In the conference room, executives from DS Pharmaceutical and presidents of various subsidiaries were gathered to discuss last month’s performance.
“There are currently no issues with the production of Pitaplu. Demand is also staying well within our projections. If things continue at this rate, we don’t foresee any obstacles to the long-term production project for Pitaplu. Additionally, the production of Novo’s new drug, Tatulumide, has begun smoothly, and we expect to see tangible results soon. Furthermore, once the expansion is finalized and trial production is complete, Pfizer’s products are also scheduled to enter production. With Pitaplu, Tatulumide, and Pfizer’s products, everything in the Biologics normalization plan is clicking into place without a single error.”
President Sa spoke about the achievements of Biologics with a confident demeanor. The intimidated expression he had worn when he first met Park Jin-hyuk was now nowhere to be found. Instead, even in a room full of headquarters executives, he spoke proudly with his chest out, appearing fully aware that he was the person delivering the highest results within the DS Pharmaceutical group.
“It seems meaningful results are being achieved because President Sa is leading Biologics so well. Since the third and fourth plants will be built and the entire pharmaceutical division’s capabilities will be concentrated there, I look forward to your continued hard work.”
“Please do not worry. I will do my absolute best, working like a dog or a horse until the day Biologics becomes the leader of the CMO business in South Korea.”
As Sa Jeong-man spoke, he bowed his head. He bowed slightly away from the center of the table. At the end of that trajectory sat Park Jin-hyuk. Everyone in the room could tell exactly who that pledge of loyalty was intended for. In a way, it was such a blatant display of allegiance that it could have been considered embarrassing for both the giver and the receiver. However, both of them accepted it calmly.
The people in the conference room did not mock or blame Sa Jeong-man for his behavior. On the contrary, they were envious that he was in a position to even say such things.
Since the leaders of the factions that used to oppose Park Jin-hyuk at DS Pharmaceutical had been banished to peripheral positions, the room was now filled with those who followed him or desperately wanted to. They were all thinking of ways to showcase their abilities to Park Jin-hyuk so they could land a lucrative position like Sa Jeong-man.
Before Park Jin-hyuk’s arrival, the position of President of Biologics was considered a dead-end job. However, since Park Jin-hyuk joined DS Pharmaceutical, it had become the most powerful role after the President of DS Pharmaceutical itself—the prime position to serve Park Jin-hyuk from a close distance. Now, a subsidiary presidency held more value than most executive positions at the headquarters.
“We plan to push for the IPO of Biologics in the second half of this year,” Gyeong Dae-yong announced.
The executives in the room swallowed hard. This was exactly why the Biologics presidency was considered such a prize. It was expected that Sa Jeong-man had received a significant amount of stock options when he took the job. Once the company went public, those options would essentially turn into several years’ worth of salary in his pocket.
The executives cast envious glances toward Sa Jeong-man.
“Now that the CMO side has been revitalized and DS Pharmaceutical has regained its vigor, we plan to proceed with biosimilars and our own new drug development.”
“New drug development?”
The executives shifted their gaze from the envied Sa Jeong-man to Gyeong Dae-yong. They hadn’t expected the words “new drug” to come out of his mouth.
“First of all, our company has faced many trials and failed several times in new drug development. We even heard talk in the industry that we should remove ‘Pharmaceutical’ from our company name.”
In reality, DS Pharmaceutical held the title in name only; they didn’t possess any unique drugs of their own. Most of their business involved processing drugs whose patents had expired, changing the names, and selling them to the consumer market—and even that was barely profitable. The only things making money were supplements or importing and supplying overseas brands to balance the books.
Because of this, DS Pharmaceutical had poured all its energy into new drug development several times. There had even been products that showed promising results, with some passing through Phase Two clinical trials.
But that was the end of it. When not a single drug managed to pass the final hurdles, including Phase Three, some cynics mocked them, asking if they were even capable of making a simple digestive aid.
