Four days later, at Hyunwoo Group's Gaedong headquarters.
The presidents of Hyunwoo Group's subsidiaries filed into the executive conference room with uneasy expressions, having been abruptly informed the previous day that a management council meeting would be held.
There was an unmistakable sense that something major was about to be announced. The spacious conference room was thick with tension.
On opposite sides of the long, dark mahogany table sat the two brothers fighting for control of the group, along with their respective allies and the presidents of key affiliates.
Chairman Jung Yong-gil, dressed in a dark navy suit, looked somewhat tense, whereas his younger brother, Chairman Jung Jae-won, seated across from him, appeared surprisingly composed.
On both sides, the executives aligned with each faction exchanged wary looks in the heavy silence.
Kang Dong-gyu, the group's long-time legal advisor and Honorary Chairman Jung Tae-ho's trusted counsel, rolled up his sleeve and checked the time before speaking in a low, steady voice.
"Since it's time, I will now play an audio message from the honorary chairman."
The conference room erupted in murmurs.
The day before, Jung Yong-gil's camp had unveiled a personnel order bearing Honorary Chairman Jung Tae-ho's handwritten signature—one that dismissed Jung Yong-gil from his position as co-chairman and recognized only Jung Jae-won as the sole chairman. It had completely overturned the restructuring committee's earlier announcement and shifted momentum in Yong-gil's favor.
But now, out of nowhere, there was an "audio message" from the honorary chairman. Naturally, everyone was stunned.
Unlike the calm Jung Jae-won, the older brother's expression twisted sharply.
Holding their breath, the executives watched Kang Dong-gyu to see what would come next.
With every eye fixed on him, Kang took a cassette tape from his jacket, inserted it into a prepared cassette player, and pressed play. A soft click was followed by a few seconds of static.
Then a deep, aged voice filled the room.
It was the unmistakable voice of Honorary Chairman Jung Tae-ho.
[ … First, the chairmanship of the Management Council will be held solely by Jae-won.
Some of you seem to have trouble accepting this.
But since the second son, Yong-gil, is busy handling the automotive division, I see no issue with Chairman Jae-won serving as council chair.
And besides, I'm still here. All major matters of the group will be discussed with me, so there is nothing to worry about. ]
Though brief, the firm message sent shockwaves through the room, instantly flipping the situation yet again.
Those on Jung Jae-won's side exchanged relieved smiles, while those aligned with Jung Yong-gil were visibly shaken and agitated.
Face flushed red, Jung Yong-gil slammed his fist on the table and shot to his feet.
"What is this nonsense! Are you telling me that the recording is really from my father?"
Chairman Jung Yong-gil's face twisted with shock and fury as he shouted, his voice sharp and wild.
Kang Dong-gyu, receiving his hostile glare, replied calmly.
"I recorded the honorary chairman's words myself. I'm sorry, but this is truly his intention."
A fierce look of betrayal flashed across Jung Yong-gil's face.
Everything he had done—years of silently fulfilling the role of the eldest son, working tirelessly to earn his father's approval—crumbled in an instant because of that short message captured on a cassette tape.
His fists clenched so tightly the knuckles turned white, and his whole body trembled.
He glared back and forth between his younger brother and Attorney Kang, his eyes burning with rage.
"How could my father do this to me!"
His voice was cold and sharp, like a predator ready to strike.
Chairman Jung Jae-won, still seated, met his brother's furious stare head-on, refusing to look away.
A spark would have been enough to make the tension explode. Sensing this, Attorney Kang let out a small sigh before speaking again.
"As I said, this is the honorary chairman's decision. But he also instructed that Chairman Yong-gil take charge of the automotive subgroup—Hyunwoo Motors, Kichang Motors, Hyunwoo Precision, the Capital division, and the other related affiliates."
The executives murmured in surprise, but Jung Yong-gil only scoffed, his expression turning ice-cold.
"Hmph. So they expect me to shut up and be satisfied with that?"
"That's not what he meant…"
Attorney Kang tried to calm him, but it was useless.
Jung Yong-gil cut him off mid-sentence, grinding out his words like a growl.
"Fine. Let's see how well things go after treating me like this!"
He slammed his palm against the table, the sharp crack echoing through the room, then stormed out.
Executive Director Oh Young-don and the rest of his loyalists hurried after him, leaving one entire side of the long conference table empty.
Chairman Jung Jae-won stared silently at the open conference-room door and the half-abandoned table, his expression cold.
With that, the month-long battle for control had reached a conclusion—but the division and collapse of Hyunwoo Group, the largest conglomerate in the country, was only just beginning.
***
Wearing a dress shirt and a silk tie, Seok-won stood by the tall window of his chairman's office overlooking the Han River, holding his phone as he spoke with Lee Chul-gyun.
[The management dispute triggered by President Choi An-jong's transfer from Hyunwoo Securities has effectively concluded with Chairman Jung Jae-won's victory. Honorary Chairman Jung Tae-ho made his intentions unmistakably clear through his own recorded message.]
"You think Chairman Jung Yong-gil will quietly accept defeat?"
[He may resent it deeply, but as we saw again this time, the founder's influence over the entire Hyunwoo Group is still overwhelming. Even if he's unhappy, he has no choice but to comply.]
"True enough."
Both sons had tried to use their elderly, frail father as a weapon to overpower the other, all because Jung Tae-ho's influence was still absolute.
[And even though he lost the succession fight, Chairman Jung Yong-gil wasn't pushed out empty-handed. He walked away with the automotive subgroup.]
With one hand in his trouser pocket, Seok-won replied dryly:
"It may be one of the group's major units, but compared to construction, heavy industries, shipping, or finance, its weight inside the group isn't that big. He'll probably feel he's being treated worse than Chairman Jung Jae-won or even the other siblings."
