Free Web Novel“This year, it’ll be hard to push it through. With the election coming up and all the economic crisis talk, everyone will be busy managing their voter base. But please do your part when the Interest Rate Limitation Act gets abolished next year.”
If Cheongpunghoe’s lobbying and Grandfather’s lobbying combined, there would be no issue getting the bill passed.
“But Muhyuk, that IMF director, the foreign investment banks—all of them keep saying Korea’s not in a crisis. Government officials are saying the same. They all claim everything’s fine.”
Just like Grandfather said, the government, foreign investment banks, and even IMF directors were giving interview after interview, each headline splashed across the front pages, claiming everything was stable.
But because people believed those words, many citizens lost their jobs overnight, businesses collapsed, and families were destroyed.
All because they trusted the government.
“They're pouring insane amounts into currency defense right now. Eventually, Korea’s foreign reserves will run dry. That’s when we’ll become the feeding ground for foreign hedge funds. It’ll start in Southeast Asia—because they’re even more vulnerable than us.”
“Hmm...”
“And you’re familiar with the newspaper tycoons, right? Could you arrange some introductions?”
“Media?”
“I’ll be using the media a lot from the end of this year onward. It’d be good to ❀ Nоvеlігht ❀ (Don’t copy, read here) start building rapport now.”
“Alright. I’ll arrange a meeting soon. But be warned—they’re nothing like the people you’ve met before. These guys think they are Korea.”
“Yes, I’m aware.”
Until the internet and portal sites truly took over, all public information came through newspapers and broadcast TV.
Public opinion swayed entirely based on the editorial tone of those outlets.
The media, which had once survived by being the mouthpiece of the military regime, now manipulated public sentiment purely for their own profit.
“I’ll set up a gathering. It’ll be easier to introduce you as my successor then.”
“Thank you.”
Just leveraging the prosecution and the media could get you almost anything you wanted.
The conversation with Grandfather continued for quite a while after.
A few days later, Grandfather hosted a gathering at a hotel owned by Koryeo Daily.
“Chairman Cheon, it’s been a while.”
“Yes, Chairman Go, I’ve heard you’ve passed everything on to your kids and are now enjoying a leisurely retirement.”
“It’s time we old men stepped aside. I hear you’ve handed things over to your grandson, too? Rumor has it that kid’s a bulldozer—gave Chairman Jang of Hyunbo Group hell.”
“Haha.”
Chairman Cheon and five major newspaper owners exchanged greetings and reminisced about the old days.
“My grandson said he’d like to meet all of you. That’s why I asked you to make some time.”
“Oh, really?”
All five men turned their eyes toward me.
“Good evening. I’m Kim Muhyuk.”
“You look young. How old are you?”
“I’m twenty-four this year. It’s an honor to meet the men who’ve shaped an entire era.”
“Haha. Polite one, aren’t you?”
The mood wasn’t bad.
“I asked my grandfather to introduce me because I want to inherit the relationships he’s built. I hope we can continue those ties.”
“Haha, we’re just old men in the backroom. We have no real influence anymore.”
Chairman Go of Koryeo Daily, the largest-selling paper among the five, answered as their de facto spokesperson.
“I believe Korea is where it is today because of all of you. Even if you’ve stepped back, your legacies remain. I look forward to learning from you.”
I bowed deeply to them once more.
While I would probably end up dealing with their sons more than them in the future, for now, everything still ran according to these men’s whims. I had no choice.
Korea was still a country where public opinion moved according to the newspapers. If I made enemies of them now, I wouldn’t be able to do anything.
After a brief exchange, each of them handed me a blank business card.
Just five business cards.
But these cards could become some of the most powerful weapons for manipulating public opinion in Korea.
Of course, the journalists and editors who actually worked in the field would need to be managed as well—but those were easy. Just feed them a steady stream of bribes.
Eventually, I left first. The meeting between Grandfather and the media moguls carried on late into the night.
* * *
Chairman Jang’s remarks during the National Assembly hearing on Hyunbo Steel’s bankruptcy caused a stir.
“There are statements from company executives saying that even with additional funding, they could’ve survived only a few more months. What’s your take on that, Chairman Jang?”
“Haha. It’s the owner who knows about funding. What would a servant know?”
It was a statement that represented how many conglomerate owners thought.
To them, the company belonged to them alone, and the employees were just hired hands.
The comment, made without hesitation during a live, televised hearing, outraged the public.
“He’s completely out of touch. Tsk tsk.”
Chairman Song shook his head as he watched the broadcast. free𝑤ebnovel.com
“He probably won’t come to his senses until he’s dead.”
“True. So, what’s on your mind today?”
“What happened with Hyunbo Steel and Hyunbo Construction?”
At the mention of those two subsidiaries, Chairman Song’s expression brightened.
“Those bastards gave me trouble, but they dragged their feet in negotiations with the government and ended up agreeing to an acquisition without securing proper debt relief. I told the creditors and government officials that if it was sold too cheaply, I’d step in. Hah.”
Originally, Daehyeon had acquired Hyunbo Steel.
It was a poisoned chalice with 5 trillion won in debt. But having fallen out of favor with the administration, Daehyeon had no real choice.
Even with 1.4 trillion of the debt written off, the remaining 3+ trillion dragged the company down and eventually turned into a boomerang, eating away at Daehyeon.
“Ilseong and Joongwoo will soon stumble. Just sit back and enjoy the show.”
“What? Hahahaha!”
