Chapter 54. A New Subsidiary (1)
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The atmosphere inside the villa grew increasingly heavy.
From the beginning, the plan was to deal with Im Hee-yeon, the loyal dog of MH Group, and quietly dispose of Chairman Myung Joong-hwan.
Of course, the official reason was due to health issues. Even if Im Hee-yeon were to die, there were other siblings, so they fabricated health checkup reports to avoid suspicion as much as possible.
However, it still felt insufficient, so Kwak Chi-young suggested waiting until the end of this year.
“Is it feasible to deal with Im Hee-yeon right now?”
“Because of Song Tae-hoon and Special Security Team 5, you mean?”
“Wasn’t the failure of the last cafe project also because of them?”
“Honestly, that was because your side lacked competence.”
Currently, Im Hee-yeon showed meticulous attention to every matter. At the time, they thought it was their only gap and their first and last opportunity.
However, the real reason for the failure was that a Unit 666 member monitoring the cafe was taken out by Shin-woo. This situation was not properly conveyed and remained unknown to them.
“I admit it. We were negligent. But instead of dwelling on past failures, let’s focus on the current situation.”
Myung In-chul let out a deep sigh, weighed down by frustration.
“Hoo… What exactly are you planning? Or is there another scheme in play?”
“That’s not it. A significant plan is currently underway.”
Kwak Chi-young continued explaining as he noticed Myung In-chul’s puzzled expression.
“We plan to take over Baesung Trading.”
“I heard that since Chairman Bae Young-chul collapsed, Executive Director Bae Min-sook has taken control. Are you working with her?”
Myung In-chul was aware of Baesung Trading’s situation. Of course, he also knew that Chairman Bae Young-chul had been pushing for his eldest son, Bae Sung-hwan, to succeed him.
But there was no way TSF would support Bae Sung-hwan, who had difficulty conducting legitimate transactions.
Certainly, a plan to swallow up Baesung Trading overnight wouldn’t come easily. He assumed it was a relationship they had fostered over time.
“I cannot disclose that.”
“Why not? Aren’t we on the same ship?”
“It’s the headquarters’ policy. Even though we’ve exchanged a lot, there are still things left to secure.”
The deal with TSF Investment.
If they could expedite Myung In-chul’s rise to the chairman position, they would gain critical technologies owned by some subsidiaries in return.
“Hmph… But didn’t we also provide periodic funding?”
“That was to steadily acquire shares in MH Holdings and major subsidiaries through nominee accounts. Moreover, didn’t we already lend funds during this recent issue?”
This time, it was Kwak Chi-young reprimanding Myung In-chul. Given the laxities on his part, Myung In-chul could find no words to counter.
“……”
“I’m not blaming you. But timing is everything in any matter.”
Even Myung In-chul understood that mere impatience wouldn’t solve the issue.
“I see your point. But… can we really manage Baesung Trading? If Chairman Bae Young-chul recovers, everything will revert to how it was.”
“Don’t worry. Just relax and return for now.”
With that, Kwak Chi-young concluded the discussion and saw off Myung In-chul and Park Sang-kyu.
* * *
Just after noon, Myung Un-seok entered the chairman’s office of S-One Finance.
The room’s interior was entirely black and white. Yoo Ji-young, who had risen from her desk, walked toward Myung Un-seok.
TL/n: Yoo Ji-young – Chairwoman of S-One Finance and Ahn Seung-joo’s mother.
“I heard through Seung-joo that you wanted to meet me.”
“Yes.”
“You could have contacted me directly. You went out of your way to take a complicated approach.”
At her gesture, Myung Un-seok sat on the sofa.
“This was important, so I opted for the most respectful way to meet you.”
“…I see. Oh, would you like some coffee?”
“That would be nice. And you can speak comfortably.”
After all, she was the mother of a friend. However, Myung Un-seok showed he acknowledged his subordinate status by deliberately remaining respectful.
“Shall I?”
Moments later, steaming coffee was placed in front of both of them.
Taking a sip of her coffee, Yoo Ji-young looked intently at Myung Un-seok and spoke.
