"As the eldest son, you believe those rights should naturally have been yours… I see."
Unless a company remained private, things were different. The moment a business went public, its owners were no longer the founding family but the shareholders.
But Korean conglomerate owners rarely see it that way. They tend to treat the company as their personal property.
It was a lingering side effect from the military government era, when the state had forcibly pushed corporations to list on the stock market to stimulate the economy.
Most chaebol families had been forced to release their shares at bargain prices. They must have felt wronged.
Still, once a company was listed, treating it as one's private possession was unacceptable.
If they truly want to run it like their personal asset, they should do what I did—buy back all the shares with their own money and take the company private.
He found it laughable how Korean conglomerates controlled vast empires with barely ten percent ownership, using cross-shareholding structures like some kind of magic wand. The entire approach struck him as deeply pathetic.
But this wasn't the place to voice those thoughts, so Seok-won kept his expression neutral and listened.
"I plan to transfer Choi An-jong, the CEO of Hyunwoo Securities, to Kaya Industries. I'd like you to support that decision."
Choi An-jong was the closest aide to Jung Yong-gil's younger brother, Chairman Jung Jae-won.
"You intend to seize control of the group's financial arm while removing your brother's right-hand man, thereby expanding your influence."
"As expected of you. That's correct."
"Even if you issue the transfer order, once your brother finds out, he'll reverse it immediately. You two run the group jointly."
"He will, yes."
Jung Yong-gil's voice deepened as he continued.
"But if you, as a 10.5 percent shareholder of Hyunwoo Securities, back the decision, reversing it won't be so easy."
Even combining all of Hyunwoo Group's internal holdings, they didn't own even twenty percent of Hyunwoo Securities. That meant Seok-won held enough power to serve as the casting vote.
And that was precisely why Jung Yong-gil had come to meet him personally.
When Seok-won folded his arms without answering, Jung Yong-gil leaned forward.
"Of course, I'm not asking for your support for nothing."
Seok-won raised his gaze toward him.
"If you help me, Hyunwoo Motors—and even Kichang Motors, which we recently acquired—will source all required components exclusively from your company."
As a branch of the Hyunwoo family, the Hansan Group had always supplied parts to Hyunwoo Motors.
Adding Kichang Motors to that pipeline—and being promised the entire supply volume—was not a bad offer at all.
"If you want, I can even give you a written guarantee for exclusive supply rights for ten years."
The fact that Chairman Jung Yong-gil was offering terms so unfavorable to Hyunwoo Group showed just how desperately he needed Seok-won's support.
Seok-won finally opened his firmly closed lips and spoke in a calm voice.
"It's an appealing offer."
Jung Yong-gil, who had been watching him with hopeful eyes, stiffened when he heard what came next.
"I'm sorry, but I'll have to decline."
"...!"
"To be more precise, I have no intention of getting involved in a fight between the two of you."
It seemed he hadn't expected a refusal at all. Jung Yong-gil's brows tightened slightly.
"If the offer isn't to your liking, then tell me what you want."
Leaning back against his chair, Seok-won answered clearly:
"I'm not refusing because I want something more. I simply don't want to be involved in your dispute."
Despite the firm dismissal, suspicion flickered across Jung Yong-gil's face.
"You're not planning to side with my brother, are you?"
"If that were the case, I would've told you directly. There's no reason for me to lie about something that would be exposed immediately."
Hearing Seok-won's cold, expressionless response, Jung Yong-gil realized he had made a serious mistake.
Hyunwoo Group might be the number-one conglomerate in the country, but if Seok-won chose to press down on them, he had more than enough power and resources to do so.
In fact, Bluehole Venture Capital alone held enough equity across subsidiaries to shake the entire group.
He regretted having momentarily forgotten that this wasn't an equal relationship—Seok-won wasn't just the stronger party; he was overwhelmingly dominant.
Watching his expression, Jung Yong-gil quickly apologized.
"I spoke rashly out of agitation. If I offended you, I'm sorry."
If he irritated Seok-won and drove him toward his rival brother during this succession battle, he would be creating a disaster with his own hands.
"All right. Since you apologized first, I'll pretend I didn't hear it."
Relieved that Seok-won let the matter pass, Jung Yong-gil exhaled quietly.
And at the same time, he was reminded just how vast the gap was between them, despite both being members of old chaebol families.
Breaking the brief, awkward silence, Seok-won spoke first.
"As I said earlier, I won't take sides. I intend to remain neutral. The two of you should settle the matter of who will take control of the group."
"You truly won't get involved at all?"
Chairman Jung Yong-gil asked again, as if seeking reassurance.
"That's correct."
When Seok-won nodded without the slightest hesitation, Jung Yong-gil finally looked relieved.
It was disappointing not to secure Seok-won's support—having him as an ally would have tipped the power struggle heavily in his favor. But hearing that Seok-won also wouldn't side with his younger brother was enough for now.
With the conversation seemingly wrapped up, Jung Yong-gil lowered his voice.
"Keep this meeting between us."
"Of course."
As Seok-won sipped his tea, he reflected silently.
The offer of exclusive supply rights for Hyunwoo Motors and Kichang Motors was tempting, but he had no intention of stepping into a sibling battle and creating unnecessary enemies.
And besides, I already know how this ends.
Even without siding with him, Bluehole Venture Capital held 9.4 percent of Hyunwoo Motors. That alone meant Chairman Jung Yong-gil, who oversaw the automotive division, would be careful not to offend him.
