Golden Spoon Investor

Next Day.

As the coffee in front of him slowly cooled, Manager Choi Ho-geun sat silently on the sofa, gazing at Seok-won.

With neatly groomed black hair, sharp eyes, and a defined nose, his face exhibited perfect proportions, rivaling those of actors or models.

Wearing a white shirt paired with a luxury tie, holding a folder in one hand, and glancing downward, he exuded a refined and sophisticated air.

Moreover, having graduated from Harvard with honors, his intelligence needed no further proof, marking him as an elite.

With the backing of being a third-generation chaebol, Seok-won embodied the very definition of a "prince on a white horse" without lacking in any aspect.

Even Choi Ho-geun, a man himself, found his gaze naturally drawn to him. It was no wonder that female colleagues, including team member Hong Jae-hee, collectively swooned over him.

"It's not fair. With that face, a brilliant mind, and being a third-generation chaebol with a fortune, how much more can one person get? Is it really fair to give all of this to just one person?"

Choi Ho-geun felt a wave of envy, internally grumbling for no reason.

Just then, Seok-won closed the folder he was reviewing and lifted his head. Ho-geun quickly brushed aside his irrelevant thoughts.

"260%... the debt ratio isn't as high as I anticipated." Seok-won remarked.

In the prolonged inflationary period, most domestic companies pursued growth by securing as much borrowed capital as possible for investments. This strategy was the norm.

Consequently, it was common for companies' debt ratios to exceed 200% or even 300%.

"With steady sales and profits in staple businesses like cooking oil, starch syrup, and animal feed, Donghae Group seems to have maintained relatively sound financial health," Choi commented.

"Since those businesses involve quick cash flow, they'd naturally have an advantage over others," Seok-won replied.

"That's true, but we can't be certain about the future," Choi said, a slight crease forming on his forehead.

Seok-won furrowed his brow slightly as he asked.

"What do you mean?"

"You probably know that, starting two years ago, Donghae Group entered the consumer goods market in partnership with the multinational company Unilever. They've been expanding aggressively since last year."

Seok-won leaned back into the sofa, signaling for Choi to continue.

"Additionally, there are rumors in the stock market that they plan to venture into the U.S. telecommunications industry soon."

"Telecommunications?"

At the sudden mention of Donghae Group, known for its focus on food products, branching into the telecommunications business, Seok-won furrowed his brow.

"Yes," Choi confirmed. "There's even talk that they're negotiating large loans with JP Morgan and Sumitomo Bank of Japan for the venture."

If detailed investment plans had already been drawn up, the likelihood of these rumors being true was high.

Seokwon suddenly turned toward Choi, a thought crossing his mind.

"Did you hear this as a rumor too?" he asked.

"No," Choi responded.

Seeing Seok-won's questioning gaze, Choi scratched the back of his head and elaborated.

"Actually, I have a university friend working in the corporate loans department at the Foreign Exchange Bank. I heard about it through him."

"Tell me more about it."

With a curious expression, Seok-won asked, and Manager Choi Ho-geun continued.

"The loan amount is so large that, as I mentioned earlier, the two banks not only required Donghae Group's guarantee but also asked for additional payment guarantees from the group's main banking partner, which led to further negotiations."

"So your friend shared this information with you," Seokwon confirmed.

"Yes. Fortunately, my friend works in the corporate lending department, so I was able to get the information. Of course, I had to buy him a drink to get him to talk, but that's a small price to pay."

In fact, Seok-won hadn't expected much, so discovering this kind of insider information was an unexpected gain.

He looked at Choi with newfound appreciation.

"Your information-gathering skills are better than I thought," Seok-won complimented.

"It's just that I happen to know people here and there," Choi replied humbly.

"Building a network is a skill too. Well done," Seok-won said.

"Thank you," Choi responded with a modest smile.

Choi then leaned forward slightly and continued, "The total investment they're planning exceeds $60 million. Additionally, I've heard they're preparing to acquire a large golf resort in Phuket, Thailand."

With a glimmer in his eyes, Seok-won rubbed his chin thoughtfully.

"So that's why you said Donghae Group's financial situation might change," Seokwon remarked.

"That's right. Combining these two ventures, the total investment would be nearly 100 million dollars. If it succeeds, great, but if it fails, it could deal a significant blow."

