Chapter 106: Delayed Harvest

The eyes of Taesung Group executives were focused on my father.

It was a quiet urging.

Father opened his mouth.

“I spoke to the President about the possibility of a second oil crisis.”

“Your Majesty, the oil crisis?”

“Does this mean there will be another oil shock?”

The entire, previously silent conference room was in an uproar.

“That’s a ridiculous speculation!”

“It’s been a while since the oil crisis, so how could something like that happen again······.”

“Will OPEC (Organization of Petroleum Exporting Countries) just sit by and watch that happen?”

My grandfather asked.

“You’re not the type of person to suddenly say something nonsense. Where did you get that feeling?”

“The whole Middle East was noisy.”

“The Middle East has always been noisy. Then and now.”

“It is so precarious that it wouldn’t be strange if another Middle East war or Islamic revolution were to break out any time soon.”

My second eldest uncle smiled, resting his chin on his hand.

“Your Majesty believed that?”

“yes.”

“Your Majesty, you listened to the personal opinions of a mere executive director of a construction company? That’s a bit strange.”

The executives of Taesung nodded in agreement with the words of their second uncle.

“When something out of the ordinary happens, there’s bound to be some sort of justification for it. Seongjun, what is that?”

“He asked me about what I saw and heard when I won a construction contract in the Middle East and carried out the construction.”

My father gave a concise account of his experiences in the Middle East.

“There was so much money being made from oil, but only the royal family and some powerful people were enjoying it. As a result, the gap between the rich and the poor reached an extreme.”

If everyone else is poor, I can endure it, but if that one person is rich, I hate to see them.

“It was on the verge of a riot. The situation in Iran is particularly unstable.”

You got it right.

Discontent in the Middle East led to the Iranian Revolution, which led to the second oil crisis.

“Iran is one of the major oil producing countries, producing 6 million barrels of oil per day!”

“Iran benefited enormously from the last oil crisis. Per capita income rose from $570 to over $2,300 in a few years. The Pahlavi dynasty and a small elite monopolized much of that wealth.”

As Father spoke, the expressions on the Taesung Group executives’ faces hardened.

“On the one hand, there is an abundance of consumer power, while rural areas are in ruins and small and medium-sized businesses are going out of business one after another. As oil prices stabilize, the severe recession that has ensued has led to a surge in discontent with the monarchy.”

Taesung Group executives looked at each other in surprise.

“If there is a riot in Iran and the oil supply is disrupted, oil prices could skyrocket.”

“Since Iran has an outstanding Islamic leader like Khomeini, there is a high possibility that neighboring countries will also be involved.”

Grandfather asked.

“What if there’s another riot in Iran or another Middle East war? What if there’s another oil crisis?”

“The damage will be much more severe than when the oil crisis occurred a few years ago.”

Taesung Group executives chose their words with a serious tone.

“Not a single drop of oil is produced in South Korea. On the other hand, Taesung is devoted to heavy industry based on oil.”

“Currently, Taesung’s annual manufacturing growth rate is exceeding 20%. Most of that comes from heavy industry.”

“A few years ago, Taesung Heavy Industries’ share was not this high, so we somehow managed to tighten our belts and hold on······.”

“For now, if the price of oil soars as much as it did then, it won’t end with selling off one or two subsidiaries.”

“When oil dries up, the money supply dries up. When raw material prices skyrocket and the dollar dries up, exports also dry up.”

“In the worst case scenario, you may have to prepare yourself for bankruptcy.”

The agitation became so severe that the expressions on the faces of Taesung Group executives changed.

“Hahaha, it hasn’t even happened yet, why are you taking it so seriously?”

Grandfather looked around at the executives and said.

“Tae-sung has been closely monitoring the situation in the Middle East, which imports oil, and the activities of major oil refineries.”

Grandfather looked around the sunken conference room.

“If there was a hint of an oil crisis, wouldn’t the major oil companies have pulled out first? However, they are acting no differently than usual. This means that the possibility of an oil crisis is low.”

