Chapter 90: A New Challenge for the President

The 400 billion won I received from my grandfather became the seed money for an investment that brought me immense wealth.

“Yes, it’s my company.”

Given the numerous articles about Han Gyeong-yeong, my grandfather couldn’t possibly be unaware.

He knew I had asked Chief Ha to locate Han Gyeong-yeong and then sent him to the U.S.

However, unless it was the U.S. government, no one could know exactly how much capital I had.

“This all started with my slush fund, right?”

“Yes, I began investing with that money.”

My grandfather nodded.

But that was all he had to say.

He didn’t ask how much I had.

“Aren’t you curious about anything else?”

“I trust you’ll manage well. You didn’t do it alone, did you? That’s all that matters.”

“Thank you for believing in me.”

“Ha ha, even without my help, you would have succeeded. I just sped up the process a bit.”

That was both true and not.

Without my grandfather’s support, it would have been tough to meet Han Gyeong-yeong, and it would have taken much longer to grow my wealth.

“No, your help was crucial, Grandfather.”

“Alright, I’ve helped you enough. Now I need to rest.”

“……”

My grandfather seemed to let go of many burdens.

“But be careful of the Cheongpung Group. They’re more entrenched in Korea than you think.”

“I know. I’m aware.”

“If your odds aren’t above 70%, don’t think about confronting them.”

My grandfather added with a grave expression.

“I’ve managed to divert their attention for now, but who knows how long that will last? You understand what I mean, right?”

“When did you meet them?”

“I did meet them and issued a warning. I received a warning too, but… for now, they won’t harm you.”

Hearing my grandfather’s words helped me understand why the Cheongpung Group had remained silent despite losing Gangnam.

I felt grateful knowing how difficult it must have been for him to meet someone named Lee Yong-hyun.

“Thank you, Grandfather.”

“Ha ha ha.”

My grandfather only chuckled, saying nothing more.

The election results dragged on late into the night without clarity.

My grandfather, clearly tired, went to bed, while I headed to my room to wait for the election results alone.

Eventually, with 504% of the votes, Kim Hak-gwon’s victory was confirmed.

The outcome was unchanged.

However, due to my actions, the Cheongpung Group had to act more aggressively than originally planned to support Kim Hak-gwon.

Not long after the victory announcement, the phone rang.

“This is Kim Mu-hyeok speaking.”

“This is Kim Hak-gwon’s campaign office. Is this Kim Mu-hyeok?”

“Yes, that’s me.”

“The candidate wishes to speak with you. Please hold for a moment.”

“Sure.”

After a few minutes, Kim Hak-gwon’s familiar voice came through the line.

“Thank you. It was thanks to you that we could win.”

“No, it was your strength that did it.”

“Nonsense, there’s no need for humility. Without support, I would have likely lost. I’ll reach out to Boss Han separately, but I wanted to contact you first.”

“It’s an honor, sir.”

“Ha ha ha, the term ‘sir’ makes me uncomfortable. I plan to eliminate it once I become president. I’m busy now, so let’s meet another time.”

“Yes, Mr. President, take care.”

The brief call ended.

I stared blankly at my phone in the dim room as the faint light faded, plunging the space into darkness.

‘Fortunately, I stopped the Cheongpung Group’s influence from growing, but even with Kim Hak-gwon’s camp, their power still looms.’

In the past, the Cheongpung Group’s influence hadn’t diminished after a regime change.

The bureaucrats and National Assembly members remained the same.

The Cheongpung Group used them to blind the president’s eyes and ears.

Even the Progressive Party must be under their thumb; many National Assembly members were likely aligned with the Cheongpung Group.

‘Alright, this will do for now.’

It was time to set aside politics and prepare to save Korea.

Outside the window, the morning sun was slowly rising.

The election was over, but the chaos in the domestic economy wouldn’t settle easily. Ultimately, Kim Hak-gwon hinted that he would accept all the IMF’s demands.

I had been on the phone with Eva since early morning.

