older brother frowned. “Do you have to be so defensive? He’s just asking for your opinion.”
“Do you think I’m stupid? I can read the room. You’re suspecting me, aren’t you?”
Chairman Kim intervened before the situation escalated. “Stop. I didn’t call you here to fight.”
“He’s the one who started it. I’m just being questioned for no reason.”
His older brother shouted, “Fine! Let’s talk about it! You’re the traitor, aren’t you?!”
“Enough!”
“But Father! Can you imagine someone outside our family becoming the chairman of Daehoo Group? He has the motive, the influence, the shares! He’s the most likely candidate!”
Kim Sun-yeop said, looking at his fuming brother, “You don’t trust me, do you?”
“No, I don’t.”
He looked at his brother for a moment and then said, “That’s why you’ll never succeed. What if I’m not the traitor? What if your accusations make me so angry that I join forces with the consortium? You have no tact.”
“What?”
“You should be trying to appease me, not accuse me… tsk tsk.”
His brother shouted, enraged by his condescending tone, “You bastard!”
Kim Sun-yeop turned to his father. “Father.”
“This is a company. Address me as Chairman.”
“No, I have to speak as your son. Father, why are you supporting him as your successor? He can’t even control his own emotions.”
“…”
“Do you really think he’s qualified to be the chairman of Daehoo Group?”
Chairman Kim closed his eyes and muttered, “So it was you.”
Kim Sun-yeop, no longer hiding his intentions, said confidently, “Yes, it was me.”
“…Do you think the shareholders will support someone who colluded with an outside force? You fool.”
“No, this is the perfect time. You lost 2 trillion won because of your mistakes. And the shareholders are unhappy about the stock price crash, even though it’s recovered thanks to the consortium.”
“And you’re joining forces with those who harmed us?”
Kim Sun-yeop stood up. “Father, with the 5% acquired by the consortium, I now control 27%. How much do you and my brother control?”
His stake, which had been less than 20%, had increased to almost 27% after some friendly shareholders joined him following the news of the consortium’s involvement.
Chairman Kim’s face darkened.
“Even if I overestimate, it won’t be more than 25%. And if the consortium acquires another 1%, it’s game over. It’s all thanks to you. The shareholders are flocking to me because they’re worried about your leadership after the 2 trillion won loss.”
“…”
“I’m telling you this because I’m confident now. Father, just step down. It’s the cleanest and most graceful exit. I’ll give you a week. If you don’t step down, I’ll call a shareholders’ meeting and propose a motion to dismiss you.”
His older brother shouted, his face red, “You bastard! How can you do this to our father?!”
Kim Sun-yeop said coldly, “You brought this upon yourselves. Daehoo needs to change. I can make it a stronger and healthier company. I’ve said my piece. It’s your decision, Father.”
He left the room, and his brother said, “Father, you’re not actually going to listen to him, are you?”
“…”
“Father!”
“Just wait. Let’s see how things unfold.”
“Father!”
Chairman Kim thought,
‘Maybe this is for the best. They’re both my sons. I chose Sun-woong as my successor because he’s the eldest, but Sun-yeop is more capable. If I just appoint Sun-yeop as the new successor…’
As they were pondering their options, two days before Kim Sun-yeop’s deadline, cracks started appearing in the consortium.
It started with Park Sol of Chunha Trading.
“I joined the consortium to fight evil, but the consortium itself is evil! Even a noble cause can’t be justified if the methods are unjust! Did they have to crush the individual investors like that by dumping their shares? It was wrong!”
The reporters, unimpressed by his sudden change of heart, looked at him skeptically. He shouted indignantly,
“We contributed 2.5 trillion won, and Joongang Investment Corporation contributed 5 trillion won. We controlled two-thirds of the consortium. But Kim Min-sik and Joongang Investment Corporation ignored my objections and recklessly sold off Daehoo’s shares! They’re evil!”
The public was easily swayed.
“CEO Park Sol wouldn’t do such a thing.”
“That’s right. I was wondering why they acted so recklessly. It’s because they were being controlled by the consortium.”
Kim Min-sik responded immediately.
“How are we evil?! We were just making a legitimate investment! Is their money more valuable than ours? We lost a lot of money too, why are we being criticized?! What were we supposed to do, just sit there and watch our investment disappear? Is Park Sol some kind of idealist?!”
And so began the internal conflict within the consortium.
Park Sol and Kim Min-sik started attacking each other relentlessly.
“They should have sold gradually to minimize the damage! Is it right to buy back the shares after causing such chaos? It’s not just!”
“Don’t be ridiculous! Our goal is to acquire Daehoo! Those individual investors drove up the price by joining the buying frenzy, hoping to profit from the hostile takeover attempt! I have no loyalty to them!”
The conflict escalated, and Kim Min-sik finally declared at a press conference,
“Fine! Then leave the consortium! We don’t need you! We’re confident we can succeed on our own!”
Park Sol retorted angrily at another press conference, “Who do you think you are?! I’m leaving! I was a fool to work with you!”
Within two days, the consortium had split, with Chunha Trading and Joongang Investment Corporation parting ways.
The 6% stake acquired by the consortium was divided between them, with Chunha Trading taking 2% and Joongang Investment taking 4%, further complicating Daehoo’s ownership structure.
And it was all because of Kim Min-sik’s final statement at the press conference:
“I’m not giving up on Daehoo’s management control! I’d rather die than side with Chunha Trading!”
Chairman Kim and his eldest son controlled 25%, and Kim Sun-yeop and his allies controlled 22%, excluding the consortium.
The balance of power now depended on Chunha Trading and Joongang Investment Corporation.
They held the casting vote.
Kim Sun-yeop, flustered by this unexpected development, called Kim Min-sik urgently.
“CEO Kim Min-sik! What is the meaning of this?”
[That Park Sol kept interfering. I don’t tolerate such behavior.]
“But business isn’t about personal feelings.”
[I’m not siding with him. That clueless brat… I’m still willing to work with you, Managing Director Kim. Get rid of Chunha Trading.]
Kim Sun-yeop said, sweating nervously, “That’s a bit…”
His 22% plus Joongang Investment’s 4% would give him 26%, surpassing his father. But if Chunha Trading sided with his father, his father would have 27%.
He was in a stalemate.
“I’m planning to call a shareholders’ meeting soon. Can you wait for a week?”
[I told you, I’m not working with Park Sol.]
Kim Sun-yeop wanted to curse.
He was acting like a five-year-old, refusing to cooperate because he didn’t like someone.
He had heard rumors about Kim Min-sik’s craziness, but this was beyond his imagination.
“CEO Park didn’t seem like this when I met him before. Why the sudden change of heart…?”
Park Sol, despite his kind and benevolent public image, had been a shrewd businessman, eager for profit, when they met privately.
He couldn’t understand why he had suddenly attacked Kim Min-sik at a press conference.
[How would I know what’s going on in his mind?]
“Please wait. I’ll try to persuade him. At least I’ll make sure he doesn’t side with my father.”
If he could neutralize Park Sol, Joongang Investment Corporation alone would give him a 1% advantage. He had a chance.
[I’m not a patient man. Figure something out. Buy his shares or something.]
Buy his shares?
A shiver ran down his spine.
That applied to his father too.
Chunha Trading and Joongang Investment Corporation were no longer allies.
If his father tried to buy Park Sol’s 2% stake, it would be a disaster.
Even if Daehoo Group was short on funds, his father could still afford 2%, using his personal wealth.
“A-alright. Please wait.”
He hung up the phone, sweating profusely, and searched for Park Sol’s number, muttering,
“Chunha Trading’s 2%. This war depends on that 2%.”