“Just a rumor? So, does that mean that Your Majesty extended an invitation to the Blue House luncheon because he was swayed by a conspiracy theory that had a low probability of happening?”

My second uncle snorted.

“Shouldn’t we first prepare for danger? Only those who have thoroughly prepared for winter can survive the long, bitter cold.”

Bang bang bang!

Grandfather struck the stage.

“I didn’t tell you to fight amongst yourselves! Jeonghyeok just reminded us of the risk factors we need to consider when taking over!”

The Taesung Group executives suddenly looked back at me in surprise.

“Jeonghyeok, what do you think? Do you think there will be a second oil crisis?”

My grandfather’s intentions were so obvious that I couldn’t help but chuckle.

“Why are you asking me that? You should ask the experts.”

“expert?”

“Everyone has a string, right? The Ministry of Foreign Affairs, the Middle East embassies, the Blue House Secretariat and Planning Office, media outlets that have dispatched reporters to the Middle East, foreign news broadcasters, and university professors related to the Middle East, etc.”

I’m only eight years old.

I’m too young to assert the weight of my words.

It is easier, faster, and simpler to borrow the authority and opinions of experts.

“By the way, I have obtained information that the Blue House Planning Office is reviewing the possibility of an oil shock from various angles in cooperation with the University Economic Research Institute.”

“I also heard some stories leaked between Middle Eastern embassy staff and Foreign Ministry staff. They said that the Blue House sent an official document telling us to keep an eye on the Middle East.”

“There was also talk that professors from Korea University were summoned to the Blue House. I think they were professors from the Department of Economics, Arab Studies, Politics, and Sociology.”

Before long, an atmosphere of careful consideration of the possibility of an oil crisis had developed among Taesung Group executives.

“If things are going this way, it’s clear that we need to consider a second oil shock.”

“If the Blue House moves so quickly, something might happen sooner or later.”

“It certainly seems like something worth looking into.”

Grandfather sighed.

“Mr. Chairman, we must not let the oil crisis, which may occur at any time, affect the negotiations for the acquisition of affiliates. There is a good way.”

“What is that?”

“Like Taesung Chemical, we will acquire it as quickly as possible.”

My grandfather smiled brightly.

“Once it becomes a subsidiary of Taesung, can’t it be split up and sold, grown and sold, or merged?”

Oh my! When the economy is that bad, you can only get shit money for selling it!

If you buy it for cheap and sell it for crap, you’ll lose money!

“Wouldn’t that be enough firewood to survive the midwinter cold?”


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My second uncle smiled with his eyes wide open.

“Minus. You miscalculated again, bro.”

Bang bang bang!

Grandfather struck the stage.

The roaring sound suddenly stopped.

“Junghyuk, your speaking time isn’t over yet! Junghyuk, now only the last question remains.”

Oh, that was a different question I was originally going to ask!

If things continue like this, it seems like my uncle will have to rush through the merger and acquisition process, so there’s nothing we can do about it!

“Can’t you delay the takeover a little?”

“Delay the takeover? Why?”

“If the stock you want to buy is already in a bear market, it’s better to wait a little longer and buy it at a low price than to buy it now at a dirt-cheap price.”

There’s no particular reason why I’m doing this.

Because you can acquire more affiliates with the same amount of money.

‘I have no intention of selling my household goods to feed my family when the oil crisis hits.’

Grandpa chuckled.

“Jeonghyeok, it’s not as easy as it sounds.”

“why?”

“Because if the prey falls, a pack of hyenas will come rushing in. Taesung has no intention of just eating the scraps of flesh left behind by others.”

“That’s strange. It’s completely different from what President Shim said before.”

I tilted my head slightly and pretended not to know.

“Even if my grandfather had announced that he would hand over Taesung Chemical, he said that it would take a month just to negotiate the takeover. He said it could take half a year or several years. Isn’t that right?”

“······uh?”

While the takeover negotiations were in progress, President Shim was thinking of selling off Taesung Chemical’s assets and embezzling them.

