Episode 146
Jaw agape, pupils dilated.
Shock, confusion, bewilderment.
Kim Min-sik couldn’t process the fact that Baek In-hwi was Park Sol.
“P-P-Park Sol of Chunha Trading?!”
“Yes, that’s me.”
Park Sol, the self-made man, the model entrepreneur, the philanthropist who had donated billions… the very person he had clashed with during the consortium’s formation.
“Is this… is this a trick? Is there another Baek In-hwi, and you’re just his representative?”
Park Sol smiled at his rambling. “No, I’m Park Sol, and I’m also Baek In-hwi.”
“This is… unbelievable.”
“If you, the person closest to me, are this surprised, I can only imagine how others will react. Excellent.”
Kim Min-sik, his voice trembling, said, “It’s so unexpected…”
“How do you feel about seeing my true face?”
Kim Min-sik shook his head. “I… I’m not thinking straight right now. Just give me a moment to process this.”
They were two completely different people.
‘Baek In-hwi is Park Sol, and Park Sol is Baek In-hwi?’
Then everything that had happened with Chunha Trading had been orchestrated by Park Sol.
The pieces of the puzzle started falling into place.
It was Chunha Trading that had used Hanho Savings Bank to bring down companies and then acquired them. And it was Chunha Trading that had instigated the internal conflict within Daehoo Group, leading to its collapse, and was now being touted as a potential white knight.
Joongang Investment Corporation did the dirty work, and Chunha Trading reaped the rewards.
It was a simple scheme, but he hadn’t suspected Park Sol because of his public image as an honest and righteous businessman.
Who would have thought that the ruthless Chinese investor and the self-made Korean entrepreneur were the same person?
The media was still praising Park Sol, calling him a model citizen and the perfect candidate to acquire Daehoo.
And now he was learning that Park Sol was the one who had orchestrated Daehoo’s downfall.
He felt both awe and fear.
Fear of the man who could orchestrate such a scheme and awe that he was his boss.
Park Sol smiled, seeing his silence. “Are you having second thoughts now that you know who I am?”
Kim Min-sik said in alarm, “O-of course not! But…” He said in a slightly dejected tone, “Our relationship wasn’t exactly amicable. We clashed recently because of the media, and you even had my company raided…”
His voice grew smaller and smaller. It was a shock to discover that his rival was actually his boss.
“I did that on purpose,” Park Sol chuckled. “The more we clashed, the less suspicious we would seem. That’s why I let them raid your company.”
Kim Min-sik shuddered.
This man had deceived everyone, even his own allies.
“Everything was part of my plan. You don’t have to blame yourself. I wouldn’t have revealed my identity if I was going to blame you.”
“R-really?”
Park Sol nodded. “Of course. You did well. That’s how we avoid suspicion.”
Kim Min-sik, relieved, sighed. “Thank you, sir.”
“How do you feel?”
Kim Min-sik said cautiously, “I’m… surprised. I had all sorts of theories about your identity, a Chinese investor, a triad representative… I don’t even know what to call you anymore.”
“You can call me Park Sol now that we’re face to face.”
“Yes, CEO Park, I’ll do that.”
He continued, “I never imagined… I didn’t even think you were Korean. And I was afraid. You manipulated everyone, playing both sides, earning public praise while orchestrating Daehoo’s downfall. Your audacity and skill… but…” His voice grew more and more excited.
“I’m also thrilled. To have such a powerful person as my boss. Deceiving the world, playing them like puppets, earning their praise… You have it all. I just want to ask one thing. Joongang Investment Corporation lost 1 trillion won on the Daehoo operation. How much did you profit?”
Park Sol said with a proud expression, “At least 3 trillion won so far. And it’ll be several times that amount if we acquire Daehoo.”
“As expected! As expected!” Kim Min-sik’s face was flushed with excitement. “As expected of you, CEO Park! It was worth it! Ah…” He trembled. “I’m so moved.”
Park Sol, also excited by his reaction, said, “Hehehe, I knew I had a good eye for people. Mr. Kim, I’ve always thought we would make a good team.”
“Thank you, sir! Thank you!”
Park Sol held up three fingers. “There are only three Koreans who know my true identity, including you. Do you understand what that means? Only three.”
