Chapter 100: Han Gyeong-yeong’s Press Conference

The financial crisis sweeping through East Asia was now spreading from Korea to Japan.

“After I head back to the U.S. and have a meeting, I’ll return to Korea. I’ll personally handle the attack on Japan.”

“Japan, huh? Do you think the U.S. will just sit back and watch Japan collapse? The general consensus on Wall Street is that the attack on Korea was to mitigate the losses suffered by investment banks due to the stock market crash.”

Han Gyeong-yeong’s point was valid.

Even in the original timeline, Korea faced the same attack, despite our non-involvement.

“They won’t let it completely collapse. If it’s the hyenas from Wall Street, they’ll take the offer. We just need to attack enough and pass the torch to them. We’re not looking to profit this time.”

“Is there any point in pushing for something with no profit?”

“The battlefield doesn’t have to be limited to Korea. If they come after my assets, they need to know they could get hit too. Not that they’ll realize I’m the one behind it.”

Han Gyeong-yeong, who had been watching me with concern, nodded.

“Got it. I’ll head to the U.S. right after we wrap up the Jungwoo negotiations.”

“When you tell the U.S. government to keep their promise, they’ll understand what you mean. I’ll finish my part and step away, just watch.”

Han Gyeong-yeong also agreed with this.

“As long as Wall Street helps, the U.S. government won’t side with Japan right away. The Clinton administration is pretty friendly with Wall Street.”

The reason Korea was given a bit of breathing room, unlike Thailand, was due to North Korea’s presence. The Clinton administration likely coordinated with the IMF and Wall Street.

“Japan is a more important ally to the U.S. than Korea, so their intervention might come faster than expected. We need to shake things up as much as we can and get out quickly.”

“So you’re prepared to take losses?”

“Yeah, this time we’re ready to incur losses. Even losses are an investment in the long run.”

If we took a hit in Japan, we could always make it up in Russia.

In the chaotic end of the 20th century, as long as you had the right information, it was a time where making money was easy.

“First, let’s finish the negotiations with the Korean government. After the acquisition, things will get busy, but the talents within Jungwoo Group are top-notch. The real problem is Chairman Park Dae-ho.”

Han Gyeong-yeong nodded, as if he already knew.

“During the acquisition talks, I realized that Jungwoo is more well-known internationally than Il-sung or Daehyeon, even iif it’s not as prominent domestically.”

“That’s because Chairman Park Dae-ho overextended for the sake of globalization, especially in Eastern Europe where Jungwoo’s name holds a lot of weight.”

Unless there was major corruption involved, I planned to retain most of Jungwoo’s management team or promote them.

Although the title of ‘Jungwoo Man’ had scattered to various subsidiaries after the group’s dismantling, their pride remained intact.

“Is the private jet being built?”

“We’re set to receive it next year.”

“For now, just lease one. It’ll be inconvenient to travel around without one when you’re back in the U.S.”

Han Gyeong-yeong flashed a bright smile, and I couldn’t help but smile back.

* * *

Il-sung and other domestic conglomerates were using the media to raise suspicions of special favors.

I also had no choice but to emphasize in our articles that it was a necessary decision, countering their negative stance.

Eventually, Han Gyeong-yeong held a press conference.

“Hello, I’m Han Gyeong-yeong.”

The cameras flashed, and the reporters began bombarding him with questions.

“It’s understood that the funds for Dream High Investment are from U.S. capital, regardless of the fact that the person managing it is Korean. The prevailing opinion is that we can’t let our national wealth fall into foreign hands. How do you respond to that?”

This aggressive question came from a reporter clearly backed by the conglomerates.

But Han Gyeong-yeong answered calmly.

“Yes, our headquarters is in the U.S., and I won’t deny it’s U.S. capital. But let me ask you this—are there any domestic investors who can fully acquire Jungwoo Group besides us?”

“No, but couldn’t we save the healthy companies by selling them to domestic corporations?”

Han Gyeong-yeong nodded in acknowledgment.

“That’s one option. But for that to happen, taxpayers like yourself would have to foot the bill to clear the conglomerates’ debts. If that’s the case, I’d rather pull out of the acquisition entirely.”

“…”

“The government requested the acquisition, and I simply accepted.”

A reporter asked sharply.

