Investor That Can See The Future

Chapter 413

Illegal acts in the process of succession of management rights to the Seosung Group were a long-standing issue.

In this regard, Chairman Im Jin-yong’s strategy was simple. Everything was done by people close to him, and he didn’t know anything.

In fact, if you think about it a little, you can see how ridiculous this is.

The parties do not know anything and remain silent. It is said that people around him gave him management rights by mobilizing all illegal and expedient methods such as issuance of convertible bonds at low prices, accounting fraud, and mergers of affiliates.

After the change of government, an investigation was conducted, and the aides were willing to take the blame. Ki-jin Cha, president of Seoseong Bio, and Se-joon Myung, president of Seoseong Bio, who can be said to be key aides, have already been arrested and are on trial.

When bribes given to politicians in exchange for acquiescing in the succession process became a problem, they were driven to the instructions of the already deceased Chairman, Il-Kwon Lim.

Chairman Im Jin-yong took all the profits from the illegality, but he escaped all charges safely.

But this time it was different.

Transcripts and documents of direct instructions were leaked, and his testimony that he did not know anything turned out to be false.

When the lawyers reviewed the legal principles, they agreed that there was no way to avoid arrest.

In fact, no one in the Republic of Korea thought that Chairman Im Jin-yong was innocent. Even those who defended Chairman Im Jin-yong did not deny the illegal acts he committed.

On the Internet, opinions for and against were fiercely opposed.

– Hey! Jindragon hyung, I didn’t see it like that, so I’m very disappointed

– Still, Im Jin-yong is different from other presidents. I often eat with the staff at the cafeteria, play online games with the staff, and come out wearing a Batman mask on A-Tube, etc.

-Hey, no matter how commoner you are to cosplay, in the end a chaebol is a chaebol.

– Listening to the transcript, he was just plainly directing accounting fraud.

-Is it true that you buried the ledger and hit it with tools in preparation for the prosecution’s investigation?

-Lim Jin-yong class that all you have to do is take the management right no matter what the national pension loss is~

-How much has Jin-yong Lim contributed to the Korean economy, does it make sense to confine him to something like this?

– Kill the chaebol! If all the chaebols are captured in this way, who will invest in Korea?

– Arrest even after Kang Jin-hoo!

– No, what does this have to do with killing a chaebol? You are being punished because you have sinned. Am I the only one who doesn’t understand now?

-Huh. only you don’t understand Think about what the Seosung Group has done for Korea.

– Did Im Jin-yong do it alone? The tens of thousands of employees working in Seoseong and the people who worked hard for them as their own companies did nothing?

-So, isn’t it Jin-yong Lim who hired those employees? If it hadn’t been for them, they would all be unemployed now. Contributions to the economy should be acknowledged.

– It’s so absurd. Then why don’t other people contribute to the economy and put them in jail even if they steal just one ramen?

-Hehehe said that if Im Jin-yong shoots a gun, release him.

– No matter how good you usually live, if you commit a crime, it is natural for you to be punished. Is this so weird?

-Haha~ I know it’s not guilty of hereditary innocence, but even the people would think that way.

* * *

The media reported on the incident every day.

No matter how big the influence the Seoseong Group had on the media, it was such a big event that any media had to report it.

Public opinion was divided over the issue of arrest and punishment of Chairman Im Jin-yong. Some people shouted that they should be punished because they had committed a crime, while others raised their voices that the adverse effects on the economy should be considered first.

Seosung Electronics is the world’s largest IT manufacturing company.

Since we have relationships with almost all companies, everyone was closely watching how this situation would affect the future.

Taek-gyu asked.

“How is this going? Are you really going to be arrested?”

“Well.”

According to the law, he should have been arrested earlier. However, Korea is very tolerant of chaebol presidents’ crimes.

The Republic of Korea is a country governed by the law, and all citizens are equal before the law, and no special classes are recognized.

If they commit the same crime, they should receive the same punishment. In principle, it should be, even if not in practice.

However, even this natural logic is not properly followed in front of money. In the meantime, chaebols have received commutation, probation, and special pardons for contributing to the Korean economy.

Taehyung tilted his head.

“Then what about non-regular workers or daily workers? Despite the difficult circumstances, those people worked hard for the development of the Korean economy, not shying away from all kinds of bad things at the bottom of society. Then, shouldn’t we have to deal with those people’s crimes?”

I sighed.

“Because people are not equal.”

The higher the status and the more money you have, the greater your influence on society. Needless to say, who has a greater impact on society, contingent workers or CEOs.

Chairman Im Jin-yong has certainly made a great contribution to the Korean economy so far. And he will continue to contribute more in the future.

But that doesn’t mean he can commit a crime.

I think so, but I got a phone call from Chairman Im Jin-yong.

[Are you okay for a moment?]

I nodded.

“I will go there.”

* * *

I arrived at Seosung Group’s Gangnam office building.

As soon as I entered the building, I could feel the atmosphere changed. Everyone knows the Sim Awakened of this day.

We went up to the president’s room following the guidance of the waiting staff.

Chairman Im Jin-yong looked very tired. He would not have been able to sleep properly because he was responding to the incident right after the incident.

I asked bluntly.

“How do you think it will be?”

he said quietly.

“It seems like it will be difficult to avoid restraint.”

It looks like you’ve already made up your mind.

How many times in a person’s life are they going to be arrested?

It is said that it costs about 50,000 won per day to manage one inmate. One month is 1.5 million won, and one year is 18 million won.

