Episode 165
Manager Gong continued his report on the ten or so oil fields Daehoo Energy had acquired stakes or development rights in.
And after hearing everything, I had only one thought:
‘Let’s get rid of them.’
Manager Gong’s enthusiastic descriptions of each oil field, emphasizing their potential for massive profits, boiled down to one thing: this business relied on luck.
And I hated uncertainty.
I meticulously planned every step, always having a plan B, and even a plan C, in case things went wrong.
But this was like, “Let’s just drill and see what happens.”
The best of the oil fields he had described was one where we had a 5% stake, and even that wouldn’t be profitable for another five years.
I had a headache.
“Manager Gong, so how much more do we have to invest, and how much longer do we have to wait?”
He hesitated. “Well, there’s the 70 billion won remaining payment… and if you could just wait another five years, I’m confident we’ll see results.”
Let’s get rid of them.
I wasn’t going to throw good money after bad.
Fortunately, I had negotiated a substantial debt write-off with the creditors during the acquisition, and we hadn’t invested any additional funds, so the losses from abandoning the project wouldn’t be catastrophic.
But it wasn’t that simple.
I had only acquired Daehoo Energy six months ago, and I had used the “saving the employees” narrative.
Abandoning the company now would damage my reputation.
I thought for a moment and then asked, “Can we transfer the development rights? And the shares, of course.”
His face turned pale. “Sir! This oil field is…”
I raised my hand, interrupting him. “Enough.”
“…”
“I understand your enthusiasm, Manager Gong, but this is premature. Don’t you remember that Chunha Group started as a junkyard? We’ve acquired Daehoo Energy and Daehoo Electronics, and we’re expanding into new businesses. We can’t afford to take on any more projects. We need to consolidate our resources and minimize our losses, even if it means selling off some assets. Or…” I smiled. “…should we reduce the number of employees instead?”
“Th-that…”
“We have to lighten our load to slow down our descent. What should we get rid of?”
He lowered his head. “I-I’m sorry, sir.”
“An apology isn’t enough. Should we reduce the number of employees?”
He said after a long silence, “We should reduce the scale of our operations, sir.”
I snapped my fingers. “Exactly! So, can we transfer the development rights?”
“Yes, we can.”
Good.
I would appease him, gradually sell off the assets, even at a loss, and then quietly shut down Daehoo Energy.
But who would buy them?
“Hmm, do you think there would be any buyers if we put these development rights on the market?”
“I don’t… think so, sir.”
So there were no buyers.
I needed to find another sucker like Daehoo Energy. Would that be easy?
“Anyway, let’s end the meeting here and go for dinner.”
We had a company dinner with the 100 employees of Daehoo Energy’s Middle East branch.
I was already feeling down after his report, and to make matters worse, alcohol was prohibited in Saudi Arabia. How could I endure this without a drink?
“Sir, we don’t have alcohol, but this juice is quite refreshing. Please have some,” a female employee said, pouring me a glass. She was quite attractive, the prettiest among the employees here. She seemed a bit too eager to please, considering she had been sent by the branch manager. It was obvious what she was after.
“Thank you.”
She giggled, covering her mouth with her hand. “You can speak casually, sir. I’m much younger than you, and you’re my boss.”
“It’s okay, I prefer formal speech.”
“Oh, you’re so gentlemanly. How charming.”
She leaned closer, pressing her chest against my arm.
‘This is annoying.’
I was the 30-year-old chairman of a large corporation. Women like her were constantly throwing themselves at me, hoping for money, status, or both. I had a truckload of them, both inside and outside the company.
I pulled my arm away. “You’re a bit too close.”
“Oh, was I? I apologize. Heehee.” She remained unfazed by my rejection. The other employees frowned at her blatant flirting, but she ignored them and continued her attempts to seduce me. My annoyance grew.
I had been trying to be polite, maintaining a positive image before shutting down Daehoo Energy, but I had reached my limit. I said with a serious expression, “Please stop this.”
“What did I do?”
“I have a girlfriend.”
That should deter her.
But she smiled provocatively. “I’ve heard the rumors. But just because there’s a goalkeeper doesn’t mean you can’t score. And…” She put her hand on mine. “…you don’t have to be married to be friends.”
This woman was crazy.
I had been hit on by countless women, but this was the first time someone had been so blatant, especially in public and while sober.
I pulled my hand away. “Please stop this. I’m getting married soon. This is inappropriate. I don’t want any scandals.”
“I didn’t say anything. I just want to be friends.”
“I might have been friendly, but I’m the chairman of Chunha Group. You’re an employee. Please behave appropriately.”
“Heeheehee.” She didn’t even flinch. This woman was insane.
I had to avoid scandals, especially with the wedding and the succession battle approaching.
The succession battle depended on who could win Chairman Wang’s favor, and a scandal before the wedding would only benefit her brothers…
“Wait a minute.”