“Eva, is everything ready?”

“No problem, Boss.”

Eva had accomplished far more than I had imagined.

She had recruited key figures from the Mo-Fia to serve as outside directors for Future Investments, covering both business and political spheres.

Mo-Fia refers to former Treasury officials, a blend of ‘Ministry of Finance’ and ‘Mafia’.

Though it sounds negative, their influence could shake our economy.

Eva had used a lot of money to bring them on board.

“Then let’s get started. Contact me anytime if funds run low.”

“That sounds reassuring.”

“Oh! And you know Peregrine, right?”

“The investment bank in Hong Kong?”

“I heard rumors they might go bankrupt soon. Can you check it out? I’m considering a takeover.”

“Really? Is that okay?”

Eva’s voice was filled with excitement. To finance professionals, Peregrine was a significant entity.

“You can handle the negotiations, right? I can’t manage everything myself.”

“Boss… thank you. I’ll definitely secure it.”

“Don’t overextend yourself. The Hong Kong government will gladly welcome this, even if they have to declare bankruptcy. The symbolism of Peregrine won’t disappear.”

“I understand what you mean.”

“If you take over with their debts, it should only cost about 1 dollar. Just ensure you get as much debt forgiveness as you can.”

“Yes! Boss!”

“Keep an eye on Korea as well. Try to buy up all the real estate that hits the market as cheaply as possible, especially the Eunmi Apartments. We need to absorb all of it.”

Until I hung up, Eva couldn’t hide her excitement.

It wasn’t surprising to see her so happy.

After being ousted from HSBC, she now had a chance to rebuild her career with me.

It was a golden opportunity to signal her grand return to the Hong Kong financial scene.

* * *

After finishing the call with Kim Mu-hyeok, Eva found it hard o focus on anything else.

She reached out to Hong Kong to inquire about Peregrine and found that the rumors Kim Mu-hyeok mentioned about banruptcy were indeed circulating.

“Keep digging. I’ll fly to Hong Kong tomorrow and will reward you generously for thorough information.”

“Eva, what kind of line did you catch?”

“Ha ha, a killer opportunity, Boss. See you tomorrow!”

Peregrine was a company of significant importance in Hong Kong.

It was established by a coalition of Chinese capitalists and grew rapidly during Asia’s economic boom.

In less than 10 years, it had recorded over 40 times growth, earning a reputation as the best investment bank in Hong Kong, if not all of Asia.

Eva felt sincere gratitude towards Kim Mu-hyeok for giving her the hance to acquire such a company.

After finishing her preparations, Eva arrived at the airport and called Kim Mu-hyeok.

“Boss, I’m heading to Hong Kong now.”

“Good luck!”

“I’ll repay you with results you can be proud of.”

“Ha ha ha, sounds good.”

After hanging up, Eva stared at her phone for a while, smiling.

‘It looks like I’ll be welcoming the New Year in Hong Kong.’

The plane carrying Eva took off, leaving a long trail behind as it departed Korea.

* * *

With the influx of CEOs from major corporations visiting my grandfather, Pyeongchang-dong was bustling.

The dollar exchange rate nearing 2000 won was concerning, but the inability to obtain dollars meant that major corporations could no longer wait passively for government assistance.

As I mentioned, my grandfather would leverage the dollar as a means to obtain many things that money couldn’t buy from these corporations.

Trusting my grandfather, I decided to focus on my own responsibilities.

While I was deep in thought, the sliding door opened.

I stood up and greeted the visitor.

“President Yoon, it’s been a while.”

“Ha ha, indeed it has.”

Chairman Yoon, looking much healthier than before, smiled as he took a seat.

“I can’t tell if it’s the weather that’s cold or the world itself.”

“It’s a tough winter for all of us.”

As Yoon said, Korea was indeed experiencing a harsh winter in 1997.

“I heard that Pyeongchang-dong is bustling; it seems Chairman Cheon is enjoying a second golden age.”

“Ha ha ha, he’s certainly having a tough time!”

