Chapter 82: Political Maneuvering

“This year, it’s going to be tough to get it passed. With the presidential election and the economic crisis, everyone is busy managing votes. If the Interest Limitation Act is abolished next year, please make an effort to support it,”

If the lobbying of the Cheongpung Group and my grandfather were combined, the law could easily pass without issue.

“But Mu-hyeok, even the IMF chairman and foreign investment banks say that the Korean economy isn’t in crisis. The people in the government echo the same sentiment—everything is fine,”

As my grandfather said, interviews with the current government officials, as well as the big foreign investment banks and the IMF chairman, were making headlines daily.

However, believing those words caused many citizens to lose their jobs, their companies to fail, and their families to be shattered.

All because they trusted the government.

“The amount of money thrown into the exchange rate is staggering. Eventually, the foreign currency reserves held by the government will run dry. From there, it’ll become prey for foreign hedge funds, starting with Southeast Asia, which is even more vulnerable than us,”

“Hmm…”

“You know the media moguls, right? Could you introduce me to them?”

“The media?”

“It seems I’ll need to utilize the media starting from the end of the year, so it would be good to get familiar with them in advance.”

“Got it. I’ll arrange a meeting soon. It’ll be completely different from the people you’ve met so far; these folks think of themselves as the elite who control Korea,”

“Yes, I understand,”

Before the internet advanced and various portals appeared, all information was conveyed to the public through newspapers and broadcasts.

Public opinion shifted based on the editorial stances of different news outlets.

The media, which survived as mouthpieces for military regimes, was now manipulating public opinion for their own interests.

“I’ll set up a meeting soon. When I introduce you as my successor, it should be easier,”

“Thank you,”

Using just the prosecutors and the media, obtaining what I wanted was straightforward.

The conversation with my grandfather continued for quite a while.

A few days later, my grandfather arranged a gathering at a hotel owned by Goryeo Daily.

“Chairman Cheon, it’s been a while,”

“Yes, Chairman Ko, how have you been? I hear you’ve handed everything over to your children and are enjoying a leisurely life,”

“Isn’t it time for us to step back? I heard you’ve also passed everything to your grandchild? That grandkid is a bulldozer; rumors say Chairman Jang of Hyeonbo Group is having a tough time with him,”

“Haha,”

Chairman Cheon and the five major media moguls exchanged greetings and reminisced.

“Today, my grandson wanted to meet you all, so he asked me to arrange some time,”

“Really?”

All five gazes turned toward me.

“Hello, I’m Kim Mu-hyeok,”

“You look young. How old are you?”

“I’m twenty-four this year. It’s an honor to meet leaders who have guided an era,”

“Haha, what a polite young man,”

The atmosphere was pleasant.

“The reason I asked my grandfather to introduce me to you all is that I want to carry on the connections he’s maintained since his time. I hope we can have a good relationship,”

“Haha, what power do old fogies like us have?”

Chairman Ko, the head of Goryeo Daily, the most widely circulated newspaper among the five media outlets, continued to respond as their representative.

“Thanks to you, our country could come this far without major issues. Just because we’ve stepped back from the front lines doesn’t erase what we’ve done. I’ll appreciate your guidance,”

I bowed my head again in greeting.

I’d probably end up dealing with their sons rather than seeing these men again, but for now, everything was still being adjusted to their tastes. There was no helping it.

Korea’s public opinion is still swayed by the newspapers. If I turned against them, I’d be powerless.

As we each took turns greeting, they handed me blank business cards.

Only five cards.

But these could serve as powerful weapons to influence Korea’s public opinion.

Of course, there are reporters and editors who work on-site, but they can be kept in line with consistent bribes.

Eventually, I excused myself first. That day, my grandfather’s gathering with the media moguls continued late into the night.

* * *

During a National Assembly hearing regarding the bankruptcy of Hyeonbo Steel, Chairman Jang’s remarks became a hot topic.

“Even with additional funding, company executives claim we could only last a few months. What are your thoughts, Chairman Jang?”

“Haha, how would I know, as the owner, what the servant thinks?”

It represented the mindset of major corporate owners.

The owner of the company views themselves as the sole proprietor, while all employees beneath them are merely servants.

His unfiltered comment during the nationally broadcast National Assembly hearing stirred public outrage.

“He’s lost his mind, tsk tsk,”

Chairman Song shook his head while watching the hearing footage on TV.

“I doubt he’ll come to his senses before he dies,”

“Probably. So, what’s the latest today?”

“What’s going on with Hyeonbo Steel and Construction?”

When the topic of Hyeonbo Steel and Hyeonbo Construction came up, Chairman Song’s expression brightened again.

“Those guys made my life difficult. They dragged out negotiations with the government and ultimately decided to acquire without getting a proper debt reduction. I’ve told the creditors and government officials that if they sell it for a pittance, I might intervene, haha,”

Originally, Daehyeon had acquired Hyeonbo Steel.

It was a poisoned chalice, carrying 5 trillion won in debt, but Daehyeon had no options after falling out of favor with the regime.

Even after reducing about 1.4 trillion won in debt, acquiring Hyeonbo Steel with over 3 trillion won in debt ultimately became a boomerang, eating away at Daehyeon.

“Il-sung and Jungwoo will prrobably wobble soon. You should just enjoy your good fortune, Chairman,”

“What? Hahaha,”

Chairman Song laughed heartily, then looked at me with warm eyes.

“How’s Hyun-ji?”