“Is that a threat?”

“A threat? You’re being awfully aggressive to someone who’s offering help. If you want to reject foreign capital, then I’ll act like every other foreign investor. I’d appreciate it if you made your stance clear.”

From Han Gyeong-yeong’s perspective, there was no reason to acquire Jungwoo Group if not for Mu-hyeok’s orders.

In fact, if there was a company worth acquiring, there would be no need to negotiate with the government. He could simply launch a hostile takeover.

The economy was all about competition.

And in a competitive world, if you fell behind, you’d eventually get devoured. For foreign investors, Korea’s financial crisis was a feast.

The Korean government’s decision to open up to foreign capital, as per IMF demands, made the country an attractive target for U.S. speculative funds.

The Dollar was strong, the Won was weak, and Korea’s industries were practically on sale. Hotels in Seoul were packed with private equity representatives, as if they were on a shopping spree.

The reporter who had asked the question seemed flustered, not expecting such a response from Han Gyeong-yeong. He glanced around, but no one came to his aid.

Hesitating for a moment, the reporter launched another aggressive question.

“So, are you claiming you’re different from the other foreign investors? From where I stand, you’re just another foreign capitalist.”

“I came here personally, not as a proxy, to help Korea, simply because it’s the country I was born in. Yet, you’re calling me a foreigner.”

The room fell silent.

Han Gyeong-yeong added coldly.

“The conglomerates you mentioned are currently selling off their subsidiaries to pay off their debts. Who exactly has the money to acquire Jungwoo Group right now?”

“Are you mocking Korea?”

The reporter was doing his best to frame the situation as a battle between Han Gyeong-yeong and Korea.

“I’m not mocking Korea. I’m mocking the conglomerates and reporters like you who still haven’t grasped reality. While the public is scraping together gold to pay off national debt, the conglomerates are circling like hyenas, looking for something to feast on.”

As if he could see right through him, Han Gyeong-yeong smiled coldly.

“Do you think Jungwoo Group is the only one in danger? If I wanted, I could start a hostile takeover of Il-sung or Daehyeon anytimee I please. Is that what you want?”

Han Gyeong-yeong, who usually maintained a calm demeanor with the media, was uncharacteristically sharp, leaving the other reporters murmuring in surprise.

Shaking his head in disgust, Han Gyeong-yeong continued.

“I’m an investor. But I have no intention of dismantling Jungwoo Group for profit. I’ll restructure and clean up the failing subsidiaries, but that’s something every major corporation is doing to survive right now. I don’t see why foreign capital should be the target of criticism for doing the same.”

At that moment, another reporter raised their hand.

“You mentioned leaving management to Koreans. Are you planning to keep the executives from Jungwoo Group? Surely, they can’t escape responsibility for the current situation.”

“They share some of the blame, but at the end of the day, the leader bears the ultimate responsibility. I believe it was Chairman Park Dae-ho’s poor judgment. I’ll make use of internal talent as much as possible.”

“There are rumors that Jungwoo Group will be delisted from the stock market. Is that true?”

“Yes, it’s true. Once the acquisition is finalized, we’ll proceed with a capital reduction to write off the debt.”

The reporters were visibly shocked, murmuring amongst themselves.

Han Gyeong-yeong, his expression calm, added.

“Dream High Investment is already Jungwoo’s largest shareholder. I’m also prepared to take losses to repay the debt. To minimize the public’s losses, we’ll offer to buy back shares at 150% of the final closing price on the day of the deal.”

Han Gyeong-yeong disagreed with Mu-hyeok on this point.

When he questioned whether it was necessary to make such a public statement, Kim Mu-hyeok gave a simple answe.

“It’ll be easier to get things done if public opinion is on our side. We don’t know how long the government will keep backing us, so we can’t just sit still. Besides, it won’t cost much.”

Excluding Chairman Park Dae-ho and the special relations, there weren’t many shares actually circulating.

Most of the shares in circulation were held by Eva, Han Gyeong-yeong, and Kim Mu-hyeok, while the rest wer spread across institutions and foreign private equity funds.

With a wry smile, Han Gyeong-yeong spoke clearly.

“Let me say this one last time. If you don’t want Dream High to acquire Jungwoo, bring me an alternative. I’ve partnered with the government. Don’t insult me by framing me as a traitor. If you really want to see what the power of money can do, go ahead and keep pushing. That message is for the conglomerates.”

