Korean TV series: King of Peninsula 1997

Chapter 684 Peninsula Bank
On the day after Kim Gun-young and Liu Caiyan were buried, the will was opened by Secretary Kim, who informed all the eligible inheritors in person, including Kim Gun-young's three siblings and Kim Gun-young's two younger brothers.

However, the will involves the inheritance of shares of many listed companies. According to the laws of the Korean Peninsula, Secretary Kim also submitted a share change report to the Financial Supervisory Service, which is responsible for this aspect. In addition, the National Tax Service also required all heirs to submit a copy of the will on the same day in accordance with regulations to determine the amount of tax payable. Although in principle they are not allowed to disclose it to the public, these two official agencies are the places where information is leaked the most.

The Financial Supervisory Service has share change reports of many companies in the Cheoncheon Group, and the National Tax Service has a copy of the will. The contents of the will, which should have been kept confidential, were naturally leaked on the Korean Peninsula.

Li You was the first person to know the contents of the copy of the will from the National Tax Service.

The State Taxation Bureau even handed over the assessed tax amounts.

As he expected, the inheritance tax that Tianxia Group had to pay was pitifully low.

Although Tianxia Group had been in trouble before Jin Jianying's death, he still handled the inheritance of Tianxia Group in an orderly manner. At least no matter who inherits Tianxia Group, they do not need to pay so much tax according to the law.

If we really follow the law and pay 45% of the total tax, it would be equivalent to handing over nearly half of the Tianxia Group to the peninsula government.

Because of inheritance, it is not allowed to use the estate to pay taxes. Money and real estate under the name of the heirs must be paid.

Before paying taxes, the business will be managed by the government.

"Jin Jianying used offshore trusts, art donations, and overseas foundations," Mou Xianmin leaned in beside him and watched. "Now 80% of the inheritance is tax-free. You only need to pay the tax on the 20% of the inheritance."

"It's an old routine for chaebol succession. Everyone does it this way," Li You chuckled. "The legal department of Tianxia Group will probably have to argue with the National Tax Service for a while."

"Taxes are one thing," Li You pushed aside the tax documents from the National Tax Service and pointed at the contents of the will copy with his finger. "Take a look at what Jin Jianying said above."

"Kim Young-jun is in charge of Tianxia Auto, and Kim Sung-jun is in charge of Tianxia Heavy Industries."

"Instead of specifying the specific distribution ratio in the will, the entire Tianxia Auto will be handed over to Kim Young-jun, and Tianxia Heavy Industries will be handed over to Kim Sung-jun."

This is a big problem.

After all, Jin Xiya is the chairman of Tianxia Group in the will, but Jin Jianying did not leave her any shares in Tianxia Automobile and Tianxia Heavy Industries. She can only indirectly influence these two companies through the shares of these two companies held by Tianxia Group.

But the problem is that since she failed to inherit Jin Jianying's personal shares in the two companies, she would have no control over the two subsidiaries at all.

This is equivalent to splitting Tianxia Group into three parts. Even Kim Young-jun and Kim Sung-jun received part of Tianxia Group's shares, which can have a greater influence on her decisions in Tianxia Group.

Of course, being able to sit in the position of president is already enough of a benefit.

"Jin Jianying's plan is to split Tianxia Group to force them to unite at some point in the future," Li You pointed to the last clause, "Look at this supplementary clause."

"Only when Tianxia Group's stock price reaches the target can the three siblings fully inherit the entire Tianxia Group. Otherwise, a considerable portion of the industry will be placed under trusteeship."

Li You also figured out Jin Jianying's thoughts, but unfortunately Jin Jianying didn't expect that he would be killed so early, which caused many of Jin Jianying's plans that had been made not long ago to fail.

Without Jin Jianying's control, once the three siblings are separated, they will probably never be able to unite again.

The next day, Li You went to Peninsula Bank in person.

At the same time, under Li You's order, the news that Kinmen Group was investing heavily in acquiring shares in Peninsula Bank was exposed.

"Peninsula Bank was surprised to see a chaebol's lightning acquisition! The Kinmen Group spent 1 trillion won to acquire shares. It is expected that the financial landscape of the peninsula's financial world will be reshuffled. "

In fact, the news spread quickly starting from last night.

