Free Web NovelWhen Eva mentioned that Park Younggeun had criticized the management of the National Pension Fund, my mind started turning quickly.
‘When was the first time the National Pension Fund actively exercised its voting rights on shares it held?’
That thought could wait. For now, the important thing was cutting off this pointless contest of wills.
“Eva.”
At the sound of my voice, Eva turned her head.
I gave a small shake of my head. Understanding instantly, Eva gave me a quick glance in acknowledgment.
Composing herself, she turned to Park Younggeun and spoke.
“I didn’t mean it in a way to offend you. I just happened to come across it while looking into financial authority policies as an investor.”
It was a flimsy excuse, but it worked. Park Younggeun let out a sigh.
“Phew... I really don’t know how to get my own house in order.”
He shook his head. Just because the stream above was clean did not mean the water below would always be pure.
At that moment, waiters brought in the ordered set meal, giving us a break in the conversation.
Once the dishes were laid out and the staff had left, I looked at Park Younggeun’s troubled face.
“Let’s eat and continue talking.”
He nodded and picked up his spoon. Eva and I also began eating.
We ate in silence for a while before I spoke to him.
“Usually people become conservative as they age. But you, Director, seem progressive.”
He paused with his chopsticks.
“Progressive, conservative... I’m not sure. But I do know what’s wrong.”
“A system can’t change all at once, can it?”
“But if we do nothing, nothing changes. I intend to open the floodgates.”
Once the meal was done, the real discussion began.
Setting his glass down after drinking, Park Younggeun turned to Eva.
“Representative Eva.”
“Yes, Director?”
“Compared to foreign markets, what do you think is wrong with Korea’s financial system?”
Eva thought for a moment before replying boldly.
“Honestly, I think it’s faster to find what’s better than what’s wrong.”
“Hm...”
He scratched his chin, embarrassed, and Eva smiled at the sight.
“Even after IMF’s recommendations, there’s still too much government regulation in the financial industry. That’s why foreign investors hesitate to step into Korea.”
“Without strong government regulation, financial companies would operate recklessly. That would only lead to greater chaos.”
His stance was firm: reform through government regulation.
Eva, having caught his drift, shook her head slightly.
“The foreign exchange crisis wasn’t just Korea’s problem. It was like a tsunami sweeping across Asia. Take Hong Kong, for example. Even after its return to China, Beijing didn’t tighten regulations on Hong Kong’s financial markets. Despite being a communist state. Why do you think that was?”
“That’s...”
If Han Kyungyeong were here, this debate would be even more interesting.
As I listened, I considered how I might use Park Younggeun.
“Korea still has excessive regulation. Think about how Hong Kong became the financial hub of Asia. Of course, geography and its role as a gateway to China mattered. But the bigger factor was China’s trust in Hong Kong’s government policies.”
Eva’s voice was calm but precise.
“So you believe regulation should be loosened further?”
“Outdated regulations should be removed, and instead, responsibility for those in finance should be made heavier. Honestly, this country is far too lenient toward financial criminals.”
Her words hit the mark.
Instead of endlessly piling on regulation, grant autonomy but enforce accountability with real weight.
During the financial crisis, countless companies collapsed, yet few were held responsible. Even then, most received only a slap on the wrist.
“Korea doesn’t have the environment for global financial giants like JP Morgan or Goldman Sachs to be born. Instead of regulating the system to death, we should increase autonomy in operations and management.”
Hearing such a contrary opinion, Park Younggeun gave a bitter smile.
“Raise autonomy... The failures of financial companies never end with themselves. And regulations were already loosened quite a bit under IMF demands.”
“No, foreign investors still think it’s not enough. Look at New York, London, Hong Kong. There’s a reason all the world’s money gathers there. If you only chase safety, you’ll be left behind.”
Of course money flowed where regulations were lighter. Seeing the shadow on his face deepen, I stepped in.
“Eva is only speaking as an investor. Don’t take it too heavily.”
“No, no. Opinions from foreign investors are important too.”
Still, he waved it off. He was clearly a sharp man.
“But earlier, you said even non-bank financial firms should be blocked from being owned by conglomerates?”
The smile left his face. He nodded firmly.
“That’s what I believe. I know it won’t be easy.”
“Most conglomerates, starting with Ilseong, already own insurers and securities firms. Politicians afraid of them would never pass such a law.”
Most conglomerates held insurance companies, using premiums to buy shares defending their management rights.
Ilseong Life was the largest shareholder of Ilseong Electronics. The rest of the conglomerates did the same.
He knew it too. To change that was to oppose all the chaebols at once.
No wonder his smile looked bitter.
“I know. But someone has to do it.”
“Director, then will you join hands with me?”
“...Join hands?”
My sudden proposal made him look puzzled.