In other words, restraint means that the state spends that much money and isolates it from society.

It is not uncommon for the chairman of a chaebol group to be arrested in South Korea. More than half of the 10 group presidents have been to prison at least once.

Is this because the Korean judiciary imposes too harsh a standard on the chaebol presidents, or is it because the chaebol presidents commit too many sins?

In any case, there has never been a single time when a pacifist was arrested while the various presidents were in and out of the prison.

The highest sentence was that the late Chairman Im Il-kwon was found guilty of creating a borrowed-name account worth hundreds of billions of won, and he was sentenced to death without detention and ended with a probation. Fortunately, he was immediately pardoned three months later.

If he is arrested this time, it can be said to be the first of its kind.

“How much do you think it will fit in?”

“They said that if you include all the charges applied, it could be 20 years. We will do our best, but if not, we should expect a special amnesty.”

He was different from other chaebols in many ways. He sometimes thought he was a really good senior. However, if you think about it, Jin-yong Lim is the best chaebol in Korea who leads the Seoseong Group.

Behind his playful and easygoing appearance lies the coolness and greed of a chaebol.

However, I did not think that he had acted pretentiously all this time. Perhaps both of them are his true face.

“I called the CEOs of affiliates and gave instructions about the ongoing work. There will be no problems with the investment process.”

If you are continuing what you are doing, there is no need for a president. However, the presence of the chairman is essential when making important business decisions, such as large investments.

This Saemangeum investment would have been difficult without the determination of Chairman Im Jin-yong.

Seoseong Group is the most important partner of OTK Company. But no relationship is everlasting. If Chairman Im Jin-yong is arrested, other groups may try to take his place.

Of course, steps have been taken to prevent that from happening.

In any case, as there are many related businesses, his arrest can be said to be a blow from our point of view.

“Did you have to take over the management right like that?”

In the process of succession, they did not pay the taxes they had to pay, damage the property of shareholders, and inflicted a loss on the National Pension Service.

Since he took over as chairman, Seosung Group’s sales have risen sharply and its stock price has risen sharply. More taxes were collected, and the wealth of shareholders and the retirement funds of the people increased.

However, good results do not eliminate the illegality of the process.

“If he hadn’t done that, he wouldn’t have been able to fully inherit the group.”

In American companies, the founder’s stake is usually 15%, or at least 10%. However, the stakes of Korean chaebols are at most 3 to 5 percent.

There are two reasons for such a low equity ratio.

The first is that the company has expanded its affiliates through octopus-style, and the second is that it was able to control the group with a small stake through a holding company or circular shareholding.

However, this abnormal governance structure exposes weaknesses in the succession process.

Inheritance tax occurs in the process of handing over the shares, and the shares are split when other children who think they have been neglected in the inheritance process each claim their share.

In fact, in this process, the group is often disbanded or divided. Eunsung Group did the same.

Therefore, in order to fully inherit the group, ordinary people commit all kinds of illegalities and expedients that cannot be imagined.

However, his statement was wrong from the start.

The Seoseong Group is not the private property of the Im family, but a corporation. The owners of Seosung Group are shareholders who own stocks.(Read more @ wuxiax.com)

Therefore, if you want to inherit management rights, you must obtain the approval of the shareholders in a legitimate way.

“I have been vaguely aware of it since I was a child. That one day I will have to inherit my father’s work. I couldn’t even think of any other way.”

“Like a king’s son heirs the throne?”

Chairman Im Jin-young smiled self-help.

“Your junior is still young, so it may not be easy for you to understand.”

“I really don’t understand.”

Was there really no other way?

The Seoseong Group has already been hereditary for three generations. So what happens after he dies? I remembered the son of Chairman Im Jin-yong whom I saw the other day.

“Are you going to pass the presidency to your son in the future?”

He didn’t answer.

* * *

The prosecution applied for an arrest warrant to the court, and the lawyers on Seoseong’s side argued that the investigation should be conducted without detention as there is no fear of destroying evidence or escaping.

Hereditary innocence It is said that she is not guilty, but what is important is the legal principle.

Prosecutors cannot prosecute outside the jurisprudence, and judges cannot make decisions outside the jurisprudence. In the past, he might have been investigated without detention, but the timing was not right.

Chaebol reform was the current administration’s task. The newly appointed Prosecutor General Moon Dae-seok declared that the investigation of taking care of the chaebol, which had been regarded as customary, as a corruption, would be investigated only in accordance with laws and principles.

The first target was Daesung Group Chairman Choi Joo-won. He secretly stole the company’s money and personally invested, but failed, causing 30 billion won in damage to the company.

In the past, it wasn’t a big deal. It was a case that could end with a probation after receiving a trial without detention if he was willing.

However, the court detained Chairman Choi Joo-won, and the second trial is currently underway under detention.

However, in the case of Chairman Im Jin-yong, only the amount revealed is already in trillions. Contrary to the previous case, the evidence is solid. If the investigation was not carried out under these circumstances, it would be tantamount to admitting that the prosecution applied the law differently from person to person.

When Chairman Im Jin-yong appeared to receive a warrant substantive examination, the reporters all pointed at cameras and microphones.

“Did you direct Seosung Bio’s accounting fraud?”

“Are you directly involved in the succession process?”

“Are you admitting the crime?”

Chairman Im Jin-yong gave a short answer with a firm expression.

“I will faithfully engage in the investigation.”

Amid the public’s attention, the warrant substantive examination lasted more than six hours. And finally the results were announced.