Shin Guk-jeon carefully asked Park Jinhyuk, seeing him suddenly smile.
“What’s the matter?”
“Nothing. I just had another thought. Don’t worry about it.”
To Shin Guk-jeon, Park Jinhyuk’s behavior seemed abnormal—smiling while thinking about something else during a serious discussion.
But from Park Jinhyuk’s perspective, he had smiled because everything seemed to be explained.
‘It was strange. Something was strange.’
Shin Guk-jeon furrowed his brow as he stared at Park Jinhyuk.
This man was clearly the one Park Junman cherished most and whose abilities he trusted.
Moreover, if he handed over Cheongwoo Energy and supported a new business, his position could be considered second only to Park Junman’s.
Last year, the group’s revenue was 80 trillion won, and this year it was certain to reach 100 trillion—a massive conglomerate poised for growth.
In such a gigantic group, the value of the second-in-command was less than 10 billion won.
[1.8 billion]
It was on a par with Jeong Byung-hyuk, who was still rolling his eyes, trying to gauge the situation from the sidelines.
Park Jinhyuk had initially felt something strange when he saw that value.
He thought that based on Shin Guk-jeon’s track record at DS Group, 1.8 billion would be laughably easy to surpass.
He knew Shin Guk-jeon’s yearly salary alone was more than 1.8 billion, so seeing a mere 1.8 billion value seemed inconsistent.
But after reading the documents Jeong Byung-hyuk had brought, he understood.
‘The business itself isn’t profitable, and the merger with Cheongwoo Energy is a loss-making venture. That’s why his value is lower than what he’s built up so far.’
He still couldn’t figure out why acquiring a valuable asset like Cheongwoo Energy would result in losses. Nevertheless, if they acquired Cheongwoo Energy, they would suffer losses close to trillions, and when factoring in what they would lose by handing over DS Technology—a leader in the equipment industry—the current project approved by Park Junman and led by Shin Guk-jeon would cause major damage to DS Group.
Park Jinhyuk nodded and asked for a detailed explanation of the project. At that, Jeong Byung-hyuk stepped forward and explained in detail, including the publicly known aspects and the internal direction they intended to take. Occasionally, Shin Guk-jeuk added a few words to emphasize the importance of the project to Park Jinhyuk.
Park Jinhyuk pretended to listen quietly without comment. Once he realized that taking on Cheongwoo Energy would lead to massive losses and that even the Brazil project offered no profit, he lost all interest in the power plant business. However, since he still needed to preside over the meeting and organize the affiliates to participate, he had to grasp the basics, so he just listened quietly.
With his interest gone, his curiosity faded, and he showed no inclination to ask questions or summarize. They continued explaining for a while, discussing what help they wanted from the affiliates.
“Cheongwoo Energy has know-how from its existing power plant projects, but I’d like DS Construction to join in.”
“DS Construction?”
“After this project ends, numerous power plant projects await in South America. Rather than relying on outside help each time, I think working with DS Construction from the start would benefit the group as a whole. That’s my judgment—that it’s better for DS Construction to participate from the beginning and accumulate know-how.”
“I see. Understood for now. I’ll talk to DS Construction about it.”
“Thank you.”
Knowing how much influence Park Jinhyuk had over DS Construction, Shin Guk-jeon expressed his gratitude first. Then he made another request.
“Also, I suggest using the cash DS Pharmaceutical currently holds to secure the funds needed for Cheongwoo Energy.”
“You mean using DS Pharmaceutical’s cash first?”
“Yes. I found out they recently have quite a bit of cash on hand. I think using that first would be better than going through other financial institutions. This is… the Chairman’s intention…”
Shin Guk-jeon couldn’t speak concisely. Park Jinhyuk looked at him with half-closed eyes, then gestured to Kim Junwoo, who was beside him.
“Manager Kim. Contact Secretary Hwang.”
“Yes.”
After giving the order to Kim Junwoo, Park Jinhyuk turned to Shin Guk-jeon and said with a smile, “I’ll discuss that part with the Chairman and give you a definite answer. Because if that happens, wouldn’t Cheongwoo Energy logically have to go under DS Pharmaceutical?”
“What? Cheongwoo Energy under DS Pharmaceutical? They have nothing to do with each other.”