“But the situation is different now. First, our production capacity has been verified, and we can expect to supplement our technical skills through Novo’s new drug and Lohasue’s Truxima. Since profits continue to sustain us, I believe it is time to invest boldly in technological development once again. Our goals for the second half of the year are the IPO of Biologics and the development of new drugs for DS Pharmaceutical.”
Gyeong Dae-yong finished speaking, but no one refuted him or offered a differing opinion. Everyone in the room knew whose will Gyeong Dae-yong was representing. As their gazes converged on one person, he gathered the documents on the table and spoke.
“Well then, let’s wrap up today’s meeting here.”
As Park Jin-hyuk spoke, everyone nodded, accepting the conclusion. When Park Jin-hyuk stood up first, the rest of the group rose and bowed to him as he walked out.
When Park Jin-hyuk stepped outside, Kim Jun-woo was waiting for him. Park Jin-hyuk handed the documents to the approaching assistant and asked, “How did it go?”
“It was just as you expected, Executive Director. We have confirmed that they mobilized funds from three private lenders in Myeong-dong to execute the financing.”
“Of course. Unless they sold off assets to make the purchase, that’s the obvious route. So, what’s the amount?”
“Approximately 200 billion won.”
Lately, Kim Jun-woo had been constantly monitoring the stock movements of DS Telecom. He had reported that the flow reached its end just before Park Jin-hyuk entered the conference room. Park Jin-hyuk listened to the report as soon as he stepped out and nodded. It was a moment of confirmation that the movements were predictable and obvious.
Kim Jun-woo looked at Park Jin-hyuk and cautiously offered his own opinion.
“Executive Director. Instead of waiting, why don’t we use a method to strike the 200 billion won in revealed funds?”
“Strike the revealed money? How?”
Uncharacteristically, Kim Jun-woo was offering a suggestion first. Until now, he had simply acted based on Park Jin-hyuk’s instructions. The reason he spoke up now was out of concern that Park Jin-hyuk might get hurt. Knowing his heart, Park Jin-hyuk waited for Kim Jun-woo’s opinion with an interested face.
Kim Jun-woo explained the method he had thought of while Park Jin-hyuk was in the meeting.
“It’s simple. We drive down DS Telecom’s stock price to hit the funds that flowed in from the private lenders.”
“How much would we have to drop it?”
“I ran the calculations while you were in the conference room. If there is a 20% drop from the current market price, margin calls will be triggered. If that happens, the funds purchased through the private lenders will have no choice but to face forced liquidation.”
“20%?”
Park Jin-hyuk stopped walking and stared into space for a moment.
A domestic demand stock—specifically, a telecommunications stock—was one of the least volatile sectors. Moreover, the market capitalization was six trillion won. Artificially dropping a six trillion won stock by 20% was theoretically close to impossible.
“No.”
“Why not use DS Securities?”
As if expecting Park Jin-hyuk’s reaction, Kim Jun-woo brought up what he considered a solution.
“DS Securities?”
“Yes. Through them, we could use short selling—”
“Look, Secretary Kim. What is our goal? Isn’t it to wrap them in the confines of the law and throw them to the prosecution? Damaging their capital isn’t enough.”
“I apologize.”
“No, it’s fine. Regardless of the outcome, it’s not bad to consider various options.”
Having flatly rejected Kim Jun-woo’s solution, Park Jin-hyuk continued walking without stopping until they reached the exit of the building. Security guards, seeing him approach, bowed and opened the doors. Outside, his car was already waiting with the engine running.
Kim Jun-woo hurried ahead to open the rear door, and Park Jin-hyuk naturally climbed in. As Kim Jun-woo took the front passenger seat, Park Jin-hyuk thought of something and tossed a question toward him.
“Is it possible to legally ensnare them just for using the private loan market?”
Kim Jun-woo answered immediately, as if he knew Park Jin-hyuk would ask this.
“Using the private loan market for transactions with borrowed-name accounts is a violation of the Capital Markets Act, so we can expect punishment.”
“Is that so? Then what is the severity of the punishment?”
“That is… most cases have ended with just a fine.”
“Then that won’t work either.”
