Free Web Novel“First, I’ll enter the United States before the summit. I’ll try negotiating in advance. Since the summit is in June, April should be appropriate. When the time comes, please send Myungsoo to Washington as a special envoy.”
Yoon Changho’s face brightened noticeably.
“Will you really do that? Then I’ll be somewhat relieved.”
“Do not expect too much. Amending the SOFA will be difficult. But I will try to have the people responsible for the deaths of those two girls extradited to Korea. That should calm public sentiment a bit. Of course, whether it succeeds or not is uncertain.”
“All right.”
Yoon Changho smiled and extended his glass.
He clearly believed that if I stepped in, some kind of result—any result—would come out of it.
I could not betray that belief. Smiling faintly, I clinked my glass against his.
We talked about various things as the drinking continued deeper into the night.
“Tell me, what do you think of Yongsang Motors?”
“Yongsang Motors?”
“Ever since the transition committee days, there has been a lot of discussion regarding its sale.”
Yongsang Motors. A company that had long eaten away at the Korean economy.
During the foreign exchange crisis, other failing car companies were merged into Ilseong Motors and Daehyeon Motors respectively.
But Yongsang Motors entered a workout program instead.
Come to think of it, around this time the first rumors of overseas sale should begin circulating.
“During Kim Hakgwon’s administration, we approached several foreign automobile companies. But not a single one expressed willingness to acquire it.”
“Hasn’t Yongsang Motors escaped the worst of the crisis by now? It should be a decent asset.”
Yongsang’s new SUV—into which they had poured their lifeblood—had succeeded, finally putting them back into the black last year.
Their first profit in five years.
But behind that brief glory lay multiple injections of thousands of billions in public funds.
The taxpayers had essentially kept the company alive.
Now the government was apparently discussing when to sell Yongsang Motors and recover those public funds.
Yoon Changho had been negotiating quietly since Kim Hakgwon’s term, but he told me that no companies were showing any interest.
I nodded silently. I already knew Yongsang Motors’ fate.
In the end, Yongsang Motors would be sold to a Chinese automobile company.
But that was the wrong decision.
China would siphon away its core technologies and key researchers, then abandon the company entirely.
“Surprisingly, no investors seem interested. The creditors are insisting that they must sell while it’s still profitable if they want to get a proper price.”
I covered my lips with my glass, sinking into thought. freewёbn૦νeɭ.com
Would anything change even if I told ✧ NоvеIight ✧ (Original source) Yoon Changho about the future I knew?
No matter how I considered it, only negative outcomes came to mind.
If it were a single problem, I could try to fix it somehow...
But Yongsang Motors was essentially a bomb with multiple layers of issues.
Even if they got through this moment, it was obvious it would remain a headache.
“As you know, the automobile sector creates massive employment. Even if we sell it to a foreign company, conditions must be attached ensuring they do not shut down factories in Korea... Perhaps because of these conditions, everyone is just gauging the situation. And domestic companies also don’t want to acquire Yongsang Motors.”
Naturally domestic conglomerates would avoid Yongsang.
The Korean automobile industry was dominated by Daehyeon Motors, with Ilseong Motors pushing back as its rival.
Unlike the past, Ilseong Motors had grown rapidly since acquiring Joongwoo Motors.
For domestic chaebols, this was a sector with no added value to jump into.
“Even I wouldn’t acquire it.”
“Why do you think so?”
Yoon Changho poured liquor into my glass as he asked.
“First, the domestic market is too small. Daehyeon and Ilseong already split the market between them. Entering now would be too burdensome. And even if we look abroad, the value is limited. Korean automobile brands have low recognition in the global market. If anyone proposes an acquisition, it will be a company targeting Yongsang’s technology.”
“...You’re saying no one will acquire it through normal means?”
“Well, China would probably be interested. But they won’t pay the proper price, and even if the sale succeeds, they’ll never invest. They’ll just strip the technology and discard it. When that happens, the backlash will fall entirely on you, Mr. President.”
At the word “backlash,” Yoon Changho’s face darkened.
Kim Hakgwon’s economic policies had been relatively successful.
Korea escaped the foreign exchange crisis and IMF management quickly, and the structural issues of the chaebols were being reformed.
His foreign policy divided opinion, but his economic policy enjoyed broad support.
Having inherited the baton, Yoon Changho could not afford to be overshadowed by Kim Hakgwon.
And so he had chosen the sale of Yongsang Motors.
They could not continue pouring in public funds, and the demands of the creditors could not be ignored.
“China... China, huh.”
“Personally, I oppose selling Yongsang Motors to a Chinese company. Even though I’ve invested heavily in China myself, I can tell you frankly—China is not a place where common sense works.”
“Hm...”
Looking frustrated, Yoon Changho filled a beer glass with soju and drank it in one go.
“Haa... This is frustrating.”
I watched him quietly.
There was a reason he deliberately brought up Yongsang Motors in front of me.
He was probably hoping I would acquire it.
“Mr. President, are you hoping I’ll buy it?”
“...Honestly, I can’t say the thought hasn’t crossed my mind. You have the ability, after all.”
That I had the ability—of course I did. But I was an investor.
I had no intention of wasting money on an asset with no value.
“Well. It holds little value for me.”
Sensing my negative response, Yoon Changho nodded.
“I understand. It would be too much even for you.”
“But I can look for a buyer. I’ll see what I can do. The countries likely to show interest are India and China, so do not expect much. Even getting the proper price will be difficult.”
