Episode 96: Factory Establishment Approval
Nam Tae-hoon, at a loss for words, looked around for help, but the other executives also avoided meeting his gaze. Lee Chang-jin spoke as if he had expected this.
“Look at that. Moreover, how can we trust that Taeyang Chemical will actually add the refining process? They might get the permit and then not install the refining process later, right?”
“What did you say?”
An enraged Nam Tae-hoon shouted.
As the meeting room became noisy, Chairman Lee Cheol-song calmed everyone down.
“I acknowledge the objection. This is a place to state facts, so please refrain from biased remarks. We will exclude this demonstration part from the review stage. Mr. Lee Chang-jin, this is your first warning. Additional warnings will result in your removal from the meeting.”
“I will keep that in mind, Chairman. I apologize.”
Lee Chang-jin bowed politely, but he did not seem sorry at all.
In a situation where many committee members had already faced Lee Chang-jin’s theatrics, it was unclear what significance the warning held. Trying to change the suddenly altered atmosphere, a member from Nam Tae-hoon’s side asked a question.
“President Lee Chang-jin, then how will you price the unit cost? Isn’t the unit cost of products produced by the chlorine process higher?”
Lee Chang-jin nodded obediently.
“That is a judgment made without considering comprehensive factors. If you consider the additional wastewater facilities and dust collection facilities required for the sulfuric acid process, along with operating costs and depreciation, there won’t be a significant difference in production costs. Furthermore, a competitive market, rather than a monopoly, provides consumers with more choices and lower supply prices. Additionally, when it comes to this factory establishment matter, there is a compelling reason why our side must undertake this project.”
“Hmm. What is that?”
“To secure the power needed for factory operation, we need to install a substation in the Bupyeong transmission section from the existing Danginri Thermal Power Plant. Currently, the Bupyeong section’s substation capacity is full, so we need to expand by at least 1,000Kw for the new factory. Thus, we intend to build a substation within the chemical plant site and create two new 22.9kV power lines, one for internal consumption and the other for supplying the industrial complex and nearby civilians. This way, local residents can receive electricity without the need for a separate transmission and distribution network.”
The committee members were astonished. This was precisely Lee Chang-jin’s strategy.
It was clear that Taeyang Chemical’s side, having submitted their documents hastily, did not have time to verify this aspect. Hence, they took a gamble on the substation establishment.
“Is that true? Building a substation?”
“Yes. We will install a substation within the factory site and supply the remaining electricity to the residents. Of course, I will cover that part with my personal funds.”
The electrification project was a special interest of the current president, making its importance and focus extraordinary.
As the atmosphere rapidly reversed, Nam Tae-hoon’s expression hardened.
Chairman Lee Cheol-song calmed the surroundings again and asked sternly.
“Expanding a substation within the factory site. Can you take responsibility for that statement?”
“Yes, please check the additional submitted business plan attached here.”
The committee members, busy reading the materials, began heated discussions. They knew that given the involvement of the electrification project, the matter would almost certainly be reported directly to the Blue House.
To try and turn the tide, a member from Nam Tae-hoon’s side asked challengingly.
“Is this equipment absolutely necessary for the factory?”
“The electricity needed for the factory is high-voltage, high-capacity, thus it must be transmitted via power lines. To operate the factory, the alternating current produced at the power plant must be stepped up for transmission and then stepped down using transformers at the desired reception area. Additionally, we plan to create a park for citizens in the remaining land besides the factory site. We will donate the green space to the city, and if any local residents wish to work at our chemical plant, we will prioritize their employment.”
A donation of land!
The committee members’ expressions changed at the offer of giving away expensive land for free.
Taeyang Chemical’s side looked dumbfounded upon hearing this.
They had no argument to counter.
As the committee members’ questions subsided, Chairman Lee Cheol-song spoke in an official tone.
“Are there any further questions? If there are no more questions, we will end the meeting here.”
As all the committee members nodded, Chairman Lee Cheol-song declared the meeting over.
“Then, we will decide based on the collective opinions of the committee members. The discussion is hereby concluded.”
Both the Taeyang and Daese representatives exited the meeting room, and the doors closed firmly.
Now, the waiting time began.
Lee Chang-jin’s group, having left the meeting room, anxiously awaited the results.
With the staff showing signs of tension, Goo Chang-jin looked worried.
“I’m a bit nervous. Are you alright, President? You ate a handful of that stuff earlier…”
Even though it was deemed harmless, it was still a chemical substance.
It was natural to be concerned.
However, Lee Chang-jin laughed nonchalantly.
“I’m fine. If it gets bad, I’ll just get a stomach pump.”
To Lee Chang-jin’s knowledge, titanium dioxide was a fairly stable substance. While not beneficial for oral consumption, high-purity titanium dioxide was originally used as a food coloring.
Unless it was finely broken down into nanoparticles, it wouldn’t be absorbed by the body, so it wasn’t particularly harmful to health.
Clunk!
“The review has ended, so please come inside.”
The waiting time ended, and as the meeting room door opened, everyone swallowed hard.
Chairman Lee Cheol-song took the podium to announce the results.
“I will announce the results of the review summary. First, regarding the review of financial capability. The main entity’s credit rating is good, and the project is planned to be fully funded with their own capital, so considering the financial capability of the main entity, there are no significant issues. Daese Chemical received an average of 25.8 points, while Taeyang Chemical received 27 points.”
