Free Web NovelI met with Berezovsky, Yeltsin’s daughter, and the Kremlin’s Chief of Staff.
Yeltsin’s daughter: Tatyana Dyachenko.
Chief of Staff: Valentin Yumashev.
These two were the power behind the curtain in Russia.
If Putin was the power of the future, these two were the power of the present.
Even if it wouldn’t last much longer, for now, they were the ones steering Russia.
“Nice to meet you. I’m Kim Muhyuk.”
“Pleasure. I’m Dyachenko.”
The mood was relatively warm.
But knowing their ugly ambitions, I wasn’t particularly enjoying the meeting.
I masked my thoughts, exchanged greetings, and sat down.
The first to speak was Chief Yumashev.
“You want to invest in Russia?” freēwēbnovel.com
“Yes.”
“You’re different from other investors. Everyone’s pulling out of Russia, but you want to invest instead? That’s interesting.”
I could see the greed in Yumashev’s eyes.
“Opportunity comes after crisis, doesn’t it? Russia is still a vast empire—it’s not going anywhere. It’s just going through a temporary liquidity crunch. I believe in Russia’s future.”
“Haha. You sure know how to say nice things.”
It was a meaningless exchange.
I wasn’t planning any major investment in Russia just yet.
I came solely to establish a connection with Putin—but I couldn’t just walk away without doing anything.
Even for Berezovsky’s sake, I had to make some kind of show.
“Let’s start by issuing some bonds.”
“Bonds?”
At the time, Russian bonds were basically scraps of paper that nobody wanted to touch.
Dreamhigh was competing with another group for them, but even then, they were trading at around 20% of their value.
So Yumashev’s surprise at my suggestion was understandable.
“Wasn’t the last successful bond issue something like $1.2 billion?”
That was two months before Russia declared its moratorium.
Goldman Sachs had hosted a grand party at the Moscow Federation Hall, attended by former U.S. presidents, the Russian prime minister, and a swarm of current and former high-ranking officials.
That party marked the final successful issuance of Russian bonds.
Goldman Sachs had aimed for $1 billion, but ended up selling around $1.25 billion.
But two months later, after Russia’s moratorium, those bonds became worthless.
And now I was bringing up bonds again.
“Yes, but...”
Yumashev trailed off.
Maybe he thought issuing bonds would be unprofitable?
He seemed more concerned with personal gain than with Russia’s economy.
That’s when Dyachenko, who’d been speaking with Berezovsky, joined the conversation.
“Bond issuance, huh? How much are you thinking? We are in a bit of a bind right now.”
“These are bonds no one else will touch. I’d be the only one buying. Let’s say $200 million.”
Dyachenko’s eyes widened.
“You’d personally absorb $200 million?”
“Yes, I can handle that much on my own.”
Surprise spread across the faces of everyone present, including Dyachenko.
Berezovsky jumped into the conversation.
“You’re not bluffing, are you?”
“I wouldn’t hand out empty promises in front of people like this.”
“Haha, looks like I’ve underestimated you. A man who can bet $200 million...”
His words and his eyes gave off the vibe of someone who thought he’d found a mark.
I smiled as if I didn’t notice and turned back to Dyachenko.
“There’s no need for a lead manager like an American investment bank, so no underwriting fees. Let’s set the five-year interest rate at 50%.”
“Fifty percent?”
“Yes, I don’t think it’s an unreasonable ask.” freēwebnovel.com
It was an investment for show, but that didn’t mean I was willing to lose money.
The higher the interest rate, the lower the market value of bonds in circulation.
Russia had even pushed its short-term rate to 150% in a desperate move, but that hadn’t done anything to restore investor confidence.
Considering South Korea—without Russia’s vast natural resources—had a 15% rate on five-year treasury bonds, 50% was outrageous.
That alone showed how little faith the financial markets had in Russia.
“There’s no real benefit for us...”
Dyachenko was blunt.
“I said there’s no underwriting fee. I heard Goldman Sachs took $50 million in fees.”
At that, Dyachenko seemed to understand the real message.
“You’re someone we can talk to. We’ll be in touch soon. It’s been a good meeting.”
Dyachenko and Yumashev rose from their seats, as if they’d said everything they needed to.
“I look forward to hearing good news.”
After seeing them off, I resumed conversation with Berezovsky.
Compared to his indifferent attitude when we first met, the current Berezovsky was completely different—it made me smile internally.
“You’re not interested in Russian companies?”
Was he trying to dump his businesses on me?
“Not yet. I still don’t know enough about Russia. It’s too risky to invest blindly. I only decided on this bond investment because it’s backed by the Russian government. Even if there was a default, they can’t isolate themselves from the international community forever—unless they plan on going back to being the USSR.”
Does he think I’m an idiot?
Once Putin came to power and began purging the oligarchs, I could just acquire the companies then. No need to rush now.
“Hmm...”
Perhaps because of my firm tone, Berezovsky stroked his chin and fell silent.
“What’s the rush? As I learn more about Russia, I may come across a company I like. I’d also get closer to you, Chairman Berezovsky.”
“Pity. There are so many good companies.”
His smacking lips showed his disappointment.
“Russia’s growth potential is undeniable.”
Just based on its natural resources alone, Russia was too big to ignore.
Russia’s real problems were political instability, rampant crony capitalism centered on the oligarchs, and deep-rooted corruption among bureaucrats.
“Nothing to be done, I suppose.”
“Introduce me to a good house, would you? I think I’ll be coming to Russia often. Can’t stay at hotels forever.”
“You’re right about that. I’ll find a decent house for you.”
