Korean TV series: King of Peninsula 1997

Chapter 643: The Fall of Shipping
In early January 2009, the direct impact of the financial crisis began to diminish, but the losses and areas that needed to be made up were still considerable. For a time, the economy of the Korean Peninsula could be said to have been revived.

As the current leader of the Korean Peninsula, every move of the Kinmen Group will naturally be carefully studied by various groups and departments.

After all, Kinmen Group has demonstrated strong capabilities in dealing with the financial crisis.

However, at this moment, Kinmen Group has made almost no public moves. Except for Li You approving a sum of funds for Kinmen Real Estate's new project in Jeju Island, there has been no new movement.

A girl group called Girls' Generation ignited the public's interest in entertainment news with their new song in early January. They were at the top of the trending search list for several days, and the streets were filled with the sound of "gee".

Amid this heat, the Ministry of Oceans and Fisheries quietly issued a number of new regulations and policies after approval by the Supreme Commander Cui Changdi.

Li You was accompanying Mou Xianmin who was expecting her baby. When the phone vibrated, Li You picked it up and said, "Minister Lu."

"The new rules and policies have already been implemented," Lu Wuxuan said without hesitation this time, "You can start your plan."

"it is good."

After hanging up the phone, Li You glanced at Mou Xianmin who was a little sleepy, took his cell phone out and called Zhu Mengyong.

"President Li."

"President Zhu saw it?"

"I have seen it," Zhu Mengyong said excitedly, "I have been paying attention to it these days, but I plan to postpone the action for two days. Otherwise, if we take action as soon as the new regulations are released, it will appear that we know the inside story, which will not be good for Minister Lu's reputation."

"As President Zhu wishes."

Zhu Mengyong was well prepared. After all, Daying Ocean was a company separated from Daying Group several years ago. He might have to think about how to deal with outsiders, especially a company that he knew well. Zhu Mengyong felt that it would be easy for him to take over Daying Ocean without the obstruction of Tianxia Group.

So on the 11th, creditors including several banks and companies submitted materials to the Grand Court. The materials included proof of debt to Daying Ocean and evidence that Daying Ocean was unable to repay its debts, and even company registration information and financial statements for the past three years.

On the grounds that the company was unable to repay its due debts and was insolvent, an application was filed to force Daying Ocean into bankruptcy.

Daying Ocean, the largest shipping company on the Korean Peninsula and the lifeblood of Busan and the entire Korean Peninsula, was suddenly forced to file for bankruptcy liquidation despite its improving situation in the eyes of the public.

As soon as this news came out, the global shipping market was the first to be shaken. After all, the shipping market has been very sluggish since the year before last. Shipping companies in various countries have also been operating at a loss, but none of them have lost as much as Daying Ocean, so that it is now unable to repay its due debts and has been declared bankrupt by creditors.

But the most shocked were undoubtedly the people of the Korean Peninsula. After all, the ocean of war had been quiet these days. They had seen a lot of fun in the political arena and the excitement among many bigwigs, but no one could have expected such a sudden thing.

"Why would they submit an application for bankruptcy liquidation of Daying Ocean to the Supreme Court?" Zhu Mengyuan was shocked and angry. "Daying Ocean's headquarters is in Busan! The application should be submitted to the Busan High Court."

His base is in Busan. If creditors submit materials to the Busan High Court, he can do something during the review period, but now he is too passive.

"Companies with registered capital exceeding 10 billion won can file an application to the High Court without going through the district courts, and companies with registered capital exceeding 100 billion won can file an application to the Supreme Court without going through the High Courts."

Although Zhu Mengyuan tried his best to delay time, the Supreme Court still completed the acceptance decision at a very fast speed.

The acceptance ruling is mainly to verify whether Daying Ocean's debts are due and unpaid as the creditors said, and to evaluate the difference between Daying Ocean's assets and liabilities. The debt ratio exceeds 200%, which exceeds the standard of insolvency.

There is no doubt about these two points. In fact, the two points above Daying Ocean have been surpassed long ago.

But the most important one is.
The Supreme Court needs to confirm whether Zhu Mengyuan, the actual controller of Daying Ocean, has transferred assets and maliciously evaded debts.

A normal acceptance ruling should have been completed within fourteen days, but the Supreme Court took only three days to review the materials that were almost piled up in the room and confirm the acceptance.

