Chapter 62 – (MH Future Security (2))
A few days later.
Shin-woo entered a conference room inside the 32nd floor MH Future Security Operations Headquarters along with Lillian.
Shortly after, Myung In-chul, along with headquarters executives Im Hee-yeon, Executive Director Lee Byung-jin, and Managing Director Kang Won-sook, came in and sat around.
Today’s meeting was to form the executive board of MH Future Security.
Shin-woo once again reviewed the list of executive candidates that had been handed to him in advance.
There were five names in total, all individuals aligned with either Myung In-chul or Executive Director Lee Byung-jin.
“With this list, it will be difficult to form the executive board.”
As if he had expected that response, Myung In-chul calmly stepped forward.
“No matter how capable CEO Baek Shin-woo may be, the structure of a corporation is such that it can become dangerous at any time. The formation of an executive board is a safeguard to minimize those risks.”
“Safeguard? This list doesn’t look like one to me.”
“For now, there may inevitably be resistance. But since headquarters owns 69% of MH Future Security, we must take measures to ensure that reckless decisions are not made.”
In the end, it was a veiled threat—that if he did not listen, MH Group would shake MH Future Security using its majority stake.
But Shin-woo wasn’t cowed in the slightest. In fact, he almost snorted in derision.
“If I had known you’d be so blunt in showing your true intentions, I should’ve just left MH Group and set up my own company from the start.”
“CEO Baek Shin-woo! That’s going too far.”
Even at Myung In-chul’s stern voice, Shin-woo didn’t flinch.
“Am I wrong?”
“MH Group promoted MH Future Security to a financial subsidiary to complete it. The executive board formation is no different. The people on that list have built sufficient track records in MH Group and its affiliates. How can you call that sinister?”
“And why are you asking me something you already know?”
Shin-woo’s attitude could only come across as arrogant.
At this, Lee Byung-jin cautiously cut in.
“CEO Baek. To operate MH Future Security, a considerable amount of capital will be required. That means investment will need to be brought in based on shares. The candidates on that list have connections with such investors.”
It wasn’t incorrect.
But Shin-woo scratched his cheek with suspicion.
“It sounds like you’re assuming I’ll inevitably sell my shares.”
“As far as I know, MH Future Security has no operating capital beyond the initial contributions. That means your shares are the only funding source. Isn’t that right?”
At this, Shin-woo tilted his head.
“I have no intention of selling my shares.”
Other than Im Hee-yeon, the faces of Myung In-chul and the executives twisted into faint, derisive smiles.
Lee Byung-jin also opened his mouth, looking incredulous.
“CEO. If you don’t raise capital through your shares, where will you secure operating funds? You’re not saying you’ll run the company solely on client funds, are you?”
An investment firm earns fees and incentives from managing capital.
But for the initial operating capital needed to run a company, that alone was nowhere near enough.
“That’s not it either.”
“Then what method have you prepared?”
Letting out a sigh, Shin-woo gave Lillian a glance as if passing the baton.
“I’m Lillian Foster, Division Head of MH Future Security. Upon its promotion to subsidiary status, MH Future Security secured promised investments of 10 billion won from Livio Soft and 10 billion won from TSF Investment. A total of 20 billion won.”
Everyone else couldn’t help but be startled.
Twice the initial capital. That amount would allow MH Future Security to operate without issue.
Myung In-chul glared at Shin-woo with a heavily wrinkled expression.
“You’re telling me those two companies promised investment funds with no conditions?”
“Do you think Livio Soft and TSF Investment are fools? Of course, it’s conditional. We’re to repay 130% of the principal within one year.”
“And if you can’t?”
“Then I’ll hand over 5% of my shares.”
Currently, in MH Future Security’s unlisted stock, 5% corresponded to only 4.5 billion won compared to the 9 billion won initial contribution.
Combined for both companies, that was 10%. Just 9 billion won.
Yet Shin-woo had leveraged that as collateral to draw 20 billion won.
“You mean to say those two companies accepted such absurd terms?”
“Why do you keep asking the obvious…? They accepted it, so I’m telling you about it now.”
For Myung In-chul, the issue wasn’t the fundraising itself, but that one of the companies providing funds was TSF Investment.
That was inevitably something to challenge.
“TSF Investment is a dangerous company, often called the butcher of corporations. Do you think they provided this investment with no ulterior motives?”
“President Myung In-chul, are you saying you have no ulterior motives yourself?”
“What’s that supposed to mean?”
“Just from looking at the candidate list you handed me, your ulterior motives are practically dripping. Or am I wrong?”
Shin-woo deliberately provoked them at every turn. Only that way could this tedious meeting end a little faster.
Of course, Myung In-chul, unaware of that intention, had veins bulging across his forehead.
“CEO Baek Shin-woo. If you served in the military as a non-commissioned officer, you should at least understand the basics of obeying orders.”
“Of course I do.”
“Then why do you keep responding in such an offensive manner?”
“Because I’m offended.”
“Pft.”
At that moment, laughter burst from Lillian’s lips beside Shin-woo.
The atmosphere chilled instantly, and many people glared at Shin-woo.
