Chapter 290: Behind the Scenes: A Power Play Unfolds

“Ugh, don’t even get me started. Do you know how much we lost thanks to your Chief of Staff? We managed to keep the media at bay, but then out of nowhere, Soonyang’s young gun pops up and declares the national economy is in turmoil… We didn’t stand a chance. Ha ha.”

“I see. I’m… truly sorry. I was in a desperate situation. If another economic crisis hits, my financial companies will be the first to go under.”

“It’s alright. I’m just joking about the past.”

The Blue House Economic Chief of Staff waved his hands dismissively at my polite apology.

“But having something like this happen again is driving me crazy. When your Chief of Staff contacted me about meeting, I was shocked. Is another major crisis brewing? I’m incredibly worried.”

Wasn’t a major crisis already happening? Perhaps he hadn’t grasped the severity yet.

“Actually, I’ve been flooded with meeting requests from the presidents of major domestic construction companies, including Soonyang. But your call was the most welcome. Figuring out what’s going on is the priority.”

The Economic Chief of Staff studied my expression intently.

“When you say major construction companies, are you referring to Soonyang and Daehyun?”

“Yes.”

“Do you know how much money they’ve tied up?”

“No, not yet.”

“Almost 10 billion dollars, or 10 trillion won in our currency.”

The Economic Chief of Staff paused, his teacup halfway to his lips, blinking in disbelief. The sheer scale of the number was probably hard to fathom.

“T-Ten trillion? Are you sure?”

“I’m part of Soonyang, and I have a finger in the pie at HW Construction as well. This information comes from multiple reliable sources, so it’s accurate.”

The Economic Chief of Staff set down his teacup and quickly pulled out his phone.

“Chief Secretary, perhaps you could make your call after I finish?”

“Ah, yes.”

He put his phone away again.

“Dubai isn’t the end of it. The apartment complexes they’ve started building in the provinces domestically—that’s where the real trouble will ignite. You can guess why the construction company heads are requesting meetings with you, right?”

He probably assumed they just wanted help with loan arrangements, but this was beyond that. This was the scale of corporate bailouts during the IMF crisis.

I could practically see the wheels turning in his head. He was approaching the third year of his term. The more bad news that surfaced, the faster the lame-duck period would arrive. To maintain the Blue House’s influence in the next local elections, this situation needed to be resolved with minimal fallout.

“I’m more curious about why you wanted to meet than why they did. Do you perhaps have a solution?”

“I have a solution that’s a bit drastic, but clean.”

The word ‘drastic’ didn’t seem to sit well with him. Though I said I had a solution, his expression didn’t brighten.

“We can’t afford things to get noisy.”

“From the Blue House’s perspective, the noisier the better.”

“Pardon?”

“For the past two years, the opposition party has been attacking you for being pro-business… or rather, pro-chaebol, right? Oh, I don’t mean any offense. I’m a beneficiary myself.”

His expression hardened at the mention of ‘pro-chaebol,’ so I waved my hand in reassurance.

“Up until now, it’s been policy, but this situation will be seen as favoritism. So, why not just let the market take its course?”

“Let the market… what?”

“Yes. If they can’t withstand the double blow of the US financial crisis and Dubai’s moratorium, they go bankrupt. If they survive, they survive. Without government intervention.”

“Someone as knowledgeable as you shouldn’t be saying such things. If those two companies go under, it’ll be catastrophic.”

Ignoring his concern, I continued.

“The government should focus on supporting struggling small and medium-sized businesses in the provinces. That’ll silence the opposition and be a huge boost for next year’s local elections.”

“That’s a nice idea, but are you forgetting that if major construction companies collapse, those smaller ones become irrelevant?”

Daehyun and Soonyang’s failures were on a scale that dwarfed government support for small businesses. The government’s token gestures would be instantly overshadowed.

“The market won’t be affected at all. There’s someone ready to acquire both companies as they are.”

“Acquire?”

“Yes. And on very favorable terms. They won’t ask for debt relief or loan extensions. They’ll acquire them solely on their own strength.”

The Economic Chief of Staff finally understood why I wanted to meet.

Unlike the others who came begging for help or special favors, I was asking them not to interfere.

“Which company is it?”

“HW Group.”

“Ah…!”

“Especially the money tied up in Dubai—most of it is being absorbed by HW Group.”

“Is that so? That’s the first I’ve heard of it.”

“The moment HW Group decides to dump those promissory notes is the exact moment those two companies go bankrupt. The chain reaction is inevitable.”

He held the esteemed position of Blue House Economic Chief of Staff.

At this point, he’d essentially seen the entire scenario I’d laid out.

“So, HW meticulously planned the acquisition of these two companies. And you’re saying the Blue House should just stand by and not mess with a done deal?”

“Not at all. If it were a pre-arranged scenario, it would mean HW Group knew about Dubai’s moratorium a year in advance… Something even global corporations couldn’t predict. HW isn’t that powerful.”

My rebuttal didn’t matter to the Economic Chief of Staff.

The Blue House choosing not to intervene—that was also a very significant role for them to play.

If they helped Soonyang and Daehyun, HW’s acquisition strategy would fall apart. Therefore, standing by was, in effect, a favor to HW Group.

The Economic Chief of Staff’s expression and demeanor suddenly shifted.

He now saw me as just another chaebol seeking favors, while he represented the Blue House, receiving my request.

“Ultimately, it’s not my decision. But sitting back and watching two of Korea’s leading companies go bankrupt is a heavy burden to bear.”