“Thank you.”
After some pointless chit-chat with Berezovsky, we parted ways.
Once his car disappeared from sight, I went back up to my hotel room.
“Sigh... so greedy.”
I loosened the tie around my neck as I collapsed onto the sofa.
Chief Ma took the tie and responded.
“When people in power are like that, no wonder the country’s in this state.”
“It’s the same in our country. Those in power are corrupt too. Not that I mind—it makes business easier.”
The more corrupt the powerful were, the easier it was for me to manipulate them.
Sure, it would be nice if everything ran within legal boundaries.
But that kind of world didn’t exist.
“Call Korea. Check what’s happening with Joongwoo Motors.”
“Yes, boss.”
I was tired, but I still had work to do.
“Boss, I’ve got President Han on the line.”
I took the receiver and brought it to my ear.
“Hyung.”
― Muhyuk? How’s Russia?
“Same as always. I didn’t come here to sightsee.”
― How are the Russian ladies?
“I don’t even have time to meet any. Cut the crap. What’s going on with Joongwoo Motors?”
― We went through with the plant shutdown just like you said. After the mass layoffs, we’ll begin negotiations with Ilseong Motors.
“They still talking nonsense?”
― Yeah, somehow they got their hands on our financial statements and now they’re acting like we owe them money.
“Fucking idiots still haven’t come to their senses.”
The big deal was happening under the Kim Hakgwon administration’s initiative.
In the IMF era, even Ilseong couldn’t survive if they got on the government’s bad side.
If the capital flow was shut off, they were done.
“Tell them to cut the crap. Otherwise, hand the negotiations over to the government. Let them figure it out. Tell them if they keep pulling this shit, you’ll start thinking about other options.”
― Got it. I’ll try to negotiate a little longer.
“Handle all the subsidiaries we need to sell the same way we did with Joongwoo Motors. Don’t hold back. If you’re too kind, people start thinking it’s their right.”
― Got it.
“Anything else?”
― Not really. Oh, the Conservative Party reached out. They want a meeting. What do you think?
“The Conservative Party? Why?”
― No clue. Won’t know until I meet them.
The Conservative Party had suffered an irreparable blow during the Cheongpunghoe purge.
Even though they were purged one after another, the overwhelming evidence and brutal public sentiment kept anyone from defending them.
Choi Changgung, who had to drop out of the presidential race due to Cheongpunghoe’s interference, became the Conservative Party leader—but even he hadn’t escaped the aftermath.
In an atmosphere where even a party leader was getting arrested, both the Conservative and Progressive parties must’ve felt like they were walking on thin ice.
“Go ahead and meet them. Nothing to lose.”
― Okay. I’ll hear what they have to say. When are you coming back to Korea?
“Next week? Maybe longer if things drag out.”
― Don’t just work. Go have some fun with the Russian ladies. Or you’ll die early.
I chuckled and shook my head.
“Bye.”
I handed the phone back to Chief Ma, stretched, and stood up.
“I’m going to wash up and sleep. If anyone calls, connect them.”
“Yes, sir.”
“You rest too. Go eat something with Igor or whatever.”
Once Chief Ma left and I was alone in the hotel room, I washed up and lay down in bed.
Just like Han said—I didn’t want to die young from overworking.
* * *
After meeting with Kim Muhyuk, Dyachenko and Yumashev returned to the Kremlin and immediately summoned Putin, Director of the FSB.
“You called for me?”
“Putin, come in.”
Welcomed by Yumashev, Putin entered the Chief of Staff’s office.
Dyachenko just gave a slight nod while crossing her legs.
“It’s been a while, Dyachenko.”
Putin greeted her and took a seat.
“Do you know a businessman named Kim Muhyuk, who just arrived in Moscow?”
The question made him tense slightly, but Putin replied with a straight face.
“Kim Muhyuk?”
“Yes.”
“I met him briefly a few days ago through Chairman Berezovsky.”
Yumashev nodded, seemingly satisfied with Putin’s honest answer.
“What did he say?”
“He said he’s a businessman, but he doesn’t always operate legally. He figured he’d owe a lot to the FSB down the line.”
Putin did not mention that Muhyuk had said he wanted to become friends.
“What’s the FSB’s report on him?”
“Nationality: South Korean. Owner of Dreamhigh Investment in the U.S. Also owns a private military company, Black Bear.”
“Dreamhigh Investment?”
“They’re a ➤ NоvеⅠight ➤ (Read more on our source) well-known investment firm on Wall Street. Made a fortune during the Asian financial crisis. According to the intelligence bureau, they have good relations with the U.S. government.”
Since negotiations with the U.S. had been handled by former Chief of Staff Chubais, Yumashev wasn’t familiar with Wall Street.
“So, he’s got money.”
“He certainly does. Do you want us to investigate?”
Yumashev glanced at Dyachenko, who shook her head.
Yumashev shrugged and turned back to Putin.
“No need. As long as he has the means to invest in Russia, what does it matter?”
“Understood.”
“Just report daily on who he meets in Russia. That’ll be all.”
Putin bowed and left the office.
Outside, his expression hardened.
Only when he returned to his FSB office did he call Kim Muhyuk.
After a few rings, the call connected.
“This is Putin. I have something to report.”
― Ah, Director Putin.
Muhyuk’s voice was groggy, likely from sleep—but that didn’t matter.
“I’ve been ordered by the Chief of Staff to monitor your activities in Russia and report them daily.”
― Really? Hahaha.
Laughter echoed through the receiver.
Putin’s brow furrowed instinctively.
