"You said we could block the sale of Daehung Textiles shares until the emergency general meeting. Then what the hell is this?!"
Chairman Woo Yong-gap's furious roar shook the conference room, making everyone instinctively shrink their shoulders and lower their heads—fearful of catching the fallout.
His flushed face turned sharply toward Jung Chan-won, the company's legal director. His eyes burned with anger as he barked,
"If you have a mouth, at least try to make an excuse!"
Jung Chan-won, looking troubled, adjusted his thick-rimmed glasses and hesitantly opened his mouth.
"Given that the share sale was clearly aimed at defending the group's management rights, we believed the court would likely grant an injunction to block the transaction."
"Then why the hell did it turn out like this?!"
Chairman Woo's palm slammed repeatedly against the conference table, his voice rising even louder. His frustration was boiling over.
Jung Chan-won hurriedly tried to explain, as if to defend himself.
"Legally speaking, we had a solid argument. But external factors worked too strongly against us."
"External factors?! What are you talking about?"
Woo Yong-gap scowled as he demanded an answer.
"Public sentiment was already against us, accusing us of using foreign capital to seize control of another conglomerate. On top of that, the recent corruption scandal at the Financial Supervisory Service has only intensified these negative perceptions."
"Hmph."
Chairman Woo let out a low growl as Jung Chan-won stole a glance at Woo Ho-geun, seated across from him, before quickly looking away.
"To make matters worse, the Peregrine Securities stock manipulation scandal has resurfaced, further turning the tide against us."
Jung Chan-won was being careful with his words, but everyone in the room knew that the mastermind behind the stock manipulation was none other than Woo Ho-geun himself.
"On top of all that, the Federation of Korean Industries' executive board issued a public statement supporting Daeheung Group. And since Daeheung Venture Capital purchased the Daehung Textiles shares at a fair market price, rather than at a deep discount, the court had little reason to grant our injunction."
Chairman Woo, who had been listening in stony silence, suddenly raised his thick eyebrows.
"Even so, you should have found a way to make it work! Do you think I spent a fortune putting you in that position just to hear excuses?! Do your damn job properly!"
Jung Chan-won, a former chief prosecutor with a strong sense of pride, flushed red under the chairman's relentless scolding and bowed his head.
Clicking his tongue in displeasure, Chairman Woo shifted his glare toward his son, Woo Ho-geun.
"With Daehung Textiles shares gone, our whole plan is falling apart. Now what?"
Woo Ho-geun was just as frustrated by the situation, but he kept his irritation hidden as he responded calmly.
"The situation is complicated, but this only delays the inevitable. Sooner or later, Daeheung Group will still fall into our hands."
Chairman Woo's face twisted in anger.
"Even after losing Daehung Textiles shares, you can still say that?!"
Woo Ho-geun, unfazed, replied with confidence.
"We may have lost Daheung Textiles shares, but there are still ways to tighten our grip on Daehung Textiles and its subsidiaries."
Chairman Woo narrowed his eyes.
"Oh? And what exactly do you have in mind?"
Chairman Woo Yong-gap narrowed his eyes and asked seriously.
As curiosity filled the room, Jeon Hae-chul, the chief secretary, along with the other executives, turned their gazes toward Woo Ho-geun.
With all eyes on him, Woo Ho-geun finally revealed the alternative plan he had carefully devised.
"As you all know, Daeheung Textiles has been struggling due to industry downturns and shrinking profit margins. Over the past few years, Mido Department Store has single-handedly supported Daeheung Group's cash flow."
Chairman Woo, his expression stiff, crossed his arms and gave a slight nod, signaling him to continue.
"During that process, Mido Department Store provided substantial financial support to various subsidiaries in the form of loans and payment guarantees. Those obligations still remain outstanding."
"...!"
"If we secure control of Mido Department Store through the emergency general meeting and then demand repayment of those funds from Daeheung Textiles and the other subsidiaries, we can push them to the edge—forcing them into a situation where we regain control."
