The foreign exchange crisis sweeping through East Asia was also affecting Japan, following South Korea.
"Go back to the U.S., have a meeting, and then come back to Korea. I'll control the attack on Japan myself."
"Japan, huh. Will you just watch it fall from the U.S.? The consensus on Wall Street is that the attack on Korea was also a choice made for the sake of investment banks that suffered losses due to the stock market decline."
What Han Gyungjeong said was true.
But even in the original timeline where we didn't intervene, the attack on Korea still happened.
"I won't let it completely collapse. If we're the hyenas of Wall Street, they'll accept our proposal. We'll hand over the lead to Wall Street after a moderate attack. This time, we'll go in with the mindset that we won't make a profit."
"Is it necessary to push so hard for something that won't make a profit?"
"There's no need to limit the battlefield to Korea. We need to show them that if they target us, they'll suffer too. They probably won't even realize I'm behind it."
Han Gyungjeong, who had been looking at me worriedly, nodded.
"Understood. I'll go to the U.S. as soon as the negotiations with Jungwoo are finalized."
"Tell the U.S. government to keep their promise. They'll understand what you mean. Tell them to watch and see how we handle it."
Han Gyungjeong agreed with this.
"Even if Wall Street helps, the U.S. government won't immediately side with Japan. The Clinton administration is friendly with Wall Street."
The reason for easing the pressure on Korea, unlike Thailand, was due to North Korea. The IMF and Wall Street must have ordered it during the Clinton administration.
"Japan is more important to the U.S. than Korea. The intervention might be faster than expected. We need to shake things up as quickly as possible and then withdraw."
"Are you prepared to take a loss?"
"Yeah. This time, I'm willing to take a loss. After all, a loss is ultimately an investment."
If we incur losses in Japan, we can make up for them in Russia.
In the chaotic late 20th century, with the right information, there were plenty of opportunities to make money.
"Let's finalize the negotiations with the Korean government first and then move. It will be busy after the acquisition, but the talents within Jungwoo Group are valuable. The problem is Chairman Park Daeho."
Han Gyungjeong nodded, as if he understood.
"During the acquisition negotiations, I realized that Jungwoo is more well-known internationally than Ilseong or Daehyun, even if it's not well-known domestically."
"That's because Chairman Park Daeho stretched out his hands everywhere under the pretext of globalization. Especially in Eastern Europe, Jungwoo has a high reputation."
I planned to bring in or promote most of the executives in Jungwoo Group unless there was significant corruption.
The title of 'Jungwoo Man' was a source of pride for them, even after the group was dismantled and they were scattered to different subsidiaries.
"Are you building a private jet?"
"I'm getting it next year."
"Then, for the time being, rent one. When you go to the U.S., sign a short-term contract. It's inconvenient to travel around, isn't it?"
Han Gyungjeong smiled brightly, and I couldn't help but laugh too.
* * *
Domestic conglomerates, led by Ilseong, used the media to raise suspicions of favoritism from all angles.
I emphasized that it was an unavoidable choice and published articles opposing their stance.
Ultimately, Han Gyungjeong held a press conference.
"Hello, I'm Han Gyungjeong."
Flashes went off, and questions from reporters followed.
"I understand that the funds of Dream High Investment are also from U.S. capital. Even if the person managing it is Korean, that doesn't change the fact. The prevailing opinion is that national wealth cannot be handed over to a foreign country. Please respond to that."
It was an aggressive question from a reporter likely influenced by the conglomerates.
However, Han Gyungjeong answered calmly.
"Yes, we have our headquarters in the U.S. I won't deny that it's U.S. capital. Then, let me ask you in return. Is there any domestic capital that can acquire the entire Jungwoo Group besides us?"
"There isn't. But there's also a way to save the good companies by transferring them to domestic large corporations."
Han Gyungjeong nodded at the reporter's answer.
"That's one way. But to do that, the tax money of the people, including you, the reporter, would have to be used to pay off the conglomerates' debts. In that case, I'll withdraw from this acquisition."
"..."