Since Li You did not order anyone to control public opinion, this incident caused a huge impact on public opinion.

The Kinmen Group has a good impression in the minds of most citizens, but any chaebol would be questioned if it acquired Peninsula Bank.

On social media, words such as '#chaebols are attacking your deposit account#' and '#what's the use of banking law#' flooded the market and once topped the hot search list.

There is also a cartoon picture made by someone unknown, which shows a tentacle of a giant octopus wrapped around a bank's ATM machine.

These alone made Kinmen Group's public relations department very anxious, but at Li You's request, they could not overstep their authority in handling the public opinion that was generated.

"President Li," the president of Peninsula Bank was a man with a square face and small eyes, but when he saw Li You, the smile on his face was very insincere, and his smile was full of discomfort.

The only thing that the public opinion brought to the Kinmen Group was a slight drop in its share price.
The huge and powerful Kinmen Group will not suffer any losses due to this level of stock price fluctuations.

Instead, it was their Peninsula Bank that suffered. No one knew how many depositors had to transfer their deposits overnight.

Just take the nearby Guanghuamen branch as an example. Depositors started queuing up at three in the morning, and when we went to work this morning, the queue was already a hundred meters long.

It's not just individual households, but also small and medium-sized businesses are extremely worried.

Peninsula Bank has a criminal record. They gave too much dividends to DH Financial Holdings, which was secretly controlled by Cho Tae-seop. Later, when DH Financial Holdings collapsed, Peninsula Bank suffered heavy losses.

"President Park doesn't look optimistic," Li You shook hands with him briefly, then walked past him and into the bank.

Naturally, he deliberately indulged public opinion, otherwise there would be no fuss at all.

Now that the Kinmen Group has yet to acquire a large number of Peninsula Bank shares and become a major shareholder of Peninsula Bank, it has no way to tamper with the 15% stake of the Tianxia Group through the bank's board of directors.

Then just use public opinion to force them to submit.

Anyway, the Golden Gate Group has no losses, and the stock price is slightly
Not worth mentioning.

President Park chased after Li You, unable to hide the discomfort on his face.

"President, I think we must have a serious talk about the acquisition."

Li You stopped and turned to look at him meaningfully, "Why is President Park so happy this time?"

"I can only try my best to persuade you," President Park sighed, "After all, I am just a president appointed by the board of directors. The acquisition matters still depend on the shareholders."

"Please stop the current public opinion. If it continues like this, the reputation of Peninsula Bank will fall to the bottom."

"How can I stop? Whether it's hands, feet, ears or mouths, they are all on the people themselves." Li You turned his head and continued to walk to the meeting room at the end. "What's more, the public opinion is not only targeting Peninsula Bank, but also our Kinmen Group."

"The gossips will stop," Li You stopped at the door, "President Park should just stop listening."

Listening to Li You's nonsense, President Park wanted to cry but had no choice but to swallow his anger. On the other side, Jeon Jae-joon didn't knock on the door, but opened it. Inside was a meeting room that was as lively as a vegetable market.

After the door was opened, the shareholders in the conference room began to quiet down one after another.

The meeting room soon became silent, and many shareholders were quietly looking at Li You.

This was the first time that Li You came to Peninsula Bank in person, and it was also the first time for them to meet Li You.

Although they had seen photos of Li You in newspapers and on the Internet before, they still felt a little emotional when they saw him in person. He was really too young.

It is unrealistic for an entrepreneur to stand at the top of the Korean Peninsula at the age of 32. But this person has already appeared in reality.

"Chairman Li," the shareholders who had been notified in advance greeted him.

They knew that Li You was coming, but they didn't expect him to come to Peninsula Bank when they were debating whether to accept the acquisition, and he entered the meeting room without even knocking on the door.

"Please take a seat, Chairman." After Lee Woo sat down, President Park sat down next to Lee Woo and said, "This is the third meeting held recently. The shareholders are considering what to do."

Li You said nothing, but looked around calmly and nodded slightly at them, "Would you like to continue?"

"Since the president is here, we have some questions for you as well," someone stood up as a representative of a shareholder faction after the meeting resumed. "You should be aware of the extent of the public opinion out there. The Small and Medium Enterprises Association has launched a petition to the Blue House against chaebol financial monopoly. From last night until now, in less than twelve hours, 200,000 people have signed it."

