Episode 199
Everything was proceeding smoothly.
Baek In-hwi had distanced himself, and the operation against Haixin Group was going as planned.
The credibility of the information I was providing, along with Wang Jin-mi’s intel, was increasing daily. To further solidify their trust, we occasionally let some of the worthless oil fields slip through, ensuring a consistent stream of accurate information. And Wang Hao and his father had started to trust us implicitly.
“At this rate, the successor position is mine!” Wang Hao, drunk, said to Oh Xiang. “You’re a lucky charm, Oh Xiang.”
“You’re too kind, sir,” he replied, smiling.
Oh Xiang would ask for information, Wang Hao would verify it through Wang Jin-mi, and then they would acquire the oil fields. That was all he had been doing. He was just acting as a middleman, relying on others’ information, but the results had been excellent.
Wang Hao chuckled. “It’s so satisfying to see Jin-hee struggling.”
Wang Jin-hee’s performance wasn’t actually declining. She was just no longer achieving the same spectacular results as before, without Baek In-hwi’s help. But people tend to focus on failures, even if they’re rare. Her past successes, achieved with Baek In-hwi’s assistance, had become the standard by which she was now judged.
Wang Hao, on the other hand, was enjoying an unbroken string of victories in the energy sector. It was clear who was ahead in the succession race.
He said with a smug expression, “Maybe I’m a genius… an investment genius.”
“I believe so, sir,” Oh Xiang said, smiling. “You think so too? Hahahaha.” He laughed for a while, then said, “Do you have any other promising deals, Oh Xiang?”
“There are a few distressed assets on the market…”
His eyes gleamed. “Really? Tell me more!”
“Well, they’re distressed assets, so I’m hesitant to recommend them…”
“What do you mean?”
“A company that invested heavily in energy development is now facing a massive debt crisis after a failed venture in a new industry. They’re selling off all their oil fields to avoid bankruptcy.”
Distressed assets were usually the cheapest and most undervalued. Wang Hao smiled broadly. “That’s the best time to buy!”
“But it’s an unknown company, and I haven’t gathered enough information yet. And the price is quite high, even for a distressed sale.”
“High, you say?”
“They’re asking for $1 billion.”
“One billion dollars?!”
“Yes, for all six oil fields.”
“Six…” Haixin Group had already invested heavily in oil fields. They were all profitable, so they would eventually recoup their investment, but their current cash flow was tight. $1 billion was a significant amount.
“It’s a bit expensive, but…” He hesitated.
“It’s a great opportunity to make a fortune, sir,” Oh Xiang said, making it sound like a missed opportunity.
“A fortune?”
He subtly handed him some documents. “As I said, this is preliminary information, due to the time constraint.”
Wang Hao’s eyes gleamed as he scanned the documents, which contained data on reserves, production capacity, and other relevant information. But he ignored all that, focusing only on the last page, where the total estimated value was listed: $2 billion.
“If I buy it for $1 billion and resell it, I can make another $1 billion profit.”
“Don’t be hasty, sir, it’s not confirmed information.” Oh Xiang tried to dissuade him, but he was already hooked.
“Even if it’s not $2 billion, it’ll be at least $1.5 billion.”
He trusted Oh Xiang implicitly. His words were like gospel.
“And it could be even higher, since it’s just an estimate. Maybe $2.5 billion? That’s a $1.5 billion profit…” He was already imagining his triumphant return with a $1.5 billion profit. “And if I sell each oil field individually, I could make even more.”
Seeing him blinded by greed, Oh Xiang said with a feigned concern, “But sir, you’re being too hasty.” He ignored him and jumped to his feet. “Don’t worry, I’ll handle it.” His confidence stemmed from his sister, Wang Jin-mi. “I have connections. I’m Wang Hao! They said it’s a distressed sale? How long has it been on the market? Are there any other buyers?”
“It’s been two days. And I heard a few companies are interested.”
“Already?! I have to hurry! I’m going now! You investigate further, Oh Xiang. Got it?” He rushed out of the room.
Oh Xiang, left alone, took a sip of his drink and muttered,
“Idiot.”
Six oil fields for sale.
Wang Hao and Haixin Group had decided to buy them just two days after receiving the information.
It wasn’t just Oh Xiang’s recommendation. Wang Jin-mi, the most trusted source of information within the Wang family, had also strongly recommended it, claiming it was an incredible deal, a guaranteed profit even if they just resold them gradually over the next year.
And Oh Xiang, after further investigation, had revised the estimated value upward to $2.3 billion, further fueling Wang Hao’s greed.
With two reliable sources praising the deal, the urgency of a distressed sale, and the allure of a massive profit, Wang Hao had readily agreed to invest $1 billion and acquire all six oil fields.
The seller, of course, was Wang Jin-hee’s secret company. And the oil fields were all worthless, with high reserves but low production capacity. Their actual value was less than $100 million combined.