“I meet her occasionally,”

“You should see her more. Youth doesn’t come back,”

“Yes,”

“How’s the construction in Daechi-dong going?”

“Thanks to the help from Daehyeon Construction, it’s proceeding without issues. We expect to complete it soon,”

Chairman Song nodded.

With the aid of Daehyeon Construction, the construction period had been significantly shortened, and everything was set to conclude shortly.

Without Chairman Song’s support, meeting the completion date would have been impossible.

“I’ve heard rumors that Ashin Group is going to collapse. Have you heard anything?”

“Hmm…”

Ashin Group.

A large conglomerate with numerous subsidiaries like Ashin Motors, Ashin Heavy Industry, and Ashin Electronics, employing tens of thousands.

Yet due to severe cash flow issues, rumors of bankruptcy were spreading.

“Ashin, huh?”

Ashin was uniquely structured compared to other conglomerates.

Unlike typical businesses owned by specific families, Ashin Group had a well-established professional management system, making it a model case.

In 1993, Il-seong Group entered the automottive field and began acquiring stocks en masse.

When public opinion grew turbulent, they sold some, but it was well-known that Il-sung was eyeing Ashin Mootors.

“Il-sung is likely lobbying hard to acquire Ashin Motors. They’re pressuring the political sphere and banks to cut off funding,”

Chairman Song nodded at my words.

“I know, but I don’t have a reason or method to stop it,”

However, Ashin Motors would eventually fall to Daehyeon.

“Don’t do anything. Just let it flow. Once the regime changes, we can act then. The presidential election is coming up soon, isn’t it?”

Chairman Song wore a puzzled expression.

“But come on, it’s obvious the ruling party will win, right?”

It was true that the ruling party’s candidate had significantly higher approval ratings than the opposition.

Still, I shook my head.

“I don’t see it that way. The ruling party is going to fall apart.”

“What?”

“The presidential candidate is clearly positioning himself against the current president. I doubt the president will support him at all. Instead, he’ll back someone else, splitting the ruling party’s votes. In the end, the opposition will snatch the victory.”

“No way. They said the opposition would win in the first presidential election after the 5th Republic, but what happened then?”

“Back then, the opposition’s votes were also split.”

“So you’re saying the opposition will win this time?”

“Yeah, I’d put my money on the opposition if I were betting.”

Chairman Song’s frown deepened.

I was already aligned with the opposition party.

Of course, it meant I had to contribute a massive political donation.

“A change of power…”

“I bet other large corporations are counting on the ruling party to win.”

Even if the ruling party’s votes were splintered, the opposition’s candidate would barely win by 500,000 votes.

Moreover, in this era, a change of power seemed distant, which explained Chairman Song’s concerns.

“The sooner you place your bets, the better. I’ve already started backing the opposition. You can make your choice, but don’t forget my advice.”

“I’ll think it over.”

“Alright, I’ll take my leave for now.”

Leaving behind a contemplative Chairman Song, I climbed into the car with Manager Ma.

“Manager, you asked me last time why I only share information with Daehyeon, right?”

Not too long ago, Manager Ma had posed that question to me.

Why was I focusing solely on Daehyeon?

“I have something to bring later. It’s all part of the groundwork. Of course, my relationship with Grandfather influenced it too.”

What I was aiming for was Daehyeon Electronics.

In the future, it would merge with Geumsung Group’s Geumsung Semiconductor, becoming a successor to Il-sung Electronics, but itt faced a liquidity crisis and eventually split from Daehyeon Group.

“I plan to use Ashin Motors as bait to draw in Daehyeon Electronics. I want to maintain a good relationship with Chairman Song.”

In the past, we had no ties, but this time, we formed a rather deep connection. I had no intention of forcibly merging with them.

“If they don’t hand it over, I can always buy it later when it’s on the market.”

I didn’t catch Manager Ma’s response as the car gradually drove into the darkness.

While everyone’s attention was on Hyun-bo’s hearing, the progressive group that once comforted the common people with soju ultimately faced bankruptcy.

To prevent a series of bankruptcies among large corporations, the government led the creation of a deferral agreement, but it couldn’t save the progressive group from collapse.

The six subsidiaries of the progressive group were designated as the first targets of the deferral agreement.

By May, the government expanded the foreign stock investment limit from 20% to 23% in an effort to attract foreign investors.

However, the bankruptcy of Sambo Foods, the nation’s largest baking company, continued the chain of failures.

At that time when Korea was engulfed in an economic crisis, all my attention was directed towards Thailand.

Hedge funds here are poised to launch an attack on the Thai Baht soon.

Han Gyeong-yeong reported to me about the impending attack on Thailand before I even mentioned it.

“That’s likely. You should start your attack in sync with their positions. How much can you move immediately?”

I can mobilize $10 billion; the rest is all tied up in stocks.

“Let’s secure more funds through stock collateral loans. Aim for $20 billion.”

Okay, are we following their lead this time?

“Of course. Our basic positions will mirror theirs, but other corporations will take different positions. I’ll leave it to the staff, and you just wait for my orders. I’ll deploy funds across six corporations—three for me and three for you.”

Han Gyeong-yeong chuckled derisively.

Another all-in strategy?

“Of course.”

Hah… do you have a heart of steel? Aren’t you afraid of losing?

“Not really. But if I just run away from fear, I’ll never win. Just stay ready; it’s about to kick off soon.”

The onset of the Asian economic crisis began in Thailand. An attack from Wall Street was imminent.