Watanabe Kazuo almost ran out of the conference room, his heart pounding wildly.
He didn’t know how much Chen Cheng knew, or how Chen Cheng’s team had spotted the irregularities in the financial statements.
But he was crystal clear that if Chen Cheng really pulled the investment and recouped the previous round of financing, Xingye Products would be finished.
And as the head of the Brazilian Mine, he would naturally be implicated.
He sprinted all the way to the outside of the company building, looking around for Mr. Chen.
Despite it being late autumn, sweat streamed down his forehead.
"Have you seen him?" he asked the interpreter.
The interpreter also searched for Mr. Chen and finally saw him about to get into a car at the corner of the street.
Following the direction pointed out, Watanabe ran and shouted, "Mr. Chen! Mr. Chen, please wait!"
Upon hearing the call, Chen Cheng stopped, turned around, and looked at the breathless Watanabe Kazuo with a nonchalant smile.
"Minister Watanabe, what else do you need?"
Watanabe rushed up to Chen Cheng, bending over and gasping for breath, "Mr... Mr. Chen, please... please give me a chance to explain!"
The interpreter diligently helped the two communicate.
Chen Cheng crossed his arms and watched him leisurely, "Explain? Explain how Xingye Products has been deceiving me?"
"Not... no, Mr. Chen, you misunderstood!"
Watanabe quickly waved his hand, "About the Brazilian Mine... there are some... some special circumstances..."
Chen Cheng inquired coolly, "What circumstances?"
"This... the Brazilian Mine, in recent years, has been constantly harassed by local gangs."
Watanabe wiped the sweat and tried to sound sincere, "They frequently extort money and sometimes even obstruct the normal operations of the mine."
After the interpreter relayed this to Chen Cheng, he nodded noncommittally,
"Gang harassment? That’s a fresh excuse. However, as far as I know, the Brazilian Government has been combating gang influence in recent years. Isn’t Xingye Products, a large multinational company, supposed to have sought help from the local authorities?"
Watanabe’s face stiffened as he stammered, "We... we have sought help, but... but the outcomes haven’t been very noticeable..."
"Not very noticeable?"
Chen Cheng looked at him sardonically, "So, you mean to say that Xingye Products has to pay a substantial protection fee to the gangs each year, causing the mine to incur losses year after year?"
The beads of sweat on Watanabe’s forehead became denser, "It’s not all protection fees... some of it is... is for... for maintenance of the equipment and... and staff training..."
"Equipment maintenance and staff training?"
Chen Cheng raised an eyebrow, "The mine incurs losses year after year, yet there is still money for equipment maintenance and staff training? Minister Watanabe, your explanation seems somewhat contradictory."
Watanabe felt like a hare stripped of its fur, utterly exposed under Chen Cheng’s sharp gaze.
He explained frantically, "Mr. Chen, please... listen to me... the mine’s equipment maintenance and staff training are... necessary... for... for long-term development..."
"Long-term development?" Chen Cheng interrupted him, "A mine that loses money year after year, talking about long-term development?"
Watanabe felt his back soaked with cold sweat.
He racked his brains, trying to come up with another reasonable explanation but found his mind utterly blank.
He stammered, "And... there’s also... the international market... niobium ore prices... price fluctuations... causing... causing..."
"Niobium ore price fluctuations?" Chen Cheng picked up the thread.
Watanabe saw a glimmer of hope, "Yes, yes, yes!"
"Minister Watanabe, you’re not about to tell me that Xingye Products’ mine losses are due to a drop in niobium ore prices, are you?"
Watanabe quickly nodded, "Yes... yes... in recent years niobium ore prices have continually gone down... we... we are also... also victims..."
Chen Cheng scoffed dismissively, unfazed, "Minister Watanabe, you might not be well-aware, but my investment scope includes bulk commodity trading."
"Regarding niobium ore price trends, I am more knowledgeable than you. While there have been fluctuations in recent years, overall, it has been within a relatively stable range. If Xingye Products’ mine is truly losing money due to falling niobium ore prices, then it only shows severe mismanagement."
He paused briefly, pinning down the crux, "The only explanation is that there is a huge discrepancy between the mining output and sales volume of Xingye Products."
Watanabe was utterly panic-stricken. This investor from China, with his formidable team behind him, seemed genuinely adept.
In less than half an hour, they had spotted the misrepresentations in his flawlessly curated financial statements.
Watanabe gulped as cold sweat soaked through his shirt, sending chills down his spine. He forced himself to appear calm, trying for one last struggle.
"Mr. Chen, you must have misunderstood!"
Watanabe hastily thought of a reply, "You... you are unaware..."
With his voice trembling, he said, "The situation at the Brazilian Mine... is much more complex than you imagine..."
He paused, his eyes flickering, trying to gather his thoughts, "Actually... the niobium ore from our mine... the quality... the quality is very high... it belongs to... a rare type of ore..."
Chen Cheng raised his eyebrow, watching his performance with interest, "Oh? A rare type of ore? Then, your niobium ore should fetch a good price, right?"
Watanabe quickly nodded, "Yes... yes, but... but..."