Vortex
The next day.
Vice Chairman Jang Do-hun of Taesan Group suddenly called for a press conference.
“Taesan Group is currently facing a serious crisis.
I do not believe it is right for someone to shoulder the heavy responsibility of providing for the livelihoods of the countless employees and their families across our eight affiliates simply because she is a widow.
Therefore, I am announcing my intention to challenge for the position of chairman in order to uphold the dying wishes of my late older brother.”
Reporters rose like a swarm of bees at the bombshell announcement and bombarded him with questions, but Jang Do-hun hurriedly exited.
Every media outlet simultaneously began reporting on the management rights dispute within Taesan Group.
As if they had been waiting, foreign vulture funds began rapidly buying up shares of Taesan Shipping the very next day.
Vulture funds operated by acquiring bankrupt companies or those embroiled in management disputes at a low price, then reselling them at a high price to secure massive short-term profits before pulling out, earning them the nickname ‘wolves of the financial world’.
Taesan Group also immediately began buying up shares.
The stock price, which had been in the 25,000 won range, instantly broke past 30,000 won.
Knowing full well that the stock price would rise, there was no way retail investors would sell their shares.
Urgent voices continued to ring out in the Taesan Securities trading room.
“It’s surpassed 35,000 won.
It looks like it will hit the upper limit soon.”
“The buying pressure is incredibly strong.”
“Excluding us, all the top buying securities firms are foreign.”
The head of the investment division, who had been watching the situation with a stiff expression, looked at Director Lee Ho-jun standing next to him and asked.
“What should we do?”
“Keep buying, no matter what.”
“Director!”
“It’s an unavoidable fight.
If shipping falls, the entire group will be in danger.
Pour all our funds into it.”
“…Understood.
Keep buying regardless of the price.”
The division head gritted his teeth and gave the order.
This was madness.
However, just as Lee Ho-jun had said, it was something they had no choice but to do in order to protect the group.
The only problem was that while they were nearly out of cash, the other side consisted of global vulture funds armed with massive financial power.
They were no match in a battle of money.
They tried to defend themselves, but the foreign ownership stake, including the vulture funds, eventually surpassed 10%.
But that wasn’t the end.
This time, Jungsan Heavy Industries began buying in bulk.