Chapter 200
“W-what is this?”
The blissful moment was short-lived. Wang Hao’s hands trembled as he looked at the survey results for the six oil fields he had acquired. “The more oil we extract, the more money we lose…?”
The production cost was so high, even at the current low oil prices, that they would be losing money, not making a profit. And it wasn’t just one oil field, all six of them were the same, albeit to varying degrees. He threw the documents at Oh Xiang. “You bastard! Look at this!”
Oh Xiang picked up the papers, looked at them, and bowed his head. “I apologize, sir.”
“Is ‘sorry’ enough?! I trusted your information!” He had been warned that it wasn’t fully verified information, but he hadn’t cared. He just needed someone to blame. “You’re responsible for this! You told me to buy them!”
This wasn’t something he could get away with, even as the chairman’s eldest son. He had used all of Haixin Group’s available funds and even taken out loans to acquire these oil fields, and they were all worthless. This wasn’t something a mere section chief could take responsibility for.
“I’m sorry.”
He flipped the table in a rage. “Argh!” Documents and other objects scattered across the floor, but his anger remained unabated. He continued throwing things.
“Damn it! Damn it!” After venting his frustration, he stared blankly into space. “No, this can’t be happening.” He had finally gained the upper hand in the succession race, and now it was all for naught. “If I resell them now… Yes!” he said desperately. “There were other companies interested in buying them. I can resell them, even at a loss! As long as I can get rid of them!”
Oh Xiang said with a grim expression, “I’ve investigated, and those were just rumors.”
“Rumors?! Rumors?! This is a scam! The contract is void! Void! I’m going to that company and demanding a refund!”
Oh Xiang shook his head. “I tried, but…”
“What now?!”
“They’ve disappeared…”
Wang Jin-hee’s secret company, which had maintained a facade of legitimacy for this very moment, was gone. They had completed their mission, repaid the $400 million loan from Baek In-hwi, and made a $600 million profit. They had vanished without a trace as soon as the transaction was completed. It was a $1 billion scam.
“Damn it! Damn it!” He continued to rage, but it didn’t change anything. He slumped back into his chair, his eyes hollow. “I’m ruined.” Even if he was the eldest son, his father wouldn’t tolerate such a massive loss, especially with Wang Chen and Wang Jin-hee as alternatives.
This was his last chance.
“It’s all over… just like that…”
Oh Xiang approached him.
“Director Wang…”
“What?” he mumbled, his voice devoid of energy.
“It’s not over yet.”
He looked up, a flicker of hope in his eyes. “What…?”
“There’s a way.” His eyes gleamed. “You’re currently the leading candidate for the successor position. We can use that.”
“What do you mean?”
“We’ll pretend those six oil fields are profitable. You control the energy development division, and your people are in charge. We can manipulate the accounts and make it seem like they’re generating profit.”
He stood up. “Make them look profitable?”
“Yes, we buy ourselves some time and then present it to your father as another one of your successes. ‘See? I was right.’ And then we quietly extend the one-year resale plan to three years.”
He smiled. “Three years is more than enough time to eliminate your rivals.”
His eyes gleamed. “Three years… yes, that’s enough.”
“We can handle it after you become chairman. No one will question your decisions then.”
Oh Xiang smirked. “You’ll be the chairman of Haixin Group.”
He nodded vigorously. “That’s right. That’s what we’ll do! But we need money to make them look profitable. Where do we get it?”
“We have other profitable oil fields. We can use them as collateral for a loan, or…” He rubbed his fingers together. “…we can be creative with the accounting.”
“Creative?”
“We can say the profits from the six oil fields are being reinvested in their development. That way, we have both revenue and expenses. It’s all internal, so who would know?”
It sounded plausible, but it was just another form of accounting fraud. Fictitious revenue and expenses would create fictitious assets on the balance sheet. The value of the oil fields would appear to be increasing due to the “investments,” but it was just a manipulation of the accounts.
“It’s perfect!”
But it was the perfect solution for Wang Hao, who was desperate.
“I’m sorry about the last acquisition. I’ll be more thorough from now on and only bring you verified information. We’ll cover up our past mistakes with future successes, so no one can question us.”
“Are you sure you can do it?” he asked Oh Xiang.
“Of course. As I said, I wasn’t confident about the last acquisition, but this time is different.” He took out some documents and handed them to Wang Hao. “This is a sure thing.” Wang Hao, looking at the documents, said with a hesitant expression, “But we don’t have enough funds for another acquisition.”
“We’ll use the profitable oil fields as collateral.”
“…Are you sure about this?”
“Have you ever lost money on any of the oil fields I recommended?”
“…No.”
He smiled. “This is a sure thing. I guarantee it.” A heihaizi’s guarantee was worthless. These oil fields were also worthless, and Oh Xiang would disappear after this deal.
