“President Do Jingyu’s slush fund issue is a time bomb that will explode someday. It won’t disappear just by covering it up. Rather, the risk is much greater when it festers and explodes at a point we can’t control.”
Dowon continued, gesturing at the chart with his eyes.
“If we detonate it from our side first, it becomes not an accident but reform. Rather, we can package it as a self-purifying action—a declaration of resolve to preemptively excise the festering wound at the group level and pursue a transparent and virtuous company.”
“Yes. You’re right. However, won’t it be difficult to defend stock prices immediately?”
“Short-term stock price decline is rather an opportunity.”
A faint smile crossed Dowon’s lips. It was a confident, charismatic smile.
“Because it gives us justification to reabsorb the shares released at dirt-cheap prices. It’s the optimal timing to reorganize KD’s governance structure and solidify management rights.”
He didn’t speak of unclear hopes, nor did he argue loudly with emotion. He simply moved those who followed him with clear logic and certain vision.
“Prestige doesn’t come from hiding, but from taking responsibility. Through this incident, KD will be reevaluated as a group with stronger ownership.”
Dowon fixed his gaze on the legal team leader.
“I’ll create the image. I’ll clean up the aftermath. You all just focus on launching the legal attack. So that we can bring it down decisively with a single surprise strike.”
“…Yes. Understood, Director.”
In the absence of the chairman, in a war over corporate succession, KD’s legal team chose their path. They chose to grab onto Dowon’s line, not Do Jingyu’s. Confirming the sight of the team members bowing their heads, Dowon continued the proceedings.
“Good. Let’s return to the original topic.”
His calm voice settled low.
“The Taesung Logistics case is merely a smokescreen. The primary objective is to tie President Do Jingyu’s attention to the prosecutor’s investigation. When Uncle is distracted arranging a defense team and blocking the media, we’ll stab the real knife.”
Dowon gestured to the secretary standing in the back. As if waiting for this, the secretary handed the finance team leader a thick envelope.
Inside was a certified notice stamped with the corporate seal of ONE Fund that Yeohwi had established in Switzerland.
“This is…?”
“A notice to be sent to Stone.”
Dowon explained coldly.
“It specifies that due to the freezing of Taesung Logistics’ funds, a critical risk has occurred to Stone’s credit rating, and based on this, ONE Fund as creditor will declare acceleration.”
Silence flowed through the conference room. EOD declaration. That was a death sentence announcing bankruptcy.
Just how had he turned such a strategy into reality? The legal team’s eyes changed, knowing that massive funds had to be mobilized. Dowon’s competence was already well-known through proven achievements and evaluations, but to think it was to this extent. The expressions of those who had properly chosen sides changed to reverent.
“We will notify that if the full principal is not repaid by the designated deadline, we will immediately execute the collateral right. And that collateral is the entire amount of KD Construction stocks that Do Jingyu holds under borrowed names.”
Dowon’s eyes gleamed fiercely. Gulp, the legal team leader swallowed dry saliva and asked in a trembling voice.
“Director, if President Do Jingyu tries to block it by pulling emergency funds even from third-tier financial institutions…”
“He can’t block it.”
Dowon cut in decisively.
“We’ve already leaked the internal investigation story about Taesung Logistics to the prosecution. Let alone the financial sector—there won’t be anywhere in the Myeongdong private loan market that will lend money to Uncle.”
He’d already have to feed a ton of under-the-table money to the prosecution and media to block the slush fund issue that was about to explode. In the midst of this, could he prepare funds to repay an astonishingly huge debt all at once? That was an absolutely impossible scenario.
Dowon leaned back against the chair backrest leisurely and smiled. He looked like a predator just before biting the neck of prey that had climbed onto his palm.
“We just need to wait with our mouths open. Until Uncle’s shares all fall into my hands.”
***
The next afternoon. The house was silent, and autumn rain was drizzling outside the window. Yeohwi, sitting on the sofa, watched TV with a tense expression.
Red subtitles scrolled urgently at the bottom of the news screen.
