their own circumstances
“What did Cheoljungi say?”
Samho Group Chairman Joo Seong-ho asked his eldest son.
“I think the conversation with that woman is going well. It seems that the woman also doesn’t like giving the ocean to her stepchildren. They will probably give us a hand without any major problems.”
The eldest son, who is the CEO of Samho Hotel, the main affiliate of the Samho Group, was at the center of this project and was in control of everything.
It is his job to keep in close contact with Hong Chul-joong, who is his cousin and son-in-law of the chairman of the Daeyang Group.
If this project goes as planned, the Samho Group will proudly enter the top four chaebols, and he will be able to solidify his legitimacy as the successor of the Samho Group through his achievements.
Samho Group is a conglomerate specializing in distribution and hotels, based on Samho Sanghoe, which was founded in Japan by former chairman Joo Kyung-ho.
The Korea-Japan trading company established by Joo Kyung-ho, who went to Japan in search of a job as a young man, achieved great growth during the war, and after the war, the money he earned in Japan to do private loan business in Korea and invest in real estate turned into huge profits decades later. He came and became one of the top 10 chaebols.
Since then, the hotel has been built on real estate in key areas of Seoul and has been expanding its distribution network in each area, and has always been at the forefront in the distribution and hotel industry.
Of course, the real source of money is the profits from the private debt business, which has now been converted into a normal financial company.
After Seong-Ho Joo, the second generation, took over the Samho Group, he has grown to enter various fields like other Korean conglomerates.
The current chairman of Samho Group, Joo Seong-ho, wanted to outperform the achievements of his father in his own generation, but it was difficult to overcome the stronghold of existing conglomerates in fields other than the main ones.
The money it has earned from real estate and bonds over decades is astronomical, but the business isn’t just about money.
The four major groups above the Samho group each had connections that could not be compared to Samho in the political and financial world, and the public’s view of Samho did not change.
In the eyes of the general public, Samho is still nothing more than a hotel business based on real estate.
And after 20 years as president, Joo Seong-ho finally had a chance to fulfill his long-standing ambition.
That is, the crisis of the stranding of the Daeyang Group is approaching.
For decades, the stronghold of the four major groups in the Korean business world was unrivaled.
First, fertility, ocean, and fame.
There is a stark disparity between these four groups and the rest of the conglomerates.
It has never once surpassed the rankings of these four chaebol groups in other large conglomerates.
If the 10th group is aristocratic, the 4th group among them is the royal family.
However, Daeyang Group has been shaken recently, and Samho Group, which has been in 5th and 6th places, has found an opportunity to rise.
“We don’t need automobiles or heavy industry.”
Daeyang Motors is the second-largest automaker in Korea after Dasan Motors, but it has struggled in recent years. It takes a lot of investment to get it and roll it properly again.
As his father did, Chairman Joo Seong-ho does not lend money to businesses whose output is not clear.
Debentures and real estate can always bring back their investment, but they think that key industries may end up with only huge losses depending on the market conditions.
Compared to the founders of the four major groups who have succeeded by making bold investments in shipyards, automobiles, and electronics without stopping their reckless challenges, Samho Group’s investments have always been conservative.
As a result, the four major groups were able to multiply their size several times each time they succeeded in one industry, but Samho Group tends to depend on the rise in real estate values.
Joo Seong-ho, who took over the Samho Group after the founder, has not changed much in essence.
In the meantime, they have taken on many new challenges, but they have never looked out for areas that still require large-scale capital, and have only made investments that do not incur large losses even if they fail.
It was still the same today. They do not even turn their attention to businesses that require trillions of won in investment, such as automobiles and shipbuilding.
“The former is not particularly attractive. Throw cars and heavy industry first, the former for fame, and all the rest.”
Samho Group negotiated a spin-off of the Daeyang Group along with Korea’s number one conglomerate, Cheil, and fourth-ranked Myeongseong. The intention was to share the necessary affiliates with each other.
Seongjin group, who is competing for 5th place with Samho, was also involved in the negotiations, but Samho had no intention of sharing it with Seongjin.
They have been fighting as rivals for the fifth place for decades. There is no reason to even take care of them in such an important moment.
“Excluding automobiles, heavy industry, and electronics, the total share price is about KRW 7 trillion. But right now, the situation in the ocean is full of bad things, but if it is normalized and its value is recognized properly, it will be three or four times that amount. Bringing it all in, it won’t be impossible to compete with fame in two or three years.”
If Daeyang is omitted from the four major groups, Samho Group is ranked fifth after Seongjin.
It is a grand project that if you bring Daeyang’s net affiliate affiliates from there, you can go beyond fame and reach third place. As a Samho group, this opportunity could never be missed.
“Did you properly put drugs on Seongjin’s side?”
“of course. I firmly believe that we can take the chemical and oil side from there.”
“okay. Let’s think on the good side. huh.”
Of course, neither Chairman Joo nor his son had any intention of keeping the secret agreement with Seongjin.
If necessary, I’m going to throw away some of the less useful affiliates and give it a go.
“If you only get her, there will be no big problems, right?”
The biggest problem right now was the shareholders’ meeting of Daeyang International, which was just around the corner.
