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."
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The Youngest Son of Sunyang (Reborn Rich)
General FictionThe series tells the story of Yoon Hyun-woo, a loyal higher-up employee working for chaebol Sunyang Group, who was betrayed and murdered by a member of the Sunyang family to cover up a tax evasion scheme. Hyun-woo later wakes up in 1987 discovering...