“The creditors are not expecting full price either. The main creditor bank, Heungseong Bank, also needs to be sold soon. They’ll probably merge with Hanshin Bank. Before that happens, Heungseong Bank must clear all its bad assets, so they’re desperate too.”
The aftermath of the IMF crisis was still rotting the Korean economy.
Many banks still survived only through government bailouts.
The first task for the Yoon Changho administration was bank consolidation.
Household debt from the credit card crisis, and bad loans poisoning the national economy—everything had to be cleaned out.
The Yoon Changho administration was left cleaning up the aftermath of the economic policies of the Kim Hakgwon administration.
“I heard Heungseong Bank is resisting fiercely. They claim they can survive independently and that the government is forcing a sale.”
“I received the same report. After reviewing the documents Kim Hakgwon’s administration passed down to the transition committee, they concluded that a merger is the best option. There are reasons he made that choice. On top of that, merging various financial institutions into a financial holding company like Taesan Financial Holdings is beneficial for our economy.”
A bank with a hundred-year history was about to be acquired by a bank not even twenty years old.
It was understandable that both management and the labor union of Heungseong Bank found it unacceptable.
But I knew the truth.
MOFIA’s influence had driven this merger.
It had little to do with me, so I had no reason to interfere with their work.
Although Hanshin Bank had been founded using capital brought from Japan, the funds were from ethnic Koreans living in Japan—not Japanese nationals.
No need to antagonize them unnecessarily.
“Heungseong Bank’s labor union will rise up. Won’t that be a burden early in your term?”
“Whatever I choose, it will all be burdensome. I’m not too worried about the bank union. The problem is Yongsang Motors’ union.”
He was right. Bank unions and automobile unions were entirely different beasts.
“What’s the deadline? For Heungseong Bank’s sale.”
Heungseong’s bad loans had to be cleared before the sale could be executed.
Depending on that timing, Yongsang’s sale schedule would be determined.
“At the latest, we will complete the merger within two years. Can you finalize Yongsang’s sale before that?”
“It should be possible.”
“Then I’ll begin preparations for the sale trusting in you.”
“Also warn the creditors. The more they inflate the asset valuation and try to squeeze buyers, the fewer buyers they’ll find. In the end, they may be forced to sell it for less than half its value.”
Yoon Changho nodded and raised his glass.
“Do not worry. I will not allow any factions to interfere in this. I will ensure the sale is fair. And if anyone tries to get greedy or latch onto this deal, we’ll show them what punishment truly means.”
His words were firm. We clinked our glasses again and emptied them.
“I’ll trust you.”
“Since you trust me, I must repay that trust. I’ll find the right buyer.”
“This is your specialty, so I feel reassured.”
I simply smiled at his words.
Our drinking continued until dawn.
We talked at length.
Yoon Changho shared his dreams and explained how he intended to run the country.
I merely nodded and listened to his thoughts.
He suggested I stay the night, but I declined. I had too much work left to do.
Only when it was very late did I send him to his bedroom and leave the Blue House residence alone.
Outside, Manager Ma was waiting.
“You waited long, didn’t you? The drinking ran a bit late.”
“It’s fine.”
“Let’s head home.”
Manager Ma opened the car door for me. The car left the Blue House quickly and headed toward Pyeongchang-dong.
It had already been a week since Yoon Changho’s inauguration.
“Han Jiho recanted his testimony?”
The front page of Koryeo Daily was still about Seo Jaehun.
“Yes. He recanted. And he also terminated his representation agreement with Ilseong Group’s legal team.”
“Then he’ll get a court-appointed attorney.”
“That seems likely.”
The moment Han Jiho gave proper testimony, Seo Jaehun was finished.
“Assign him an attorney from Yoon & Jang. To prevent him from changing his mind again. If he changed it once, he might change it twice.”
“Understood. I’ll contact Representative Yoon and have him send a reliable attorney.”
Even after finishing his report, Manager Ma didn’t leave the study.
That was unusual. When I looked at him questioningly, he spoke.
“Boss, I have a report regarding Cheon Jiwon, the one you instructed us to monitor.”
“Ah. The operation finally started? Sit down. This will be a long conversation.”
Manager Ma nodded and sat.
“It took longer than expected.”
“Yes. It seems the major shareholder we’re working with keeps wavering.”
“Is that so? Explain in detail.”
Manager Ma described the operation’s outline, which he had been investigating for a long time.
Only after that long explanation ended could I take a breath.
“So, you’re saying the operation cannot work unless the major shareholder participates and approves?”
“Yes. That’s what everyone involved is saying.”
“And the major shareholder who had been recruited suddenly changed his mind?”
This smelled bad. I frowned slightly.
“Yes. He demanded a larger amount than what was originally promised.”
“How amusing. Fighting over money they haven’t even secured yet.”
I let out a short laugh. If they wanted to swallow prey larger than their own bodies, they should be prepared to die for it.
“So what is our prepared team planning to do?”
“They intend to seize the shares the moment they begin wash trades and switch accounts.”
Wash trades. So they were trying to give it a veneer of legality.
“All of Cheon Jiwon’s money went into this operation, correct?”
“Yes. They said he liquidated everything he owned—buildings, real estate—and took out every loan he could to put into the operation.”
“Good. Even if it takes time, make sure this operation fails.” freewёbnoνel.com
“Understood.”
Imagining Cheon Jiwon throwing himself into a firepit of his own making, I lifted one corner of my mouth in a cold smile.
