Chapter 19: A Chaebol’s Responsibilities

If you see him as just a compassionate child, you’re making a mistake. When running a company, there are far more times when you need to be ruthlessly cold than when you need to show compassion.

“Ahem… The employees? Why are those people here?”

“Because of us, those men can’t play. Even though it’s Children’s Day.”

In that instant, I felt Lee Hak-jae’s sharp gaze on me. He held my gaze for a brief moment but it felt like an eternity.

“Those people are just doing their jobs. Whether it’s Children’s Day or a Sunday, they’re each doing their assigned tasks. Besides, they’ll rest tomorrow instead of working today.”

“It’s because we’re the only ones here. Those people might start to hate us now.”

Once again, that piercing gaze fell on me.

Did he catch the hidden meaning behind my words?

If they grow to dislike us, they’ll also dislike Soonyang. In the end, they’ll lose consumers.

I was curious to hear what he would say.

“Do-jun.”

“Yes, Uncle.”

“If someone starts to hate you, do as your grandfather would.”

Oh no! I miscalculated his thoughts.

“What does Grandfather do?”

“He turns hatred into fear.”

His words exploded like fireworks in my mind.

Damn it, I still couldn’t break free from a servant’s mindset.

To become a true owner, to become the Chairman, I couldn’t afford to concern myself with such trivial worries.

Improving productivity, maximizing sales and customer satisfaction were trivial matters for underlings to worry about.

A Chairman and a manager are different.

A manager fattens the company, but a chaebol’s Chairman doesn’t just earn money. A Chairman wages war.

Forcing hateful enemies to their knees, protecting and expanding territory, that’s the Chairman’s job.

The servants then till the conquered lands to earn money.

If the Chairman wills it, even family must be cast aside. They should come running and wag their tails.

“No wonder he has the Chairman wrapped around his finger.”

Lee Hak-jae ruffled my hair, bringing me back to my senses.

I looked up at him and saw a bright smile.

“Judging by your expression, you seem to understand what I mean. Are you like an old soul in a young body…?”

That was a relief.

My attempt to show off my sharp பார்வை was a bust, but at least I demonstrated that I could quickly grasp the meaning. So, it wasn’t a total loss.

From now on, I wanted to know more about this person, Lee Hak-jae. But I had to postpone it because my older brother, Sang-joon, suddenly appeared, grabbed my hand, and pulled me away.

Children’s Day is exciting for children, but exhausting for parents.

I was as tired as a parent and had to spend the day feeling a lingering sense of unease.

But the next day, when I visited my own ranch with Chairman Jin, that fatigue and unease vanished completely.

Seeing the horses leisurely running on the vast green land, I felt a thrill course through my body.

Having my own ranch was great, but it came with a big task.

From now on, I had to learn horseback riding like a proper third-generation chaebol.

Damn, I’m scared.

However, by the time the year drew to a close, my fear had disappeared and I discovered the joy of horseback riding.

***

1988 was truly an incredible year.

I could fully understand why a drama was even made with this year as its backdrop. An eventful year—this phrase perfectly encapsulated those 365 days.

The constitution of the Sixth Republic began to take effect and a directly elected president was inaugurated.

The Ministry of National Defense revived the trainee visitation system at the Nonsan Training Center for the first time in 29 years. The eight-year Iran-Iraq War ended.

The Hankyoreh newspaper was founded and the president announced the 7.7 Declaration, which proposed inter-Korean exchanges and cooperation in improving North Korea-US relations.

Cho Yong-pil released his 10th album, and Metallica released their fourth studio album, …And Justice For All.

The Olympics, which raised the nation’s profile to a global level, were held and remarkably, a miracle-like result was achieved: 4th place overall.

A divided National Assembly was launched for the first time in 38 years, and the national audit, revived for the first time in 16 years since the Yushin Constitution, resumed.

A special committee was established to investigate the irregularities of the Fifth Republic. For the first time in constitutional history, hearings were held in the National Assembly.

Prominent figures from political, business, and media circles attended, and the hearings were broadcast live on TV, generating nationwide buzz comparable to the Olympics. Among the National Assembly members, a certain someone who would later be elected president became the star of the hearings.

The following November, former President Chun Doo-hwan and his wife issued a public apology before going into self-imposed exile at Baekdamsa Temple on Mount Seorak in Gangwon Province.

The exchange rate entered the 600 won range, and the ‘3 Lows’ boom peaked. However, people endlessly flocked to Seoul, causing housing prices to skyrocket.

The government began housing construction, developing new towns like Mok-dong and Sanggye-dong, but they couldn’t control the soaring real estate prices.

In response, they announced the ‘2 Million Housing Unit Construction Plan’ and large-scale housing site developments in Sanbon, Jung-dong, and Pyeongchon. However, the new year of 1989 dawned with housing prices still unstable.

* * *

“They say they’re rushing the new city development.”

“Don’t get worked up, take it slow.”

“Ah, yes. I apologize, Chairman.”