After laughing heartily for a while, Chairman Song looked at me with a gentle gaze.
“How’s it going with Hyeonji?”
“We meet from time to time.”
“Meet her more often. Youth doesn’t come twice.”
“Yes.”
“How’s the Daechi-dong project coming?”
“Thanks to the help from Daehyeon Construction, it’s progressing smoothly. Completion is just around the corner.”
Chairman Song nodded.
The construction schedule had been drastically shortened thanks to Daehyeon Construction’s support, and the project was nearing its end.
Had he not helped, I never would’ve made the deadline.
“I hear rumors that Ashin Group is going down. Have you heard anything?”
“Hmm...”
Ashin Group.
A massive conglomerate with affiliates like Ashin Motors, Ashin Heavy Industries, and Ashin Electronics. Just its affiliated employees numbered in the tens of thousands.
But rumors of bankruptcy were swirling due to a severe liquidity crunch.
“Ashin, huh.”
Ashin had an unusual structure for a major conglomerate.
Unlike most, it wasn’t owned by a specific family. It operated under a well-established professional management system—often cited as a model case.
In 1993, Ilseong Group entered the automotive industry and began aggressively purchasing Ashin stock.
When public backlash erupted, they sold off some shares—but it was well-known they still had their eyes on Ashin Motors.
“They’re probably in the thick of lobbying right now. Pushing politicians and banks to cut off funding so they can swoop in.”
Chairman Song nodded at my words.
“I know. But I’ve got no basis to stop them. No legal grounds.”
But in the end, Ashin Motors would fall into Daehyeon’s hands.
“Don’t do anything. Just let it play out. Once the administration changes, there’ll still be time to act. The election’s coming soon, isn’t it?”
Chairman Song looked puzzled.
“But the ruling party is obviously going to win, isn’t it?”
It was true—the ruling party’s candidate was polling far ahead of the opposition.
But I shook my head.
“I don’t see it that way. The ruling party is going to split.”
“What?”
“Their candidate is already at odds with the current president. I doubt he’ll give him any support. He’ll back someone else and divide the votes. In the end, the opposition will walk away with the victory.”
“That’s ridiculous. Everyone thought the opposition would win in the first election after the Fifth Republic, but what happened?”
“That time, the opposition’s votes were split.”
“So you’re saying this time, they’ll win?”
“Yes. If I were to bet, I’d bet on the opposition.”
Chairman Song went silent, deep in thought.
I’d already aligned myself with the opposition.
It cost a massive amount in political donations, but so be it.
“Regime change, huh...”
“Most big corporations are probably betting on the ruling party.”
Even with the vote split, the opposition’s candidate would win by only about half a million votes.
Back then, a change in power felt like a pipe dream. Chairman Song’s hesitation made sense.
“The sooner you bet, the better. I’ve already started. You don’t have to follow—but don’t forget what I’ve said.”
“Alright. I’ll think about it.”
“Then I’ll be going now.”
Leaving the pondering Chairman Song behind, I got into the car with Chief Ma.
“Chief. You asked me the other day—why I’m giving so much to Daehyeon.”
It wasn’t long ago that he questioned why I focused so heavily on Daehyeon.
“There’s something I plan to take from them later. All of this is groundwork. Of course, my grandfather’s connection played a role, too.”
What I was after... was Daehyeon Electronics.
In the future, it would merge with Geumseong Semiconductor from Geumseong Group and surpass Ilseong Electronics—but it would hit a liquidity crisis and split from Daehyeon Group altogether.
“I’m going to use Ashin Motors as bait to get Daehyeon Electronics. I want to keep things friendly with Chairman Song.”
We had no ties in the past—but this time, I was weaving them intentionally. I wasn’t looking to force a takeover.
“If he doesn’t hand it over, I’ll just buy it when it’s put on the market.”
Chief Ma didn’t respond. The car rolled steadily into the darkness.
While the entire nation watched the Hyunbo hearings, Jinbo Group, known for comforting the common people with their cheap soju, finally went bankrupt.
To stop the domino effect of collapsing conglomerates, the government led an initiative called the Standstill Agreement, but it wasn’t enough to save Jinbo.
Six subsidiaries of Jinbo Group were the first to be included in the agreement.
In May, the government raised the cap on foreign stock ownership from 20% to 23%, trying to lure foreign capital.
But Korea’s biggest bakery, Sambo Foods, also filed for bankruptcy, and the chain collapse continued.
While the Korean economy spiraled into crisis, my focus was entirely on Thailand.
― Looks like the hedge funds are about to begin their assault on the Thai baht.
Han Kyungyeong reported the news even before I asked.
“They probably will. Kyungyeong, align with their position and join the attack. How much can you move right now?”
― I can move a billion dollars. The rest is tied up in stocks.
“Take out a stock-backed loan and raise more. Make it two billion.” freewёbnoνel.com
― Okay. So we’re following their lead this time?
“Yeah. Match their base position. We’ll take opposite positions using other corporate accounts. I’ll handle three, you handle three. We’re going all-in from all six.”
Han Kyungyeong let out a hollow laugh.
― All-in again?
“Of course.”
― Sigh... is your heart made of steel? Aren’t you scared of losing?
“I am. But if you let fear make you run, you’ll never win. Just get everything ready. It’s about to start.”
The beginning of the Asian financial crisis... would be in Thailand.
The Wall Street offensive was imminent.
< How would a servant know, when the owner knows best? > End.