"In this case, the resistance you face in acquiring Peninsula Bank and what you can gain"

Before he could finish, Li You interrupted him casually, "Tianxia Group."

At this point, any step taken would be an open conspiracy, so there is no need to proceed in secret.

The shareholder who asked the question opened his mouth, but he didn't know how to continue with the speech he had prepared in advance.

This is so honest.

To be honest, the shareholder who asked the question supports the acquisition.

This kind of question seems very real and serious, but in fact it is just a way of smoothing things over. It is also a question of asking Li You to describe a bright future and win people's hearts.

When Tianxia Group acquired Peninsula Bank, they were unable to do so openly due to the banking law that prohibits chaebols from holding more than 15% of a bank's shares. Instead, they cross-shareholdings in Peninsula Bank through multiple subsidiaries and cooperative enterprises to circumvent regulation.

Many of these shareholders are from Tianxia Group. They are either senior executives of subsidiaries, or presidents of Tianxia Group’s cooperative enterprises. Some are also investors who have close ties with Tianxia Group.

Now that Li You has laid the problem out in the open, the shareholders of Peninsula Bank have to make a choice.

This is no longer a question of acquiring Peninsula Bank, but about taking sides between the Kinmen Group and the Tianxia Group.

In front of these two giants, they were all small fry, and if they weren't careful they would be smashed to pieces by the oncoming chariots.

"President." The shareholder who asked the question broke out in sweat.

"Please put it simply," Li You raised his hand and Quan Zaijun handed him the documents.

Li You opened the document and threw it on the conference table. The document slid across the table. Many shareholders noticed the huge title and their faces changed.

"That's what I came here for," Li You smiled and pointed to the pledge document.

"Peninsula Bank secretly holds 15% of Tianxia Group's shares. Don't you think you are doing it in a very secretive way?"

Li You laughed and said, "This 15% of the shares can have a decisive impact on the current succession dispute of Tianxia Group. Are you interested?"

Of course, the shareholders were tempted, but they have never dared to act.

"I actually have quite a bit of money to acquire Peninsula Bank," Li You smiled at them kindly. "If it was just a bank, I wouldn't have to go through with the Congress, public opinion, and so on. But if it was Tianxia Group, it would be different."

Over one trillion won, this price is almost catching up with the price paid when acquiring World Airlines, but it can only acquire about 30% of Peninsula Bank's shares openly or secretly. However, 30% is enough to become a major shareholder.

"Of course," Li You shrugged, "Acquiring a bank does have more advantages than disadvantages. What do you think?"

No one at the scene could respond to Li You's words for a moment.

After a while, someone finally spoke up, "President Jin just passed away. Isn't what President Li did a little too inhumane?"

Li You laughed, he turned his head and saw a shareholder with a serious face.

"You are from Tianxia Group," Li You confirmed, "Which subsidiary are you from?"

Li You didn't care how he answered, he just kept talking to himself, "You speak so emotionally, then what do you think of the three brothers and sisters of the Jin family fighting over the inheritance?"

Li You sneered, "His own son and daughter are fighting each other, and I still have to be humane?"

The shareholder's face turned pale, and he looked around and saw no one who agreed with him. Knowing that he had little influence, he knew he could not change anything, so he just kept his mouth shut.

Things were going smoothly, but that was not the case for the shareholders. Today's meeting was supposed to be a discussion on whether to accept the acquisition, but after Li You participated, it turned into a voting meeting.

When President Park was seeing Li You off, he kept begging Li You humbly, asking him to suppress the current public opinion, otherwise Peninsula Bank would really explode from the outside to the inside.

Li You just stretched out a hand to him, and President Park immediately shook it warmly, "President, look..."

"I dare not say that we can suppress public opinion," Li You said with a smile, "but it is not difficult to protect Peninsula Bank in public opinion."

President Park wanted to loosen his grip, but it only tightened. "President, is there anything else I can do for you?"

"You are the president now," Li You patted his shoulder, "Although you can't influence the acquisition, don't you need to be in charge of all the bank's business?"

"Yes"

"Then you must remember," Li You put away his smile, "everything related to the 15% stake of Tianxia Group needs to be reported to me."

"Yes."

(End of this chapter)