“But isn’t it a spring that won’t come around again?”

Yoon had become quite the politician himself.

“Ha ha ha, perhaps you’re right!”

“So, what brings you here today?”

Despite the impending change in administration, Yoon appeared unconcerned.

It made sense; although this administration appointed him as president, he never acted merely as a hunting dog for the regime.

During this time, Yoon had leveraged all his authority to conduct rigorous investigations into economic crimes, frequently making headlines.

“It’s time to take action against Jungwoo Group.”

Yoon’s previously smiling face suddenly turned serious.

“Jungwoo Group…”

“You’ve already begun the investigation, right?”

“I have, and it’s no joke. Even an immediate arrest wouldn’t be enough; there are so many charges—accounting fraud is just the tip of the iceberg. We could also charge them with embezzlement, illicit funds, and violations of foreign exchange regulations, among others.”

Yoon shook his head, a worried expression creeping onto his face.

“But do you think the public would support an investigation into Jungwoo Group? It’s not a small matter to take down the nation’s third-largest conglomerate.”

It was indeed no small thought to consider the downfall of Jungwoo Group.

Recently, Ashin Group had collapsed, but the remaining top ten groups were still holding strong.

However, if Jungwoo Group fell, the repercussions would be unimaginable.

“Public opinion isn’t what matters here. It’s a festering wound ready to burst. It’s better to address it quickly for the country’s sake. Chasing after short-term popularity could leave us powerless to act, you know that, right?”

“Hmm…”

Yoon fell into a deep thought, his expression darkening.

After a long pause, he finally spoke, knowing the answer already.

“When should we start?”

“Let’s begin after the presidential inauguration next year.”

“That’ll put pressure on President Kim Hak-gwon. The relationship between him and Chairman Park Dae-ho of Jungwoo Group is quite close.”

The chairman of Jungwoo Group was a unique individual.

Despite the foreign exchange crisis, he continued investing abroad, shouting for globalization.

Under the protection of the military regime, he aggressively expanded his company through mergers and acquisitions.

Yet, it was merely a sandcastle built on debt.

He would use his connections with the president to evade taxes using the gold bars collected in the upcoming gold mobilization campaign next year.

“I’m aware of that. That’s why I’m suggesting we act after the inauguration; I’ll ensure the president doesn’t use public funds. Just handle it legally, and make sure they can’t wriggle free.”

Yoon had to be mindful of Kim Hak-gwon as he was about to take office.

However, during the transition team period, the president held the most power; it would be much easier to act after the inauguration.

“Once the investigation starts, major media outlets will flood the scene with negative articles about Jungwoo Group. The IMF and other countries’ economic officials will pressure the government. Jungwoo Group is a tempting target for them too.”

Among the conditions demanded by the IMF, Wall Street’s strong influence was evident, calling for an expansion of foreign market openings, especially in the financial capital market.

In simple terms, it meant allowing foreign mergers and acquisitions.

Korean companies were a lucrative target for investors.

They wanted to dismantle the unique corporate structure built on circular shareholding.

“If there’s pressure from the U.S., the president won’t be able to act easily.”

“No, there won’t be any harm to you, I assure you. But we can’t just hand our companies over to foreigners. I’m planning to take action myself.”

“You?”

“Yes, I intend to liquidate the failing companies and focus on acquiring the profitable ones. With the funds from Dream High Investment, there won’t be any issues in the acquisition process.”

“Aren’t they ultimately American capital?”

I looked at Yoon, who wore a worried expression, still smiling.

“Money knows no borders; it all depends on who wields it. The government might find it more favorable for Han Gyeong-yeong to take over. After all, hyena-like investors will undoubtedly swarm the scene.”

Using Eva, I planned to take an adversarial position in the acquisition battle, while Han Gyeong-yeong would align with the government’s interests.

The struggle between Eva and Han Gyeong-yeong would create a situation where I could benefit no matter the outcome.

“I must take Jungwoo Group for myself, Chairman Yoon.”