“Nothing at all. But if DS Pharmaceutical is providing the funds, shouldn’t it naturally go under DS Pharmaceutical?”
As Park Jinhyuk finished speaking, Kim Junwoo picked up the phone and handed it to him. “Connected to Secretary Hwang.”
Park Jinhyuk nodded, took the phone, and looked at Shin Guk-jeon with an expression that said, ‘What will you do?’ As he slowly raised the phone while still watching Shin Guk-jeon, the man finally couldn’t hold back and raised his hand.
“No. We’ll have DS Heavy Industries provide the funds.”
“Is that so? Didn’t you say to use DS Pharmaceutical’s cash since they had extra?”
“No. If we do that, things might get a bit complicated, as you said. Let’s just have DS Heavy Industries provide the money.”
“Understood.”
Still smiling, Park Jinhyuk took the phone and exchanged brief pleasantries, asking about Park Junman’s health. He stated the purpose—they were about to hold a meeting on the Brazil power plant project and asked if there were any instructions.
Since Shin Guk-jeon had said DS Heavy Industries would provide the money, the original reason for the call was moot. After a short conversation, Park Jinhyuk hung up and nodded.
“I understand fully. Let’s proceed with most things in the direction DS Heavy Industries wants.”
“Thank you. I won’t forget your full support, Representative.”
“Don’t forget.”
Park Jinhyuk smiled and extended his hand. Shin Guk-jeon and Jeong Byung-hyuk shook hands with him, expressing their gratitude.
The two left for the meeting that would resume.
Once they were gone, Park Jinhyuk dropped his smile and gave an order to Kim Junwoo. “I’ll talk to him separately, but first, mention to President Hyeon that he must absolutely not participate in this Brazil project. It’s better not to join, citing lack of capacity.”
“What? Weren’t you just saying you’d help?”
“That’s from my position… From DS Construction’s perspective, have him make it clear they can’t do it. That way, it’ll look like they were unavoidably unable to participate.”
Kim Junwoo realized that Park Jinhyuk’s support was merely lip service.
“And Cheongwoo Energy. Find out their current situation. If they’re going to take a huge loss, also figure out how big that loss will be.”
“A loss? You mean Cheongwoo Energy’s loss?”
“Yes. Losses in the trillions. Hmm… around 7 trillion? 8 trillion? That kind of loss scenario.”
Cheongwoo Energy was an oil trading company. It was rare for them to suffer losses, and hearing about trillions in damages left Kim Junwoo bewildered. But he had seen Park Jinhyuk’s orders—often incomprehensible at first—turn out to fit perfectly over time, so he accepted the instruction.
After resting briefly in the Chairman’s office, the two returned to the conference room. Back at the meeting, Park Jinhyuk urged the presidents and executives of the affiliates to provide full support. He emphasized that this order was not his own, but Park Junman’s will. He repeatedly stated that he was merely a proxy and that everything was proceeding under Park Junman’s design, attributing all potential praise for the project’s success to Park Junman.
The presidents and executives praised Park Jinhyuk’s filial piety and admired Park Junman’s foresight. They thought that this was why Park Junman had appointed Park Jinhyuk as his proxy, and they pledged their support for DS Group.
*
When the swap deal between Cheongwoo Energy and DS Technology was announced, people busily tapped their calculators. The complexity increased further when including the subsidiaries of Cheongwoo Energy and DS Technology.
“Still, isn’t the prevailing view that Cheongwoo comes out a bit ahead?”
“That’s right. Industry analysis says that while it looks favorable to DS now, in the long run, it’s a better deal for Cheongwoo. In the energy sector, there are already deeply rooted players besides Cheongwoo Energy. The reality is they have to compete with them and with foreign entities. But DS Technology is different. Frankly, the defense industry is currently split between Cheongwoo and DS. With that power concentrated in one place, the synergy after the swap deal is expected to favor Cheongwoo more.”
Park Jinhyuk, Hisoo Hyun, and Kim Junwoo were sitting and watching TV. Park Jinhyuk turned off the TV and looked at Hisoo Hyun.
“That’s the common view. But we’re adding nearly a trillion won more on top of this. Is this a fair deal?”