Daeyang Group will be divided into two major divisions, and electronics, automobiles, and heavy industry will be transferred to Jeil and Prestige, while Samho will need a majority stake.
A significant portion of the stake is held by the chairman of the Daeyang Group.
However, in a situation where Chairman Ryu of the Daeyang Group is unconscious, the person who can move it freely is the chairman’s wife.
For the Samho group, her support is essential.
“If you succeed in doing that, the biggest problem will be solved.”
“You have to deal with it carefully. If you try and fail this time, it’s worse than not starting.”
“I know. Daeyang Group Chairman and Chief of Staff is also likely to turn around. Oh Kyung-duk is useful to us as well. For the past 20 years, we have dealt with the big and small issues of the Daeyang Group, so with him, we will be able to solve problems that may arise after the merger.”
“okay. If you need talent, you should bring them.”
“If you are the vice president of Samho Group, you won’t be sad either.”
In the past, Oh Kyung-duk had enjoyed great power as the henchman of the Chairman of the Daeyang Group, but his status was the chief of staff.
Although it is said to be powerful, it is true that it is not enough to satisfy the sense of resonance.
It was calculated that the position of vice president of Samho Group, which will be newly ranked third in the business world, would be satisfactory for the man.
Of course, I do not intend to sit on the vice-president position forever. If Daeyang Group affiliates are incorporated into Samho and have established positions, they will be forced to back down at any time.
“Did you make sure you calculate the cost?”
As the head of a group that grew up in the money business, Chairman Joo was most sensitive to cost.
“The biggest thing to pay to Rep. Han Jae-soo of the ruling party and vice-chairman of the National Assembly on the opposition side. Together, it will probably cost around 100 billion won.”
So is his son. Calculating losses before starting work shows that they are more of a tradesman or financier than an entrepreneur.
The cost of 100 billion won would be worth it if two big-time politicians, each holding a major role in the ruling and opposition parties, solve the political problem of Samho swallowing the ocean.
Moreover, the cost is not the only money the Samho Group has to offer.
Jeil, Myeongseong, and Seongjin, who decided to share, should also be separated.
In addition, the two rich men have no intention of taking out of their pockets the cost they have to pay for the acquisition of a net affiliate of the Daeyang Group. All of them will be procured through affiliates of the Daeyang Group.
It is a business that leaves a lot to be desired in many ways.
“She has about 14.7% of the stake she can move. And I know that affiliates have 10%, and about 12% are overseas. Hong Chul-joong took control of the presidents of affiliates, and Secretary Oh was in charge of overseas affairs. If you add up to the 7.4% we have, all of them are over 40%. The odds are good enough.”
Samho Group, Sungjin Group, and Cheil Group have quite a bit of Daeyang International’s stock.
Samho Group invested a lot of money in large domestic corporations through private loan business, and Seongjin obtained a stake in the top 10 group by joining the political circles during the dictatorship.
“okay. Handle it meticulously until the very end.”
“Do not worry. If Hong Chul-joong does it right, next year, our Samho will be third in the business world.”
* * *
“I decided to give my hand to Samho’s proposal at the next month’s general shareholders’ meeting.”
“Good job.”
“But I don’t know if I can do that.”
There was anxiety in the woman’s voice.
“Would it really be helpful for us to divide the Daeyang Group into two and hand over all the poorly insolvent ones to the Samho Group?”
“It is best for my wife and Master Geun-seok to go under the Samho group. To be honest, in the current situation, there is no way for Master Geun-seok to return to Korea and take on a major role in the group, and it seems that neither the big boss nor the CEO Geun-soo intends to share the ocean with Master Geun-seok. What’s more, the group’s normalization has completely crossed the waters because the big boss is under arrest.”
Oh, who had been a shadow of the group chairman for decades, was persuading the chairman’s wife to dismantle the group and hand it over to another group when the group’s crisis came.
If only one of the president’s three sons had been functioning normally, he would not have thought of doing something like this.
But he knew best how desperate the current situation in the ocean was.
If the ship is going to sink anyway, you should pack as much as you can and leave.
Even better, of course, is to find someone to take over the sinking ship.
Fortunately, a very good water drinker appeared this time.
Four groups at the top of the business circle came forward, supported by heavyweight politicians from the opposition and ruling parties.
It is never wise to miss such a great opportunity.
“You know how bad the public opinion of the Korean people about Daeyang Group is right now. Even if Master Geun-seok takes over as an affiliate, it will be difficult to see good results in the long run. It is better to pay the price and hand it over.”
“It is, but… … .”
The wife of the chairman of the Daeyang Group was showing a much weaker appearance than usual.
It makes me sad to see a woman who used to be so majestic, just showing her weakness in a crisis situation.
“I’m having a really hard time these days.”
The president’s wife was already in her 40s, but she was exuding a glamorous charm that was not appropriate for her age.
Looking into her moist eyes, feeling irresistible charm, Secretary Oh unconsciously reached out and embraced her slender body.
For some reason, she doesn’t resist the secretary’s rude behavior.
A change was coming between the two men and women who had only faced each other as a hostess and a servant until now.