Chapter 82

The Genius Grandson of the Loan King - Chapter 82 (82/840)

< I, the owner, know; how would a servant know? >

#82

I, the owner, know; how would a servant know?

"This year, it will probably be difficult to pass. There's a presidential election, and with the economic crisis, everyone will be busy managing votes. When the interest rate cap is abolished next year, please work hard."

If the lobbying of the Blue Wind Society and my grandfather's lobbying combine, the law should pass without much trouble.

"However, Muhyeok, the IMF chief and foreign investment banks all say that the Korean economy is not in crisis. The people in the government also say the same. They all claim there's no problem."

As my grandfather said, the current government, major foreign investment banks, and the interviews of people well-versed in the economy were prominently featured in the media.

But many citizens lost their jobs, companies went bankrupt, and families were destroyed because they believed these words.

Just because they trusted the government.

"The amount of money being poured into the exchange rate alone is enormous. Eventually, the foreign exchange reserves held by the government will run out. From then on, they will become prey for foreign hedge funds. It will start with Southeast Asia, which is more vulnerable than us."

"Hmm..."

"And you know the media owners, right? Can you make some connections for me?"

"Media?"

"From the end of the year, I will need to use the media a lot, so it's better to get to know them in advance."

"Alright. I'll arrange a meeting soon. The people you'll meet will be completely different from those you've met so far. They think they are the class that moves South Korea."

"Yes, I know."

Before the internet and various portals developed, all information was delivered to the public through newspapers and broadcasts.

Public opinion moved according to the editorial stance of each newspaper and broadcasting station.

The media, which had survived as the mouthpiece of the military regime, was now manipulating public opinion for their own benefit.

"I'll set up a meeting soon. It will be easier to introduce you as my successor then."

"Thank you."

If the prosecution and media are used well, it's easier to get what you want.

The conversation with my grandfather continued for a while after that.

A few days later, my grandfather arranged a meeting at a hotel owned by the Korea Daily.

"Chairman Cheon, it's been a while."

"Yeah, Chairman Ko, how have you been? I hear you've handed everything over to your children and are living like a hermit."

"Maybe it's time for us to step back. I heard you've handed everything over to your grandson and stepped back too? I hear that your grandson is a bulldozer, and Chairman Jang of Hyunbo Group is having a hard time."

"Hehe."

Chairman Cheon and the five major daily newspaper owners greeted each other and reminisced about old times.

"Today, my grandson said he wants to meet you and asked for some time."

"Really?"

All five pairs of eyes turned to me.

"Nice to meet you. I'm Kim Muhyeok."

"You look young. How old are you?"

"I'm twenty-four this year. It's an honor to meet the chairmen who have led this era."

"Haha. You're a polite young man."

The atmosphere wasn't bad.

"I asked my grandfather to arrange this meeting to continue the relationship that has been passed down from his time. I hope we can have a good relationship."

"Hahaha. What can old men like us do?"

Chairman Ko of the Korea Daily, which has the highest circulation among the five newspapers, continued to speak on their behalf.

"Thanks to you, South Korea has been able to come this far without any major issues. Just because you've stepped back from the front lines doesn't mean your past efforts are meaningless. Please take care of me."

I bowed again and greeted them.

I might have to deal with their sons rather than meet them again, but ultimately, everything is still adjusted according to their preferences. There was no choice.

South Korea's public opinion is still moved by newspapers. If I alienate them, I won't be able to do anything.

As I greeted each of them, they handed me a single business card with nothing written on it.

Just five business cards.

But these could be powerful weapons to move South Korea's public opinion.

Of course, there are journalists and editors who work on the front lines, but they can be bribed regularly.

Eventually, I left first. The meeting between my grandfather and the newspaper owners continued until late at night.

* * *

At the National Assembly hearing on the Hyunbo Steel bankruptcy, Chairman Jang's statement became a hot topic.

"There are statements from company executives to the prosecution that even with additional funding, the company could only have lasted a few more months. What do you think about this, Chairman Jang?"

"Hehe, I, the owner, know; how would a servant know?"

This statement represented the thinking of large corporate owners.

The owner of the company is the owner himself, and the employees working under him are all servants.

The statement, broadcast live on television, sparked public outrage.

"You're not in your right mind. Tsk tsk."

Chairman Song shook his head as he watched the hearing on TV.

"He probably won't come to his senses until he dies."

"Probably. So, what's happening today?"

"What about Hyunbo Steel and Construction?"

When the topic of Hyunbo Steel and Construction came up, Chairman Song's face brightened again.

"They made things difficult for me, but in the end, they decided to take over without proper debt relief after dragging out negotiations with the government. I told the creditors and government officials that I could intervene if they sell at a low price. Hehe."

Originally, Daehyun was to take over Hyunbo Steel.

It was a poisoned chalice with a total debt of 5 trillion won, but Daehyun had no choice as it was out of favor with the government.

Even with 1.4 trillion won in debt relief, Hyunbo Steel, which still had over 3 trillion won in debt, became a boomerang that ate away at Daehyun.

"IL Sung and Jung Woo will soon stumble. Chairman, you might as well enjoy a good meal."

"What? Hahahaha."

After laughing for a while, Chairman Song looked at me with a gentle gaze.

"How about Hyunji?"

