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The Famous Millionaire (Web Novel) - Chapter 298
Chapter 298
This chapter is updated by NovelFree.ml
“This is a secret I can’t talk about in this room. I need to talk it over with you only, Mr. Morgan,” said Hyunwoo.
“Well, these people here are all like my other self. You can tell us frankly what you want to say,” answered Morgan.
“To me, they are completely different people. I can’t compromise on this. If you accept my request, I’ll sell STM to you. If you don’t, let me find another company,” said Hyunwoo resolutely.
Morgan nodded, “Please get out, everybody. Let me have an exclusive talk with Mr. Jang.”
“No, you don’t have to. Shall we go out? The weather is good outside, so let’s have a walk for a talk.”
Morgan understood Hyunwoo’s intention for Hyunwoo was worried about potential wiretapping inside.
“Great. Let’s go out.”
Both went out, and when they were walking up to the middle of the road, Hyunwoo mentioned the most important condition of the deal.
“Korean politics is corrupt. The reason I want to sell STM is to root out corrupt politicians.”
“I don’t understand what you’re talking about. Does the sale of STM have anything to do with corrupt politicians?” asked Morgan, tilting his head to one side.
Hyunwoo stopped walking and looked at him, saying
“Can you lobby the corrupt politicians while you’re in the process of buying STM? Then, my colleagues will find out the whole process and catch them all?”
But Morgan showed displeasure with Hyunwoo’s suggestion.
“OneStar, including me, will be put in danger in that process.”
“No, you won’t be affected at all. We’re going to make sure you know nothing about it. Instead, the head of your Korean corporation, Hamilton, is the one who will have lobbied the corrupt politicians.”
Hyunwoo’s point was simple. Namely, he wanted Morgan to agree to make Hamilton a scapegoat of the STM sales deal.
Morgan didn’t answer easily.
Instead, Hyunwoo continued calmly,
“Currently, the stock value of STM is over 100 billion dollars. And it’s going up every day.”
Morgan was aware of that. STM would be more valuable ten years from now. If he had the funds now, he wanted to buy STM even for 120 billion dollars.
Hyunwoo said, “If I can change the political landscape of Korea, I can invest ten billion dollars. If you accept my proposal, I will sell STM for 90 billion dollars.”
Morgan’s eyes popped up. If he could buy STM right now, he could make as much as 20 billion dollars in profit immediately.
“Don’t you think that’s enough compensation for your local head in Korea? And in Korea economic criminals are punished lightly. Even if they are charged with illegal lobbying, they would only get a few years’ sentence in prison, and that’s it. Besides, Hamilton is a US citizen, right? I don’t think you have to be worried so much.”
Morgan could not refuse Hyunwoo’s proposal.
Still, there was a problem.
Even if Hyunwoo sold STM less than its current going price, Morgan needed 90 billion dollars for its takeover. Morgan knew he couldn’t raise the money.
In other words, STM was too big a pray for Morgan to swallow at a time.
But he could not give it up.
Morgan suggested, “How about this way? What I need is engine fuel such as gasoline, diesel and Bunker C oil. As I don’t have enough money to take over STM now, let’s exclude other products than those I just mentioned.”
In fact, Hyunwoo had that in mind, too.
The core of the Paekdu Project was Toughtex extracted from kerosene. If he wanted to continue the production of Toughtex, he needed the kerosene refinery factory.
Hyunwoo said, “The core business of STM is engine fuel. And the rest is kerosene for home use, which is less than 1% of STE’s total sales.”
“But I think I can save at least 900 million dollars,” said Morgan.
Nodding, Hyunwoos agreed.
“Got it. Let me lower the sales price by 900 million dollars on the condition that you exclude the kerosene business from this deal.”
“I still don’t have the necessary funds. Can I pay with the equities of my companies?”
“For example?”
Morgan mentioned his companies around the world, including the copper mines in Congo, timber development rights in Indonesia and coal development rights in Russia.
What drew Hyunwoo’s interest most was a car factory in India that had been purchased by OneStar recently. Though its market capitalization was two billion dollars, Hyunwoo felt it over ten billion dollars as he was thinking of an overseas factory of Samryong Motors.
“Okay. As you have accepted my condition, let me make some concessions, too,” said Hyunwoo.
Both of them together calculated the value of Morgan’s companies. The copper mines in Congo were valued at over 10 billion dollars.
