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CH505 | GSI
🕑 Added 2025-09-19 13:13:36 +0000 UTCChairman Park Taehong entered his office suite, his personal secretary following closely like a shadow.
Inside the spacious room, three or four secretarial staff were seated at their desks. The moment they saw him, they all rose in unison.
“Welcome, Chairman.”
Park Taehong acknowledged their greeting with a slight nod, his expression grave, and immediately proceeded into the inner office.
As he removed his jacket, Deputy Manager Jung Yoonkyung, who had followed him in, swiftly took it from him.
Skillfully hanging it in the wardrobe, Jung Yoonkyung then looked at Park Taehong, seated behind the wide wooden desk and asked,
“Shall I prepare some tea for you?”
“Bring me coffee, the way I always have it.”
“Yes, sir.”
Adjusting his horn-rimmed glasses, Jung Yoonkyung offered a small smile and nodded.
Once the door closed, leaving him alone in the spacious room, Park Taehong picked up one of the neatly stacked morning newspapers from the desk.
His eyes were immediately drawn to the bold headline on the front page:
[Bluehole Group Chairman Park Seok-won Acquires 100% of Minguk Life for 2.3 Trillion Won!
Minguk Life, once known as a top-tier insurance company, had collapsed into a failing insurer due to Chairman Shim In-yeol’s reckless management, resulting in charges of embezzlement, breach of trust, and violations of foreign exchange laws. After a series of twists and turns, Minguk Life was finally acquired by Park Seok-won, Chairman of Bluehole Group.
The acquisition included Minguk Life’s real estate assets, including the 63 Building, as well as a 66.3% stake in Haecheon Fire & Marine Insurance, giving Park Seok-won control over both life and non-life insurance companies.
Meanwhile…]
Seeing the black-and-white photograph showing his second son’s face prominently, Park Taehong’s stern expression softened, gradually giving way to a quiet smile.
“That kid… he said he was going to acquire Minguk Life, and he actually did it.”
Muttering to himself, Park Taehong’s face reflected a deep sense of pride and admiration.
After all, his son had become the owner of the third-largest life insurance company in the industry, with assets exceeding 14 trillion won, including customer insurance funds.
“Now that we’ve added Minguk Life to WB Bank, we can really stand shoulder to shoulder with the five largest conglomerates without any shame.”
The saying cheongchul-eoram—“the student surpasses the master”—felt almost too modest to describe his second son, and Park Taehong couldn’t wipe the smile off his face.
If only his second son were thriving while his eldest struggled, Park Taehong might have had cause for concern, knowing the inevitable comparisons. But contrary to that worry, his eldest, Park Jinhyung, showed no trace of jealousy or resentment toward his talented younger brother and maintained a close, harmonious relationship.
Moreover, seeing his second son actively push for restructuring and organisational improvement rather than resting on his laurels, striving to grow Bluehole Group, filled Park Taehong with pride and satisfaction.
“Selling the textile division, the very foundation of the group, is a bit regrettable. But as my eldest said, times are changing, and clinging to the past would only lead to stagnation.”
In earlier days, selling a division with such historical significance would have been unthinkable.
Yet, seeing his second son boldly pioneering new paths instead of settling for the status quo had shifted Park Taehong’s perspective.
“If my sons are trying to do something on their own, I shouldn’t hinder them; if anything, I should be a support, not an obstacle.”
Chasing away his lingering regrets, Park Taehong smiled with quiet satisfaction, pleased to see both of his sons fulfilling their roles admirably in their respective positions.
***
At the same time, the Capital Management Department office of Daehung Venture Capital in Gangnam was bustling as usual.
“Buy 5,000 shares of Linecom at the current price!”
“Millennium Computers is suddenly dropping—check what’s going on!”
Jung Hwanyeop didn’t take his eyes off the three monitors filled with charts as he shouted instructions.
“Yes!”
Noh Hee-won quickly picked up the phone and called the trading desk at Daehung Securities. Then, cupping one hand over the receiver, she raised her voice to relay the information.
“There’s no major news. They say individual investors are selling.”
“Is that so?”
Rolling up his shirt sleeves, Section Chief Jeong, seated at his desk, scratched his head.
“Looks like yesterday’s gains are prompting some profit-taking. Still, just in case, let me know if the sell-off exceeds ten billion won.”
“Understood.”
The stock market was like a silent battlefield, where a single mouse click or order could make or lose tens of billions of won.
Fully aware of this, the team maintained a tense focus, eyes glued to their monitors as trading continued.
At that moment, Choi Ho-geun, who had stepped out briefly, returned to the office holding an approval document in one hand.
Scanning the room full of focused traders, Choi tucked the document under his arm and lightly clapped his hands to draw everyone’s attention.
