Chapter 423: You’re Only Looking Out for Yourself

Time flew by, and autumn was already coming to an end.

A week after Cheon Su-han’s funeral, Ji-young finally reached out.

“Oppa.”

Her voice sounded hollow, as if her soul had left her body. Not wanting to make things harder for her, I responded casually, like I always did.

“Hey, Ji-young.”

“I’m sorry.”

“For what? What are you talking about all of a sudden?”

“Just… you know.”

“Don’t say unnecessary things.”

Knowing why Cheon Ji-young was acting this way made my heart ache even more.

“Oppa… thank you.”

I let out a quiet sigh, making sure Ji-young couldn’t hear it, then spoke.

“Ji-young, why are you sorry? You didn’t do anything wrong. So stop apologizing. If you keep saying sorry for something that’s not your fault, I’ll keep thinking about it too. Let’s not do this. You’re my only sister, my family. Let’s just focus on that.”

“Oppa…”

“I’m not going to dwell on the past anymore. I’m only looking forward now. So you need to move on from the past too. How long are you going to apologize every time we meet?”

I noticed the hint of tears in her voice over the phone, but I continued speaking.

No matter how much Cheon Ji-young tried to act cheerful, her eyes always betrayed her guilt.

Until now, I’d pretended not to notice, and Ji-young hadn’t brought it up either.

“For now, take some time off work. Rest, recover, and sort out your feelings. When you’re ready, give me a call. We’ll grab a meal together.”

“…Okay. Thanks for your help this time. I’ll call you later.”

Ji-young thanked me one last time before hanging up.

I pressed my eyes with one hand and let out a long sigh. Well, at least things with Cheon Su-han are wrapped up. It’s a bittersweet feeling.

I placed my phone on the desk and sank into my chair. Closing my eyes for a moment, I let my thoughts wander.

Ji-young might be delicate, but she’s a strong girl. She’ll find her way through this.

After clearing my cluttered mind, I opened my eyes.

I adjusted my posture and picked up a document from the desk.

The document detailed Cheon Ji-won’s current plans.

“This bastard just can’t learn his lesson, can he?”

Cheon Ji-won had squandered a significant portion of the fortune his grandfather left him on gambling and entertainment.

But in the process, an interesting fact came to light. Professional con artists, including card sharks, were systematically fleecing Cheon Ji-won.

“Wow, he’s been completely played for a fool.”

Well, a rich guy like Cheon Ji-won who knows nothing about the real world is prime prey for con artists.

Whether to recover his lost money or not, Cheon Ji-won was preparing an operation.

He had joined hands with the major shareholder of Cheonseong Bio, a KOSDAQ-listed company, and prepared an operational fund of 100 billion won.

Not only Cheon Ji-won, but other third-generation chaebol heirs and even officials from the Ministry of Strategy and Finance were involved.

But something felt off. This shouldn’t have been Cheon Ji-won’s doing originally, right?

No matter how much I racked my hazy memories, I was certain this wasn’t an incident Cheon Ji-won was involved in. Plus, the amount was much smaller.

It seems the future has changed because of me.

I put down the document and pondered. I could definitely use this to put Cheon Ji-won in a tight spot. But how should I use it?

‘If I expose this to the media now, it’ll probably be reported as just another reckless act by chaebol heirs. Should I let the situation escalate and then completely bankrupt Cheon Ji-won and send him to prison?’

Since I’ve got leverage, I might as well use it.

I pressed the call button next to me to summon Manager Ma.

“Look into a couple of tight-lipped teams among the stock price manipulation operation groups.”

“Stock manipulation groups, sir?”

“Yes. We need to throw a wrench in Cheon Ji-won’s plans. So find a reliable team.”

“It’s not difficult to find them, but getting involved in stock manipulation is risky. It could tarnish your reputation, Boss.”

In response to Manager Ma’s concerned words, I waved my hand dismissively.

“I understand your concerns. I’m just planning to escalate things a bit. I want to make Cheon Ji-won completely destitute.”

“I see. I’ll look into it.”

“Do it discreetly. My name must not be involved under any circumstances.”

“Yes, I’ll make sure of that.”

“And…”

As I lowered my head slightly, I saw Cheon Ji-won’s name on the report.

Tapping the three irritating characters of his name with my index finger, I continued speaking.

“Track down the gambling ring that fleeced Cheon Ji-won. Even though he’s lost his influence, running a gambling scam on a chaebol heir is impossible without someone backing them up.”