The total market capitalization of Morgan’s companies was 43.6 billion dollars. Including Morgan’s personal wealth, the total was 46.1 billion dollars, which meant Morgan still needed to secure another 43 billion dollars.
Morgan said, “Let me raise the money by forming a consortium with other companies.”
Hyunwoo nodded at his suggestion.
“How about this? Let me sell the US subsidiary of STM first. And let me sell the remaining STM subsidiaries after I drive out all the corrupt politicians. You can buy time until then, and I also need some safety devices like that.”
The stock value of the US subsidiary of STM was a bit less than 40 billion, which Morgan could take over without any difficulty.
“Great. Let’s proceed.”
“Sure. Let me create an atmosphere for your takeover in Korea. Be ready to move when you see the right time has come.”
“Got it.”
They shook hands firmly.
After parting with Morgan Hyunwoo flew to Bangladesh, not Korea.
He first met the finance minister there and conveyed his intention.
“Let me buy the coast development right for ten billion dollars. I’ve some conditions, though.”
Smiling from ear to ear, the finance minister asked, “What are your conditions?”
“For what purpose are you going to use my investment money? I hear you are going to use it to prevent flooding, aren’t you?”
“I can’t reveal it now…” said the finance minister.
But its President had been seeing overseas aid in flooding prevention with the goal to be ‘Free from Flooding’ for a long time.
“Well, some of your money will be used for that purpose.”
“If that’s the case, can you transfer the construction rights to a Korean company? I understand your local construction companies are not yet capable of building flood prevention facilities. As you know, the technology of civil engineering of Korea is one of the best in the world.”
But the finance minister could not answer easily because it was beyond his control.
“Let me report it to the President.”
Next afternoon President Laheman called Hyunwoo to his office, where all the relevant ministers gathered. The President called them just in case of additional negotiations with Hyunwoo.
After exchanging brief greetings, the finance minister briefed Hyunwoo about the status of the construction rights.
“We can guarantee you 40% of the construction right. As you know, we can’t give any country exclusive construction rights…”
Hyunwoo could understand it, but he gave another condition.
“If there is created a large mangrove forest along the coasts, there will also be created a large fishing ground. Please give me the fishing right there.”
The finance minister looked at the President for an answer.
But the President shook his head and said, “I already gave you 50% of the coast development right. You’re too greedy if you want the fishing right there.”
Hyunwoo admitted that, but could not give up the condition. The environment before and after the creation of a mangrove forest will be completely different. Hyunwoo could expect much more profits from the forest investment than fishing.
So, Hyunwoo prepared another gift for Bangladesh.
“If you can’t give me the fishing right, let me buy that right. How can I protect the coconut fruits if the fishermen freely enter the mangrove forest without any proper control?”
The President seemed to understand his position.
“How much would you pay?”
“Let me pay one billion dollars.”
The President didn’t answer right away. He discussed it with the ministers on the spot.
And a little later the President presented a new price tag of the fishing rights.
“Let me give you one hundred years of fishing rights. In that respect, one billion dollars is too little. How about at least 200 million dollars per year?”
“Well, 200 million dollars per year is burdensome to me. There is no guarantee that the fish catch will increase even if I create a mangrove forest. How about one billion dollars in downpayment an additional 50 million dollars per year?”
The negotiations proceeded quickly, and finally, it was concluded on Hyunwoo’s terms. Namely, one billion dollars in downpayment, and payment of another 50 million dollars every year.
Hyunwoo also added another condition, which was that the fishing would be done by the Bangladesh men hired by Hyunwoo in return for his sales right.
Several days later, major Korean newspapers and TV networks reported comprehensively about Hyunwoo’s investment in Bangladesh.
Many people praised Hyunwoo’s decision. When they met in threes and fours, they talked about Hyunwoo’s investment in Bangladesh.
Some TV networks even portrayed him as a national hero.
But that was a temporary phenomenon.
Less than a week after that Hyunwoo was under heavy criticism.
Even the press, which had been busy praising him one a week ago, now began to attack him.
TV networks that portrayed him a national hero now portrayed him as a traitor.
The situation was completely changed overnight.
It was because Hyunwoo made a grave decision that shocked the world.
“I need $12 billion dollars immediately to secure the business rights in Bangladesh. I have decided to sell STM to raise the money.”