“Wait. Everyone, pay attention!”
It was a principle not to disturb anyone during trading hours, so the team members turned their heads with puzzled expressions.
Choi Ho-geun, meeting their curious gazes, spoke calmly.
“What’s Goldbank’s current stock price?”
The youngest member, Noh Hee-won, quickly typed on her keyboard and answered immediately.
“It went up another 500 won today, currently at 14,000 won per share.”
“Meaning 140,000 won per share before the stock split.”
After the ten-to-one stock split, the price had dropped significantly, and as intended by Goldbank’s management, buying momentum surged, sending the previously stalled stock price bouncing upward again.
Choi Ho-geun nodded slightly and gave his instructions.
“I’ll open the trading accounts—start selling Goldbank shares above 13,000 won per share!”
Jung Hwanyeop, knowing that the company already held a 55% stake from pre-listing investments, asked with a puzzled look,
“You want us to sell a stock that’s just gaining strong momentum?”
“It’s the boss’s order.”
Choi Ho-geun gave a thumbs-up and pointed upward.
Section Chief Jeong, seated, scratched the back of his head with one hand, keeping his mouth closed.
“Well, considering the gains we’ve already made from pre-listing investments, taking some profit isn’t a bad idea.”
Hong Jaehee, standing nearby in a silk blouse, chimed in.
“Honestly, the stock price of Goldbank has risen far beyond its fundamentals, hasn’t it?”
“That’s right.”
Even Yoo Seok-hyun nodded in agreement. Choi Ho-geun narrowed his eyes.
“First you’re hesitant, and now you flip your attitude as if it’s nothing just because the chairman gave the order?”
Section Chief Jeong shrugged.
“Even if we combine our team’s total profit, it still pales compared to the chairman’s. Of course we follow his instructions.”
“Hmm… that’s true.”
Since it wasn’t wrong, Choi Ho-geun smacked his lips lightly.
“By the way, how many shares do we need to sell?”
Section Chief Jung Hwan-yeop asked. Choi Ho-geun held up three fingers.
“Thirty million shares.”
“Oh, I see… not too many… wait, hold on. Thirty million shares?”
Jung Hwan-yeop, unconsciously nodding at the casual answer, suddenly looked shocked.
“Thirty million shares? Seriously?”
“Yes. You heard correctly.”
While Choi Ho-geun nodded calmly, the team members couldn’t hide their astonishment, murmuring among themselves.
“Are we really selling all of the company’s Goldbank shares?”
Sensing the gravity of the situation, Jung Hwan-yeop wiped the playful expression from his face and asked seriously.
“That’s right. But make sure to carefully manage the price so it doesn’t crash, and sell all thirty million shares within a month.”
“Sell the major shareholder’s entire stake and keep the stock price steady… is that even possible?”
Jung Hwan-yeop rubbed his forehead, groaning.
“It’s a tough job, but isn’t that why they pay us so well?”
“Ugh.”
Jung Hwan-yeop sighed, unable to argue against that. Other team members also looked clearly troubled, as if facing an impossible task.
Seeing their reactions, Choi Ho-geun spoke almost casually, as if he had expected this.
“On top of that, he said we’d get a bonus if we finish selling the shares above 13,000 won per share.”
“!”
Jung Hwan-yeop immediately lifted his head, eyes sparkling.
“Seriously? There’s really a bonus?”
“Yes. So don’t sulk—sell the shares for as high a price as possible.”
Hearing about the bonus, Jung Hwan-yeop’s face lit up with determination.
“There’s a lot to sell, but with the stock split boosting buying momentum again, we can handle all the shares if we play it right!”
Then he whipped his head around to look at Yoo Seok-hyun.
“Let’s start by testing the market—throw ten thousand shares first.”
“Yes!”
Yoo Seok-hyun, also fired up, responded energetically.
“Let’s give it our best! Go, Hee-won!”
“Yes, yes!”
Hong Jaehee and Noh Hee-won also clenched their fists and shouted in support.
Seeing his team full of energy, so different from earlier, Choi Ho-geun let out a small chuckle and headed back to his seat.
***
“A visitor from Hojin Heavy Industries has arrived.”
Seok-won, seated at his desk reading a report, looked up at Na Seongmi’s words.
He rolled up his shirt sleeves and checked the watch on his wrist.
“Already this late? Let them in.”
“Yes.”
Na Seongmi briefly replied, opened the door to the chairman’s office, and stepped aside.
“They’re coming in now.”
Then Gong Sangmin, Head of Hojin Heavy Industries’ Special Ship Division, entered the office with two subordinates who had been waiting outside.
Seok-won straightened up and gave a slight nod to Gong Sangmin and the other two employees.
