Chapter 39: Urgent Summons and a Sudden Announcement

The urgency of the situation was evident as Chairman Jin himself rushed to the headquarters to convene a meeting.

Presidents and executives from Soonyang Electronics and Soonyang Corporation, including Lee Hak-jae, as well as the branch manager from Osaka, Japan, were already waiting in the conference room, having arrived on the first flights.

The doors of the main conference room burst open, and Chairman Jin appeared. Everyone shot to their feet, but Chairman Jin waved his hand dismissively.

“Just sit. Do you have the luxury of formalities right now?”

Chairman Jin slumped into the head seat, and the Osaka branch manager spoke up cautiously.

“There was a major fire. The resin plant at the Ehime factory exploded… Production is impossible.”

“A local investigation team departed on the first flight today. The Ministry of Trade, Industry and Energy will also be leaving tomorrow.”

The president of Soonyang Electronics followed with his report.

“Our current inventory will last for four months. If production doesn’t resume after that, our production lines will also…”

“The Ehime factory won’t be fully operational until next year,” the Osaka branch manager added, carefully observing Chairman Jin’s expression.

The Osaka branch manager spoke, carefully observing Chairman Jin’s expression.

“Sumitomo announced that they will urgently switch the production items of their other two factories. The supply issue will likely be resolved.”

“Likely? Will be?”

A vein throbbed on Chairman Jin’s forehead.

“You’re right next to Sumitomo, and all you can do is guess? What good are you!”

The Osaka branch manager hastily lowered his head.

Right now, everything was just speculation. He didn’t dare to speak confidently, fearing the responsibility if things went wrong.

This year’s sales target: 10 trillion won. Operating profit: 1.5 trillion won. Number one in the world for memory semiconductors.

Only Chairman Jin could bear the weight of these daunting figures.

“The factories must not stop! You! Son Hoon-jae!”

“Yes, Chairman.”

“Secure supplies from the US.”

Son Hoon-jae, the president of Soonyang Corporation, broke out in a cold sweat as he struggled to deliver the bad news.

“Dow Chemical in the US already has an exclusive contract with Intel. Securing supplies is impossible.”

“I heard that domestic companies also produce epoxy packaging. If we secure all their stock, wouldn’t that prevent the production lines from stopping, even if it’s not ideal?” Chief of staff Lee Hak-jae asked the president of Soonyang Electronics, but received only a negative response.

Chief of staff Lee Hak-jae asked the president of Soonyang Electronics, but received only a negative response.

“Domestic products can only be used for 1-megabyte chips and below. The quality isn’t good enough for our main product, the 4-megabyte chip.”

Everyone kept repeating that it was impossible or difficult, but Chairman Jin didn’t lose his temper. He knew that the epoxy resin market was dominated by Sumitomo, so pushing harder wouldn’t yield any solutions.

Sumitomo, along with Mitsubishi and Mitsui, was one of the three major business conglomerates that survived the dismantling of the zaibatsu in Japan. Although its public profile was the lowest, it held many unexpected companies.

Its main focus was chemicals, but it had also ventured into finance, including electricity, trading, and insurance. It was so large that it held Asahi Group, famous for its newspapers and beer, as a quasi-affiliate.

Although Japan was beginning to falter due to the collapse of the bubble economy, its economy in the 90s was incomparable to Korea’s.

The total sales of Korea’s aviation, shipbuilding, electrical, electronics, and automotive industries combined were less than the sales of Mitsubishi alone.

Epoxy resin, a material used to mold chips during semiconductor assembly, accounted for less than 1% of the total cost of semiconductor materials. However, the problem was that it was indispensable.

Sumitomo Chemical’s share of the global epoxy market was only about 1%, but it controlled 60% of the world’s supply of high-grade epoxy resin used in semiconductors.

Moreover, domestic semiconductor production plants relied on Sumitomo Chemical for a staggering 95% of their supply.

Korea’s multi-trillion won semiconductor industry was being held hostage by Sumitomo, a company whose total sales in this area amounted to a mere 20 billion won.

“So, our survival depends on Sumitomo quickly changing its production lines. All we can do is sit here and pray…”

Although the situation was more chaotic than a house on fire in a sweet pancake shop, Chairman Jin and Soonyang’s key personnel could do nothing but wait for Sumitomo’s countermeasures.