“The longer you delay, the more advantageous it is for Taesung, right?”

Taesung has money.

Taesung also has the right of first negotiation.

On the other hand, Woo-kwang becomes more disadvantageous as time goes by.

Public opinion, financial situation, internal affairs, and dealing with a pack of hyenas that are gathering to devour you.

“Can’t we just keep an eye on Wookwang’s promising affiliates and wait for them to become worthless while adjusting the acquisition conditions?”

For a moment, silence fell over the conference room.

Without moving, without making a sound, all eyes were looking only at me.

I smiled brightly.

“You said there might be an oil crisis?”

The oil crisis is less than a year away.

Even if the U-Gwang sinks, it will easily withstand that much.

There is another reason.

“Wouldn’t it be better to negotiate the takeover with his son rather than Chairman Kim?”

Although Chairman Kim of Wookwang has stepped down from his position as CEO, it is certain that he will continue to be active behind the scenes.

It’s easier, faster, and simpler to skin a snail than to skin a snake.

“As a newly appointed CEO, you will have to prove your abilities with visible results in a noisy situation both at home and abroad.”

Bam!

My father couldn’t stand it anymore and got up from his seat.

“The meeting is already over, and the tour seems to be over, so we will go first.”

Grandfather said urgently.

“Jeonghyeok, wouldn’t you like to have a cup of Ssanghwacha with your grandfather before you go?”

“I want to eat with dad.”

I jumped down from my chair and passed the data ranking the acquisitions of Wookwang affiliates to Secretary Kim.

My father walked over with brisk strides, took my hand, and bowed.

“Jeonghyeok.”

“good bye.”

I also put my hands together and bowed.

I held my father’s hand and left the conference room without looking back.

* * *

Groan, groan.

The meeting had already ended a long time ago, but Taesung Group executives were unable to leave their seats.

“That makes sense. Now that I look at it, Master Jeonghyeok, you are a very intelligent person.”

“Even though he was eight years old, he got to the point intuitively. I was surprised that he pointed out things I hadn’t noticed before.”

“This is Taesung’s bright future. Hahaha!”

“Since your insight is so great, I think it would be a good idea for you to attend the next executive meeting. Should I make a suggestion?”

Taesung Group executives were full of enthusiasm.

“Then, let’s start by looking at the pros and cons of dragging out acquisition negotiations.”

“Along with preparing for the oil crisis, we should also consider the acquisition of Wookwang’s affiliates.”

“It is also essential to establish short-term and long-term investment strategies and examine them from various angles.”

“Thanks to one smart young master, I came to my senses. I have to work hard so that I don’t end up being a loser in the executive position. Hehehe.”

There were also several people who took out pens and took notes in their notebooks.

In the past, we would start a full-fledged meeting by going through the meeting materials.

The exchange of opinions between executives and presidents across affiliates became faster, and the commotion grew louder.

“What are you guys doing? I said the meeting is over! Aren’t you going home? Are you going to stay here all night?”

Chairman Cha, unable to bear it any longer, slammed the podium.

“We will gather together with the executives to discuss and review this sufficiently before the next meeting of the affiliated companies’ presidents.”

“We’ll just discuss this and take care of it ourselves.”

“I don’t know! Disband! Whether you discuss it or not is your business!”

Grandfather looked around as he came down from the stage.

“President Shim, please come see me. ······Huh?”

President Shim had already left.

Secretary Kim, who had been quietly exclaiming admiration while reviewing the meeting materials left by Jeong-hyeok, quietly reported.

“President Shim followed Master Jeong-hyeok.”

“President Shim? You said you followed Jeong-hyeok instead of Seong-jun?”

“I received a note from you, Master.”

“A note?”

Chairman Cha clicked his tongue.

“This is too bad. I was going to ask President Shim a favor while I was at it.”

“Please?”

“Jeonghyeok said.”

Chairman Cha smiled proudly.

“What is that, early management education? I want President Shim to take charge of that.”