The Genius Grandson of the Loan King - Chapter 100 (100/840)
< Han Kyung-eop's Press Conference >
#100
Han Kyung-eop's Press Conference
The foreign exchange crisis sweeping 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 Kyung-eop said was true.
However, 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 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 Kyung-eop, who had been looking at me worriedly, nodded.
"I understand. I'll go to the U.S. as soon as the negotiations with Jung Woo are finalized."
"If you tell the U.S. government to keep their promise, they'll understand. Tell them to watch and see how we handle it moderately and then pull out."
Han Kyung-eop agreed with this.
"If Wall Street helps, the U.S. government won't immediately side with Japan. The Clinton administration is friendly with Wall Street."
Unlike Thailand, the reason for easing the pressure on Korea 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 come sooner than expected. We need to shake things up as quickly as possible and then pull out."
"Are you prepared to take a loss?"
"Yeah. This time, I'm willing to take a loss. A loss is ultimately an investment."
If we incur a loss in Japan, we can make it up in Russia.
In the chaotic late 20th century, it was an era where you could make money if you had information.
"Let's finalize the negotiations with the Korean government first and then move. It will be busy after the acquisition, but the talents within Jung Woo Group are valuable. The problem is Chairman Park Dae-ho."
Han Kyung-eop nodded as if he understood.
"During the acquisition negotiations, I realized that Jung Woo is more well-known internationally than Il Sung or Daehyun, even if it's not in Korea."
"That's because Chairman Park Dae-ho stretched out his hands everywhere under the pretext of globalization. Especially in Eastern Europe, Jung Woo has a high reputation."
I planned to bring in or promote most of the executives in Jung Woo Group unless there was significant corruption.
The title of 'Jung Woo Man' was a source of pride for them, even though they were scattered to different companies after the group's dissolution.
"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 Kyung-eop smiled brightly, and I couldn't help but laugh too.
* * *
Domestic conglomerates, led by Il Sung, 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 Kyung-eop held a press conference.
"Hello, I'm Han Kyung-eop."
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 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 Kyung-eop 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 all of Jung Woo 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 Kyung-eop nodded at the reporter's answer.
"That's one way. But to do that, the tax money of the people, including you, would have to be used to pay off the conglomerates' debts. In that case, I'll step back from this acquisition."
"..."
"I accepted the government's request to acquire Jung Woo Group."
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 Kyung-eop's perspective, there was no reason to acquire Jung Woo Group if not for Mu-hyuk'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 lose 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 looked around, surprised by Han Kyung-eop's response, but no one helped.
The hesitant reporter asked aggressively again.
"Mr. Han Kyung-eop, are you different? To me, you look like the same foreign capital."
"I came to Korea directly, not as a representative, for the sake of South Korea, which received IMF bailout funds, simply because I was born here. But South Korea considers me a foreigner."
The room fell silent for a moment.
Han Kyung-eop added coldly.
"The large corporations you mentioned are also selling off their subsidiaries to pay off debts. Who exactly has the money to acquire Jung Woo Group?"
"Are you mocking South Korea?"
The reporter was trying his best to frame the situation as a confrontation between South Korea and Han Kyung-eop.
"I'm not mocking the people of South Korea. I'm mocking the conglomerates who still don't understand the reality and reporters like you who sympathize with them. While the people are digging through their closets to pay off foreign debts, the so-called conglomerates are like hyenas looking for something to eat."
Han Kyung-eop smiled coldly, as if reading the reporter's thoughts.
"Do you think only Jung Woo Group is in danger? If I decide, I can launch a hostile takeover of Il Sung, Daehyun, or any other company. Do you want that?"
Han Kyung-eop, who had always treated the media politely, responded unusually sharply, leaving the other reporters stunned.
Han Kyung-eop shook his head as if he was fed up.
"I'm an investor. But I don't plan to dismantle Jung Woo 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 of Jung Woo Group? They can't be free from responsibility for the current situation, can they?"
"They're not entirely blameless, but ultimately, the leader is responsible. I believe it was Chairman Park Dae-ho's wrong judgment. I plan to use the internal personnel as much as possible."
"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 Kyung-eop 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 Kyung-eop opposed Mu-hyuk's idea.
When asked if it was necessary to make a public statement to raise the stock price, Mu-hyuk simply replied.