It was a declaration of war aimed squarely at the conglomerates.

* * *

For the first time in a while, I visited Eva at the top floor of the Mirae Building in Daechi-dong.

The security here was so tight that even the CIA couldn’t breach it.

“Mu-hyeok!”

Perhaps because it had been a while since we’d seen each other, I stopped Eva from rushing at me before taking a seat.

On the TV in front of us was Han Gyeong-yeong’s press conference.

“I put in all the effort, but some random guy gets all the credit.”

Eva pouted, clearly annoyed.

“It can’t be helped. Anyway, you’re buying up all the properties the conglomerates and rich folks are dumping, right?”

At my words, Eva stood up, grabbed a frame from beside the bed, and set it down.

After passing through several security layers, she opened the safe hidden in the wall.

What she pulled out was a stack of documents.

“This one’s a building from Il-sung, and that one’s a rredevelopment site from Daehyeon…”

The list seemed endless, as she continued naming off the properties they’d bought.

“We’re buying up real estate just like you ordered, Boss.”

“But it’s not enough, is it?”

Eva smiled, following my lead.

“How are the accounts?”

“Still plenty for now.”

“Any properties you want to buy?”

Eva hesitated for a moment before speaking.

“I’m sorry we couldn’t acquire Jungwoo Group.”

“It’s fine. The Korean government still has a lot of influence.”

“It actually made it easier for us to buy up everything, thanks to that.”

Eva knew how to make full use of her connections with the ‘Mofia’ and the Yun & Jang law firm.

In Korea, where money and connections could get you anything, it was as if we’d given Eva wings.

“So, what is it you want to buy?”

“I want a bank. There are rumors that Foreign Exchange Bank is looking for an investor. I also heard they’re already negotiating with a German investment bank. Then there’s Je-seong Bank, which is also being considered for foreign sale.”

I hadn’t even considered Foreign Exchange Bank or Je-seong Bank.

“Who proposed this? It doesn’t seem like your idea, Eva.”

“As expected, Boss! Director Baek Seong-jin from accounting suggested it. He found out we acquired Peregrine and immediately offered his help to ensure we get the bank.”

“He must want something in return.”

“A high price, but he’s worth it.”

It seemed Eva still didn’t fully grasp the complexities of Korea.

Someone like Baek Seong-jin, at the peak of the ‘Mofia’, wouldn’t have made this offer to Eva without expecting something in return.

“Eva, listen carefully. Don’t underestimate the ‘Mofia’, especially people like Baek Seong-jin. They’ll use you to solidify their own power whenever they can. Are you sure you can handle that?”

Eva laughed brightly.

“Don’t worry. Do you think I don’t know what they’re up to? I even know they’re parading around as if the money you gave them is their own. But as long as they’re useful, why not let them be? It’s easier for Baek Seong-jin to handle things than me.”

She had a point, so I nodded slightly in agreement.

“Even though he proposed it, I think it wouldn’t be a bad idea for us to own a bank in Korea. It’s a good opportunity to send a warning to the government.”

Eva, still bitter about losing Jungwoo Group to Dream High, was showing hostility toward the Korean government.

Since it wasn’t a problem for me, I didn’t object.

“How much will you need?”

“We should invest through Peregrine, so the money has to go there. It’ll probably take about 10 billion dollars.”

Commerzbank had invested $250 million in Foreign Exchange Bank, receiving around 29.7% or 29.8% of the shares.

“How much of Foreign Exchange Bank’s shares do you hold?”

“49%.”

According to Eva, with $250 million, we could become the largest shareholder of Foreign Exchange Bank.

Currently, the largest shareholder of Foreign Exchange Bank was the Bank of Korea, holding 32.39% of the shares.

“If that’s what you want, go ahead. I’ll deposit the 10 billion dollars into Peregrine’s account.”

“Kyaaah! Boss!”

Eva threw herself at me, showering me with kisses.

I stood up.

“Boss, it’s been a while. You’re just going to leave?”

As Eva gave me a longing look, I responded firmly.

“For now, no one can know about our relationship. No matter how secure this place is, we can’t stay too long. They’re watching, not just you, but me too.”

And I was right.