The Youngest Son of Sunyang

Chapter 80 A Gloomy New Year for Someone 3

The sound of the economy collapsing didn't stop even in the new year.

On January 14th, Nasan Group declared bankruptcy, followed by the filing for receivership by Geukdong Construction, which was ranked 31st in the business world.

Geukdong Construction, known as one of the "Construction Big Five," led the industry and even acquired securities firms to secure substantial financial resources for expansion. However, it suffered a direct hit from the foreign exchange crisis precisely because of these reasons.

Rumors of bankruptcy also surrounded Dae-ah Construction, a company similar in nature to Geukdong Construction.

"Have you heard anything?" Oh Se-hyun couldn't hide his anxiety.

"Why? Do you think Dae-ah Construction can survive?"

"Don't believe the rumors. It's been over a month since they said they would collapse any day now. It seems we might have been mistaken. This is a tough nut to crack."

"But what if their financial situation is worse than Geukdong Construction's? How can they survive?"

"That's what I'm saying! They ventured into Southeast Asia, and when the financial crisis hit that side, their funding was supposed to be tight, but strangely, they're holding on."

"Does the CEO of Dae-ah Construction have a lot of money saved up...?"

"Have you seen any business owners in Korea who drain their own assets to save their companies? When things go south, they embezzle the company's money even more eagerly... "

Oh Se-hyun stopped talking and looked at me. "Hey, could they really be doing something like that? Is that even possible? With the situation being what it is, how could they embezzle the company's assets?"

"Money laundering. They must have a fair amount of land, being a construction company and all. If they make an emergency sale of that land and issue promissory notes, it's a way to stop the bleeding. I heard they haven't paid their employees for over three months. They're just blocking promissory notes for immediate needs and siphoning off the real assets. If they keep doing that until bankruptcy, their pockets will be deep."

"But, that could lead to criminal punishment."

"These bastards are planning to take the money and say goodbye to Korea. It's clear that they have absolutely no intention of using the bailout funds or anything else to save the company."

"Let's intervene."

"If there's a difference between us and regular people, it's just the size of the money we pocketed, which is enough to make a decent living."

In my mind, names of construction companies other than Dae-ah Construction passed by one after another. Isn't it impossible to acquire a construction company that has been stripped down to its core, leaving only the skeleton, without any valuable assets?

But no suitable alternative came to mind.

Among the top construction companies in South Korea, Dae-ah Construction is the only one that focuses solely on construction without any affiliated companies.

Other construction companies are conglomerates with various subsidiaries, making it difficult to separate the construction arm for acquisition.

While I was frowning, Ossehyun's expression gradually brightened. "These bastards fell right into our trap."

"Do you have a plan?"

"Let's hold a shareholders' meeting and take control through embezzlement and misappropriation. It seems easier that way."

A lightbulb went off in my head.

Dae-ah Construction's stock is currently at rock bottom. Just a 5% acquisition would quickly lead to a shareholders' meeting. It might be easier to salvage and revitalize the company than to negotiate with bondholders after bankruptcy.

"Let's double-check and get to work again. What do you think?"

"Sounds good. You're truly amazing, Uncle."

As I gave a thumbs-up, Ossehyun picked up the phone and said:

"When you become a chaebol chairman, remember that it's all thanks to me."

After instructing his employees to purchase Dae-ah Construction shares, Ossehyun put down the phone.

"Oh, by the way, when is your cousin's wedding?"

"It's the day after tomorrow. It's a private event with only family attending. We'll keep it discreet, as befitting a chaebol."

The wedding was held at Chairman Jin's mansion.

Given the difficult times, only a minimal number of guests were invited, and the media only published brief news articles. Thanks to Chairman Jin's request and the power of the Hansung Daily, reporters did not swarm around the mansion.

Although it was considered a minimal number of attendees, both families were not from ordinary households, so nearly two hundred people gathered.

"Thanks to you, we get to visit Chairman Sunyang Group's house. It's a family honor, my dear."

"Maybe it's because they're from a wealthy family, but they all look so handsome."

"I heard the youngest in this family is in his twenties, right? So, anyone can marry him, right?"

"Stop dreaming, girl. They're all potential arranged marriage candidates!"

Beside Hong Seo-young, dressed in pure white, the bride's friends were deep in conversation.

Even the usually calm Hong Seo-young couldn't hide her nerves today.

"Where's your honeymoon house? Cheongdam-dong? Hannam-dong? A villa? Or an apartment?"

"It's in Pyeongchang-dong. I'm starting married life there."

Upon hearing Hong Seo-young's answer about starting her married life at her in-laws' place, her friends wrinkled their brows.

"As expected, chaebol families are still living in the Joseon era."

"Are you kidding? Even if they told you to leave and live separately, you should stick around like glue. Have you seen a prince living outside his kingdom?"

"She's to be wife of the vice chairman of Sunyang Group. Cook? Do laundry? Clean? Just sit at the dining table morning and night, smiling. It's married life at the in-laws'. Sounds good, doesn't it?"

Friends who were close enough to hang out with Hong Seo-young were all daughters of well-off families, but they all cast envious glances at her for marrying into a different league, especially to the heir apparent of such a wealthy family.

To the women who would usually be dismissive of a first-born son, Jin Yeong-jun was greeting the guests in the Yeongbingwan, the wedding hall.

Even though they were referred to as guests, apart from immediate family members, there were only a few key personnel from subsidiary companies and important figures from Hansung Daily, so they weren't particularly busy.

Friends who had gathered around a corner of the spacious garden led Jin Yeong-jun away and offered him cigarettes.

With forced smiles, they exchanged handshakes and greetings, and it seemed like they were paying no attention to others as they lit their cigarettes.