At some point, Chairman Woo had leaned forward, lifting his back from the chair's support. He stroked his chin thoughtfully, processing Woo Ho-geun's proposal.
After a brief pause, he turned to Jeon Hae-chul, seated to his left.
"It doesn't sound like a bad idea. What do you think?"
Unlike Chairman Woo, Jeon Hae-chul's response was less favorable.
"Executive Woo has clearly put a lot of thought into this. However, there are significant obstacles we need to address before executing the plan."
"Obstacles?"
Woo Ho-geun's eyes flared with irritation—he had just managed to calm Chairman Woo down, and now Jeon Hae-chul was throwing cold water on the situation. However, Jeon remained unfazed.
"The two biggest issues are the public backlash over our attempt to acquire Daeheung Group and securing additional funding."
"Hmph…"
Chairman Woo folded his arms again and let out a low grunt.
"As Legal Director Jung mentioned earlier, the pressure from the Federation of Korean Industries (FKI), combined with the recent scandals, means that the longer we drag this out, the more it will work against us. On top of that, we've already exceeded our initial acquisition budget. If taking over Mido Department Store leads to a prolonged and grueling shareholding battle with Daeheung Group, the financial burden could become unbearable."
Jeon Hae-chul glanced briefly at Woo Ho-geun, who was scowling, then turned away and continued in a serious tone.
"We've already tried securing additional funds by using our factory sites as collateral for loans. But banks, wary of both the FKI and public opinion, are reluctant to lend us the full amount we need. You must have also heard that the FKI leadership publicly stated that they would provide financial support to Daeheung Group if necessary to help them defend their management rights."
Hearing this, the other executives began murmuring among themselves, nodding in agreement.
"It's true that the climate isn't in our favor."
"I also heard that Saseong and Hyunwoo Group offered to lend over 100 billion KRW in the form of convertible bonds. If that deal goes through, wouldn't that be a disaster for us?"
"More than just the money, the real pressure comes from the fact that the FKI isn't just making empty threats—they're taking direct action."
Although the executives chose their words carefully while watching Chairman Woo Yong-gap and his son, it was clear that everyone in the room was thinking the same thing.
As the mood in the conference room quickly turned grim, Woo Ho-geun's expression darkened further.
Amidst the growing tension, Chief Secretary Jeon Hae-chul continued speaking.
"What's most concerning is that the leading opposition party, the New Era National Assembly, is trying to regain political momentum after their general election defeat by turning this situation into a major political issue."
His face briefly clouded over.
"They've already been attacking our group and our subsidiary, Donghae Peregrine Securities, in the National Assembly, tying us to the Financial Supervisory Service corruption scandal. That alone should tell you where this is heading."
"Damn politicians are the most useless people on the planet!"
Chairman Woo slammed his fist on the table, his anger boiling over.
Jeon Hae-chul let out a slow breath and continued.
"I don't like what the opposition is doing either, but considering we've given them the perfect excuse, we can't afford to just ignore this and hope it blows over."
Then, his tone grew even more serious as he lowered his voice.
"There are also rumors that the Blue House and the ruling party, in an effort to prevent the opposition from seizing political control, are planning to use us as scapegoats."
"Scapegoats?"
Chairman Woo's eyes widened in disbelief.
His hand, which had been reaching for his teacup, froze midair.
Jeon Hae-chul glanced briefly at Woo Ho-geun, who had been grimacing in discomfort, before turning his gaze back to Chairman Woo.
"I've received credible information that the prosecution will soon launch an investigation into the Mido Department Store M&A, focusing on potential violations of the Capital Markets Act, as well as our alleged ties to the Financial Supervisory Service scandal. And…."
He paused deliberately, letting the weight of his words settle before finally delivering the biggest blow.
"They're preparing to reopen the investigation into the Boseong Telecom stock manipulation case."
"!"
The entire conference room erupted in murmurs—the implication was clear: they were coming after Donghae Group, full force.