“D-don’t tell me…”
“Mr. Kim, you’re not just a hunting dog anymore. You’re my partner, my representative, the only one who can act on my behalf as Baek In-hwi.”
A thrill, greater than any he had ever experienced, surged through him.
“Ah… ah… ah…” He trembled. “Your representative… your only representative… your partner…”
He had acted like a madman, enduring insults and ridicule, just to gain his recognition, to become his man, to work alongside him.
And Baek In-hwi, or Park Sol, was even more powerful and audacious than he had imagined. And now, he was not just a follower, but a partner.
He was overwhelmed with emotion.
Park Sol, watching him intently, took out a bottle of soju. “Mr. Kim, I look forward to working with you. Let’s have a drink to celebrate our partnership.”
And so began the unholy alliance between Kim Min-sik and Park Sol.
The government and creditors were trying to salvage what they could from the remnants of Daehoo Group, but it was a difficult task.
The Kim family had drained the cash, and I had taken the inventory.
Their real estate was mortgaged, and there were no buyers for the failing company. They had welcomed my offer to acquire Daehoo Electronics, but I wasn’t going to be easy on them.
“I said I would acquire the company out of a sense of responsibility, but this is ridiculous.”
The representative of the creditors said nervously, “W-well…”
I tapped the documents. “According to these documents, you have 100,000 units of the latest DM-607 model. But look at this.”
I picked up a phone box from the warehouse. “This is the DM-501, a two-year-old model.”
“…”
He was just a representative of the banks and investors who had lent money to Daehoo Electronics. He had no way of knowing the true situation, as most of the executives, including the CEO, were being investigated.
“The price difference is almost a hundredfold. You expect me to accept this inventory at face value? Take it back. I don’t need it. Deduct it from the acquisition price.”
He said with a pleading expression, “CEO Park, please be lenient. We’ve already suffered a tremendous loss. We have to recover some of it…”
I interrupted him. “That’s not my problem. I’m doing this for Daehoo’s employees, not for the creditors. Just deduct it. Sell it yourself if you can.”
He was at his wit’s end.
Daehoo Electronics, before its collapse, had been a top-tier company with a market capitalization of 5 trillion won and annual sales of 8 trillion won. But now it was a corpse.
The documents were fake, the inventory was worthless, and new evidence of accounting fraud was still emerging. He wouldn’t have bought the company either.
“The land and buildings are mortgaged, there’s no cash left… Let’s be honest, I’ll have to use my own money to revive this company. And you’re asking for 1 trillion won plus the debt? You should be the one being lenient.”
“…”
He sighed. “…CEO Park, do you have any specific conditions?”
I smiled, finally hearing the question I had been waiting for. “Delist Daehoo Electronics from the stock market, 100 billion won acquisition price, and an 80% debt write-off.”
His eyes widened. “That’s outrageous! I can understand the low acquisition price, but Daehoo Electronics has almost 10 trillion won in debt! An 80% write-off means you want us to cover 8 trillion won! And delisting?!”
I said calmly, seeing his outrage, “Of course, we can negotiate. But the debt write-off and delisting are non-negotiable. This is our only chance to delist a company like Daehoo Electronics.”
Daehoo Electronics, with a market capitalization of 5 trillion won, had fallen to 600 billion won after the group’s bankruptcy.
The stock price had stabilized after I expressed interest in acquiring the company, but it was still hovering at a low level due to the constant revelations of accounting fraud.
It was the perfect time to delist it.
“Just delist it and write off the debt. Who else would acquire Daehoo Electronics? Saseong? MG? They’re too busy restructuring to take on a burden like Daehoo.”
“Ugh…”
“In return, I’ll consider acquiring other subsidiaries.”
His eyes lit up at the mention of additional acquisitions. “Other subsidiaries?”
“Yes, how about that?”
His priority was to minimize the creditors’ losses and dispose of Daehoo’s assets.
And I was the only potential buyer.
He had no choice but to accept my terms.
“I’ll acquire at least one more subsidiary, so please be lenient. It’s like buying two items and getting a discount. 6,000 won for one, 10,000 won for two. It’s the same principle.”
He said after a moment of thought, “…I’ll discuss it with the other creditors.”
“Take your time. I’m not in a hurry.”