Contrary to his words, Soonyang Construction President Hong Song-cheol couldn’t hide his excitement.

The president’s New Year’s address had resolving the housing shortage as its main message. Of course, plans were already in place. Whether those plans were right or wrong, only time would tell.

Since there was a plan, naturally, execution had to follow, and meetings continued accordingly.

Soonyang Construction President Hong Song-cheol attended a meeting hosted by the Deputy Prime Minister for Economic Affairs, the Blue House Economic Chief of Staff, and the Minister of Construction, then immediately rushed to Chairman Jin’s study.

“The rumors were true.”

Chief of Staff Lee Hak-jae, who had arrived at the study first and was waiting, also seemed a bit excited. The government was essentially pouring fuel on the already vibrant construction sector.

There was no doubt that Soonyang Construction would grow even larger.

“Did they mention any potential sites for the new city?”

“Not just potential, it’s confirmed. The Bundang area of Seongnam and Ilsan.”

After taking a sip of water, President Hong elaborated on today’s meeting.

“…It seems like they’ll proceed with a fair distribution. There are virtually no special favors.”

“They’ll prevent any specific company from dominating?”

“That’s right. And…”

President Hong hesitated a bit before continuing.

“Land purchases in those areas are prohibited…”

“They gave us the information beforehand but told us not to buy land?”

“Yes. They warned that any signs of speculation would result in exclusion from the new city project.”

“Isn’t that just the usual rhetoric? Everyone will just buy it under borrowed names anyway.”

Lee Hak-jae frowned.

“No. They say they’ll check all land transactions in those areas from today until the government’s official announcement. The atmosphere is a bit different this time.”

President Hong waved his hands emphatically to convey the atmosphere of the meeting. The government’s will was strong.

“They’ve been getting so much flak for the housing problem since last year. The President is probably sensitive to it too. Song-cheol.”

“Yes, Chairman.”

“Set up a task force for the new city and prepare thoroughly. Also, make sure no one is caught speculating on land. Let’s cooperate with the Blue House this time.”

“Yes, Chairman.”

At Chairman Jin’s gesture to leave, President Hong bowed respectfully and exited the study.

“Chairman, are you really planning to cooperate? There are plenty of ways to make purchases discreetly…”

“Let it go. There’s no need to get on their bad side for a few pennies. This new city is for the President’s close associates. This administration’s spoils system is over. They’re blocking companies to let those who didn’t get a position make some money. No need to interfere.”

“Ah, is that so?”

“Assemblyman Park hinted at it. He said the President is paying special attention to it.”

“I see.”

This was a time to be cautious. The political situation in Eastern Europe was unstable and it was rumored that diplomatic relations with the Soviet Union were imminent.

Such times of rapid change always presented opportunities and those opportunities were given by the government.

Even the slightest misstep could be costly.

“Also, just in case, have the audit team look into the task force once it’s set up. Make sure no one’s doing anything on the side.”

Chairman Jin idly flipped through the new city development documents left by President Hong before stopping.

Lee Hak-jae carefully spoke to Chairman Jin, who was frowning and staring at the documents.

“What is it? Is there a problem…?”

“No, it’s nothing. It’s just that this place looks familiar.”

Chairman Jin looked at the map in the documents for a while before picking up the receiver.

“About that ranch we bought last time… Yes, that one. Check the land registry and send me a fax.”

A small smile appeared on Chairman Jin’s face as he put down the receiver.

“It seems there’s someone in this family with a strong nose for money…”

“Excuse me? What do you mean…?”

“Wait a bit. Let’s check when the fax arrives.”

Lee Hak-jae could only steal glances at Chairman Jin, who had a gentle smile on his face, completely clueless.

Shortly after, Chairman Jin, after comparing the fax brought by the housekeeper with the documents, finally burst into laughter.

“Goodness, haha. This is unbelievable.”

It was a rare sight to behold.

Lee Hak-jae was dying of curiosity, waiting for Chairman Jin’s explanation.

“Ah, you wouldn’t know. You know I made a ranch for our Do-jun, right?”

“Yes. In Gyeonggi Province… Ah, could it be! Is it Bundang by any chance?”

“Yes. Take a look at this.”

Lee Hak-jae hurriedly compared the fax and the documents, starting to pinpoint the exact location.

“What do you think? Doesn’t it seem suspicious that he picked this place beforehand?”

“Do you mean Do-jun picked this place? Not you, Chairman?”

“Yes. When I told him to pick a place in the southern Gyeonggi region, excluding Seoul, he chose that location.”

Lee Hak-jae’s mind, intently focused on the map, turned into a calculator.

“It’s about 80,000 pyeong.”

“Too bad, isn’t it? It would have been nice if it were 800,000 pyeong. Haha.”

Unlike Chairman Jin, who couldn’t stop laughing, Lee Hak-jae had to clarify the remaining unknowns. Before the government’s official announcement, there should be no errors regarding this land. Erasing those errors was also Lee Hak-jae’s duty.