He had already taught him how to manipulate the accounts, and now he was giving him another opportunity. Wang Hao’s fraudulent accounting would spiral out of control.
“Alright, I’ll trust you one more time.”
“Good work,” I said.
“It was nothing, sir. I just followed your orders,” Oh Xiang said, bowing his head. I smiled. “How’s Wang Hao doing?”
“He’s probably furious.”
Oh Xiang had disappeared immediately after the transaction, after having sold Wang Hao another set of worthless oil fields. Wang Hao, alarmed by his disappearance, had frantically searched for him while ordering a survey of the new oil fields. The oil fields, of course, were worthless. “He probably thinks we’re in cahoots with the company that sold us the first six oil fields.”
“That’s right. You played him perfectly.” I chuckled and then gestured to Li Yang. “Give him his reward.”
He opened his briefcase, revealing stacks of US dollars and Chinese yuan.
“Clean money, about $3 million.”
It was 3 billion won, more than an ordinary worker in China could earn in a lifetime. Oh Xiang’s face lit up.
“Thank you, sir!”
“You’ve earned it. But stay at the base for a while. I don’t want you running into Wang Hao. About a year.”
He was a second-generation heihaizi, so he knew my true identity. He also knew about the secret base, although not its exact location.
“Yes, sir.”
“It has all the amenities you need. Just relax and think of it as a vacation.”
After he left, I immediately called Wang Jin-mi.
-
Hello?
“It’s me. The operation is complete.” I had done my part. Now it was her turn to use her political connections and destroy Haixin Group.
“When are you making your move?”
-
A wound festers the longer it’s hidden. I have a few other things planned, so… about three months?
“I see. Hehehe.”
I hung up the phone, my eyes gleaming. “The final stage.”
Three months flew by.
Wang Hao’s fraudulent accounting, trying to cover up the losses from the worthless oil fields, had spiralled out of control. A temporary fix always creates bigger problems later. Wang Jin-hee, knowing that his success was just a facade, was reviewing the documents with a gleeful expression.
“My younger brother is busy covering his own ass, and my older brother is busy hiding his failures. Hehehe.”
The documents contained details of Wang Hao’s fraudulent accounting.
“Today’s the day.”
Today, she would expose his failures at the board meeting, with Wang Jin-mi’s help, delivering the final blow.
“Once I reveal this…”
She said, her face flushed with excitement,
“…it’s over for Wang Hao.”
If it was revealed that his supposedly successful energy development projects were actually losing money, he couldn’t remain at the company. Even if his father was the chairman, Haixin Group was a public company. The shareholders wouldn’t tolerate such massive losses.
He had invested $1 billion in the initial acquisition and another $200 million based on Oh Xiang’s recommendation. And the losses from his fraudulent accounting were even greater. “I’m so nervous.” She had been preparing for this day for years, enduring a strategic marriage, secretly building her own power base, maintaining a perfect public image… “Lululu~”
And lately, her relationship with her husband had also improved, and she was even starting to enjoy her married life, which she had never expected. “My husband…” She had initially married him for Chunha Group’s support, but after Baek In-hwi’s betrayal, she had started seeing him in a different light, not just as a partner, but as someone she could trust and rely on.
She checked the time, gathered the documents, and stood up.
“It’s time for the board meeting.”
She wasn’t supposed to attend board meetings, but she had obtained her father’s permission, claiming she had an important matter to discuss.
As she was walking towards the meeting room, a news report flashed on the TV screen.
“Breaking news. Haixin Group is suspected of accounting fraud.”
She froze and stared at the screen, her face pale.
“What?”
“According to our sources, Haixin Group, which has been aggressively investing in energy development, has been manipulating its accounts to cover up massive losses. The estimated amount is at least $1 billion, over 10 billion yuan. The Party is considering a raid.”
“How… how did this get out?” she muttered, her eyes wide with fear. It was the bombshell she had been planning to drop at the board meeting. And the amount was accurate. “No, this can’t be happening.”
It was supposed to be an internal matter, a way to oust Wang Hao without causing too much damage to Haixin Group. She had exaggerated the losses to ensure his downfall, but if Haixin Group had time, they could have recovered. But now that it was public, they had no time. And the Party was considering a raid. “How… how did this leak out?”
Baek In-hwi? Her confidants? Park Sol? Several people knew about the information, but only a few knew the specific details.
Baek In-hwi, whom she had betrayed? He had lent her the money but didn’t know its purpose.
Park Sol? Wang Jin-mi? They had no reason to betray her.
Her confidants? They were all waiting for her to become chairman and reward them. They had as much to gain from this as she did. Her face turned pale, and she muttered in disbelief, “Who… why… how…?”