After a brief pause, he continued.
“In terms of technical capability, both companies were judged to meet the requirements for additional technical personnel and the expertise and experience of the main entity. Reviewing the technology and construction capabilities of both companies, Daese Chemical received an average of 18.8 points, while Taeyang Chemical received 20 points. Next, the safety section. According to the detailed permit standards and the review by specialized institutions related to chemical process systems under Notification No. 197z-2, the processes were found to have no safety issues, and the preparation period met all legal standards. Therefore, Daese Chemical received an average of 20 points, while Taeyang Chemical received 19 points.”
Now it was time for the most crucial part.
“Finally, regarding the review of environmental impact, complaints, and social contributions, Daese Chemical received an average of 15.7 points, while Taeyang Chemical received 13.5 points. The substation installation part received additional points. As a result of the final review, Daese Chemical received 80.3 points out of 100, while Taeyang Chemical received 79.5 points, making Daese Chemical the final selected entity for the titanium dioxide plant establishment project. The selected entity, Daese Chemical, needs to carry out a tree planting project along the site boundary and surrounding areas to ensure practical shielding. Additionally, during factory operation near residential areas, please conduct a disaster safety impact assessment, including measures for explosion accidents and safety plans, and submit a supplemental report within one month.”
The surroundings began to buzz.
“According to the revised and promulgated ‘Incheon Construction Technology Review Committee Ordinance’ Article 19, dated July 19, 1974, the minutes of this meeting will be organized and published in the official gazette within 30 days of the meeting’s conclusion. With that, I declare the 1977 192nd Construction Technology Review Committee meeting adjourned.”
Bang, bang, bang!
“Yaaaaaay!!!”
As Chairman Lee Cheol-song struck the gavel three times, the fortunes of both sides diverged.
Daese’s employees clenched their fists and shouted in triumph.
“President! We won. We won!!”
Director Seo and Goo Chang-dong embraced each other in excitement. Advisor Hong In-young also wiped his tears, taking off his glasses in emotion.
On the other hand, Taeyang Chemical’s side still looked in disbelief.
Nam Tae-hoon, with a rotten expression, had bloodshot eyes.
“No, this can’t be. This can’t be happening!”
The decisive factor in this decision was the additional plan related to the substation establishment and land donation. The review committee found Daese Chemical’s proposal to supply an additional substation highly reasonable, thus awarding extra points. It was the result of Lee Chang-jin’s calculated move.
Lee Chang-jin approached Nam Tae-hoon, who was still dazed, and extended his hand.
“This review was a good contest. Thank you for conceding to us.”
Lee Chang-jin’s appearance, extending a hand for a handshake, was infuriating.
Unable to contain his anger, Nam Tae-hoon’s face trembled.
Clenching his teeth, he refused the handshake and pushed Lee Chang-jin aside.
“Move!”
As Nam Tae-hoon left the building, Taeyang Chemical’s executives hurriedly followed him.
The waiting journalists outside eagerly clicked their shutters.
To them, Nam Tae-hoon’s defeat was a more enticing story than Lee Chang-jin’s victory.
Of course, Nam Tae-hoon didn’t just retreat. He mobilized people to lead large-scale protests in Bupyeong, the selected project site.
But the protests didn’t last long.
As if waiting for this situation, the intelligence agency moved swiftly.
A few days later, a major article was published.
“Chairman of Shinil Bank and Leader of Butchuyon Arrested for Bribery”
“An investigation has confirmed that Butchuyon, the Bupyeong Pollution Expulsion Alliance, created to combat pollution, received significant funding from specific companies for permit-related matters.
Mr. Nam, the representative of T Chemical, who is suspected of regularly paying money to the Butchuyon leader, is also believed to have received an undue loan of about 3 billion won without sufficient collateral.
The Economic Planning Board plans to conduct a thorough tax investigation on this matter and impose a fine of around 1 billion won on Taeyang Chemical for violating the Fair Trade Act and market disruption.”
Jin Tae-chun, reading the newspaper quietly, burst into laughter.
“Ha, this guy. He’s quite something. He’s pretty good.”
He, too, had been watching the situation with interest, curious to see how far Lee Chang-jin could go against the giant Taeyang Group.
Although luck played a part, he had not expected Lee Chang-jin to push the mighty Taeyang Group this far. His subordinate, Manager Yeon, who had been standing quietly, advised Jin Tae-chun.
“According to reliable sources, the prosecution plans to raid Taeyang Chemical within three days. What should we do? Taeyang Group’s stock price is likely to fall… Shouldn’t we liquidate?”
Worried, Manager Yeon asked, but Jin Tae-chun waved his hand dismissively.
“Why bother with such a hassle? Just leave it.”
“What? But that would result in a loss…”
“It’s fine. Nam Tae-gon will handle it. Besides, it’s Taeyang Chemical that lost, not the entire Taeyang Group. If the group was so easily shaken, it wouldn’t have lasted this long. This issue will pass without much trouble.”
“Understood.”
As the nodding secretary withdrew, Jin Tae-chun muttered to himself.
“Rather, I should find a time to meet him. Let’s see. Would this year’s end be good? Why is Seon-ah taking so long?”
Jin Tae-chun’s eyes gleamed with interest.
At that moment, the name Lee Chang-jin was etched into his memory.
- To be continued in Episode 97 -