Seok-won nodded slightly, as if in agreement.

Of course, even if Donghae Group lost the entire 100 million dollars, the damage would be substantial, but it wouldn't be enough to bring the company to its knees.

The real issue was that, in addition to their overseas expansion, the company was diversifying its operations in multiple directions—such as in securities and consumer goods—like an octopus spreading its tentacles.

"In that case, their financial situation is bound to worsen."

After failing in the hostile takeover of Mido Department Store, it had been puzzling that Donghae Group, which had been relatively solid, suddenly began to collapse, but now, Seok-won understood the situation much better.

After organizing his thoughts, Seokwon addressed Choi again.

"Continue monitoring and collecting every piece of information related to Donghae Group without missing a detail. Report everything to me," he instructed.

"Understood," Choi replied.

Seok-won gestured for Choi to wait, then stood up from the sofa.

Retrieving his wallet from his jacket, he returned and took out five 1-million-won checks, placing them in front of Choi.

"Take these," he said.

"What? Oh no, there's no need for this," Choi stammered, waving his hands in refusal.

With a smile, Seok-won gently pushed the checks toward him.

"You mentioned earlier that you spent a lot on drinks."

"That was just a joke," Choi protested.

"Whatever the case, work requires resources. Just take it. If you need more, let me know anytime," Seok-won insisted.

After a brief hesitation, Choi gingerly picked up the checks.

"Thank you. I'll use them wisely," he said.

"Good. If there's nothing else, you can leave," Seok-won dismissed him.

"Yes, sir," Choi said, bowing slightly before exiting.

Left alone, Seokwon tapped the armrest of the sofa with his fingernail and muttered coldly, "If you covet what belongs to others, be prepared to lose what's yours."

***

At the same time, President Park Jin-hyung, with his trusted secretary Oh In-hwan in tow, walked briskly down the hallway. Employees passing by quickly stepped aside or bowed their heads in greeting.

Having taken over as president of Daheung Textiles at the end of the previous year, the group's core affiliate, Park Jin-hyung had solidified his position as the heir apparent to the conglomerate. The respect shown by the employees underscored his growing stature within the company.

Park Jin-hyung strode down the corridor until he reached the door to the chairman's office, which he pushed open and entered.

Inside, several secretarial staff, who had been working at their desks in the spacious room, stood up as he entered.

"Is the chairman inside?" Park Jin-hyung asked.

Stepping forward, Secretary Choo Se-young, who had a slightly receding hairline, promptly replied,

"Yes, he's been waiting for you, President."

Nodding slightly, Park Jin-hyung turned to his secretary. "Wait here."

"Understood," Oh In-hwan replied.

Leaving his secretary behind, Park Jin-hyung headed toward the inner office.

President Park Jin-hyung took long strides and made his way to the inner office.

Upon entering the room, he saw Chairman Park sitting on the sofa with his close aides— Chief Secretary Gil Sung-ho and Min Pil-gi, president of Mido Department Store—sitting on either side of him.

Noticing his eldest son, Chairman Park gestured with his chin toward the empty seat beside Min Pil-gi.

"Take a seat."

"Yes, father," Park Jin-hyung replied as he moved to the indicated spot, exchanging brief nods of acknowledgment with the other two men.

Once everyone was seated, Chairman Park took a sip of coffee from the cup in front of him and spoke in his deep, commanding voice.

"I've called you all here to share some news."

While Chief Secretary Gil Sung-ho maintained his calm demeanor, having been informed in advance, the other two listened intently, their curiosity evident.

"The government plans to issue licenses for two new downtown duty-free shops within the year. One of them will be granted to us."

"What?"

The unexpected announcement left both Park Jin-hyung and Min Pil-gi visibly stunned.

Especially for Min Pil-gi, who would be directly involved, the news seemed almost too good to be true. Leaning forward in disbelief, he asked,

"Is that true, Chairman?"

Leaning back against the sofa, Chairman Park nodded calmly. "The word came directly from the Blue House, so you can consider it certain."

Hearing "Blue House," the presidential office, Min Pil-gi's eyes widened further.

Securing such a privilege would require strong backing, and the chairman's recent private audience with the president came to mind. Min Pil-gi instinctively realized that some sort of negotiation must have occurred during that meeting.