And Zhu Mengyuan had no way to fight back, because when the Supreme Court confirmed that Zhu Mengyuan was suspected of "illegally selling" important assets of Daying Ocean, it submitted relevant evidence to the Supreme Procuratorate. Zhu Mengyuan was taken away on the same day the Supreme Court confirmed the acceptance of the bankruptcy application.

It was already a mess, and now the top figure has been taken to the Supreme Procuratorate for investigation. Everyone in Daying Haiyang is in danger.

"Have you proposed bankruptcy protection for Daying Ocean?" Li You received a call from Lu Wuxuan.

"This is a compromise proposed by the Supreme Court after considering public opinion and relevant materials," Roh Moo-hyun also believes that this is the only way out for Daying Ocean. "Daying Ocean has reached the end of its rope, and now the last fig leaf no longer exists. But the chairman is also aware of the Korean Peninsula's dependence on the shipping industry, so the Supreme Court proposed a bankruptcy reorganization plan."

"Okay," Li You chuckled, "It's not like I want to keep acquiring Daying Ocean. Bankruptcy liquidation and bankruptcy reorganization don't mean much to me."

If it is bankruptcy liquidation, the court will completely liquidate the company's assets to repay creditors, and Daying Haiyang will disappear from then on.

Bankruptcy reorganization means that the acquirer will help pay back part of the debt, and then agree on the term and method of repayment for the remaining debt, and the acquirer will continue to operate the business.

Daying Group and Zhu Mengyong were originally going to use this method.

Within a few days after the plan was finalized, the Supreme Court appointed government lawyers and accountants as temporary managers, took over Daying Ocean's corporate assets and account books, dismissed Daying Ocean's management, and stopped Daying Ocean's business activities.

The Korean Peninsula was in an uproar, and in the process, 70 percent of the shipping industry on the Korean Peninsula came to a standstill.

The problems that occurred when Hanjin Shipping went bankrupt in the previous life also appeared in Daying Ocean. The cooperating ports of various countries have begun to refuse Daying Ocean's ships from docking because they are worried that Daying Ocean, which has been forced into bankruptcy, will not be able to pay the fees.

The ports, truck drivers, and stevedores on the Korean Peninsula.
Everyone in the entire shipping industry chain began to feel confused.

There is no doubt that Busan, the city that places the most importance on shipping in the Korean Peninsula, was the most affected. Countless employees of the Daeyoung Marine Company were forced to be laid off, and dock workers were also unemployed because they had no cargo to load or unload.
Although the Blue House, the Ministry of Oceans and Fisheries, the Busan City Government, and the Supreme Court held a press conference and jointly announced that Daying Ocean will not be liquidated, but will move towards bankruptcy reorganization, please be patient, the people will definitely protect their lives
In fact, this official explanation is of no use, because for a company of this size, even bankruptcy and reorganization will take a very long time.

During this period, Roh Moo-hyun began to hold meetings with officials from the Ministry of Oceans and Fisheries and various relevant departments to discuss countermeasures.

Busan Mayor Kang Chang-won also held a press conference to reassure the citizens of Busan and stated that he would do his best to help the unemployed and help them find reemployment.

The leader of the People's Power Party, Moon Jae-yoon, said in front of the camera that he would actively contact groups with sufficient capabilities to restore the current situation in the shipping industry as quickly as possible, especially the two examples he mentioned.
Daying Group, Kinmen Group.
This calmed the people down a little.

But who can afford to fight with the court? People are of course worried about their own lives. They can still survive on their savings if they are unemployed for one or two months, but what about half a year or a year?

However, the invisible spearhead formed by their anger was not directed at the government and the court, but was instead directed at Zhu Mengyuan.

The main reason is that some of the materials released by the court were too shocking. After watching TV programs and multiple "popular science" activities on the Internet, these unemployed people clearly realized that even if they did not undergo bankruptcy reorganization, Daying Haiyang would not be able to pay their wages, and was even continuing to engage in some illegal activities.

Especially after many media outlets disclosed that Zhu Mengyuan sold some of Daying Ocean's core industries to Tianxia Group without approval, Tianxia Group also became the target of attack by the public.

When Kang Wan-cheol, a member of the Progressive Labor Party who often leads people in demonstrations, entered the venue, stood at the front of the marchers, waving a flag and demanding an explanation from the Tianxia Group, the crowd became excited.

Jin Jianying was quietly looking at the faces on TV within the group.