“Hahahahahaha!” I laughed heartily. “Congratulations!”
And then Wang Jin-mi’s voice came from my phone.
-
It’s just the beginning.
Wang Jin-hee’s secret company had maintained a hardline stance during the negotiations, refusing to lower the price and even mentioning other interested buyers to create a sense of urgency, further convincing Haixin Group that it was a good deal. The transaction had been successfully completed. Haixin Group was celebrating, and Wang Hao, excited, had already sent a team to inspect the oil fields. I had carefully packaged them to look promising, and I couldn’t wait to see his disappointment when the truth was revealed. – Your husband has no idea what’s going on, Baek In-hwi. He’s completely clueless.
“That’s our specialty. Hehehe. And we’ve already taken $400 million from Wang Jin-hee, so he’s in deep trouble.”
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Hohoho, but don’t destroy Chunha Group completely.
“What do you mean? You told me to crush them.”
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I did, but I didn’t expect you to go this far.
I said in a stern voice, “Park Sol is my enemy. I won’t show him any mercy.”
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I understand, but… please don’t destroy them completely, she said softly. – I’m using Jin-hee, but I still feel sorry for her. She’s been manipulated her entire life. I don’t care about my father and brothers, but I don’t want to completely ruin Jin-hee’s life. She deserves some happiness, even if it’s just from her husband’s success. It’s the least I can do after using her.
It seemed like she wouldn’t interfere with my plan to create a mini-Haixin Group and install Wang Jin-hee as its CEO. I was pleased, but I had to maintain my hostile stance.
“I can’t do that. I’ll destroy Park Sol and make Jin-hee divorce him, even if it means giving her money myself…”
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Mr. Baek. She interrupted me. – Isn’t it too cruel to make her a divorcee after ruining her family?
“But!”
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Will you be done with me after Haixin Group collapses? Won’t you need my help anymore?
Baek In-hwi’s motive wasn’t just revenge against Park Sol, it was also about securing a powerful backer.
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Please be lenient. At least enough for them to survive.
I said reluctantly, “If you insist… alright. And it’s not like I can completely destroy them anyway.” I clicked my tongue. “I’ve been dealing with them for a while, and they’re surprisingly resilient. Smaller than Daehoo or Haixin, but much tougher.”
Chunha Group had no debt and ample cash reserves, making them immune to financial pressure. And since their subsidiaries were all privately held, they couldn’t be targeted through shareholders.
They were practically indestructible as long as they didn’t make any major mistakes.
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Hehehe, I’m glad we can agree. Keep up the good work.
“Yes, ma’am.”
I smiled after ending the call. “Perfect.”
Now that I had confirmed she didn’t harbor any ill will towards Wang Jin-hee, I had nothing to worry about. I looked at the time. “My wife should be home soon.”
Baek In-hwi’s time was over. It was Park Sol’s turn.
“Hohoho, I’m so happy today.”
Wang Jin-hee, believing everything was going according to her plan, was in a celebratory mood.
“Haixin Group will suffer a massive loss from the oil field investment, and Wang Hao will be out of the picture.”
“It’s too early to be sure, but the amount involved is substantial. Hahaha.”
“Let’s celebrate! We need a drink.” She brought a bottle of wine and some cheese. “How about some cheese?”
Her attitude towards me had changed subtly after I had lent her $400 million without any questions. She was less like a wildcat and more like a house cat. Unlike before, when our conversations were mostly about business, she was now making an effort to be friendly and engaging.
“Sounds good.”
She said excitedly, “I’ll return the $400 million I borrowed as soon as I receive the money from the oil field deal.” The $400 million must have been a substantial amount for her, even if she was the chairman’s daughter. She was offering to repay it before I even asked, despite being in the middle of a power struggle.
I smiled. “It’s fine.”
“What?”
“You’re in the middle of a succession battle. I’ll take it after everything is resolved.”
She looked concerned. “Are you sure?”
Baek In-hwi’s attacks on Chunha Group were intensifying, even announcing plans to build a competing department store near ours. “I’m fine.” I really was. The $400 million I had lent her had gone to Baek In-hwi, so I hadn’t actually lost anything. But she was touched. “Th-thank you.” “It’s nothing.” I poured her a glass of wine. “Let’s make a toast.” “A toast? What should we toast to?”
“To our dreams,” I said after a moment of thought.
“Cheers,” she said, smiling. I took a sip of wine and thought, ‘The snowball is already rolling.’
She thought she could control it, but neither Wang Jin-mi nor I would let that happen. It would keep rolling, gathering momentum, until Haixin Group was destroyed. She smiled. “I hope our dreams come true.”
Her dream would come true. But not in the Haixin Group she knew, but in the new Haixin Group, redesigned by me.
I smiled. “How about another glass, to the future chairman?”