Chapter 215: Would You Hold My Hand?

Eva’s comment about Park Young-geun criticizing the National Pension Fund had me thinking quickly.

When was the last time the National Pension actively exercised its voting rights on stocks?

I decided to set those thoughts aside for now. Breaking the unnecessary tension was my priority.

“Eva.”

Eva turned her head at the sound of my voice.

I shook my head slightly, and Eva caught on, exchanging a brief nod.

After regaining her composure, Eva turned to Park Young-geun and spoke.

“I didn’t mean to offend. I just stumbled upon this as an investor trying to understand the policies of the financial authorities.”

Though she had a point, it felt more like an excuse. Park Young-geun let out a deep sigh.

“Huh… How should I control the internal monitoring?”

Park Young-geun shook his head. Just because the upper levels were clear didn’t mean the lower levels were too.

Conveniently, the waitstaff arrived with our ordered meal, cutting the conversation short.

After the staff set the table and left, I spoke, noticing the still troubled expression on Park Young-geun’s face.

“Let’s eat while we talk.”

Park Young-geun nodded and picked up his spoon. Eva and I followed suit.

As we ate in silence, I decided to break the ice.

“You know, people usually become more conservative as they age, but you seem to be quite progressive, Director.”

Park Young-geun paused his chopsticks at my question.

“Progressive or conservative… I’m not sure. But I do know what’s wrong.”

“Systems don’t change overnight, do they?”

“But doing nothing means nothing changes either. I intend to shake things up.”

Once the meal was finished, we dove deep into our conversation.

Setting his glass of water down, Park Young-geun turned to Eva.

“Representative Eva.”

“Yes, Director.”

“What do you think the issues with Korea’s financial system are compared to foreign markets?”

Eva thought for a moment before answering. Her response was bold.

“To be honest, I think it would be quicker to find the positives than to point out the negatives.”

“Hmm…”

Seeing Park Young-geun scratch his chin, trying to hide his embarrassment, Eva smiled.

“While the IMF’s recommendations helped improve things, there are still too many governmental regulations over the financial sector. That’s why foreign investors hesitate to enter Korea.”

“Without strong government regulation, financial companies would operate recklessly, leading to greater chaos.”

Park Young-geun’s argument was firm: reforming the financial industry through government regulations.

Eva, catching the underlying meaning, shook her head subtly.

“The foreign exchange crisis wasn’t just a problem for Korea; it swept across Asia like a tsunami. Take Hong Kong for instance: even after its return to China, the Chinese government didn’t tighten regulations on the Hong Kong financial market. Despite being a communist state, why do you think that was?”

“That’s…”

If Han Gyeong-yeong had been here, it would have made for a much more interesting debate.

Listening to their discussion, I contemplated how to leverage Park Young-geun.

“Korea still has heavy regulations. Consider how Hong Kong became the financial hub of Asia. Sure, geographical factors and its role as a middle point for capital flowing into China helped, but ultimately, it was due to the Chinese government’s trust in Hong Kong’s policies.”

Eva’s voice remained calm, but she hit the nail on the head.

“Do you believe we should loosen regulations further, Representative Eva?”

“It’s better to eliminate outdated regulations while placing a heavier responsibility on those in the financial industry. Frankly, this country is far too lenient on financial offenders.”

Eva’s statement was sound.

Instead of indiscriminately increasing regulations under the guise of reform, we should enhance the autonomy of the financial sector while imposing strict accountability.

In reality, many corporations collapsed during the recent currency crisis, yet very few faced repercussions. Most received only light punishments.

“Korea lacks the conditions for companies like JP Morgan and Goldman Sachs to establish themselves. Instead of regulating the system, we need to increase autonomy in operations and management.”

Hearing such a completely opposing view, Park Young-geun smirked.

“Increase autonomy? The failings of financial firms don’t end with them. And we’ve already loosened regulations significantly due to IMF demands.”

“No, foreign investors still find it lacking. Look at financial centers like New York, London, and Hong Kong. There’s a reason money flows to those places. Simply seeking safety will lead to obsolescence.”

It was obvious that money would flow more readily with relaxed regulations. Shadows deepened on Park Young-geun’s face as I cautiously interjected.

“Eva speaks only from the investor’s perspective. Don’t take her words too seriously.”

“No, it’s important to consider foreign investors’ opinions too.”

But Park Young-geun waved his hand dismissively. Undoubtedly a perceptive man.

“By the way, didn’t you mention earlier that chaebols shouldn’t own non-banking financial companies?”

With a bright smile, Park Young-geun nodded earnestly.

“That’s what I believe. I know it’s a tough proposition.”

“However, most chaebols, including Il-sung, own insurance and securities firms, so their opposition will be fierce. Politicians who fear the chaebols won’t let such a bill pass.”

Indeed, most chaebols owned insurance companies. They used the premium payments from customers to buy stocks for defense of management control.

Ilseong Electronics’ largest shareholder was Ilseong Life. The rest of the chaebols were maintaining control in similar ways.

Park Young-geun understood this well. Proposing such a change essentially meant inviting conflict with the entire chaebol system.

Perhaps that’s why Park Young-geun’s smile appeared rather bitter.

“I get it. But I believe someone needs to take the initiative.”

“Director, then would you hold my hand?”

“You want to join hands?”

Park Young-geun looked puzzled by my sudden proposal.

Having listened to the exchange with Eva, I’d become convinced of his value.