* * *

The moment I saw the newspaper article, long-forgotten memories flooded back.

The training I received after joining Soonyang Group, specifically the history of Soonyang Electronics’ development.

The phone I was currently holding, model name SY-700.

Soonyang Electronics’ second mobile phone, and the first truly portable model weighing around 100 grams. The explosion at Sumitomo Chemical was briefly mentioned when explaining the release of this phone in 1993.

It might not be a big deal, but it kept bothering me.

Especially because of the word ‘monopoly’.

How worried must the government be to state, “This incident exposed the vulnerability of Korea’s semiconductor industry due to its excessive reliance on foreign suppliers for semiconductor equipment and key materials.”

For businesspeople, the word ‘monopoly’ is the most tempting.

Especially a monopoly with the power to control semiconductors, the ‘rice’ of the electronics industry. If I could seize this monopolistic power, it would give me significant leverage over the future of Soonyang Electronics…

The target is too big.

This is the massive Sumitomo Group, incomparable to Soonyang.

I may have some money, but it’s not enough to make a difference. Yet, for some reason, my lingering attachment wouldn’t disappear.

For almost a month, I followed newspaper articles and broadcasts, observing the unfolding situation, when an event occurred that dwarfed the epoxy factory explosion.

This time, it wasn’t happening far away in a foreign country but right here in Korea, in the Blue House.

August 12th, 7 PM.

All TV broadcasts interrupted their regular programming to air a live broadcast of the President’s emergency address to the nation.

“At this moment, with a solemn heart, in accordance with Article 76, Paragraph 1 of the Constitution, I hereby announce the ‘Presidential Emergency Decree on Real-Name Financial Transactions and Guarantee of Secrecy’.”

His distinctive Gyeongsang dialect carried an unusual weight, and his expression was resolute.

Immediately after his inauguration, he purged the ‘Hana-hoe’ military faction, and in June, he dropped the bombshell of public official asset disclosure, forcing high-ranking officials who had accumulated wealth through illicit means to resign.

Now, he was declaring his intention to bring to light even the black money hidden under borrowed names.

Damn it, was the real-name financial transaction system announced this year?

I knew it was an achievement of the Kim Young-sam administration, but I hadn’t remembered it was this year.

If I had remembered, I could have subtly informed Chairman Jin and received even more favor… What a pity.

I started to worry if my grandfather had collapsed from the shock.

* * *

Lee Hak-jae, who was listening to the President’s address in his car, shouted at the driver.

“Turn the car around and head to the Chairman’s residence, quickly!”

As the driver didn’t hesitate to make an illegal U-turn and sped up, Lee Hak-jae pulled out his notebook from his pocket.

It was filled with names and amounts. All nominee accounts.

Perhaps this notebook would become completely useless.

The President’s campaign promises included the real-name financial system, but no one imagined he would implement it so abruptly, only half a year after taking office.

During a dinner, Chairman Jin had directly asked the Deputy Prime Minister for Economic Affairs.

“His Excellency’s will is clear. The real-name financial system will definitely be implemented. But not this year. If the banks and stock market fluctuate, the administration won’t be able to handle it. This year will be spent on thorough preparation.”

It was a reasonable answer, so they hadn’t rushed. They were only gradually moving funds overseas as a precautionary measure.

Lee Hak-jae couldn’t stop sighing as he thought about Chairman Jin’s scolding.

The moment he opened the study door, Chairman Jin’s roar echoed through the room.

“Prime Minister Hwang! How dare you stab me in the back like this? Who do you think put you in that position!”

Upon seeing Lee Hak-jae, Chairman Jin gestured with his hand, pointing to a chair, and roughly slammed the receiver down.

“Those bastards are all claiming they didn’t know anything. Useless lot.”

“Did you try contacting the Senior Secretary for Economic Affairs?”

“Just now. He said he resigned and left the Blue House.”

“What?”

“He said he found out by watching the broadcast. Can you believe it?”

The President is promoting economic policies without even informing the Senior Secretary for Economic Affairs?

At this point, the Prime Minister’s claim of ignorance was probably true.

