Chapter 55. A New Subsidiary (2)
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【MH Group establishes a subsidiary, MH Future Security. The former Strategic Investment Headquarters, which operated as a department, has now been upgraded to a corporation… The newly established subsidiary, MH Future Security, will be headed by CEO Baek Shin-woo, who recently faced a controversial incident… CEO Baek Shin-woo is the youngest grandson of MH Group Chairman Myung Joong-hwan…】
【The establishment of MH Future Security, promising a minimum investment return rate of 200%, has drawn the attention of numerous corporations, private investors, and retail shareholders. As anticipation grows, the company’s future actions are under scrutiny…】
It has only been about six months since the Strategic Investment Headquarters was spun off from MH Group’s main office. Within that time, it grew at a rapid pace, leading to its promotion as a subsidiary.
This development had become one of the most talked-about events in South Korea’s economic world, a topic on everyone’s lips.
At MH Group’s main office, the commotion surrounding the internal restructuring of the Strategic Investment Headquarters had left a significant ripple. Understandably, the dissatisfaction among some executives was palpable.
To address the growing unrest, Chairman Myung Joong-hwan called for a group meeting.
In the large conference room on the 12th floor of the main office, key figures such as Myung In-chul, Myung Seong-cheol, Myung Soo-yeon, and Im Hee-yeon, along with other executives and heads of subsidiaries, quietly took their seats, waiting for someone to arrive.
Click—
Soon, the door opened.
Chairman Myung Joong-hwan entered the room, supported by his loyal secretary, Goo Sang-ho.
“Old age does slow one’s steps.”
The heavy atmosphere of the conference room grew even weightier as everyone rose to their feet simultaneously.
Clicking his tongue and shaking his head, Myung Joong-hwan motioned for everyone to sit.
“We’re all aging together; what’s the point of standing up every time?”
Following his gesture, the others obediently sat down in a wave-like motion, resuming their seats.
In the renewed silence, Myung Joong-hwan scanned the faces filling the conference room one by one.
“I’m sure you all know why I called this meeting. I’ve been hearing unnecessary chatter lately. Who wants to speak up first?”
His question hung in the air as if thrown into the void. Everyone exchanged wary glances, hesitant to be the first to take the lead. Finally, Executive Director Lee Byung-jin, second in influence only to Myung In-chul, broke the silence.
“Last time, when you decided to elevate the Strategic Investment Headquarters to a subsidiary, there were justifiable reasons, so we accepted the decision. However, I’d like to ask whether transferring MH Holdings’ shares is not too excessive.”
The issue stemmed from the fact that the first recipient of shares was not a legitimate family member but an illegitimate child’s offspring.
“Can’t I manage my shares as I see fit?”
“You’re not wrong, but the company’s internal harmony is also at stake. If someone who should be the backbone of the group holds fewer shares, what do you think will happen?”
Like a country, a company requires strong and trusted leadership to remain stable and thrive. Myung Joong-hwan, of course, was well aware of this.
“Everyone should focus on securing their own plates. From what I know, Myung In-chul is doing well in that regard.”
At this pointed remark, Myung In-chul flinched visibly. He wasn’t sure how much of his covert activities, like acquiring shares through nominees, had been discovered, making it hard to counter.
“For now, I think a choice is necessary.”
“A choice, you say?”
“Yes, either the CEO position or the shares of MH Future Security. How about granting only one of them?”
Hearing this, Myung Joong-hwan’s eyebrows twitched.
In truth, MH Future Security was a position created based on Shin-woo’s innovative proposals for MH Tech-related projects. Unlike the shares, this was an exchange based on merit.
However, to the executive director and the other executives, both seemed like excessive rewards.
Initially, they supported Shin-woo taking the CEO position, thinking his lack of experience in management would lead to failure. But when the issue of shares arose, they could no longer stay silent.
“It seems everyone’s been distracted by unnecessary matters instead of focusing on their work.”
“Chairman, this is a significant issue.”
“So, if I don’t choose one, are you planning to call for an emergency general meeting?”
The sharp remark caused some executives, including Lee Byung-jin, to flinch visibly.
Letting out a faint chuckle, Myung Joong-hwan continued.
“Has anyone here achieved results comparable to CEO Baek Shin-woo? Let’s focus purely on numbers—if there’s anyone, speak up.”
“…”
Everyone remained silent, unable to refute Shin-woo’s track record. While they acknowledged his abilities, they couldn’t accept his background as the grandson of an illegitimate child.
Lee Byung-jin cautiously spoke up again.
“Chairman, are you considering granting CEO Baek Shin-woo the rights of succession?”
The question weighed heavily in the room. Depending on Myung Joong-hwan’s answer, the executives would have to make critical decisions about their stances.
The atmosphere became unbearably tense. Sensing their intentions, Myung Joong-hwan smirked.
“I’m deeply disappointed in everyone here.”
His words carried a weight of accusation rather than an answer.
With a long sigh, Myung Joong-hwan continued.
“I don’t deny hereditary succession. But it should be based on merit.”
Taking the opportunity, Lee Byung-jin interjected.
“Chairman, you initially placed CEO Baek Shin-woo into the Strategic Investment Headquarters when he hadn’t proven anything. The same applies to Myung Un-seok or Myung Jin-seok, but they were at least acknowledged for their academic credentials and internship performance.”
This comment essentially criticized Shin-woo’s lack of academic background and his military service.
“Ha. True, I placed him there based on my judgment.”
“In that case, isn’t this contradictory?”
“Then let me ask you this, Executive Director Lee Byung-jin. What should I do with Kim Dong-seok, the manager you personally placed in MH Construction’s Future Construction Planning Division?”