After deferring the decision, the Economic Chief of Staff tilted his head in curiosity.

“But Chief of Staff, one of Soonyang’s flagship companies is about to be taken over… Why are you taking the lead on this?”

I scratched my head sheepishly.

“Do I really have to share my family history today? Haha.”

“Oh, if it’s uncomfortable, you don’t have to.”

“No, it’s common knowledge anyway. I’ve actually joined forces with HW Group. When HW acquires Daehyun and Soonyang, I’ll be taking back Soonyang Construction. It wouldn’t look good for an uncle to directly acquire his own company from his niece.”

I could hear the gears turning in his head again. The Blue House just needed to secure the best possible outcome from the current situation.

As he pondered, I mentioned a crucial point to consider.

“As long as Soonyang Electronics and Daewoo Motors remain stable, Soonyang and Daehyun themselves remain viable. It’s just that a mega-corporation called HW Construction will be born. Wouldn’t you say that’s beneficial in many ways?”

Electronics, automobiles, and construction.

It was a hint that another pillar for political support would emerge. He should think carefully.

He was still silent, deep in thought. He wanted me to offer more from my gift bundle.

In situations like this, a small personal gift is effective.

I took out several hotel key cards and placed them on the table.

“I know it’s difficult with so many eyes watching these days. Use these for confidential discussions like today. Give one to each of your colleagues. They’ll be available 365 days a year, so you can use them anytime.”

“This is a hotel…?”

“Yes. I’ve also assigned a dedicated manager. If you call before you leave, everything will be perfectly prepared for your convenience.”

Blue House chief secretaries need to meet with reporters, sometimes to smooth things over, other times to make requests. They need to meet with ruling party lawmakers to convey the Blue House’s intentions and with opposition lawmakers to offer ‘pocket money’.

What they need is a discreet location. It was common practice ten years ago, but it has since disappeared. Places for illegal activities were shut down.

The Economic Chief of Staff’s face lit up, indicating how much he had missed such conveniences.

“You’ve really scratched an itch for us. Thank you, I’ll put them to good use.”

“And I’ll have a small token of appreciation—a box of goodies—delivered to help with those reporters’ lunches. Feel free to stop by and pick them up when you have time.”

“Oh my, I hope there’s nothing in there that’ll give us trouble.”

“I received management training from my late grandfather. I know a gift is just a gift. No need to worry.”

The Economic Chief of Staff looked satisfied.

Businessmen usually just go through the chief secretaries to request a meeting with the President. And they just slip an envelope as a ‘meeting arrangement fee’. That’s all.

It wasn’t easy for them to find someone like me who knew how to scratch where it itched.

“I sincerely await the Blue House’s wise decision.”

I bowed respectfully, and he hurriedly returned the gesture.

“Letting the market run its course is one of our government’s core principles, isn’t it? We’ll do our best.”

Doing nothing was the easiest choice.

They wouldn’t choose the difficult path.

* * *

“What the hell are you guys doing? Did I tell you to bring back money? Or did I tell you to get those promissory notes back? Is setting up a meeting with the Blue House that damn hard?”

Vice-chairman Jin Dong-gi roared, but everyone just kept their heads down, feigning deafness.

“How much money have you taken over the years as political funds and whatnot? The money you took during last year’s general election alone would have covered this whole mess. Did you have an accident on the way to deliver it? Did you pocket it all?!”

Vice-chairman Jin Dong-gi knew best that it was just empty anger.

Even he couldn’t get through to the Blue House when he called himself. How much less likely were they to answer his executives’ calls? They probably wouldn’t even pick up.

“Get them on the line now! Dig around Yeouido, and raid the government complex. Mobilize every single one of those bastards who’ve taken my money to knock on the Blue House’s door. The longer it takes, the sooner the banks will move.”

It wasn’t time to give up yet. Even the Blue House would be wary of killing off a major conglomerate.

Clutching at a rotten rope, Jin Dong-gi sought out his older brother.

But before he could even speak, Vice-chairman Jin Young-gi waved him off.

“Don’t even start. I don’t have any money. This financial crisis isn’t just hitting you. I’m up to my neck in it too. The US and Europe have collapsed. With two of the biggest markets in ruins… just staying afloat is a struggle.”

“Hyung-nim, I’m not asking for electronics funds. I’m asking you to open the bank vault.”

“The banks are in even worse shape than we are. Forget about getting a loan under Soonyang Electronics’ name.”

“Hyung-nim!”

“Don’t yell. You know what’s going on. So, let’s all focus on clearing the obstacles in our own paths. Are you the only one suffering? I’m dying here too!”

It wasn’t surprising that his older brother had turned his back on him.

But the most terrifying thought was that his crisis might be his brother’s opportunity.

Jin Dong-gi knew better than anyone that this was a once-in-a-lifetime chance for his brother to seize control of Soonyang’s construction and heavy industries divisions.

Jin Young-gi’s sinister gaze was more frightening than any bank.

* * *

While his younger brothers were exchanging angry words, Chairman Lee Hak-jae was diligently making phone calls.

“We can’t wait indefinitely, can we? I haven’t even contacted Soonyang Construction or Daehyun. I know they’re in no position to pay what they owe, so what’s the point of calling?”

Chairman Lee Hak-jae spoke softly on the phone with the presidents of major commercial banks.

Do-jun had laid out the perfect feast.

He was the only one holding the spoon and chopsticks, and all that remained was for the banks to bring the feast and place it before him.

The Blue House, which had the power to overturn everything, wasn’t even looking in their direction.

All that was left was to enjoy the meal.