“I heard you had a hard time because of Seung-joo recently.”
“He had it worse than me.”
“That’s his own doing. I thought he’d mature with age, but instead, he’s becoming even more reckless…”
Although he had come to discuss business, Yoo Ji-young, perhaps already informed by Ahn Seung-joo, began with personal matters.
“Anyway.”
“I’m glad you get along with my troublesome Seung-joo. I hope you can continue to help him in many ways.”
“……”
This time as well, she kept steering the conversation elsewhere.
However, Myung Un-seok was determined not to leave without achieving his purpose.
“The reason I came today concerns Chairman Bae Young-chul.”
“Un-seok!”
“I know you’ve partnered with Executive Director Bae Min-sook. But I must tell you that this isn’t a wise choice.”
“I don’t want to discuss that matter.”
Yoo Ji-young’s expression grew sharp.
Nevertheless, Myung Un-seok continued.
“Vice Chairman Bae Sung-hwan’s proxy shares have exceeded 15%. If you combine them with Chairman Bae Young-chul’s shares, those held by supportive executives, and major shareholders, it totals 30%.”
“…What? Is that true?”
“Did Executive Director Bae Min-sook not tell you this?”
Chairman Bae Young-chul owned only 3% of the shares himself. The rest was scattered among major shareholders and individual investors.
For Bae Min-sook to seize the chairman’s seat, she would need at least two-thirds of the total shares.
But if Chairman Bae Young-chul were to pass away, the major shareholders supporting him would naturally side with Bae Sung-hwan.
In this situation, where gaining a majority was within reach, things were unlikely to favor Bae Min-sook.
“Why has she been so quiet… I wondered if something was amiss.”
“She probably wanted to conceal how unfavourable things are becoming. Wouldn’t this be enough justification to switch sides?”
Myung Un-seok exuded confidence.
The chill in Yoo Ji-young’s eyes faded, and she met his gaze with calm composure.
“This information… did you get it from Bae Han-joon?”
“Thanks to his deeper involvement in this proxy share struggle, yes.”
“You’re helping Bae Han-joon while also earning favor with Vice Chairman Bae Sung-hwan and trying to achieve your goals with me. Isn’t that right?”
It was a rhetorical question, one she didn’t need him to confirm.
“I aim to establish a connection between Baesung Trading and S-One Finance with our MH Group.”
“What do you think that will achieve?”
“Currently, MH Construction is proceeding with the development of a large-scale residential site in Yongin. We’ll gain significant support for this project as well.”
Yoo Ji-young glanced at Myung Un-seok with suspicion, as if to gauge his ulterior motives.
“Hmm… MH Group has been quite noisy lately. Is that the main reason for this?”
Anyone involved in business circles with ears to the ground would have heard about MH Group’s situation. Yoo Ji-young was no exception and could easily guess Myung Un-seok’s intentions.
“You’re correct. While I don’t think it’s a major hurdle, I want to ensure we eliminate any threats with certainty.”
“Our Seung-joo should learn to be more like you… Instead, he charges in headfirst, losing his temper at the slightest provocation…”
Her sudden change of topic made Myung Un-seok feel uneasy.
“Whenever you need assistance, I’ll gladly provide it.”
“If you’re offering, I’d be grateful.”
“…So, how do you plan to proceed, Chairwoman?”
Returning to the main subject, Yoo Ji-young paused briefly to deliberate.
“How can I make a decision on such an important matter without verifying the details?”
“If you delay until then, it’ll be too late. You must act swiftly and support Vice Chairman Bae Sung-hwan, or you risk being left behind.”
Vice Chairman Bae Sung-hwan of Baesung Trading wasn’t lacking in competence. He had worked diligently to establish his foundation to compete with Bae Min-sook, who had already secured a strong position in Baesung Trading.
Moreover, Bae Sung-hwan planned to gather enough shares to call for a shareholders’ meeting and remove the opposing faction. If Yoo Ji-young delayed her decision, she risked losing her influence entirely.
“It won’t take long.”
“…Understood. I’ll await your decision.”