The level of punishment Park Jin-hyuk wanted for Park Su-man was detention followed by a trial. If he were detained, social norms dictated that he would have to step down from management. If that happened, even if he eventually returned, a comeback within two or three years would be impossible. If Park Jin-hyuk was given two or three years, he was confident he could prevent Park Su-man from returning, regardless of what he tried.
‘As expected, what’s been revealed isn’t enough to take them down.’
Park Jin-hyuk muttered to himself, hardening his resolve.
“Proceed with the plan I set as quickly as possible.”
“Executive Director. Are you truly intending to go through with this?”
“The die is cast. There’s no need to wait for them to reveal all their moves. It’s better for me to move first, create a path for them, and lead them down it.”
“If something goes wrong, you might end up getting hurt yourself.”
“I can’t accomplish anything if I’m afraid of that.”
Kim Jun-woo realized he couldn’t change Park Jin-hyuk’s mind. He understood that instead of stopping him, the best he could do was help him.
“There are rumors that Hanuri Savings Bank has recently suffered heavy losses through bad real estate project financing (PF) investments.”
“Hanuri?”
“Yes. It’s a savings bank that operates primarily in the Chungcheong region. They reportedly invested in overseas real estate PF and took a massive hit, causing their BIS capital ratio to drop from 12% to the mid-10% range. I heard they are currently desperate to find profitable business ventures.”
Park Jin-hyuk nodded. A place that was cornered was highly likely to reach for a dangerous gamble. He knew from just those few words that Kim Jun-woo had chosen a good target.
“Then let’s go with them. Set up a meeting.”
“Do you plan to do it yourself?”
“Why are you so worried? It’s fine. You don’t have to worry. I’m not so soft that I can’t handle a few people.”
Having served Park Jin-hyuk closely, Kim Jun-woo knew better than anyone how he handled people. But the current situation was different from the usual. He felt like telling Park Jin-hyuk that he would do it himself, but since he didn’t fully understand 100% of what Park Jin-hyuk was trying to do, he didn’t dare bring it up first.
Park Jin-hyuk spoke with a smile, as if he knew exactly what was on Kim Jun-woo’s mind.
“I know what you’re worried about. You’re afraid I might get dragged down with them if things go wrong.”
At Park Jin-hyuk’s words, which seemed to peer right into his thoughts, Kim Jun-woo nodded reflexively. Feeling good that someone was worried about him, Park Jin-hyuk patted Kim Jun-woo’s shoulder.
“But it’s better to do these things directly. That way, the other side is less suspicious. And I’m more confident than anyone in saying vague things in vague situations. So, put your worries aside.”
Park Jin-hyuk was a man who had spent more than ten years as a salesman, always walking the tightrope between someone promising work and his own need to secure it. He had seen countless people set the mood as if they were going to give him a job, only to turn around and act like they never said a word. Because of that, he was confident he could do this better than anyone. In fact, if he put someone else forward, the plan might fail.
Only after seeing Park Jin-hyuk’s confidence did Kim Jun-woo look slightly relieved. His face softening, Kim Jun-woo noted they were almost at their destination and turned back to face forward. When the car stopped, he got out first and opened the rear door, helping Park Jin-hyuk exit comfortably.
Park Jin-hyuk got out of the car and looked up at the building. The FKI Tower. It was one of the places he had always wanted to visit, and he had come here today. Here, he intended to lure Park Su-man exactly where he wanted him. After admiring the building for a moment, Park Jin-hyuk stepped inside.
Upon entering, the scene in the lobby was different from what he usually saw. Values much higher than those he had seen at DS executive meetings or the recent DS Group general meeting were floating above people’s heads.
The times Park Jin-hyuk had seen such a concentration of high-value people could be counted on one hand. The first was at the JP Morgan Healthcare event in San Francisco, and the second was at Park Sang-hyeok’s engagement party. Today was the third. People showing values not just in the billions, but in the hundreds of billions, frequently caught his eye.
And through them, his prey, possessing an absurdly low value, came strolling toward him.
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