Chapter 57. Baesung (1)
【[Breaking News] Baesung Trading Chairman Bae Young-chul in a vegetative state? Allegations arise that he has been declared vegetative, not merely recovering from an illness..】
【[Breaking News] Baesung Trading Chairman Bae Young-chul, hospitalized at △△ Hospital in Gangnam, Seoul, has reportedly been declared in a permanent vegetative state…】
【Chairman Bae Young-chul of Baesung Trading is said to be recovering from a chronic illness… but some media outlets have published unverified reports…】
The sudden news sent a shockwave through South Korea’s economic circles.
At the same time, Baesung Trading’s stock price plummeted, and Bae Min-sook, who had been working to secure shares, couldn’t hide her anxiety in her office.
Of course, she had used her connections to media outlets to release counter-articles, but it was unclear how long that would last.
Then the door burst open, and her secretary, Kim Ja-young, entered.
“Executive Director! Vice Chairman Bae Sung-hwan has just arrived at the hospital.”
“What? Tell them not to let him in!”
“The hospital is trying to block him, but Vice Chairman Bae Sung-hwan brought the police and is trying to force his way in.”
Bae Sung-hwan had stormed into the hospital to confirm the truth.
“…The police? Has he gone crazy?”
Just with the articles released through the media, Baesung Trading’s stock price continued to fall.
【Baesung Trading ― ▼73,900(KRW)】
Moments ago, it was at 83,000 won.
It had already dropped by 11%, and the numbers kept declining.
Sensing the crisis, small individual shareholders began to dump their stocks.
Still, Bae Min-sook remained composed and kept her cool.
“We’re still buying up the stocks on the market, right?”
“Yes, we are.”
“How much do we have now?”
Kim Ja-young checked the stock situation on her tablet.
“So far, the stocks under borrowed names amount to 770,000 shares, about 2.2%. If we include those delegated to us, it’s 26.2%.”
“So we’re still short by about 6%? No, wait… they’re not sitting idle either.”
Even though the other siblings hadn’t revealed themselves, they might be scrambling behind the scenes as well.
“What should we do about the hospital?”
“Leave it. There’s nothing we can do there right now anyway. Once Sung-hwan confirms our father’s condition, he’ll call a shareholders’ meeting immediately.”
Both of them already had enough shares to request a shareholders’ meeting.
The only reason they had remained quiet was because Bae Sung-hwan had waited to confirm Chairman Bae Young-chul’s inability to return, so he could secure shares based on the will.
“So what should we do?”
“We need to go see Chairman Yoo.”
“I’ll have the car ready right away.”
There was a risk that Bae Sung-hwan might accuse her of hiding Chairman Bae Young-chul’s condition.
But she could always argue that, as a daughter, she had held onto hope for his recovery.
That wasn’t something easily prosecuted.
Bae Min-sook quickly got in the car and headed for Yoo Ji-young’s S-One Finance.
There was something she needed to secure before the upcoming shareholders’ meeting.
Chairman Yoo Ji-young greeted the visiting Bae Min-sook with a curious smile.
“I saw the news. Things look tense over at Baesung Trading. Are you okay?”
“Sung-hwan must’ve heard something and barged into the hospital.”
“I got a call too. They said even the police came with him, so it was hard to stop.”
Even Bae Min-sook had known it couldn’t last forever.
She had used the delay to secure as many shares as possible.
“It couldn’t be helped. More importantly, can I receive what you promised me last time?”
“Let’s sit first.”
Even as she sat down, Bae Min-sook couldn’t hide her anxious expression.
“It’s a crucial moment. If I can just get the shares you own delegated to me, I can be sure of winning.”
The reason she had come to Yoo Ji-young was because of her stake in Baesung Trading.
She held 3.1%. It had originally belonged to the previous chairman, Yoo Ji-young’s father-in-law, Ahn Geun-seok.
“Min-sook. Are you sure you can beat Sung-hwan?”
“What are you talking about…?”
“Sung-hwan has secured about 32%. You’re at 26.2%. Even with my 3.1%, you’d only be at 29.3%. That’s still 2.7% short.”
Bae Min-sook was at a loss for words when Yoo Ji-young clearly laid out the situation.
“…It’s only 2.7%. That’s a margin that can be overturned in the shareholders’ meeting.”
“Is it really only?”
“Ordinary shareholders are on my side. There’s also Min-seon and Min-joo.”
She was referring to the second and youngest daughters among the five siblings—the CEO of Baeseong Distribution and the CEO of Baeseong Super.
They also held small amounts of Baesung Trading stock, which could narrow the gap.
“They’re busy looking out for themselves. They’ll side with whoever’s winning to avoid being pushed out.”
“Why are you being like this? This wasn’t what we agreed!”
Yoo Ji-young had promised to delegate her 3.1% share in Baesung Trading to Bae Min-sook.
“Then why did you lie to me? You said Sung-hwan had secured less than 10%. You claimed even with the executive and Chairman Bae Young-chul’s allies, he wouldn’t exceed 20%.”
That was why Yoo Ji-young had joined hands with her in the first place.
She had even received documented evidence and fully believed her.
