/

Chapter 89




The Genius Grandson of the Loan King - Chapter 89 (89/840)
< I Only Think About the Candidate's Victory >
#89
I Only Think About the Candidate's Victory
Surviving in South Korea's political arena was quite an impressive feat.
This was especially true for opposition figures under the watchful eye of the harsh military regime...
Kim Hak-gwon had been sentenced to death and imprisoned, and even exiled to a foreign country.
He was even kidnapped abroad and forcibly repatriated to South Korea.
But he overcame all these trials and was now a presidential candidate in South Korea.
Now, with the summit in sight, the ship was once again being buffeted by hidden reefs.
“Haha. We were briefly acquainted in the past.”
Kim Hak-gwon, who had been scrutinizing me, nodded slightly.
“That’s right. I have to go on a campaign soon. Tell me what you need.”
His words implied that he had taken time out of his busy schedule to meet us.
Han Kyung-yeong, sensing my mood, responded to Kim Hak-gwon first.
“Muhyuk brought me here to meet the candidate and have a good talk, despite my busy schedule... But it seems the candidate isn’t pleased to see us. I think it’s time for an uninvited guest to leave.”
Han Kyung-yeong really got up from his seat.
Kim Hak-gwon looked up at him silently.
Han Kyung-yeong, whose expression didn’t change, bowed his head.
“Then, I wish you a good outcome in the presidential election.”
“What are you trying to do now?”
“Muhyuk? If you hadn’t asked, I wouldn’t have needed to come see the candidate. I’m a businessman, not a politician. But it seems the candidate doesn’t appreciate my help.”
Han Kyung-yeong finished speaking, meeting Kim Hak-gwon’s gaze head-on.
“Brother, sit down first.”
“Muhyuk. I never do business with ungrateful people. I’m an investor and I don’t do deals that will result in a loss, even if it’s at Muhyuk’s request.”
This brother, he could be an actor.
The mask on Kim Hak-gwon’s face, who had been listening to our conversation, broke.
Kim Hak-gwon glared at Han Kyung-yeong, his expression twisted.
“What do you mean by that?”
“What do I mean? I mean exactly what I said. Unlike in the U.S., giving political funds in South Korea is illegal. I know that Muhyuk has been helping the candidate illegally, but it seems the candidate doesn’t appreciate it.”
Han Kyung-yeong shrugged, looking at Kim Hak-gwon’s flushed face.
“But I wonder if the candidate would be grateful to me even if I helped.”
“What did you say?”
“Brother, stop it.”
If it went on, it might really turn into a fight.
“Candidate, stop it too. I haven’t made any demands, so why are you so openly avoiding me? Honestly, I’m not a machine, and I didn’t feel good about it.”
“Hmm...”
“I know how our grandfather accumulated wealth by colluding with the military regime. But I’m different from him. I only think about the candidate’s victory.”
Kim Hak-gwon, who had been listening quietly, sighed deeply.
“I’m sorry. I’ve been very sensitive lately because of the single candidacy talks. If you’re upset, please forgive me.”
Kim Hak-gwon apologized, and I looked up at Han Kyung-yeong.
Han Kyung-yeong also sighed and sat down.
“If I was rude, I apologize.”
“No, it’s fine. Now, tell me what you need. What’s really going on?”
“Muhyuk wants me to make a statement supporting the candidate, whether in an interview or in some other way.”
Kim Hak-gwon looked at me with surprise.
He probably knew better than I did what Han Kyung-yeong’s support meant.
The current economic issue was the biggest controversy in South Korea.
Conservative candidate Sung Daegyu had proposed borrowing money from Japan, despite the majority of the population’s anti-Japanese sentiment, and still received a positive response.
Han Kyung-yeong’s support, politically speaking, meant that the capital of the Wall Street legend Dream High Investment could be brought to South Korea.
“Hmm...”
“But there’s something that needs to be clarified first. You need to agree to the IMF’s demands. Otherwise, my support will be a hollow promise.”
The IMF, despite concluding all negotiations with the government, had not yet provided proper support.
Instead, they were requesting a commitment letter from all presidential candidates.
“I have no choice but to follow the U.S. government’s instructions, as my company is based in the U.S. You need to promise to comply with the IMF agreement.”
After a few minutes, Kim Hak-gwon, who had been pondering, finally nodded.
“I understand. I know I have to agree to the IMF’s demands. It’s just that... I hesitated because I thought it was too much.”
“I understand. But if the negotiations with the IMF break down, South Korea will ultimately have to declare default. South Korea cannot survive on its own.”
“Yes, I know that.”
Some economists argue that South Korea should reject the humiliating demands of the IMF, declare default, and pursue an independent economic path.
But that was an opinion with a very low probability of success in South Korea’s economic structure.
With only a 60% self-sufficiency rate in food and no significant natural resources, South Korea could not choose isolation.
The conversation between Han Kyung-yeong and Kim Hak-gwon continued.
“If the negotiations with the IMF are successful, I will invest as much as possible in South Korea. I was born in South Korea, even though I have U.S. citizenship.”
“Ha ha ha.”
“I have never wanted to interfere in politics. If it weren’t for Muhyuk’s request, I wouldn’t have.”
Kim Hak-gwon shifted his gaze to me.
“I want the candidate to win. Not for any specific reason, but because I don’t want the conservatives to win. Please don’t forget my help, candidate.”
“I’m sorry, I misunderstood you.”
“No, it’s fine. It’s true that my grandfather and I are in the loan business. I know that people’s perception of me can’t be good.”