Curious though he was, he knew better than to pry and held his tongue. Instead, he glanced at Park Jin-hyung, noting that even the chairman's eldest son seemed just as surprised by the news, having clearly not been informed in advance.

"The public announcement will be made soon, and the selection process will take place before summer ends," Chairman Park continued. "I trust there won't be any issues in preparing for it?"

Meeting the chairman's gaze, Min Pil-gi quickly responded, "Of course not, sir. We'll be fully prepared."

Even though the license was as good as guaranteed, a poorly prepared application could still cause complications. Min Pil-gi resolved to ensure everything would be flawless, even if it meant burning the midnight oil.

"Even with the license secured, we can't afford any missteps in the details. Make sure nothing becomes a problem," Chairman Park instructed.

"Yes, sir. Understood," Min Pil-gi replied firmly.

Chairman Park then turned his attention to his eldest son. "The groundbreaking ceremony for the second plant in Shenyang is next month, correct?"

"Yes," Park Jin-hyung replied, maintaining his composed demeanor as he spoke. "The first phase of construction is scheduled for completion by next spring. Once that's done, we'll begin moving equipment from the Cheongju spinning plant in phases."

The chairman, already familiar with the plans, nodded briefly. "And the funds for the second phase? The department store was set to contribute 19 billion won, wasn't it?"

"That's correct," Park Jin-hyung confirmed.

Even though the local government in China was offering the land for free, building a large textile factory and equipping it fully would require a significant investment.

That's why Mido Department Store, which had a relatively good financial situation among the group affiliates, had agreed to provide the funds in the form of a loan.

"Building the new duty-free shop will require a significant investment as well. Will it strain the company's finances?"

After running some quick calculations in his head, Min Pil-gi stole a glance at Park Jin-hyung before answering, "The exact cost hasn't been finalized, but securing additional funds will likely tighten our cash flow."

Though relatively stable, Mido Department Store wasn't flush with cash, and fierce competition from rivals like Lotte and Utopia had been eroding its financial health.

Understanding the situation, Chairman Park addressed his eldest son in a low, firm tone.

"To reduce the burden on the department store, revise the plan. Half of the second-phase construction costs will need to be covered by the textile company. Can you manage that?"

Already stretched thin from the factory relocation, the prospect of raising additional funds added to the stress. Nevertheless, Park Jin-hyung maintained his stoic expression and responded, "We'll make it work."

"Good. Then let's proceed accordingly," Chairman Park concluded, looking satisfied.

Turning to Chief Secretary Gil Sung-ho, he added, "Assist them in securing the necessary additional funds."

"Understood," Gil replied.

The meeting continued for some time before Park Jin-hyung finally returned to his office.

As he stepped inside, he removed his jacket and hung it on the coat rack, loosening his tie slightly before collapsing into his chair.

"This is going to be a headache," he muttered, his brows knitting in frustration.

With his broad features and strong build, inherited from his father, Park Jin-hyung's frown deepened as he pondered the financial strain the new demands would place on the company.

Though the second plant's first phase had some leeway in terms of timing, adding nearly 10 billion won in additional funding on top of existing commitments was no small burden.

Then, a thought crossed Park Jin-hyung's mind, and he opened his desk drawer, pulling out the file he had kept inside.

[Group Governance Improvement Plan]

This was a proposal he had been meticulously preparing based on his younger brother's advice, which highlighted the vulnerabilities of the current structure, overly reliant on Mido Department Store.

He had been planning to present it to his father, Chairman Park, soon.

However, today's issue had made that impossible.

"Given the already poor financial condition of the group, and now the addition of the duty-free shop business, there's no way I'll have the resources to tackle governance improvements as well."

To stabilize the ownership of Mido Department Store, which was currently the most problematic, Park Jin-hyung would need to secure several hundred billion won in funds, even if he was being conservative.

But with the unexpected variables of relocating domestic factories to China and launching the duty-free shop business, it had become nearly impossible to gather the money needed to acquire the additional shares.

Sighing, Park Jin-hyung tapped the folder with his fingers before reluctantly setting it back in the drawer.

He reluctantly decided to put the governance improvement plan on hold for now.

"Hopefully, nothing happens in the meantime," he murmured, trying to suppress his unease.