"I accepted the government's request to acquire Jungwoo. That's all."
The reporter asked sharply.
"Are you threatening us?"
"Threatening? You're being too aggressive towards someone who's trying to help. If you want to reject foreign capital, I'll just act like any other foreign capital. It would be better if you clearly decide your stance."
From Han Gyungjeong's perspective, there was no reason to acquire Jungwoo Group if not for Muhyuk's instructions.
No, if there were desirable companies, there would be no need to negotiate with the government. Just jump into a hostile takeover.
Economics is about competition.
If you fall behind in competition, you'll be devoured in the capital market. South Korea's financial crisis was a large and dangerous prey.
The South Korean government's choice to fully open to foreign capital, as required by the IMF, was a good option for U.S. speculative capital.
With the dollar expensive and the won cheap, the reality was that Seoul's hotels were bustling with representatives of private equity funds, as if they were shopping for Korean industries.
The reporter who asked the question, not expecting such a response from Han Gyungjeong, looked around in confusion, but no one helped.
The hesitant reporter asked aggressively again.
"Mr. Han Gyungjeong, are you different? To me, you look like the same foreign capital."
"I came to Korea directly, not as a representative, because of the country where I was born. But Korea seems to consider me a foreigner."
The room fell silent for a moment.
Han Gyungjeong added coldly.
"The large corporations you mentioned are also selling off their subsidiaries to pay off debts. Who exactly has the money to acquire Jungwoo Group?"
"Are you mocking Korea?"
The reporter was trying his best to frame the situation as a confrontation between Korea and Han Gyungjeong.
"I'm not mocking the people of the Republic of Korea. I'm mocking the conglomerates who still haven't realized the reality and reporters like you who sympathize with them. While the people are digging through their closets to pay off foreign debts, these so-called conglomerates are like hyenas looking for something to eat."
Han Gyungjeong smiled coldly, as if reading the reporter's thoughts.
"Does Jungwoo Group look like the only one in danger to you? If I wanted, I could launch a hostile takeover of Ilseong, Daehyun, or any other company. Do you want that?"
Han Gyungjeong, who had always treated the media politely, responded unusually sharply, leaving the other reporters stunned and murmuring.
Han Gyungjeong shook his head as if he was fed up.
"I'm an investor. But I don't plan to dismantle Jungwoo Group for profit. I'll restructure and clean up the underperforming subsidiaries. But that's what all large corporations are doing to survive. I don't understand why being foreign capital should be a reason for criticism."
At that moment, another reporter raised his hand.
"You said you'll entrust management to Koreans. Do you plan to keep the executives currently in Jungwoo? They can't be free from responsibility for the current Jungwoo situation, can they?"
"They are not without fault, but ultimately, the leader is responsible. I believe it was Chairman Park Daeho's wrong judgment. I plan to use the internal personnel as much as possible and entrust them with the tasks."
"There are rumors that the company will be delisted from the stock market. Is that true?"
"It's true. After the acquisition is confirmed, I plan to conduct a free capital reduction to forgive debts."
The reporters were surprised and murmured.
Han Gyungjeong added calmly.
"Dream High Investment is still the largest shareholder. I'm willing to take a loss to pay off debts. To minimize the impact on the people, I plan to make a public offer to buy shares at 150% of the closing price on the day of the signing."
Han Gyungjeong opposed Muhyuk's idea.
When asked if it was necessary to make a public statement to raise the stock price, Muhyuk simply replied.
"Having public opinion on our side will make things easier. We can't just sit and wait, as we don't know how long the government will support us. It won't take long anyway."
Excluding those with special relationships with Chairman Park Daeho, there weren't many shares actually circulating.
Most of the circulating shares were held by Eva, Han Gyungjeong, and Muhyuk, with the rest held by institutions and foreign private equity funds.
Han Gyungjeong, who had a twisted smile, spoke clearly.
"Let me say this lastly. If you don't like Dream High acquiring Jungwoo, please bring an alternative. I'm working with the government. Don't insult me with the traitor frame. If you want to see the real power of money