“Sorry to trouble you by having you come all the way to Seoul.”
“Not at all. You must be busy, so it’s only natural that we come.”
Gong Sangmin replied politely.
“Please, let’s sit and talk.”
“Thank you.”
Seok-won rose from his desk and took the seat of honor, while Gong Sangmin and his team sat side by side on the sofa to his right.
“What would you like to drink?”
Crossing one leg casually, Seok-won asked. Gong Sangmin quickly responded,
“Coffee, please.”
“I’ll have the same then. Four cups of coffee, please.”
Seok-won said this, and Na Seongmi smiled as she replied,
“Yes. I’ll bring it right away.”
After she left the room, Seok-won leaned back against the soft sofa and looked at Gong Sangmin.
“You said the design for the new high-speed patrol boat is finished.”
“That’s correct.”
Gong Sangmin gave a subtle nod to his colleague, who then took an A2-sized design blueprint from a large file case and spread it out on the table so Seok-won could clearly see it.
Leaning forward in his seat, Seok-won studied the blueprint intently, eyes glinting with interest.
“As you mentioned, the displacement has been significantly increased to 250 tons, and the main gun has been upgraded to an Oto Melara 76mm naval gun. We’ve also mounted two remotely operated 20mm Seabulkan cannons on both sides and reinforced the hull’s critical areas with armored plating.”
Gong Sangmin glanced at Seok-won to gauge his reaction before continuing.
“Additionally, as you can see from the design, we’ve made major upgrades, including a fully enclosed bridge and a substantial boost in engine power.”
After examining the full blueprint, Seok-won smiled with satisfaction.
“It looks excellent—makes me eager to see the actual vessel being built.”
Gong Sangmin allowed himself a quiet sigh of relief at the praise, but he still hadn’t addressed the most critical point and spoke cautiously.
“However, since this ship is much larger than the existing Chamsuri-class, equipped with state-of-the-art systems and heavier armament, the construction cost has increased significantly.”
“How much are we talking about?”
“Three billion won per vessel.”
“It’s definitely more expensive than the Chamsuri-class.”
Noticing Seok-won’s reaction, Gong Sangmin quickly added,
“The size and performance are so far beyond the previous Chamsuri-class that the cost increase was inevitable.”
He then hastily added further explanation.
“If we remove the remotely operated weapons systems and lower the performance requirements for the radar and other equipment, we could cut construction costs by around 2 to 3 billion won.”
“No. There’s no need for that—let’s build them as designed.”
Seok-won shook his head without a hint of hesitation.
“Then the total construction cost will be 180 billion won. Are you sure that’s acceptable?”
“It doesn’t matter.”
Seok-won leaned back again, speaking with calm authority.
“However, I want all six ships completed and delivered to the navy by the second half of 2001. Is that feasible?”
Gong Sangmin paused, then showed a slight frown.
“For a small, high-speed patrol boat, it’s possible to complete the first vessel within a year. But after that, the ship must undergo trial evaluations, and feedback from those tests needs to be applied. Realistically, completing all six vessels and delivering them within 2001 will be difficult.”
Even after construction, each ship would need at least six months to a year of sea trials before it could be officially commissioned into the navy.
“Then we don’t need to stagger construction—we can build all six at once.”
Seok-won’s suggestion defied convention, leaving Gong Sangmin speechless.
“If we do that, any design flaws or errors won’t be caught in the first ship, and we could end up having to fix all six vessels at once.”
“Are you saying the design is sloppy enough for that to happen?”
“Pardon?”
Flustered, Gong Sangmin quickly shook his head.
“Absolutely not!”
The design plans had been painstakingly created by all the employees, who had poured their hearts into the work.
Proud of his team’s effort and his own skills, Gong Sangmin’s face turned serious. Seok-won met his gaze and spoke firmly.
“I trust the technical capabilities of Hojin Heavy Industries, which has been building naval ships for years. So let’s go ahead and construct all six vessels simultaneously.”
If he refused at this point, it would look like they didn’t trust their own design. Gong Sangmin felt cornered, unable to respond.
“Raise the construction cost to 200 billion won, and make sure half of it is paid upfront with the contract.”
“Are you serious?”
Gong Sangmin’s eyes widened in surprise.
“This way, even if unexpected issues arise during construction that require additional expenses, Hojin Heavy Industries won’t incur any losses.”
The unprecedented proposal to increase the construction cost by 20 billion won unsettled Gong Sangmin for a moment.
After a moment of contemplation, he nodded decisively.
“Understood. We will complete all six ships, including sea trials, within three years.”
Hearing the answer he wanted, Seok-won smiled.
“Then let’s not waste any time—let’s sign the contract today.”