“I appreciate your understanding.”
The meeting with Kim Hak-gwon ended on a cordial note.
On the way back to the hotel with Han Kyung-yeong.
“Tsk, you were right. I lost my composure. All of it.”
Han Kyung-yeong, sitting next to me, shook his head in disgust.
“You still don’t know the scale of Muhyuk’s power. You tremble in front of Kangdshi, but act high and mighty with me and you? Does that make sense?”
“I’m Korean. Their perception will never change. Politicians are always the same. What can I do? But there’s no other choice besides Kim Hak-gwon.”
I chuckled, and Han Kyung-yeong nodded.
A few days later, all presidential candidates signed a commitment to comply with the IMF agreement.
But the outflow of foreign capital in South Korea, ahead of the presidential election, was already out of control.
* * *
A few days before the presidential election.
Han Kyung-yeong held a press conference.
It was a large-scale press conference, with major daily newspapers and foreign media in attendance.
This was the first time James Han, who was rewriting the history of Wall Street, made an official statement to the media. It was natural for foreign media to attend.
“Hello, I’m Han Kyung-yeong. I’m not sure if I’m the right person to hold a press conference.”
The press conference began with Han Kyung-yeong’s greeting at the microphone.
“Please briefly explain what happened on Wall Street. It’s not well known in South Korea yet.”
“Hmm... It’s hard to explain in detail, but I bet on people’s fears. The economic crisis that started in Asia inevitably affected many countries, including the U.S. That choice brought me astronomical wealth.”
“There’s a rumor that you attacked Hong Kong with Wall Street hedge funds. What do you think about that?”
Han Kyung-yeong frowned slightly.
“I’m an investor. The word ‘attack’ is too extreme. I did invest in Hong Kong, and I suffered significant losses. There’s no right answer in investing. I think it’s a realm that can’t be judged by the logic of good and evil.”
American journalists raised their hands one after another.
“James, why did you come to South Korea to invest? At a time when foreign capital is fleeing?”
The question came in English, and Han Kyung-yeong answered in English.
“I’ve read the reports from investment banks in New York. I agree with the content of those reports. But there’s a saying that crisis is an opportunity. That’s why I came to South Korea, my homeland.”
“Are you not an American?”
“Yes, I am. I’m an American. But South Korea is also my homeland. I couldn’t just watch my homeland’s crisis.”
The Korean journalists in the hall buzzed.
“There’s a rumor that you will appear in Forbes’ world ranking next year. It’s said that the top two spots will be occupied by Korean-Americans. Is that true?”
“I will not comment on that.”
The American journalist’s question was a good bait for the Korean journalists.
As dangerous questions kept coming, Han Kyung-yeong looked at the moderator.
The moderator picked up the microphone.
— Please avoid repetitive questions. Time is running out. I will take the next question.
The moderator, while trying to control the overheated press conference, pointed to a journalist prepared by Kim Muhyuk.
“I’m Pyo Sung-hyuk from the Korea Herald. What do you think about this presidential election? Who do you think can save South Korea’s economy?”
“Political issues are a bit sensitive...”
“This is a question about the extension of the response to the economic crisis, not a political issue.”
Han Kyung-yeong, as agreed, hesitated but then spoke.
“Hmm... This is my personal opinion. Mexico also showed a similar situation to South Korea for a while. But the new Mexican government was not a good government for investors. Ultimately, the outflow of foreign capital accelerated, and they faced a serious liquidity crisis. Political instability is not a good phenomenon for investors.”
“Does that mean South Korea’s politics are also unstable?”
Han Kyung-yeong shook his head.
“It means that the government’s stance is that important to investors. South Korea is a democratic country. Although the military regime ruled for a long time, the people eventually pushed them out. It’s a unique case that can’t be found anywhere else in the world. A case where a military regime fell due to the people’s outcry, not a civil war.”
Flashes went off.
It was a statement the media would love.
“Returning to the main topic, I will share my thoughts on this presidential election. Who becomes president is also important from an economic perspective. The highest authority in the country is important for investors.”
Someone behind the journalist who asked the question shouted.
“So, who do you support?”
“Personally, I think South Korea would become a better place for investment if Kim Hak-gwon becomes president.”
“Does that mean you will invest in South Korea if Kim Hak-gwon is elected?”
Silence filled the hall.
After a brief pause, Han Kyung-yeong’s voice came through the microphone.
“Yes, South Korea needs to become a better place for investment. If I had the right to vote, I would have voted for Kim Hak-gwon.”
The support for Kim Hak-gwon announced at the end of the press conference caused a significant impact.
Although it was a period where the change in support rates was unknown, the atmosphere that had been leaning towards the conservatives was sharply shifting towards Kim Hak-gwon.
* * *
December 18, 1997, election day.
In the evening, I was sitting in the study with my grandfather, watching the presidential election results broadcast.
The exit polls from each broadcasting station were finally announced.
It was a close race within the margin of error.
“Hmm... What do you think, Muhyuk?”
“It’s hard to predict. We aimed for a comeback with Han Kyung-yeong’s support, but the support rate difference was significant.”
This was the first competition between two major party candidates since the transition to a direct election system, excluding minor candidates.
“Kim Hak-gwon is better for us, but if the conservatives win, we can change our approach. Let’s wait and see.”
My grandfather nodded at my words and asked with a smile.
“Is Han Kyung-yeong’s company yours?”
It was no longer a secret.
“Yes, it’s my company.”
< I Only Think About the Candidate's Victory > End