Lee Byung-jin’s face turned pale at the unexpected counterattack.
“It would be pointless to say anything else.”
With his signal, Goo Sang-ho moved and displayed a list on the front screen of the meeting room. A list filled the large screen, reminiscent of a college acceptance announcement from the 1980s.
Some people who scanned the list began to mirror Lee Byung-jin’s uneasy expression, shifting nervously in their seats. Myung Joong-hwan glanced at them with a deep smile.
“You’ll probably recognize a few names. It’s been so long that you might not even remember some of them. I strained my eyes trying to compile this.”
The displayed list consisted of parachute appointments—people placed into positions within subsidiaries or affiliates by the executives and presidents currently present in the room.
The person who had collected this data was none other than Myung Joong-hwan’s daughter, and his loyal watchdog, Im Hee-yeon. To protect Shin-woo, she had thoroughly investigated anyone who had touched him and handed over her findings to her father.
“Of course, it could be considered a custom. Perhaps some were recruited to establish business connections. They may have even contributed to MH Group’s growth as nutrients.”
No one except Myung Joong-hwan dared to open their mouths.
“But! How long must I tolerate people treating consideration as a right—”
His thunderous voice shook the meeting room.
Those who had tried to overturn the table were now visibly shrinking. None of them, including Myung In-chul, the mastermind behind the current situation, had expected Myung Joong-hwan to come prepared with such a move.
“…Chairman, I believe everyone understands your point. Let’s leave it at that,” someone cautiously tried to intervene.
However, Myung Joong-hwan was not so easily swayed.
“Do you remember coming to my house, raising your voices, and complaining like your feet were on fire? Weren’t you all determined to follow through with this? If you’ve started something, you should see it through to the end!”
He was determined to settle the matter here and now. His demeanor brought back memories of his younger days when he had bulldozed his way to expand the company.
Everyone’s throats tightened at the sight of the imposing figure.
“Ability? Are you talking about academic credentials? Or some laughable past achievements? To me, ability is merely the result of one’s choices.”
Having a sharp mind didn’t guarantee better, more reliable results. It was the person who made profitable decisions, regardless of the process, who would ultimately stand victorious.
“Is everyone so bored since the headquarters has been boosting operating profit margins? Are you restless?”
Myung Joong-hwan’s sharp gaze turned to Im Hee-yeon.
“Executive Director Im Hee-yeon—or rather, Managing Director Im now.”
It was an official acknowledgment of her promotion, even though the appointment had not yet been finalized.
Hearing this, Im Hee-yeon turned on the microphone in front of her and responded.
“Yes, Chairman. Please go ahead.”
“From now on, Managing Director Im will take charge of the General Audit Office. Let’s see everything turned upside down for once.”
“I’ll begin immediately.”
“Good. By the end of this fiscal year, we’ll be able to closely examine the performance of the headquarters, subsidiaries, and affiliates.”
With that, the meeting concluded.
Myung Joong-hwan left the room with Im Hee-yeon and Goo Sang-ho.
As the doors closed behind them, all eyes turned to Executive Director Lee Byung-jin, who had instigated the meeting.
“What are you going to do now?”
“Executive Director Lee! Didn’t you say you had this under control?”
“If this goes wrong, we’ll all be finished!”
The discontented voices grew louder.
Biting his lip, Myung In-chul leaned into the microphone and interrupted.
“Everyone, please settle down.”
His raised voice brought the room back to silence.
In the ensuing stillness, Myung In-chul looked around at the executives and presidents.
“I’ll try to mediate and ensure no major issues arise. For now, I apologize for having inconvenienced everyone. You may leave.”
There was no immediate solution to the current predicament, and everyone knew it.
Understanding this, the attendees left the room en masse.
A faint, sardonic smile appeared on the faces of Myung Seong-cheol and Myung Soo-yeon as they followed.
Only Myung In-chul and Lee Byung-jin remained in the room.
Feeling utterly helpless, Lee Byung-jin cautiously opened the conversation.
“President… did you know the Chairman had that list?”
“What a stupid question. Do you think I would have called this meeting if I’d known?”
The dark connections between the executives and presidents, involving numerous irregularities, had long included parachute appointments. It was a convenient method—they could quickly feel the benefits of placing someone necessary for business or networking.
At the same time, the complexity of these entanglements made uncovering evidence nearly impossible.
“Then how did this happen?”
“Im Hee-yeon must have gathered the information back when she was at the Strategic Planning Office.”
“She investigated such things while she was there?”
Most assumed her work had ended when she moved to the Strategic Investment Office from the Strategic Planning Office.
However, Im Hee-yeon had spent over a decade monitoring every department at the headquarters and affiliates during her time in the Strategic Planning Office. Only a fraction of the issues she uncovered had been made public.
The sheer number of cards she held was immeasurable, though she had likely waited for the right moment to use them.
“I didn’t expect it to be this extensive.”
Even now, the thought made him shudder. When they targeted Baek Shin-woo, his mother, Im Hee-yeon, had risen again, armed with everything she’d prepared.
“This makes it difficult to mobilize the executives and presidents again.”
“I’m aware. Let’s monitor the situation for now. Since Im Hee-yeon has revealed her hand, we can’t let her keep it. Eventually, it’ll work against even the Chairman himself.”
She might possess information far worse than what she revealed today—things that could be fatal for Myung Joong-hwan. They needed to find a way to exploit it.
“What about Baek Shin-woo’s shares?”
“We can only leave them alone for now. I apologize for causing unnecessary trouble, Executive Director Lee.”
“…No, it was something that had to be done.”
With that, the two left the meeting room in low spirits.
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