"We meet occasionally."

"Meet often. Youth doesn't come back."

"Yes."

"How is the Daechi-dong project progressing?"

"Thanks to the help of Daehyun Construction, it's progressing smoothly. It's expected to be completed soon."

Chairman Song nodded.

Thanks to the help of Daehyun Construction, the construction period was significantly shortened, and all the work was expected to be completed soon.

If Chairman Song hadn't helped, it would have been impossible to meet the completion date.

"I hear that the Ashin Group will go bankrupt soon. Have you heard anything about it?"

"Hmm..."

The Ashin Group.

A large corporation with numerous subsidiaries, including Ashin Motors, Ashin Heavy Industries, and Ashin Electronics. The number of citizens working for Ashin Group subsidiaries is in the tens of thousands.

But due to severe financial difficulties, bankruptcy rumors are circulating.

"Ashin."

Ashin had a unique structure that was rare among large corporations.

Ashin Group was not owned by a specific family like other companies. It had a well-established professional management system and was known as a model case.

In 1993, IL Sung Group entered the automobile industry and began large-scale stock purchases.

After public opinion became noisy, they sold some, but it was a well-known fact that IL Sung was targeting Ashin Motors.

"They are probably lobbying hard to take over Ashin Motors. They are likely pressuring the political and banking sectors to block funding support."

Chairman Song nodded in agreement with my words.

"I know, but there's no reason or way to stop them."

But ultimately, Ashin Motors will become Daehyun's.

"Do nothing. Just let it happen. When the government changes, you can move then. The presidential election is coming up, isn't it?"

Chairman Song looked puzzled.

"Even if you do, the ruling party will win, right?"

It was true that the ruling party candidate was much higher in the polls than the opposition candidate.

But I shook my head.

"I don't see it that way. The ruling party will split."

"What?"

"The presidential candidate is standing against the current president. The current president probably won't support him at all. Instead, he will support the other side, dispersing the ruling party's votes. In the end, the opposition will win by default."

"Surely not. Even in the first presidential election after the Fifth Republic, the opposition was expected to win, but it didn't."

"At that time, the opposition's votes were split."

"Hmm... So this time, the opposition will win?"

"Yes, if I were to bet, I would bet on the opposition."

Chairman Song's contemplation deepened.

I had already aligned myself with the opposition.

Of course, I had to contribute a significant amount of political funds.

"Regime change... I guess other large corporations are predicting the ruling party's victory."

Even if the ruling party's votes are split, the opposition candidate will win by a margin of less than 500,000 votes.

Moreover, regime change in this era was a distant prospect. I understood Chairman Song's hesitation.

"The faster you bet, the better. I've already started betting on the opposition. Whether you choose to follow my advice is up to you, but don't forget it."

"Alright, I'll think about it."

"Yes, I'll take my leave now."

Leaving the contemplative Chairman Song behind, I got into the car with Manager Ma.

"Manager, you asked me before why I give information only to Daehyun."

Manager Ma had asked me this a while ago.

Why do I focus so much on Daehyun?

"I have something to gain later. It's groundwork for that. Of course, my relationship with my grandfather also influenced it."

My target is Daehyun Electronics.

It later merged with Samsung Group's Samsung Semiconductor to become a company that succeeded IL Sung Electronics, but it eventually separated from Daehyun Group due to a liquidity crisis.

"I plan to take over Daehyun Electronics using Ashin Motors as bait. I want to maintain a good relationship with Chairman Song."

In the past, there was no connection, but this time, I have formed a deep connection. I don't plan to force a merger.

"Of course, if they don't hand it over, I can buy it when it becomes available later."

Manager Ma's response was inaudible. The car slowly drove into the darkness.

While everyone's attention was on the Hyunbo hearing, the progressive group, which had been comforting the common people's sorrows with soju, finally went bankrupt.

To prevent a series of bankruptcies by large corporations, the government led the creation of a bankruptcy deferral agreement, but it failed to prevent the bankruptcy of the progressive group.

The six subsidiaries of the progressive group were designated as the first targets of the bankruptcy deferral agreement.

In May, the government expanded the foreign stock investment limit from 20% to 23% to attract foreign investors.

However, the bankruptcy of Sambo Foods, the largest bakery company in the country, continued the chain of bankruptcies.

When South Korea was engulfed in an economic crisis, all my attention was on Thailand.

― The hedge funds are about to start attacking the Thai baht.

Han Kyung-eung, without me even asking, obtained information about the attack on Thailand and reported it to me.

"Probably. You should start attacking along with them. How much can you move immediately?"

― I can move 10 billion dollars. The rest is invested in stocks.

"Let's get more funds by taking out loans using stocks as collateral. Aim for 20 billion."

― Okay. This time, we'll follow them?

"Yeah. The basic position will be the same as theirs. We'll take different positions through other companies. I'll give orders to the employees, and you wait for my orders. We'll pour all the funds from the six companies into this."

Han Kyung-eung laughed bitterly.

― Another all-in?

"Of course."

― Ha... What did you make your heart out of steel? You're not afraid of losing?

"I am. But if I only avoid out of fear, I'll never win. Get ready. It will start soon."

The start of the Asian economic crisis was in Thailand. An attack by Wall Street was imminent.

< I, the owner, know; how would a servant know? > End