[When you put it that way… that does seem true.]
It was only later that Hyunwoo Motors would become one of the world's top five automakers. At this moment in time, it was just another mid-tier Asian car company.
Even in Korea, combining Hyunwoo Motors with the newly acquired Kichang Motors barely pushed their domestic market share a little above fifty percent.
Thinking of how completely they would dominate the domestic market twenty years later made it clear just how much they had clawed their way upward.
Back then, industry analysts were predicting that dozens of automakers worldwide would collapse or merge, leaving only about five global giants within the next decade.
Losing the succession fight was humiliating enough. Being handed a division large in scale but with an uncertain future would only make Chairman Jung Yong-gil's frustration worse.
And yet, he eventually overcame those conditions—turned Hyunwoo Motors into a global top-tier manufacturer and pushed it to become the second-largest company in Korea by market cap. His ability couldn't be denied.
He even went further: acquiring Hyunwoo Construction—the original core of the group—which had gone bankrupt and remained ownerless for years, then rebuilding the shattered Hyunwoo Group and firmly reestablishing his legitimacy as the eldest son.
He may have lost the management battle, but in the end, it wouldn't be an exaggeration to say Chairman Jung Yong-gil became the true winner.
If the group had been passed directly to him instead of Jung Jae-won, perhaps Hyunwoo Group's humiliating future could have been avoided.
Setting aside his thoughts, Seok-won adjusted his grip on the phone and said:
"So that means Hyunwoo Group will ultimately split into five parts?"
[It's not fully settled yet, so we'll need to watch a little longer, but that's the most likely outcome. Chairman Jung Jae-won, the fifth son, will take construction, electronics, and even securities — the biggest block. Chairman Jung Yong-gil is expected to separate the automotive subgroup soon. The remaining brothers will each branch off with the department store business, heavy industries, and insurance.]
"If that happens, Hyunwoo Group won't be able to stay at the top of the business rankings anymore."
[No matter how big they are, splitting into five pieces will do that. And even though Chairman Jung Jae-won won the succession fight, construction isn't in great shape, and the electronics division won't see immediate synergy from the big-deal merger with TG Semiconductor. His path won't be smooth.]
Seok-won nodded slightly in agreement.
"They may be making money from the securities and shipping divisions, but whatever cash they pull from there won't be nearly enough to cover all the holes."
[Even if Chairman Jung Yong-gil spins off the automotive subgroup, heavy industries and construction still hold 6.77% and 2.76% of Hyunwoo Motors. Untangling that will be a headache.]
"A clean solution would be for the affiliates to swap cross-holdings, but Hyunwoo Motors doesn't have many equity stakes in the other group companies."
[Exactly. Which means Chairman Jung Yong-gil will need to buy out those stakes personally. But the amount he needs is over 100 billion won, so that won't be easy.]
At that, Seok-won's eyes lit with interest.
"How much buying power do you think Chairman Jung Yong-gil actually has?"
[Even if he sells off the non-automotive affiliates within the subgroup and uses his existing stakes as collateral for loans, he won't reach 100 billion won.]
"With the domestic market weak lately, that makes it even worse for him."
Seok-won stroked his chin, then said calmly:
"Keep a close eye on Hyunwoo Group, and if you learn anything new, call me right away."
[I will.]
After ending the call, Seok-won slid his phone into his pocket and stood quietly by the window for a moment, sorting through his thoughts.
Then he turned, walked back to his desk, and pressed the intercom button.
A soft beep sounded before Na Sung-mi answered through the speaker.
[Yes, Chairman. What can I do for you?]
"Call the Hyunwoo Motors chairman's office and let them know I'd like to meet privately when he has time."
[Understood.]
Hearing her reply, Seok-won lifted his hand from the button. A deep smile crept across his lips.
"If things go well, I'll be able to slip a tight noose around Chairman Jung Yong-gil… and make a nice profit at the same time."
TL/n -
Hyundai Group was South Korea's second-largest chaebol, built by Chung Ju-yung from construction into autos, shipbuilding, finance, and more.
After the 1997 Asian Financial Crisis, Hyundai faced mounting debt and government pressure to restructure.
By 2000, the founder's advanced age and declining health triggered a fierce succession struggle among his sons.
The Princes
Chung Mong-hun
Controlled Hyundai Engineering & Construction and Hyundai Asan (the arm handling North Korea projects).
Seen as the heir closest to his father's vision.
Chung Mong-koo
Ran Hyundai Motor Company, which was becoming the most profitable affiliate.
Asserted independence and resisted being subordinated to Mong-hun.
Other brothers controlled Hyundai Heavy Industries, Hyundai Department Store, and Hyundai Securities, but the main rivalry was between Mong-hun and Mong-koo
Timeline
June 28, 2000 – Hyundai announced a massive restructuring:
Of 35 affiliates, only 10 would remain under Hyundai Group.
25 companies, including Hyundai Engineering & Construction and Hyundai Heavy Industries, would be spun off.
This effectively split the empire among the sons.
Mid–2000 – The feud escalated:
Mong-koo consolidated Hyundai Motor Group as a separate entity.
Mong-hun retained Hyundai Engineering & Construction and Hyundai Asan.
Late 2000–2001 – The group fragmented:
Hyundai Motor Group, Hyundai Heavy Industries, Hyundai Department Store Group, and others became independent.
The once-unified Hyundai collapsed into multiple Hyundai-branded but separate conglomerates
Aftermath
The feud weakened Hyundai's financial stability and reputation.
By 2003, Hyundai Group was reduced to a minor player, while Hyundai Motor Group rose as the dominant successor.
Mong-hun later faced legal troubles and died in 2003, while Mong-koo solidified Hyundai Motor's global rise