Among those in the room, no one looked more stricken than Min Jeong-hwan, the president of Donghae Peregrine Securities.
If the prosecution proceeded, he would be one of the primary targets.
His face had turned deathly pale.
"I-Is that really true?"
His voice trembled as he asked.
When Jeon Hae-chul gave a solemn nod, Min Jeong-hwan fidgeted anxiously, unable to hide his panic.
"This won't just hurt our business—it'll make it nearly impossible to continue our battle for Daeheung Group's shares. What… what should we do?"
Woo Ho-geun's expression turned grim—he hadn't anticipated this.
Chairman Woo Yong-gap, who instantly grasped the Blue House and the ruling party's intentions, bit down hard on his lower lip.
"So they're using us as a shield—to deflect the criticism the government and the Blue House would face over the Financial Supervisory Service corruption scandal."
"That's exactly it. In this situation, dragging out a prolonged battle over Daeheung Group's management rights would do us more harm than good."
"Damn it… You're right."
Chairman Woo ran a large hand down his face, frustration evident in his expression.
At that moment, Woo Ho-geun, unwilling to give up on the M&A just yet, cut in urgently.
"If we back down now, all the money and effort we've poured into this will have been for nothing! The funds promised by Hong Kong Peregrine Securities will arrive in just a few days. We should maintain the pressure and find a way to push through!"
Chairman Woo hesitated for a brief moment.
He knew the situation wasn't favorable, yet letting go of Daeheung Group—when it was seemingly within reach—was simply too bitter a pill to swallow.
Even more so because he understood that if they missed this chance, they might never get another opportunity to seize Daeheung Group.
Watching the chairman's indecision, Jeon Hae-chul was reminded of a gambler who had already lost money but couldn't bring himself to leave the table, clinging to the hope of recovering his losses.
As everyone sat in tense silence, waiting for Chairman Woo's decision, a loud ringtone suddenly shattered the stillness.
"S-Sorry!"
Min Jeong-hwan, startled by the unexpected attention from the room, hurriedly pulled his phone from his pocket, fumbling to silence it.
Chairman Woo frowned and grumbled.
"Tch. It could be important. Just take it."
"Ah… Yes, sir."
Flushing red with embarrassment, Min Jeong-hwan bowed his head slightly as he answered the call.
"Hello? Yeah, it's me. If it's nothing urgent, let's talk lat—... What?"
His irritated tone suddenly cut off, his expression freezing as he listened.
"Are you sure? Damn it… Alright. Contact Hong Kong again and find out what's going on."
As Min Jeong-hwan's face twisted in distress, Chairman Woo's eyes narrowed with a growing sense of unease.
The moment Min Jeong-hwan hung up, Chairman Woo immediately pressed him.
"What is it?"
"Well…."
Min Jeong-hwan hesitated, struggling to find the right words.
Chairman Woo's brow furrowed deeply in irritation.
"Out with it!"
Min Jeong-hwan, looking utterly flustered, finally blurted it out.
"Hong Kong Peregrine Securities just informed us that they can no longer provide the promised funding."
"What?!"
Chairman Woo shouted in disbelief, his voice echoing through the room.
Woo Ho-geun, equally shocked, jabbed a finger in Min Jeong-hwan's direction.
"What the hell are you talking about?! That's impossible!"
Min Jeong-hwan shrunk back as if he were a criminal being interrogated, sweat beading on his forehead.
"I only just received the news myself, so I need to verify everything. But since they sent an official document signed by Douglas Hurd, the vice president of Hong Kong Peregrine Securities, it's likely true."
Jeon Hae-chul, whose expression had remained tense, felt the final blow land.
Hong Kong Peregrine Securities had been their strongest ally—and now, they were pulling out.
At that moment, he knew the hostile M&A had failed.
"It's over."
Jeon Hae-chul shut his eyes tightly.
It was as if he could hear the mighty ship that was Donghae Group sinking into the depths.