“I plan to take down Il-sung.””

“Take down Il-sung?””

“Yes. In a few days, Eva here will fire the first salvo. That’ll just be the beginning.”

I pictured Seo Yong-geon’s face, sure that Il-sung would stand strong,, and a wry smile crept to my lips.

“I intend to erase the name Il-sung from Korea. It won’’t take long.”

Noting the seriousness on Park Young-geun’s face, he glanced back and forth at Eva and me before finally speaking up.

“Mergers and acquisitions between companies aren’t within my purview. I can’t get involved.”

“You can be honest. Didn’t you just criticize the operation of the pension funds? It’s true that they’re serving as the white knights for chaebols using the people’s money. So, how can you say you can’t get involved?”

“…That’s why I criticized them.”

The pension funds merely acted as rubber stamps. They held shares in major domestic companies, typically around 3-5%, but took no action.

Over time, the pension funds might start voicing their opinions, but that was not yet the time.

“You’re not actually managing the National Pension with competent experts. It’s being manipulated by the government there, isn’t it?”

“The National Pension consists of the blood and sweat of the people. We can’t just hand it over to others without care.”

Park Young-geun squeezed his eyes shut, gnashing his lips.

“I know. I know. But what’s the reality? When the government issues bonds, the pension fund buys them. Isn’t it true that close to 100 trillion won of the people’s money is being managed like a slush fund for the government? I believe the proper order would be to reform them first before discussing regulations on private financial firms.”

The National Pension, which accumulated 100 trillion won, had almost no agreement with external investment.

The World Bank even recommended that the National Pension entrust external experts with its management.

Yet they only created a façade of entrusting about 3% to experts while the majority was managed by parachuted executives without investment expertise.

“You want change? Then you should reform from within first. Only then will private financial companies follow suit. Otherwise, you’ll just remain a person who chose the easy path.”

Reforming from within always brought immense struggles. It was particularly difficult with rigidly structured public institutions.

That’s why Park Young-geun likely preferred to reform private financial firms first, keeping an eye on the financial authorities.

Perhaps realizing I had seen through him, Park Young-geun’s face slightly flushed.

“Director, I will help you with the reform. Would you hold my hand?”

“You will help with the reform…?”

“Since I think a principled man like you can be trusted.”

Seemingly caught off guard by my statement of wanting to take down Il-sung, Park Young-geun heesitated.

“…I’m not looking to reform for someone’s personal gain.”

“It helps me, but more importantly, it benefits the reform you’re seeking. Will you at least hear me out?”

Park Young-geun, in thought, eventually nodded. His face now held a sense of determination.

“I will listen and then decide.”

“To listen and decide… If you’re not going to join me, I can’t share anything. But if you firm up your thoughts, feel free to approach me anytime.”

“…”

I had no intention of passing on crucial information to someone who wasn’t on my side.

I stood up first. As I got to my feet, Eva followed suit.

Startled by my sudden movement, Park Young-geun tilted his head up to look at me.

“It was nice meeting you today. I had a productive time.”

Once I extended my hand in greeting, Park Young-geun, finally back to his senses, stood up as well. I smiled gently as I offered my hand.

“Do visit whenever you solidify your decision.”

As Park Young-geun glanced back and forth between my smiling face and hand, he shook my hand while shaking his head slightly.

“President Kim Mu-hyeok, you truly are an upredictable person.”

“Haha, I get that a lot.”

After finishing our handshake, Park Young-geun reached out to Eva beside him.

“It was nice meeting you too, Representative Eva. You’ve been very helpful.”

“I feel the same. I welcome the likes of someone like you, Director. Please stay in touch.”

After shaking hands with Park Young-geun, Eva handed him her business card.

Having already settled the bill, Manager Ma led us directly to the parking lot.

Before parting, Park Young-geun pulled out his wallet and took out his share of the meal.

After observing his wrinkled hand extend the cash for some time, I smiled.

“You really didn’t have to. But thank you, I’ll gratefully accept it.”

The first impression of a principled civil servant lingered once more.

As Manager Ma received the money, he called out to Park Young-geun who was about to turn away.

“Director, let me take you home.”

Park Young-geun stopped in his tracks, shaking his head and smiling. The creases at the corners of his eyes softened his expression.

“I still have two strong legs. I’ll happily accept your good intentions, but let’s meet again when we get the chance.”

With those words, Park Young-geun strode out of the restaurant.

I watched until his silhouette disappeared into a point before turning away.

“Let’s go too. Eva, why don’t you come to the Myeong-dong office with me for a bit?”

“Okay, Boss.”

As Eva and I got into the car, we headed toward Myeong-dong.

“Boss, why didn’t you persuade Director Park more?”

Looking out the window, Eva suddenly asked. It seemed she was quite taken by him during our discussion.

“Well, he’s a principled guy, but someone like him needs to hit a wall before he’ll understand. No amount of talking will get through.”

“But if we could win him to our side, it would help ease regulations unfavorable to Taesan Financial or help topple Il-seong, right? Isn’t that why you reached out to him?”

She had a point. Seeing him converse with Eva made me more convinced that I had to recruit him.

However, Park Young-geun hadn’t yet hit that wall, so he didn’t take my hand.

I crossed my legs and smiled.

“I’ve cast the bait; now, I just need to wait for the bite. But I will definitely reach out to him. A revolutionary who hasn’t faced frustration will eventually rely on someone when met with reality.”