"Having public support will make things easier. We don't know how long the government will support us, so we can't just sit and do nothing. It won't last long anyway."
Excluding those with special relationships with Chairman Park Dae-ho, there weren't many shares actually circulating.
Most of the circulating shares were held by Eva, Han Kyung-eop, and Mu-hyuk, with the rest held by institutions and foreign private equity funds.
Han Kyung-eop, who had a twisted smile, spoke clearly.
"Let me say this lastly. If you don't like Dream High acquiring Jung Woo Group, 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, keep going. This is a declaration of war to the conglomerates."
* * *
It had been a while since I visited the top floor of the Future Building in Daechi-dong, where Eva was.
The security here was so tight that even the CIA couldn't get in.
"Mu-hyuk!"
Perhaps because it had been a while since we saw each other, I stopped Eva, who was rushing towards me, and sat down.
On the TV in front of me, Han Kyung-eop's press conference was playing.
"I did the groundwork, but some strange guy is taking the credit."
Eva looked annoyed.
"There's nothing we can do. It's fine. Are you buying up all the distressed assets from the conglomerates, large corporations, and the rich?"
At my words, Eva got up and took down a frame from beside the bed in the corner.
After going through several security steps, she opened a safe in the wall.
She brought out a pile of documents.
"These are the buildings put up for sale by Il Sung, and this is the redevelopment site put up by Daehyun..."
She kept talking, listing all the assets she had bought.
"I'm buying up real estate as per your instructions."
"Is it enough?"
Eva laughed along with me.
"What about the accounts?"
"They're still sufficient."
"Is there anything you want to buy?"
Eva hesitated for a moment and then said,
"I'm sorry about the failed acquisition of Jung Woo Group."
"It's fine. The South Korean government still has significant influence."
"Thanks to that, it was easier to buy up assets."
Eva knew how to use the Mafia network and the Yoon & Jang law firm effectively.
In South Korea, where money and connections could get you anything, it was like giving Eva wings.
"So, what do you want to buy?"
"I want a bank. There are rumors that the Foreign Exchange Bank is looking for investors. I've also heard that a German investment bank is already in negotiations, and Je Sung Bank is considering overseas sale."
The Foreign Exchange Bank and Je Sung Bank. I hadn't even considered it.
"Who suggested it? It doesn't seem like your idea."
"Indeed, Boss! The accounting director, Baek Seong-jin, proposed it to me. Right after we acquired Peregrine, he said he would help us acquire it at all costs."
"He must want something in return."
"He'll do the work that matches his high salary."
Eva still didn't fully understand South Korea.
Baek Seong-jin, at the top of the Mafia, wouldn't propose anything to Eva without a benefit.
"Eva, listen carefully. Don't underestimate Baek Seong-jin and other Mafia figures. They'll use you to solidify their power. Can you control them?"
Eva laughed.
"Don't worry. Do you think I don't know their dark intentions? I know they're taking credit for the money Boss spent. But if it helps my work, can't I do anything? It's easier for Baek Seong-jin to move than me."
That was true, so I nodded slightly at Eva's words.
"I received the proposal, and I think owning a bank in South Korea isn't a bad idea. This time, I need to warn the government."
Eva, still upset about handing over Jung Woo Group to Dream High, was showing a hostile attitude towards the South Korean government.
Since it wasn't bad for me, I didn't say anything else.
"How much do you need?"
"Since we need to invest through Peregrine, the money should go to Peregrine. We'll need about 10 billion dollars, I think."
The Commerzbank, which had invested in the Foreign Exchange Bank, had invested 250 million dollars, which was 29.7% or 29.8% of the shares.
"How much of the Foreign Exchange Bank do you hold?"
"4.9%."
According to Eva, with 250 million dollars, we could become the largest shareholder of the Foreign Exchange Bank.
Currently, the largest shareholder of the Foreign Exchange Bank was the Bank of Korea, holding 32.39% of the shares.
"If you want, go ahead. I'll deposit 10 billion dollars into the Peregrine account."
"Yay! Boss!"
Eva rushed over and kissed me.
I stood up.
"Boss, it's been a while. Are you just leaving?"
Eva, looking disappointed, tried to tempt me with her eyes.
"For now, our relationship can't be revealed. Even with strict security, I can't stay too long. Not only you, but I'm also being watched."