The situation of the Sanfeng Group is deteriorating.
The Russian government required it to close its factories in Russia and withdraw from the Russian market. At the same time, Mitutoyo's sales in the US market plummeted. It was caught between the United States and Russia and became a victim of the struggle between the two countries.
At this moment, Lee Sang-woo appeared.
He began to harshly criticize Mitutoyo's strategic mistakes and proposed convening an extraordinary board meeting.
That day, when Park Jin Hyuk returned to the mansion after get off work, Han Ji Yeon immediately came forward and said, "Everyone has been talking about Sampoong's upcoming board meeting lately. What's going on?"
"Sanfeng's board of directors is discussing whether to split Sanfeng, just like... Wu Ruiying wanted to split DS."
Han Ji-yeon said: "At the party today, everyone said that splitting up Sampoong was impossible, and I even made a bet with them."
"Oh, really?" Park Jin Hyuk smiled and glanced at Han Ji Yeon.
"I think the split can be successful because that's what my husband wanted."
"Thank you, you have good taste." Park Jin Hyuk laughed.
At the board meeting of Sanfeng, the directors initially proposed that the senior management team should resign collectively, but one director pointed out that if all the senior executives resigned, it would be detrimental to the development of the company. It was suggested that Sanfeng be split into two companies, which could form a consortium, which would be more conducive to the future development of the group.
The specific plan is to split Sanfeng into two sectors, one consisting of manufacturing industries such as electronics, and service businesses such as hotels and duty-free shops, and the other a financial sector consisting of finance and insurance.
Li Xianyu naturally firmly opposed it. This way of handling the situation would inevitably lead to the division of Sanfeng Group, but the development of the situation was no longer up to Li Xianyu.
On the other side of the ocean, the U.S. Department of Justice is investigating whether the Mitutoyo Group has used secret funds and bribed government officials. Once the problem is confirmed, the Mitutoyo Group may be prosecuted and convicted.
*** *** ***
In the DS chairman's office, news about the Sanfeng Group was being broadcast on TV.
The host said: "Sanfeng Group has fallen into an unprecedented crisis."
"Yes, the US judicial authorities plan to severely punish the Sanfeng Group on the charge of improper solicitation. It seems Sanfeng can't escape this time. It is considered to have acted as a Russian agent, and its image in the US has plummeted."
"It faces the same fate in Russia. The Russians believe that Mitutoyo is in cahoots with the United States, using Russia's cheap labor to develop industries for the United States and South Korea."
At this time, Jin Junyu walked in.
"President, I'm back."
Park Jin Hyuk turned to look at Kim Jun Woo, "Have they all left?"
"Yes, I have already left for America."
Following Park Jin Hyuk's instructions, Hyun Yi Soo, Kim Sung In and their entourage boarded DS Group's private plane and went to the United States.
On TV, the host and experts continued to discuss Sanfeng's problems.
"The movement to boycott South Korean products is spreading in the United States. The South Korean government has tried every possible means, but it still cannot quell the dissatisfaction of the United States and Russia towards South Korea."
"The US is currently in the midst of an election campaign, and some experts believe that candidate Brown doesn't want the unrest caused by Sampoong to subside, as it would benefit him. Therefore, the turmoil will likely not fully subside until after the election, by which time both Sampoong and the South Korean government will suffer heavy losses."
Watching the comments on TV, Jin Junyu said, "Chairman, this is a serious situation. Sampoong Electronics' sales and profits have plummeted recently. I wonder if this will further affect us."
"When the house next door catches fire, if it only burns my fence, I can bear the loss, as long as it doesn't burn my house."
Sales of all business segments of the Sampoong Group plummeted, and some overseas subsidiaries even encountered problems with debts that were due and could not be repaid. As a result, Sampoong's headquarters in South Korea had to provide financial guarantees for them.
In newspapers and media, Sanfeng's news occupied the front page headlines.
[Sanfeng Group fell into an unprecedented financial crisis]
[International credit rating agency urgently downgrades Sanfeng's credit rating]
Sampoong Electronics expects a loss of 5 trillion won this quarter and an annual loss of 20 trillion won.
[In the space of two weeks, Sanfeng Group's stock price fell by 30%, and securities companies have lowered their expectations for Sanfeng's stock price.]
[The continued decline in Sampoong's stock price has led to a continuous downward fluctuation in stock prices across South Korea]
[Sanfeng's bondholders held a meeting to discuss whether to continue providing loans to Sanfeng]
The crisis of Sampoong gradually caused anxiety and worry among the Korean people.
*** *** ***
In order to deal with the crisis caused by Sampoong, DS and Qingyu's subsidiaries are continuously researching countermeasures and submitting countermeasure reports to Chairman Park Jin Hyuk.
Park Jin Hyuk looked at the report submitted by DS Electronics and said, "DS Electronics has also been affected."
Kim Jun-woo said: "In the early days of the incident, DS Electronics' sales in the United States increased, but soon began to decline. DS's factory in Russia also encountered great difficulties."
Park Jin Hyuk threw the report on the table and said, "We have reached such a big problem, so you can imagine the situation of Sampoong."
"The US government believes that SolarCity C engaged in illegal activities in acquiring factory land and has launched an investigation into the company."
Park Jin Hyuk picked up the coffee cup, took a sip and said, "What's the reaction inside Sampoong?"
"Several board meetings have been held, and more and more people are now supporting Lee Sang-woo, with the number of shares supporting him approaching 35%."
"The attitude of the National Pension Service is very important now. Which side do they support?"
National Pension is the largest single shareholder of Sampoong Group, holding a 10% stake. Whether it chooses Lee Sang-woo or Lee Sun-woo will determine the final outcome.
"The National Pension Service has been waiting and watching, and has not made a final statement."
Park Jin Hyuk put down his coffee cup and said, "It seems that they have wavered and want to support Lee Sang Woo, but they don't know how to explain it to Lee Sun Woo...Okay, let's not talk about this."
Park Jin Hyuk turned around and looked at the calendar and asked, "Ryan's wedding is coming up soon. Have all the guests been notified?"
"Everyone has been notified, and the list has been handed over to the preparatory group."
"Let's confirm if the President's Chief of Staff can attend and say he is my special guest."
"yes."
The upcoming wedding of Park Jin Hyuk's sister Park Seo Eun and Sung Seung Group's eldest son Choi Ik Sun has become a hot topic among people.
Media reports said that Choi Ik-seon met Park Seo-eun when he took his son to a charity event, and the two developed a mutual affection.
DS and Sung Seung Group are the second and third largest chaebols, and since the man is divorced and the woman has been engaged but broken off, their marriage has attracted special attention.
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