Chairman Jin put on his glasses and looked at Lee Hak-jae, asking,

“How much is it? The total amount?”

“Excluding small amounts, it’s 600 billion won.”

“That’s all?”

“No, sir. A significant amount has already been moved overseas.”

Relief flickered across Chairman Jin’s face, and Lee Hak-jae continued his report.

“300 billion is with trustworthy people, so we don’t need to worry about…”

“Find it immediately. Their minds will change if time passes. That’s enough money for three generations to live lavishly. They won’t be able to withdraw it without you. No one can be trusted when it comes to money.”

“Yes, sir. Then I will withdraw all the cash and store it in the warehouse. And we’ll launder it and send it overseas as quickly as possible.”

At least half was salvaged.

“200 billion is in anonymous and nominee accounts. Anonymous accounts are with nonexistent people…”

“What about the nominee accounts?”

“Some account holders are deceased or missing. And a significant portion is under the names of Soonyang employees.”

“The ones under employees’ names can be recovered, right?”

“It’s possible.”

Soonyang employees wouldn’t be a problem. He could collect their IDs and throw them at the bank, and they would prepare the cash.

If any employee noticed, a stern warning from the Chief of the Chairman’s Secretariat would be enough to silence them. They wouldn’t dare make a sound under such authority.

“And thankfully, 100 billion was entrusted to Oh Se-hyun.”

“Oh Se-hyun? Ah, the guy who manages Do-jun’s money?”

“Yes. I will meet him tomorrow and secure it in dollars.”

Knowing that a decent amount could be recovered eased Chairman Jin’s mind.

“Then how much will be difficult to recover?”

“As I mentioned, those are accounts with nonexistent depositors. It will be at least 50 to 60 billion won.”

That money would likely remain untouched in the bank vaults forever.

“I will meet with the bank presidents and discuss countermeasures,” Lee Hak-jae cautiously suggested, but Chairman Jin shook his head.

“No. There’s no need to spread rumors unnecessarily. The other group chairmen will definitely make a move first. Let’s observe for a while.”

Lee Hak-jae cautiously suggested, but Chairman Jin shook his head.

Chairman Jin sensed an ominous atmosphere. He might have to give up on that money.

* * *

The next day, the stock market crashed, and banks were in chaos due to people rushing to withdraw their deposits. Cash was severely short, and gold prices soared.

Lee Hak-jae mobilized the secretariat staff to visit commercial banks before opening hours to secure cash, finally able to breathe a sigh of relief afterward.

He then rushed to Yeouido to meet Oh Se-hyun. Oh Se-hyun also looked frantic due to the stock market crash.

“Everyone’s at war.”

“We’re relatively better off. We’re checking what decent spoils of war are available.”

Oh Se-hyun, greeting him with a smile, already knew the reason for Lee Hak-jae’s visit.

“Our losses are significant. Since we’re both busy, let’s get straight to the point. I need the money we deposited in the US.”

“Certainly. Your investment performance has been good, so you’ll recover some of your losses.”

Oh Se-hyun typed on his computer and printed out the investment status for a clear overview.

“We’ll process it today. I’ll wire it to the linked accounts. There were over 40, right? For the deposit accounts?”

“Ah, we can’t use those accounts. Please send it here instead.”

Oh Se-hyun frowned as he looked at the dozen or so accounts Lee Hak-jae presented.

“Chief Lee.”

“Yes?”

“Are you not aware of the real-name financial system?”

“Isn’t that why I’m here? You know the nature of this 100 billion won, don’t you?”

“I’m well aware, but there are 40 investors. We can’t avoid the real-name financial system either. This money needs to be returned to those individuals. We can’t give the money to the wrong people.”

“That’s why I brought the US accounts. Let’s handle the money in the US.”

Oh Se-hyun’s eyes widened, and he even cleared his throat.

“I’ll go to jail. If I get caught by federal law, I won’t get out for a hundred years.”

Lee Hak-jae felt a chill run down his spine.

The 40 accounts were anonymous. The depositors didn’t even exist.

Oh Se-hyun’s mind raced.

Perhaps the unclaimed 100 billion won would remain forever dormant at Miracle.