Someone must be involved. No matter how gutsy these guys are, they wouldn’t dare approach Cheon Ji-won without someone feeding them information.

“Understood. I’ll have them rounded up immediately.”

“Is there anything else to report?”

“We received a call from Miss Cheon Ji-soo.”

“Cheon Ji-soo? What for?”

“She requested a meeting with you, sir. She was quite insistent about it.”

Why would that vixen want to see me? Ah, it must be because of that.

I’d heard that Seo Jae-hoon had arranged a separate meeting with Cheon Ji-soo and Cheon Ji-won at the funeral home.

She must be pretty desperate to come looking for me.

“Set up an appointment. Not this week, but next week. Tell her to come to the Myeong-dong office. Check my schedule and let me know when I’m free.”

“Understood.”

Manager Ma bowed his head and left the study. As the door closed, I closed my eyes and once again etched my future plans into my mind.

The Fair Trade Commission had expressed opposition to Ilseong Electronics’ physical division.

There was clear evidence that the physical division had infringed on shareholders’ rights.

They also issued an administrative order to cancel the approval for the new corporation and make decisions through a proper shareholders’ meeting.

Simultaneously, the Financial Supervisory Service and the Financial Supervisory Commission also made their move.

They ordered the sale of shares in Ilseong Group’s non-financial affiliates held by Ilseong Life Insurance, Ilseong Fire & Marine Insurance, Ilseong Card, and Ilseong Securities.

But I wasn’t satisfied with just that.

I leaked the credit card companies’ insolvency, which was only supposed to become public knowledge next year, through the media.

“Mr. Kim. You…”

I received a call from Kim Hak-gwon. The front-page article about credit card insolvency in the Goryeo Daily seemed to have ruffled his feathers.

“Mr. President, I’m honored to receive your call so early in the morning.”

“Are you mocking me?”

“Not at all. I’m being sincere.”

“Why did you expose the credit card companies’ insolvency? Our economic advisors, including the chief economic advisor, believe we can still manage. There’s no need to stir up public anxiety, is there? Am I wrong?”

Using the public as an excuse. If we’re being honest, the government was the root cause of all this.

To make up for the decreased tax revenue due to the foreign exchange crisis, the government eased regulations on credit cards to collect taxes from citizens rather than corporations.

On top of that, they created a system of small-sum tax deductions for credit card use, offering tax benefits for using credit cards.

In the end, it was the government’s economic stimulus policy that created this situation.

“The longer we hide the insolvency, the more the public’s losses will accumulate. If we’re going to expose it, it’s better to do it sooner. For the sake of the public.”

“…”

“It’s more beneficial for the next administration if this blows up at the end of your term. You won’t have to worry about any backlash, Mr. President.”

I reassured Kim Hak-gwon with political logic. After a long silence, Kim Hak-gwon finally uttered a word.

“I trust you.”

With those words, Kim Hak-gwon hung up.

Everyone’s just looking out for themselves.

I put down my phone and shifted my gaze to the monitor.

I clicked on the Goryeo Daily article prominently displayed on the internet window.

[The Dark Shadow of Credit Cards: The Rise of Credit Delinquents]

Mr. Bae, a 30-year-old Seoul resident, earns about 1.5 million won a month from his job.

However, the payment due on his four credit cards this month approaches 5 million won.

Starting with a card debt of 1 million won at the beginning of the year, he began taking cash advances to pay off his debts, causing the amount to snowball.

If Mr. Bae’s debt continues to grow at this rate, he’ll likely be unable to avoid the stigma of becoming a credit delinquent.

One in ten Korean adults, from college students in their 20s to office workers in their 50s, has been labeled a credit delinquent.

(Omitted)

Professor Kim Hyun-sik (Business Administration, Korea University) warned that if the current situation persists, the number of credit delinquents could increase exponentially.

Unlike developed countries where social security systems and relief measures are well-implemented, Korea has no relief measures in place for credit delinquents.

He warned that a crisis even greater than the 1997 foreign exchange crisis could engulf society.

After reading through all the articles, I scrolled down further to check the comments section.

“They encouraged us to use credit cards with tax deductions and all sorts of policies, and now they’re telling us to be careful?”

“This article is out of touch with reality. Stop spreading anxiety and come up with realistic solutions.”

On one side, people defended credit cards.

“I’m a credit delinquent. Ask me anything.”

“Is it inconvenient to live? I’m about to go crazy because of my card bills these days.”