Her brothers?
Those two idiots who were ambitious, reckless, and had no knowledge of the energy industry? They would be easy targets.
“Oh?”
And Haixin Group had no energy division, so they would be clueless about this worthless oil field. And if they incurred losses from it, it would damage their standing with their father.
This was perfect.
“Sir, why are you so quiet?” the woman asked, interrupting my thoughts.
I frowned and shouted, “Everyone, attention!”
The employees were startled and looked at me. I glared and said,
“One hour of silent meditation! Don’t touch me or talk to me! I’ll lose my temper if you disturb me!”
The restaurant fell silent, and I started planning my next move, while the employees endured the worst company dinner of their lives, afraid to even clink their glasses.
“I can’t give it to them directly.”
If I transferred the oil field rights to Wang Jin-hee’s brothers, I would be criticized for using Haixin Group for personal gain. And they would be suspicious of my motives. They knew I wouldn’t do anything that benefited them.
“I have to do it through Baek In-hwi… but…”
I would sell the oil field rights to Baek In-hwi, who would then approach her brothers.
The problem was that Baek In-hwi and Park Sol were known to be on bad terms. Such a large transaction wouldn’t make sense.
I needed a completely unrelated intermediary, or maybe even a new shell company.
I had an idea.
“Should I test my future wife?”
Did she have a secret company, as I suspected? A secret company wouldn’t have much capital, so she would naturally ask Baek In-hwi for help.
It would reinforce Baek In-hwi’s image as a powerful figure and sever any connection between him and me.
“Let’s do it.”
“Finally done!”
Wang Jin-hee stretched, having finished writing her paper. “This is almost over.”
She would be graduating in six months and marrying Park Sol, and then the real battle would begin. Her phone rang.
“Hello?”
-
It’s Park Sol.
“Oh, my boyfriend. What a surprise.”
-
How have you been?
She smiled. “Why are you asking? We haven’t spoken in two months. You wouldn’t call me if you didn’t need something.”
We had pretended to talk frequently in the beginning, but we had grown tired of it and had just been leaving missed calls or making short, meaningless calls to maintain the appearance of a relationship.
-
Hahaha, has it been that long?
“Just tell me what you want.”
-
I need your help.
“Help?”
-
I have a problem. A troublesome asset.
“What is it?”
-
You know I acquired Daehoo Energy, right?
“Yes.”
-
I did some due diligence, and the situation is worse than I thought. The investments and development rights are worthless. I’ll lose money if I keep them.
“That bad?” She had been following Daehoo Energy’s struggles, but she had assumed it was just the typical initial losses of an energy development company. But the fact that he was asking for her help suggested the situation was dire.
-
Yes. Whoever buys these assets will lose everything. I thought about selling them to your brothers.
Her eyes gleamed at the mention of her brothers. “My brothers?”
-
Yes, to make your father disappointed in them. But I didn’t want to be held responsible for their losses, so I cancelled the plan.
She thought for a moment. “Is it really that bad?”
-
I guarantee it.
Various scenarios flashed through her mind, but she feigned indifference.
“Hmm, how am I supposed to sell such worthless assets?”
-
That’s why I’m asking for your help. You must have connections with the Chinese chaebol families. Do you know any suckers?
“How much are we talking about?”
-
10 to 100 billion won per oil field. 400 billion won would be enough to save Daehoo Energy. And you know who’ll be buying them, right?
She said hesitantly, “I’ll see what I can do, but don’t get your hopes up.”
-
Thank you. I’m counting on you.
She hung up the phone, her eyes gleaming.
“This is an opportunity.”
She had a secret company, unknown even to her father and brothers.
Officially, it had no connection to her, but its CEO and executives were all her confidants. She had been secretly diverting funds from her inheritance, preparing for the succession battle.
It wasn’t large enough to handle a 400 billion won transaction, but she had Baek In-hwi.
She smiled and called him.
-
Hello, this is Baek In-hwi.
His voice, usually distorted by static, sounded strangely familiar today, but she dismissed it as a coincidence. “Hello, CEO Baek, how have you been?”
-
I’ve been well. What can I do for you?
“Always so curt. Anyway, you haven’t forgotten about helping me, have you?”
-
Of course not.
“I need some help. I have some distressed assets, but I don’t have enough funds…”
She flinched, hearing his chuckle.
-
Hehehehehe.
“Hello? Are you listening?”
-
Yes, you need funds. You’re planning to sell those distressed assets to your brothers and make them lose money, aren’t you?
She said, startled, “You’re sharp.”
-
It’s quite obvious. How much do you need?
“400 billion won. I’ll make sure you don’t lose money.”
-
Alright, I’ll help you.
She was surprised by his easy agreement and his generosity. “Thank you, but you sound… unusually cheerful today.”
-
Do I? I just heard something amusing. Anyway, I’ll prepare the 400 billion won.