Chapter 362

There are quite a few children from chaebol families at Korea University. Therefore, it is not uncommon to have a chaebol family among seniors and juniors in the same class.

When I was a freshman, Go Junhyung was on a leave of absence. The first time we met was probably at a school festival. Then he said hello with Seon-ah.

Hearing that he was a member of the GH group, I remember being amazed and envious.

How many years ago was that?

I saw the man sitting across from me. There is no change in the fact that he is the son of the president of GH Construction. If anything has changed, it will be mine.

Contrary to me, who was absurd, Go Jun-hyung’s expression was serious. And Taek-gyu, who was next to him, had a happy expression on his face.

He looks like he was happy to be here.

“… … .”

Why is this child so interested in other people’s love affairs?

I said calmly.

“I don’t know what you think, but I have no feelings for Seon-ah. Still, as she was once close, I wish she had a better life.”

“Well, then why… … ?”

“I have no reason to help. I am not doing any charity work.”

The reason I joined hands with Suseong, Eunseong, GM, Ford, CL, and SSK was because it was beneficial to us. However, there is no benefit to the GH group if you help.

Go Junhyung still looked like he didn’t believe me. I said to convince him.

“Think about it. If private feelings remained in me, would the GH group have been okay until now?”

Go Junhyung’s eyes widened at my words.

I kept looking at that expression.

“If it’s a Seoseong group, it’s easy if it’s about the size of a GH group. After taking a tender offer of the holding company, GH Holdings, and securing a friendly stake, the chairman and president of the holding company can all be expelled. If I go out to eat GH, can you stop it?”

Go Jun-hyung, startled, shouted.

“GH Group is a company that our family has devoted their entire life to growing!”

“So what?”

Taek-gyu also said something.

“Should the state and the people work together to help us pass on to our children and grandchildren?”

In Korea, there is a strong tendency to equate the head family with the company. However, the owners of the corporation are the shareholders who own the stock.

Managers must do their best to maximize the interests of shareholders. If you don’t do it right, you have to leave. In fact, in foreign countries, it is not uncommon for founders to be kicked out of the company.

Still, in Korea, the head of the family with less than 10 percent of the stake at the most pretends to be the owner of the company.

And the media, far from checking it, wraps it up as if it were the truth. Even if the head is arrested for embezzlement or breach of trust, the global business strategy is disrupted, and the national economy is collapsing.

The reason that the chaebol system has been maintained in Korea is because it has its own rationality.

The first generation of the Korean chaebol was an entrepreneur. Like today’s startups, they built their businesses out of barren land.

The second generation of chaebols helped the founder, the first generation, grow the company together. Many groups collapsed as the oil shock and foreign exchange crisis hit Korea, but the surviving companies grew into global companies.

If Il-Kwon Lim had not inherited the Seosung Group, would he have been able to develop Seosung Electronics into the world’s number one memory semiconductor company? If Han Min-goo hadn’t been in charge of Eunsung Motors, could Korea have become the automobile powerhouse it is today?

The problem is 3 and 4 year olds. They were brought up in a good environment from birth, and their management ability has not been tested at all. Nevertheless, he inherited the company as if it were natural.

Foreign companies are not without cases of family succession of management rights, but they do not use all sorts of expedients to succeed in succession to a successor whose ability has not been verified as in Korea.

There is a joke like this that points out the succession problem of the chaebol.

Im Jin-yong is the son of Im Il-kwon. So what’s the name of Bill Gates’ son?

As we all know, Bill Gates is the founder and CEO of Microsoft. He was once the richest man in the world and is still actively engaged in philanthropy.

Surprisingly, few people know the name of Bill Gates’ son.

The reason is that, after his father’s death, Jin-yong Lim took over the position of chairman of Suseong Group, while Bill Gates retired at an appropriate time and passed his CEO position to Steve Ballmer.

In fact, it doesn’t matter whether you received succession or selected professional managers according to a reasonable procedure. Sony, Japan’s largest electronics company, was devoured by professional managers.

There are countless cases where professional managers have collapsed as much as the case where the successor succeeded in bringing down the company.

Whether it is a black cat or a white cat, as long as you can catch mice well, you will survive regardless of who manages the business, otherwise you will be expelled from the market.

The late Junhyung lowered his head as if he was banging his head on the table.

“Please, CEO Kang Jin-hoo. If you help me this time, I will never forget your grace.”

“… … .”

Why the hell are you doing this to me?

A long time ago, if something like this had happened, it might have been refreshing… … There is no excitement right now.

And will this help solve the problem?

I sighed and said.

“In addition to the insolvency that has been revealed so far, it is said that there are additional insolvencies worth $300 million in overseas business sites.”

“Hey, what are you talking about?”

He looked like he didn’t know.

You can’t know a company’s financial statements until you look through them one by one. If the place of business is located abroad, it is inevitably more difficult to understand the current situation.

For example, a real estate held with assets of 10 billion won on the books may be sold for only 3 billion won. Bills or receivables that were not treated as a loss because they thought they could be received of course turned out to be default or junk bonds.

As always, the fastest information is the financial sector. Foreign IBs, including Golden Gate, have already grasped the financial situation of GH Construction and set out to organize their relationship.