In response, Hisoo Hyun calmly laid out what he had analyzed.
“After hearing your story, I did my own calculations. Based on my past experience, this deal isn’t as one-sidedly disadvantageous as the TV says. Cheongwoo Energy is more of a gem than it appears. The claim that other companies have already established themselves, making competition fierce, is also inaccurate. The energy sector is no different from telecommunications—it’s a field where new entry is blocked, allowing stable business operations. Plus, Cheongwoo Energy has know-how in specific areas like power plant projects, making expansion into new businesses easier.”
“So it’s not a bad deal for us either.”
“Yes. Moreover, the profits are incomparable to those of DS Technology. The current low oil prices are squeezing operating profits, but when prices flirted with $100 a barrel in the past, quarterly operating profits reached around 300 billion won.”
“Hmm…”
Park Jinhyuk crossed his arms as he listened. He couldn’t understand how such a good company could show a negative value—let alone a negative 7 trillion.
“Representative. As you instructed, I turned down DS Heavy Industries’ offer to participate in the project. I used the excuse that we’re fully booked with overseas and ongoing projects… But personally, I think we should consider joining. Opportunities like this don’t come often.”
“No. We’re not getting involved.”
Kim Junwoo knew there was a reason for not participating, but Hisoo Hyun’s regret was palpable. He tried to persuade Park Jinhyuk several times afterward, but his resolve was firm. It seemed he was determined not to link any of his own faction with the Brazil project.
Hisoo Hyun confirmed Park Jinhyuk’s intention and dropped the matter. He trusted Park Jinhyuk’s choices, which had never made a mistake so far.
“What about DS Pharmaceutical?”
After finishing the DS Heavy Industries discussion, Hisoo Hyun turned to DS Pharmaceutical.
“I’ve been thinking about that. It seems many are eyeing DS Pharmaceutical’s cash. DS Heavy Industries mentioned it too.”
“That’s natural, given the cash pile is beyond imagination. Should we boost the stock price by paying a large dividend to shareholders?”
“No. Raising the stock price does us no good. So I have an idea.”
As soon as Park Jinhyuk mentioned having an idea, a secretary from outside entered and addressed him.
“Representative, Director Oh has arrived.”
“She’s early.”
Park Jinhyuk looked at his watch. Seyoung Oh had arrived ten minutes earlier than the appointed time.
“Since we’re not done yet, ask her to wait outside for a moment. Manager Kim, go out and show Director Oh the paintings hanging outside so she won’t be bored.”
Kim Junwoo understood Park Jinhyuk’s intent, bowed, and left with the secretary who had come in. Hisoo Hyun watched Kim Junwoo leave, then turned back to Park Jinhyuk.
“Why did Director Oh come?”
“Speak of the devil. I was just about to talk about DS Pharmaceutical’s retained earnings, and the protagonist shows up.”
“What?”
Hisoo Hyun couldn’t understand why DS Pharmaceutical’s retained earnings had anything to do with Seyoung Oh. Park Jinhyuk looked at him and said, “If we keep it, many will covet it, so we should use it. I’m thinking of helping Director Oh’s home company.”
“Director Oh’s home company—you mean Hansung Group?”
“Yes. Hansung Group.”
Park Jinhyuk briefly explained his plan to Hisoo Hyun. As he listened, Hisoo Hyun slowly broke into a smile, then slapped his knee.
“That’s right. That’s how we do it.”
“Let’s use up some of DS Pharmaceutical’s cash while the Chairman is away. That way, when he returns, he won’t set his sights on it.”
Hisoo Hyun nodded vigorously at Park Jinhyuk’s words. He stood up, said his goodbyes, promised to visit again, and turned to leave.
Just then, Seyoung Oh was entering, and they met in front of Park Jinhyuk’s office. Hisoo Hyun greeted her, and Seyoung Oh looked him up and down.
“Why are you here, President Hyeon?”
“I came to discuss something with the Representative.”
“You’re openly taking sides.”
“I’m not on any side—I’m on DS Group’s side.”
“How amusing. Hearing that here. We’ll see if you can say that in front of the Chairman when he returns.”
Not wanting to argue with her, Hisoo Hyun simply bowed slightly and left the office.