With Yoo Ji-young’s firm response, Myung Un-seok couldn’t press further. He left her office and headed to the underground parking lot to return to his company.
Just then, his phone rang—it was a call from his father, Myung In-chul.
“Hello.”
[Where are you right now?]
Myung In-chul’s voice was filled with agitation. Sensing the tension, Myung Un-seok hesitated to respond.
“…I’m out on external business.”
[Don’t wander around and come straight to me immediately!]
Click―
The call ended abruptly.
Standing in the underground parking lot, Myung Un-seok paused briefly before quickening his steps toward his car. He climbed into the back seat.
“Did my father call you by any chance?” he asked Lee Chang-sun, a member of the Special Security Team 2 sitting in the front passenger seat.
“No, sir.”
“Did anyone else inform him that I was here?”
“I only reported to our superiors that you left for S-One Finance.”
This alone wasn’t enough to reveal his purpose for visiting S-One Finance, as he hadn’t disclosed the reason to even his bodyguards.
“Let’s head to the main office.”
The car began moving. In about 30 minutes, they arrived at MH Group’s headquarters, where he had worked tirelessly not long ago.
Carrying a heavy heart, Myung Un-seok knocked on the door to the president’s office.
“Come in!”
A loud, harsh voice responded, making his face darken further as he walked inside.
“…I’m here.”
“Myung Un-seok!”
Rising from his desk, Myung In-chul strode over and slapped his son across the face.
Smack―
“……”
Shocked, Myung Un-seok froze. His father had never struck him before.
“What the hell do you think you’re doing?!”
“What do you mean, Father?”
It wasn’t time to reveal his dealings with S-One Finance and Baesung Trading, so he feigned ignorance.
But his father’s next words shattered that pretense.
“S-One Finance! Why are you involving yourself in Baesung Trading’s management dispute through them?!”
It was clear he knew everything.
For a moment, Myung Un-seok was at a loss for words.
“Father, I…”
“I told you to keep a low profile, didn’t I?! Why are you stirring things up instead?!”
His booming voice echoed throughout the office.
Foreseeing this, Park Sang-kyu had already cleared the area of secretaries stationed near the door.
That’s how furious Myung In-chul was.
“Did you truly think no one would find out?”
“……”
“This isn’t just any matter; it’s a management dispute! Do you have any idea what happens when another company intervenes in such situations?!”
“…I understand.”
Ultimately, it boiled down to factions. If their chosen figure took the top position, all would be well. But if they lost, it would lead to an unresolvable conflict and turn them into lifelong enemies.
“If you understand, then why did you do this?!”
“Are we supposed to sit back and let Baek Shin-woo walk all over us?!”
“What?”
“You approved separating the Strategic Investment Division into a subsidiary and appointing Baek Shin-woo as its head, didn’t you?”
This was another issue troubling Myung In-chul.
However, it had been Chairman Myung Joong-hwan’s decision, a reward for Baek Shin-woo’s contributions. Given his accomplishments, even the board members couldn’t object.
“It was your grandfather’s decision.”
“But this is too much!”
“There’s nothing to be done. Focus on your own matters instead of causing unnecessary trouble.”
For Myung Un-seok, it was equally frustrating.
“I’ve already set the stage. Even Chairwoman Yoo Ji-young can’t help but turn her back on Director Bae Min-sook!”
“Are you talking about the information you received through Bae Han-joon about Vice Chairman Bae Sung-hwan?”
“That’s…”
“Vice Chairman Bae might face challenges as well. And it’s not as though Director Bae Min-sook will automatically claim the chairman’s position.”
“…What?”
If neither of them, then who would?
The response left him baffled, unable to grasp the underlying meaning.
“I can’t explain further. Just go back and stay out of this. I’ll handle the Baek Shin-woo issue, so don’t worry.”
At this point, Myung Un-seok’s plan to disrupt TSF Investment risked significant complications. Any misstep could render the fragile alliances irreparable.
Additionally, dealing with Baek Shin-woo would require a calculated strategy—something to hold him back, even if only temporarily.
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