You can hide it only when you are hugging it, but if you put it on the market for sale, you will be subject to various due diligence. In this way, the insolvency that has been hidden until now is revealed at once.

Who should be held responsible for this?

“It is not a sin to be incompetent. But it is a sin to have an incompetent person taking his place.”

An incompetent CEO harms not only employees and shareholders, but also the national economy.

Taek-gyu nodded his head as if he understood what I was saying.

“right. That’s why I don’t become the CEO so I don’t sin.”

When President Koh Jin-kwang resigns, it is impossible for the late Jun-hyeong to retain his position as well. Is it to save the company or to protect one’s position?

A chaebol that has lost its management rights is like a lost kite.

There is no need to worry about re-employment, but it will be difficult to assume a key position within the group again. Koh Jin-kwang’s brothers, who occupy other subsidiaries, won’t sit still.

“I, I… … .”

“I will say one more thing. Do you know that it is very rude to come and talk to me about personal feelings like this?”

Go Junhyung, who was about to say something, bowed his head.

It wasn’t long before he opened his mouth again.

“Sorry. There were a lot of misconceptions today. Please forget about it.”

I nodded.

“I can’t help you, but I hope it goes well.”

It’s probably not going to go well though.

He got up from his seat and turned around.

People have different perspectives depending on where they look. When I first met him at school, the person who looked big now seems small and shabby.

After he left, Taek-gyu asked.

“Are you really not going to help?”

“You said No personal feelings remain.”

“I thought he was just saying something.”

“… … .”

What the hell did you hear me say?

If you still have feelings for Seon-ah, you would have helped GH Construction. Conversely, if there was a feeling of resentment, I would have used my hand earlier.

But I have no intention of doing anything because it is neither.

“As I said before, how about eating GH group? Wouldn’t the shareholders welcome you with open arms if you said you were going to take over the management?”

“I would.”

This is not because I am more just or better in person than the head of the family. Because that helps the stock price. There is neither good nor evil in money.

I shook my head.

“done. What should I eat?”

There is no benefit in eating it. It is highly likely that you will end up just spending money.

Selling construction will improve the group’s financial structure, but it will not be enough to revive the declining trend.

The two axes of the GH group are oil refining and construction.

Although GH oil remains, the decline in sales is obvious due to the economic slowdown and the increase in the supply of electric vehicles. The shrinking market itself is also a problem, but the domestic market share is also declining due to the offensive of SSK Innovation and A-Oil.

If nothing had changed, there would have been no problems. Then I would have continued to do what I was doing, and I would have been able to maintain my current position. However, in a rapidly changing environment, managers made the wrong decision, and the situation has come to this point.



Even if the business conditions are bad, there are plenty of opportunities if you look for them. But how much alternative management would have gone to the point of capital erosion of a normal company?

Nevertheless, there is only one reason that has been able to hold the position until now. That’s because he’s a tycoon.

If he had been a professional manager, he would have been cut off long ago.

The self-driving electric car created by Karos is already changing the world. The VR sex device created by Faceit has shaken the dating and marriage market beyond the adult industry.

VRMMORPGs will not only affect games but also people’s lives, and the traveling wave reactor will change the flow of the energy industry.

I said muttering.

“Neither people nor businesses can live forever. If you read and adapt to change, you will survive, otherwise you will die.”

* * *

The market has now accepted the sale of GH E&C as an established fact.

President Koh Jin-kwang flew to the Philippines to negotiate, but it was not easy to get the money since the local SPC went bankrupt. The reason things got so twisted was that he had the wrong contract in the first place.

As concerns about capital erosion grew, the stock price reached its lower limit. Interested companies weighed in on acquisitions.

I met Ellie at lunch.

“It is said to be a great disaster, but even such a large company is overtaken. Seeing this, I think it’s true that the strong are the ones who survive, not the strong survive.”

“It’s survival of the fittest.”

“It’s often used when explaining the theory of evolution, but did you know that Charles Darwin never said that?”

“Ok?”

Wasn’t this what Darwin said?

While we were talking, a call came from an unknown number. I knew intuitively who it was.

After contemplating whether or not I should take it, Ellie said.

“It’s okay, so take it.”(Read more @ wuxiax.com)

“I see.”

I pressed the call button.

“Hello.”

After a while, a voice came out.

[Hi. It’s me.]

As expected.

The moment I heard your voice, I remembered things from the past. Our dating period wasn’t very long, but even thinking about it now, it was fun and happy moments.

“What’s up?”

[If time permits, can we meet?]

The last time we met was before she married her. Her first love is now married to another man and has become a mother of her children.

It’s common for everyone.

I know what she’s talking about. And she’ll know what I’m going to answer.

Even so, I contacted him this way, probably because he couldn’t give up his hopes.

I just cut it off and refused.

“no. I don’t think I can because I’m busy these days.”

The answer came a while later.

[…] … OK.]

I said sincerely.

“I’m fine.”

[you too.]

When I hung up, Ellie asked.

“Is it really okay if we don’t meet?”

“It would be better for Seon-ah that way.”

Ellie looked at me and smiled.

“You know what?”

“What?”

“Jinhoo is so sweet, and I like that.”

“Ah, thank you.”



I felt embarrassed, so I scratched my cheek for nothing.

Ellie clapped her hands.

“Now, what shall we go to for lunch?”

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