“It’s tough. I want to die. Don’t become a credit delinquent.”

On the other side, people who had realized the reality amplified the anxiety.

I closed the internet window and stood up from my seat.

Starting with the Goryeo Daily, numerous media outlets will begin writing articles about credit card insolvency.

The moment the Financial Supervisory Service begins its audit in line with this, the level of credit card debt was bound to increase.

The problem lay with the card companies that issued the cards. They had been injecting funds through bonds called card bonds.

However, as the number of people defaulting on their card payments increased, they reached a point where they couldn’t handle the interest on the card bonds.

The government, aware of this, had been providing emergency loans to card companies through the Industrial Bank of Korea.

But trying to plug a hole in a dam with your hand is futile. You’ll only get swallowed by that hole.

Eventually, the small hole grows larger, leading to overall insolvency.

No one can stop this massive wave.

People working in card companies know that blocking cash advances will result in a surge of credit delinquents.

But if they don’t block cash advances, the card companies will falter.

In the end, a choice had to be made. I just brought that choice forward a bit.

“I didn’t realize the card companies’ insolvency was this severe. Fortunately, card companies with banks as parent companies will be fine, but corporate card companies might face funding issues.”

I nodded at Manager Ma’s words. Ilseong was the target, but other companies seemed to have been swept up as well.

“Ilseong Card has somewhat capable people, so they reduced the proportion of cash advances. Because of that, they won’t suffer huge losses, but it’ll still be a significant amount. The only card that can avoid this bomb is Taesan Card.”

I had been advising Ha Myung-hoon since last year, and Ha Myung-hoon accepted it, strengthening the card issuance screening process.

Taesan Card lost many customers as they reduced the cash advance ratio and lowered credit limits.

But Ha Myung-hoon was strong in times of crisis.

As the card company’s sales decreased due to fewer customers, he started creating cards for VIPs.

He first partnered with American Express.

He secured the exclusive rights for the American Express Centurion Card in Korea and promoted it to chaebols.

The so-called Black Card, the Amex card, wasn’t something you could get just because you had money.

Instead of customers applying for the card, the card company selected potential customers and sent them invitations to acquire customers.

In the end, Korea became the third country in Asia to partner with them, following Hong Kong and Japan.

“This crisis will be an opportunity for Taesan Financial. Chairman Ha Myung-hoon will handle it well, so let’s leave that alone… Now, shall we begin?”

I picked up my phone again.

After a few rings, Eva’s voice came through.

“Eva. Start now.”

“Okay, Boss! I’ve been waiting for this moment.”

“Make it clear in the public notice that this is a tender offer for management rights.”

“Of course!”

Eva’s voice was full of confidence and power.

If Chairman Seo Yong-geon was in his right mind, he would have done everything to stop this.

But with Chairman Seo Yong-geon in a coma, Seo Jae-hoon can’t stop this.

“I’ll meet with the chaebol chairmen myself to negotiate, so you don’t need to worry about that. Just hold onto the friendly stakes we’ve secured.”

After a brief call with Eva, I headed to the meeting place.

It was a high-end Japanese restaurant in Myeong-dong.

As I got out of the car and passed the main entrance, I saw a man arguing with the manager.

“No! I made a reservation here.”

“I’m sorry, sir. But we can’t allow you in with that attire.”

“Sigh…”

“I’m very sorry.”

The manager’s tone was polite, but there was contempt for the man hidden in it.

‘Tsk. People who divide others by class exist everywhere.’

I moved on, guided by another manager.

Just then, the man called out to me from behind.

“M-Mu-hyeok.”

I stopped at the familiar voice and turned around.

After confirming the man’s face, I let out a small sigh. The man arguing with the manager was Hong Jin-pyo.

“Jin-pyo?”

“Yeah, it’s me. Jin-pyo.”

I signaled to Manager Ma, who had stepped forward. Noticing my intention, Manager Ma spoke up.

“He’s our guest. We’ll take him with us.”

“B-But…”

“I said he’s our guest.”

“I’m very sorry.”

The manager, who had been firm with Hong Jin-pyo, now kept bowing in apology.

Manager Ma, who had been looking down at the manager, approached Hong Jin-pyo.

“Mr. Hong Jin-pyo, shall we go together?”

I spoke casually to Hong Jin-pyo, who came with Manager Ma.

“Did you come from work?”

“Huh? Y-Yeah…”

“I see. It’s good to see you. Let’s go in first.”

I led Hong Jin-pyo into the reserved room.