[Breaking News] Prosecution raids KD Group subsidiary ‘Taesung Logistics’… Suspicion of slush fund creation.
‘It’s begun.’
Yeohwi clenched his fist tightly. The anchor’s urgent voice broke the silence of the living room.
“Breaking news. This morning, the prosecution urgently dispatched investigators to the headquarters of Taesung Logistics, an unlisted subsidiary of KD Group, and carried out a surprise raid and search.”
The screen changed, showing the busy scene of prosecution investigators coming out of the building carrying blue boxes. Numerous reporters followed behind, setting off flashes.
“The prosecution is known to have obtained intelligence that Taesung Logistics was used as a channel for creating slush funds for the owner’s family, and is securing accounting ledgers and hard disks. In particular, this investigation is expected to focus on clarifying where dividends amounting to tens of billions of won flowed.”
As the subtitle changed to ‘Exclusive: Owner’s Family Embezzlement Suspicion, Will Investigation Expand?’, a diagram of Taesung Logistics’ ownership structure appeared on screen. Do Jingyu’s name was marked in red bold letters.
This is the signal flare Dowon shot up.
Yeohwi looked at the view of KD Group headquarters on screen and thought of Dowon who must be fighting fiercely inside. He covered his wrist with one hand and rubbed it. He touched the cold metallic watch.
It felt like Dowon.
***
Same time, KD Group President’s Office.
Do Jingyu stood by the window, wiping the leaves of a lush cymbidium orchid.
The chief secretary rushed in frantically and turned on the TV, but Do Jingyu just sneered while listening to the news anchor’s voice like background music. He leisurely dusted off the leaves.
“President, the prosecution has all left. They swept away all the ledgers.”
“Don’t make a fuss.”
Do Jingyu set down the cloth and clicked his tongue. He watched the raid and search scene on the TV screen and smirked.
“They think they’ll catch me with just this?”
Do Jingyu snatched the remote that the chief secretary handed him and changed the channel.
“Taesung Logistics, let them search all they want. The ledgers are already matched up two or three times over. There’s no decisive evidence anyway, so at most I’ll just pay some fines and that’ll be it.”
Then he plopped down on the sofa and crossed his legs.
“I see. Going on a honeymoon trip when it didn’t even suit him. So he was preparing to bare his claws underwater.”
His face was full of arrogant confidence instead of a sense of crisis.
“The greenhorn puts on quite a scary act, but he’s still far from it. Anyway, all the higher-ups in the prosecution are people who’ve taken my under-the-table money. A few phone calls and this will quietly be covered up.”
Do Jingyu gestured to Executive Director Kim while cutting the end of his cigar.
“Executive Director Kim, contact the legal team leader. And tell them to activate the prosecution line.”
Do Jingyu, holding a top-grade Cuban cigar in his mouth, pulled the lighter flame and grumbled.
“Still, tsk, it’s become a bit annoying. Because of that bastard Dowon barking, clean money is going to go out of my pocket. This time I’ll have to spread more money than usual to make an example.”
Do Jingyu was convinced. This was just an obvious check pitch that Dowon had thrown. A shallow trick that could be sufficiently blocked with money and connections.
Not dreaming even in his sleep how rotten and decayed the hand he held was, and where the real blade that would cut that rotten rope was flying from.
“That aside. How did the task I assigned progress?”
Do Jingyu, who had exhaled smoke long, looked at the chief secretary and gestured with his eyes.
Executive Director Kim carefully handed over a document envelope.
“Ah, yes. I was so flustered with the raid and search. I was just about to report anyway. This is the background investigation results on Seong Yeohwi.”
The chief secretary’s voice lowered.
“As you ordered, President… we found a person who holds a grudge against him.”
Do Jingyu opened the envelope and pulled out a photo.
It was a mugshot of a middle-aged man with haggard eyes, mired in gambling debts.
“His name is Gye Sanghoon. He was Chairman Seong’s chief secretary in the past, and after Chairman Seong’s retirement, he worked as head butler.”