“Anyway, there’s no problem operating MH Future Security with the investment funds. So I’ll decide with the authority of my shares.”
“What exactly are you deciding?”
“What else? That we don’t need any executives.”
After all, the remaining 69% of MH Future Security shares belonged to MH Group. But that didn’t mean Myung In-chul could use those shares however he pleased.
Any agenda had to be processed by the board of directors at headquarters, including the Chairman.
But if they raised issues with Shin-woo’s management style now, it would only expose their true ulterior motives.
“There could be major problems later. Please reconsider.”
“If you don’t like it, I’ll walk away. Of course, the research collaboration with MH Tech will also fall through.”
At Shin-woo’s defiant attitude, Myung In-chul’s brow creased as though a deep crevasse had formed in a glacier.
“This is absurd. Do you really think you can run a company that way?”
“Wouldn’t it be better than your son?”
Bringing up Myung Un-seok, who had repeatedly tanked his performance recently, made Myung In-chul grit his teeth.
“CEO Baek!”
“Then why poke at someone who was sitting quietly?”
“Are you done talking?!”
“Tsk.”
Shin-woo clicked his tongue and looked back at the executive candidate list before speaking again.
“I didn’t bother saying earlier, but first, MH Card’s Director Oh Jin-gwang. Last year, he was indicted for assaulting a hostess at a room salon, and it was covered up. Then MH Retail’s Managing Director Kim Jung-wook has been pocketing around 1.2 billion won in rebates through partner firms.”
That was information on two people. Hearing it made Myung In-chul and the other executives’ faces turn pale.
But Shin-woo wasn’t finished.
“And here we have headquarters’ Managing Director Kang Won-sook. Your youngest son assaulted a teacher at school while playing gang leader, and you filed a countersuit against the school.”
“Th-That’s…”
Having kept silent until now, Kang Won-sook was struck like thunder and couldn’t manage to form words.
“Isn’t it a problem to bring in people whose work ability and character are both flawed?”
Myung In-chul and Lee Byung-jin had drawn up the candidate list with their own people, but they hadn’t investigated their skeletons properly.
They had only chosen individuals who would bark when told to bark and act like they’d die when told to die.
“Saying more would only make my mouth sore. I’ll assume you got the message.”
With that, Shin-woo stood and left the conference room with Lillian.
Not long after, Im Hee-yeon hurriedly followed and stopped him.
“CEO Baek. Let’s talk privately.”
“Suit yourself.”
“Since you don’t yet have an office of your own, let’s go to mine.”
“Hold on. Lillian, didn’t you say you had something important to take care of?”
At the question, Lillian smiled.
“That’s right. An external business meeting. I’ll handle it quickly and come back.”
“Make sure you do.”
With that, Lillian headed off elsewhere.
Afterward, Shin-woo followed Im Hee-yeon up to the 50th floor, where the headquarters executive offices were located.
Her newly appointed Managing Director’s office was three times larger than before. The 50th floor was exclusively reserved for offices of the Chairman, the President, and executives, so it was more luxurious and spacious than anywhere else.
“What did you want to discuss that you called me aside?”
Getting straight to the point, Shin-woo’s question made Im Hee-yeon sigh.
“Those things you exposed earlier… how did you find out?”
“I investigated. There was so much dirt that even a light shake made this much fall out.”
In truth, Im Hee-yeon had also discovered these things recently during the general audit. In fact, MH Retail’s Managing Director Kim Jung-wook’s rebate scandal was something she had planned to let simmer before exposing it later.
“I didn’t realize you had a knack for internal investigations. Maybe you should’ve been a cop instead of a corporate man.”
“My taste leans more toward dealing with people I dislike rather than just bad guys.”
What standard should define good and evil?
Shin-woo wasn’t about justice. He simply removed anything that blocked his path.
“That’s quite an unusual taste.”
“I’m often told I’m selfish.”
“Then let me ask you the next thing. TSF… are you really confident? Like I said before, it’s a very dangerous company. President Myung In-chul wasn’t wrong.”
Indeed, TSF Investment could use MH Future Security as a foothold to attack MH Group.
“Investment funds just need to be repaid on time, that’s all.”
“Everyone says that so easily. But it’s never easy.”
Shin-woo knew it well. You don’t take other people’s money lightly. But in business, investment was something one inevitably had to take in order to grow.
And yet, nine times out of ten, investments ended up sinking companies rather than helping them.
“It feels like you’re holding a funeral for me before I’ve even started.”
“I’m worried about you.”
But Shin-woo wasn’t an ordinary person. Jang Man-soo and Lillian too had returned to the past with memories of the future.
“I don’t really care to be worried about.”
“Why do you insist on straying this way?”
“I just do things my way. If you’ve nothing more to say, I’ll be going.”
With that, Shin-woo turned to leave the office.
“Wait.”
He had his hand on the doorknob when he turned his head.
“What is it?”
“Be careful. President Myung In-chul and the other executives won’t stop here.”
Shin-woo looked steadily at Im Hee-yeon’s face, now filled with far more worry than before.
“You’d be better off worrying about them than me.”
—
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