But the situation verified through Myung Un-seok was razor-thin—so thin, it turned out Bae Min-sook was actually behind.
“No, that was…”
“Min-sook. Are you trying to scam a friend?”
“It’s not like that. How about I just buy the shares from you?”
“Do you even have the money?”
Baesung Trading’s stock price kept falling, but it was still at the 65,000 KRW range. Even so, the 3.1% stake held by Yoo Ji-young was worth approximately 70 billion won.
“I don’t have cash at the moment because I’ve been buying shares. But once everything is over, I’ll pay you more than the current price.”
“One hundred billion.”
“…What?”
“I need to get at least 100 billion.”
At that moment, Bae Min-sook’s face contorted.
“That’s outrageous!”
Even considering the original stock price, 80 billion was the limit.
Yoo Ji-young was asking for 20 billion more.
“You’re not the one with your feet to the fire.”
“Are you seriously doing this right now?”
“Min-sook, we’re businesspeople before we’re friends. You choose what gives you higher chances of success and more profit. Isn’t that right?”
Bae Min-sook had expected that Yoo Ji-young might take this approach someday.
But the timing couldn’t have been worse.
“If I promise 100 billion, are you definitely transferring your shares?”
But Bae Min-sook had no room to argue.
She needed Yoo Ji-young’s shares to compete with Bae Sung-hwan.
“Five billion in advance. The rest later. Until full payment, you delegate the voting rights, not the ownership.”
“Isn’t that too much?”
Yoo Ji-young scoffed.
“Too bad. That’s not all. If you lose the management rights battle, you forfeit the down payment and the share transfer is nullified.”
“That’s ridiculous! Do you really think that’s acceptable?”
“You don’t have to accept it. But I wonder what Sung-hwan would think.”
The implication was clear: if Bae Min-sook declined, she’d offer the same deal to Bae Sung-hwan, who would surely accept it to ensure his victory.
Naturally, the indecisive siblings would side with him.
If that happened, everything Min-sook had prepared so far would collapse.
“Please reduce the down payment.”
“This is already a discount.”
“It’s just a delegation, not a transfer, until the full payment. Can’t you do that much for our sake?”
Bzzz — Bzzz —
At that moment, Bae Min-sook’s phone vibrated.
The screen showed a call from Bae Sung-hwan.
It was surely about Chairman Bae Young-chul at the hospital.
She silenced the phone and continued.
“Make the down payment 20 billion. Instead of cash, I’ll transfer 1% of my shares.”
“The stock is still dropping. Isn’t that a loss for me?”
“It still holds enough value. Once I win the chair position in the shareholders’ meeting, the price will bounce back.”
Yoo Ji-young rested her chin on her thumb in thought.
“I’m taking a slight loss, but hey, that’s what friends are for. Fine, let’s do that. What about the contract?”
“We’ll have our lawyer prepare it. I’ll bring it by tomorrow morning at the latest. Don’t change your mind till then.”
Hearing that, Yoo Ji-young gave a bright smile.
“Why worry about that between us?”
“…I really hope you mean that.”
Letting out a sigh, Bae Min-sook stood up and left.
Meanwhile, Yoo Ji-young wore a pleased smile.
After seeing Min-sook off to the elevator, her secretary Oh Cheol-min returned.
“If things go as they are, the Chairman’s plan should proceed smoothly.”
“We definitely need to recoup what we lost because of the MH Group geezer. But I’m surprised Un-seok has been so quiet. With that kind of information, I thought he’d team up with his grandfather.”
Just like Yoo Ji-young, MH Group also held 2.8% of Baesung Trading.
But the shareholder, Myung Joong-hwan, always stayed neutral.
He never got involved in other companies’ matters and only observed from the sidelines.
If Bae Min-sook had gotten both Yoo Ji-young and Myung Joong-hwan’s shares delegated, Bae Sung-hwan would have been in danger.
“There hasn’t been any movement recently.”
“Did he give up? Well, if MH Group stays quiet, that works in my favor.”
If Bae Min-sook failed, Yoo Ji-young would become Baesung Trading’s major shareholder with the 1% she received and her original 3.1%.
Bae Sung-hwan held about 5% on his own.
He might have more under borrowed names, but if she could persuade executives and major shareholders, S-One Finance might be able to take over Baesung Trading, pushing him aside.
Ring—
The internal phone rang. A different secretary’s voice came through.
[Chairman, someone named Oh Han-seong from TSF Investment is here in the lobby. He says he’s visiting on behalf of Branch Director Kwak Chi-young.]
Yoo Ji-young’s expression stiffened at the name.
“Send him up.”
A few minutes later, there was a knock on the Chairman’s office door.
Oh Han-seong from TSF entered, bowing deeply.
“It’s been a while, Chairman.”
Yoo Ji-young dismissed Oh Cheol-min and approached.
“It has. A few months, I think? What brings you here? I thought we were done after our last transaction.”
Seated, Oh Han-seong spoke seriously.
“Branch Director asked me to deliver an important request to you.”
“Showing up suddenly like this is a bit alarming. What kind of request?”
“He wants you to withdraw from the Baesung Trading situation.”
At that moment, Yoo Ji-young’s face turned to ice.
—
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