The prosecutor who took Joo Mong-won away, Roh Moo-hyun of the Ministry of Maritime Affairs and Fisheries, Moon Jae-yoon of the People's Power Party, and Kang Man-chul of the Progressive Labor Party
After a while, he sighed quietly, thinking that he would not get any share this time, and might even have to give up all the assets he had acquired from Zhu Mengyuan.

This series of people and actions, from the Supreme Court to the local demonstrations in Busan, everything seemed to be in order.

It is obvious that these things have been prepared for some time, but they just took advantage of these days to suddenly open fire on Daying Haiyang and Zhu Mengyuan.

Jin Jianying picked up the mobile phone on the table, hesitated for a while, and then slid to the address book. He hesitated for a long time between the names "Zhao Taixie" and "Li You".

Finally, he called Zhao Taixie and said, "Member Zhao, let's meet and talk."

Zhao Taixie was now also dizzy from this series of combined punches.

No matter how wise a person is, he would not have thought that things would happen so suddenly. Before receiving the call from Kim Jae-young, Zhao Tae-seop did almost nothing but waited quietly for the call.

Zhao Taixie, who has done almost nothing, has also been criticized badly these days. After all, Zhao Taixie's political philosophy has always been to promote that everyone should be successful, rather than having the road to success controlled by a few people.

Most of his supporters are in their twenties and thirties. In his previous speeches, he has said that he wants to break the monopoly of chaebols, promote the success of young people, and enable everyone to realize their dreams. After the last Asian financial crisis, this concept quickly captured the support of this generation of young people and the previous generation of young people who experienced the Asian financial crisis, and also made Cho Tae-sub very popular in the past two years.

Not only did his national support rate begin to decline, but even his support rate within the party began to decline.

But at this time he really could not do anything, because the more the country fell into crisis, the more the people's minds would be overloaded. Even those who shouted slogans and did things would be scolded. Then Cho Tae-seop, who had lost control of DH Financial Holdings and Peninsula Bank, would become a politician who could only shout slogans, and would be scolded like a sieve if he spoke again.

If he could say in the media that he was trying to get Daying Group to participate in the acquisition, that would be considered taking action.

But the Daeyoung Group, which he was trying to win over, suddenly leaned towards Moon Jae-yoon of the People's Power Party. Moon Jae-yoon had already publicly stated that he would talk to Chairman Zhu of the Daeyoung Group.
The Tianxia Group also lost its reputation due to its illegal dealings with Zhu Mengyuan.
The person who could have been won over and stirred up trouble in this matter, the Progressive Labor Party member Jiang Wanzhe who could have incited the unemployed to cause trouble, has now defected to the enemy.

Zhao Taixie certainly knew that Li You was behind this matter, so he had no good way to avoid the trouble.

After receiving Jin Jianying's call, he quickly rushed to the place where he had agreed to meet Jin Jianying.

Both of them frowned tightly.

"Councilman Zhao, do you have any good ideas?"

Kim Gun-young didn't have a better solution, and neither did Cho Tae-seop.

They were really unprepared to face the current situation, an event that directly affected an important industry of the entire Korean Peninsula. If they were one step slower, they would never be able to keep up.

"They were too well prepared at every level," Jin Jianying said calmly. "The seemingly vigorous parade was also controlled by Jiang Wanzhe and failed to cause chaos in Busan. It was difficult to take advantage of the situation."

"Looking closely, they are all people related to Li You." Zhao Taixie lowered his eyes, "Now, President Jin, do you regret joining forces with Li You to deal with me last year?"

Jin Jianying was speechless. He didn't expect Zhao Taixie to suddenly mention this at this time.

However, he also understood Zhao Taixie's suppressed anger. After all, it was he and Li You who worked together to cut off Zhao Taixie's path to achieving "financial freedom", forcing him to rely on himself.

For Cho Tae-seop, who dreams of building a new country and breaking the chaebol monopoly, anger is natural, but he has been suppressing it.

Seeing that Jin Jianying was in the wrong and didn't say anything, Zhao Taixie snorted coldly, "Chairman Jin didn't try to release Zhu Mengyuan from the Procuratorate?"

"."

Jin Jianying shook his head. "Have you forgotten who the Attorney General works for? Who can release someone from his hands?"

"Zhao Changzhi" Zhao Taixie gritted his teeth and wanted to curse Zhao Changzhi, the Prosecutor General, for being Li You's dog, but when he thought about how he himself was a prosecutor almost twenty years ago and was able to embark on the political path by relying on Jin Jianying, he took his words back.

(End of this chapter)