Listening to him debate with Eva, I was certain—he was worth using.
“I plan to bring down Ilseong.”
“Bring down Ilseong?”
“Yes. In a few days, Eva here will open fire. That’s just the beginning.”
The face of Seo Yonggeon, convinced of Ilseong’s invincibility, floated in my mind, and a thin smile spread across my lips.
“I plan to erase the name Ilseong from Korea. It won’t take long.”
Seeing the sincerity in my words, his face grew grave. Looking between Eva and me, he finally spoke after some time.
“Mergers and acquisitions aren’t for me to meddle in. Nor can I.”
“Say what you really mean. You already criticized the way the National Pension Fund is run. They act as white knights for the conglomerates with the people’s money. And you say you can’t meddle?”
“...That’s exactly why I criticized them.”
The fund was nothing but a rubber stamp. Despite holding 3–5% stakes in nearly every major company, they never acted.
In time, they would become more assertive. But not yet. ƒrēewebnoѵёl.cσm
“They don’t entrust real experts, but let the government meddle. Isn’t the fund practically run as the government’s private safe?”
“The National Pension Fund is the people’s hard-earned money. We can’t just hand it over carelessly.”
Eyes closed tightly, he bit his lip.
“I know, I know. But what’s the reality? Whenever the government issues bonds, the fund buys them. Nearly a hundred trillion won in people’s money is run like the government’s petty cash. Reform them first before talking about regulating private finance.”
Despite its vast resources, the fund entrusted less than 3% externally.
The World Bank had even urged Korea to use outside experts.
Instead, parachuted incompetents ran it, pretending to delegate only in token amounts.
“You want reform? Start inside first. Only then will private firms follow. Otherwise you’ll be remembered as someone who took the easy way.”
Reforming a public institution was always the hardest. Especially a rigid, ossified one.
That was why he had said he would start with private companies.
Now that I had laid bare his reasoning, his /N_o_v_e_l_i_g_h_t/ face flushed slightly.
“Director, I’ll help you reform. Let’s join hands.”
“You’ll help me reform...?”
“I feel I can trust a man as upright as you.”
But the mention of bringing down Ilseong seemed to give him pause.
“...I’m not doing this for one man’s profit.”
“It will help me, yes. But it will help your reforms far more. Will you at least hear me out?”
After wrestling with it, he nodded, face set with grim resolve.
“I’ll listen first before I decide.”
“Listen first, then decide... If you won’t be on my side, I can’t tell you. When you make up your mind, come find me.”
“...”
I would never hand clear information to someone not yet an ally.
I rose to my feet. Eva stood as well.
Caught off guard, Park Younggeun looked up at me.
“It was a pleasure meeting you. A valuable time.”
Startled back to himself, he rose too. I extended my hand with a gentle smile.
“Come to me anytime, once you’ve decided.”
Looking between my face and my hand, he gave a small shake of his head but finally clasped it.
“President Kim Muhyuk, you are an unpredictable man.”
“Haha, I hear that often.”
After our handshake, he turned to Eva and offered his hand.
“Representative Eva, it was a pleasure. You’ve helped me greatly.”
“The pleasure’s mine. With someone like you, Director, I’ll always welcome cooperation. Please, do contact me.”
After shaking her hand, Eva gave him her card.
Since Manager Ma had already settled the bill, we went straight to the parking lot.
Before parting, he pulled out his wallet and tried to pay for his meal.
I looked for a while at his wrinkled hand holding out the money, then smiled.
“You didn’t need to, but I’ll accept it with thanks.”
The impression of him as an upright official struck me once more.
When Manager Ma received the money, I called out as he was about to walk away.
“Director, allow me to drive you home.”
He stopped and smiled, shaking his head. The lines at his eyes softened his face.
“I still have two strong legs. I’ll just accept the thought. Let’s meet again sometime.”
With that, he walked away from the restaurant.
I watched until his figure dwindled to a dot, then turned.
“Let’s go too. Eva, come by the Myeongdong office for a bit.”
“Okay, Boss.”
The car carrying us headed toward Myeongdong.
“Boss, why didn’t you press harder to win him over?”
Eva suddenly asked, eyes on the window. She must have liked him during the conversation.
“Well, he’s upright. But men like that only learn after hitting a wall themselves. No amount of words can teach them.”
“But if we get him on our side, he could help relax any regulation harmful to Taesan Finance. Or help us bring down Ilseong. Isn’t that why you reached out?”
She was right. Watching him talk with Eva only made me more certain I wanted him.
But since he hadn’t hit the wall yet, he hadn’t grasped my hand. freewēbnoveℓ.com
Crossing my legs, I smiled.
“The bait’s been cast. Now we wait for him to bite. He’ll reach out eventually. A revolutionary who’s never tasted defeat always leans on someone when reality blocks their path.”