Naturally, he would try to win favor by increasing the volume of parts purchased from Manyoung Machinery anyway.
I profit just by staying still. Why would I jump into a mud fight?
His thoughts drifted to Honorary Chairman Jung Tae-ho, whom he had met last year before the man's health began to deteriorate.
The idea that the great giant of Korean industry would end his life watching the empire he built crumble under his children's conflict left Seok-won with a bitter feeling.
***
Paris, France
Inside a small banquet hall of the five-star hotel Le Royal Monceau on the famous Champs-Élysées, Chairman Jung Jae-won—fifth son of Honorary Chairman Jung Tae-ho and one of the group's co-chairmen—sat at the head of a long table with his aides.
Across from him, on the other side of the long table set with elegant tea service and refreshments, sat representatives from the French company SGE.
Since all the detailed negotiations had already been completed by the working teams, Chairman Jung Jae-won chatted pleasantly with SGE Chairwoman Édith Cresson before the two of them finalized the procedure by signing a memorandum of understanding for a seven-hundred-million-dollar foreign investment deal.
Tall even by Western standards, Jung Jae-won set down his fountain pen and rose from his seat.
Chairwoman Cresson, having finished signing as well, stood up across from him. He extended his right hand first and spoke in fluent English.
"Here's to a successful partnership."
Chairwoman Cresson clasped his hand with a bright smile.
"I hope it brings great results for both sides."
Clap, clap, clap!
Officials from both delegations applauded to celebrate the signing.
A photographer, who had been standing by for the commemorative photo, lifted his camera.
"Both of you, please look this way… lift your chin just a bit… yes, perfect!"
The two maintained their handshake and turned their heads toward the photographer.
Both were seasoned veterans of these events; their smiles and posture were flawless.
With several sharp flashes, the photographer captured the commemorative shots.
Once the pictures were done, the two chairpersons sat back down and continued chatting in a friendly, relaxed atmosphere.
A little later, after the event ended, Chairman Jung Jae-won left the banquet hall and went straight up to his suite, where he collapsed onto the sofa.
Having accompanied President Kim Jae-chun to France as part of the economic delegation for the state visit, he looked visibly exhausted from the demanding schedule.
"This is more tiring than I expected."
"Shall I book you a spa session this evening? A massage would help loosen you up."
"No need. Even that sounds exhausting."
Running a hand through his hair, Chairman Jung Jae-won asked his chief secretary, who was standing beside him, in a slightly weary tone.
"What's the next item on the schedule?"
"You'll be attending a dinner hosted by the President of France at the Élysée Palace."
The chief secretary rolled up his sleeve to check his watch, then continued:
"The meeting with the CEO of Électricité de France was canceled due to their internal circumstances, so you now have about four hours free. You've been pushing through a very demanding schedule these past few days, so you should rest a bit."
"The Saint-Avold coal plant shut down because of a turbine issue, right?"
"Yes. They say an old high-pressure steam turbine's rotor shaft snapped, causing a complete shutdown."
"It's unfortunate the meeting was canceled, but with an accident that big, there wasn't much choice."
Still sitting on the sofa, Chairman Jung Jae-won loosened the buttons of his jacket and let his body relax, letting out a tired groan.
"When I was younger, a schedule like this was nothing. But I guess I'm not what I used to be."
He had already passed well into his mid-fifties; it was only natural for the fatigue to weigh on him.
"There'll be plenty of reporters at the dinner. I can't be yawning in front of them. Bring me a strong coffee."
"Yes, sir."
Sinking deeper into the soft sofa, Jung Jae-won rested until a rich aroma drifted under his nose. He opened his eyes.
Sitting up, he picked up the cup his aide had placed in front of him and took a sip. The warmth spread through his chest.
"Whew… better."
He must have been more exhausted than he realized; he could practically feel the caffeine soaking into his body.
While he was sipping his coffee with a slightly less fatigued expression, the chief secretary approached with a phone in hand.
"Chairman, it's President Choi from Hyunwoo Securities."
"Oh?"
Chairman Jung Jae-won set down his teacup and accepted the phone.
"I'm on the line."
[Sorry to bother you when you must be busy.]
"How are things going in Shanghai?"
[They're moving along. There are still a few points left to negotiate, but it should wrap up without major issues.]
Hearing the unusually heavy tone in Choi's voice, Chairman Jung frowned.
"Is something wrong?"
[Actually… I just received a transfer order to move to Kaya Industries.]
"What?"
Jung Jae-won narrowed his eyes, his voice turning sharp.
"A transfer order? What is that supposed to mean?"
[I thought something was strange, so I called… and as expected, you didn't know.]
His face turning red with anger, Chairman Jung tightened his grip on the phone and spoke in a rising voice.
"Who the hell did something like that without my approval?"
[It was ordered by Chairman Jung Yong-gil of Hyunwoo Motors.]
At that, Chairman Jung's expression twisted violently.
"So it was my older brother!"
[Yes. I've been told that Executive Director Oh Young-don has been appointed as the new president of the securities division.]
"Damn it!"
Executive Director Oh Young-don was the closest confidant of his older brother, Jung Yong-gil.
Realizing this had been a calculated move—perfectly timed to take advantage of his absence during the France trip—Chairman Jung clenched the phone so tightly his knuckles whitened, grinding his teeth in fury.