Genius Grandson Of The Loan Shark King

When I told Prosecutor General Yoon that I intended to take over Joongwoo Group, he simply let out a soft laugh.

“You do realize, just because you have money, it doesn’t mean you can swallow a conglomerate, right?”

“Yes, I know. But unless it’s now—while our economic sovereignty has already been handed over to the IMF—there won’t be another opportunity.”

Chaebols weren’t just wealthy families; they were dynasties that had driven Korea’s economy since the Japanese colonial era.

It wasn’t simply about money—marriages, old connections, and generations of intertwined relationships created a web as tightly knit as European royal families.

No matter how much wealth one had, breaking into their circle was almost impossible.

“Joongwoo Group may be a major corporation, but it isn’t a true chaebol. Chairman Park Daeho’s unique personality aside, it hasn’t yet been tied down by bloodline connections.”

Having a large-scale business didn’t automatically make one a chaebol.

Because of Japan’s influence, Korea’s conglomerates bore strong similarities to Japanese zaibatsu.

Of course, after World War II, the U.S. had forcibly dismantled Japan’s chaebols into over a hundred smaller companies.

Korea, on the other hand, had been obsessed with rapid growth, and successive regimes had created chaebols with their own hands.

Over time, the power of the chaebols only grew. The military dictatorship collapsed, but the chaebols survived.

“I see. Give it a try, then. But you’ll need firm support—from the press, the IMF, and the U.S. And, of course, the President-elect’s tacit approval.”

“Yes. Let’s set D-Day for the day after the presidential inauguration. A series of special articles will run in the media first.”

Prosecutor General Yoon nodded.

“Once the prosecution moves, international capital—especially the IMF—will demand that Joongwoo Group be dismantled.”

For the incoming government, it was a heavy burden.

They would essentially be asked to tear a Korean corporation to pieces and hand it over to foreign capital—something they couldn’t agree to easily.

But once the prosecution’s investigation results were announced, the government would have no choice but to give in.

Better to let Han Kyungyeong acquire it than have it devoured by hyena-like foreign hedge funds.

“The government will deliver Joongwoo Group to us themselves. Your role is crucial, Prosecutor General. Timing is everything.”

Yoon didn’t reply right away, rubbing his chin as if weighing the potential fallout for himself.

“This will be good for you as well. Not just as Prosecutor General, but after that. I’ll make sure this becomes one of your crowning achievements.”

“Really?”

“You need to think about your future. You’re still too young to retire into obscurity.”

Yoon soon nodded, asking for the details of my plan.

* * *

While I was discussing matters with Prosecutor General Yoon, another meeting was taking °• N 𝑜 v 𝑒 l i g h t •° place.

A car arrived at the hotel where President-elect Kim Hakgwon’s transition team was based.

The man who stepped out was none other than Joongwoo Group’s Chairman, Park Daeho.

“The President-elect is expecting you.”

“Good. Please lead the way.”

One of Kim Hakgwon’s secretaries escorted Park to the top floor, where the President-elect was waiting.

Kim Hakgwon rose from his seat as Park entered, smiling warmly.

“Chairman Park, how long has it been?”

“Mr. President-elect, congratulations on your victory.”

“Ha-ha-ha, ‘Mr. President’? Come now.”

They shook hands firmly before sitting.

“You all may leave. Take those documents with you. We’ll discuss this later.”

“Yes, sir.”

As Park glanced at the papers spread across the table, he spotted a list of major corporations. Joongwoo Group’s name was on it.

Once everyone left, Kim Hakgwon and Park Daeho began talking privately.

“Chairman Park, I don’t know much about economics. My aides are up in arms, saying the IMF’s demands are outrageous. What do you think? Can we survive without IMF support?”

Kim Hakgwon rubbed his temples as if his head were throbbing.

Park Daeho nodded.

“You must comply with the IMF’s demands. There’s a saying—‘we live in a global village.’ No country can survive in isolation. You could refuse, but it would take years to overcome this crisis.”

“Hmm...”

“But what happens after you overcome it? If you tear up agreements with the IMF, what can Korea do on the international stage?”

“My aides keep mentioning default...”

“Absolutely not. We are not some African nation. We’re the world’s 11th largest economy. Talking about default is madness.”

Kim Hakgwon raised his eyebrows at Park’s unusually strong reaction.

“A sovereign default isn’t the same as a personal bankruptcy. If the world loses faith in our country, who would ever invest in Korea again? It’s unthinkable.”

“Ha-ha-ha.”

“Your economic advisors don’t understand the reality. Those of us who manage companies firsthand all oppose default.”

Kim Hakgwon sighed heavily.

“Then what should we do? Just hand over our economic sovereignty to the IMF?”

“We must accept their terms but repay the IMF loans as quickly as possible.”

“I’ve been getting reports of companies going bankrupt one after another—hundreds of small and medium-sized businesses closing daily, even major corporations are failing.”

As President-elect, Kim Hakgwon had received full access to government data.

Only now was he realizing the grim reality.

“Our foreign reserves are depleted. We need dollars to repay debt, but we have none. How did our country fall so low...”

“This is all due to manipulations by countries like Japan and the U.S. They withdrew their investments all at once, causing a liquidity crisis.”

“Hmm...”

“It was especially Japan that triggered this. Forty percent of our debt was owed to them. Their cold rejection of our request for help was a major factor. The current administration mishandled this.”

“That may be, but...”

“Don’t get lost in the past. Japan’s treatment of Korea angers me too, but they are both a distant and close neighbor. We can’t cut ties. You need to create a conciliatory atmosphere and attract Japanese investment.”

Park Daeho’s point was valid.

If Japan had agreed to help, Korea wouldn’t have been forced into such humiliating negotiations with the IMF.

“Ha... very well. After visiting the U.S., I’ll stop in Japan. We need their investment.”

“A wise decision, Mr. President.”

“I told you, don’t call me that. You know what I went through under the military regime.”

“Yes, Mr. President-elect.”

“How’s Joongwoo Group holding up?”

“We’re strong. We were among the first to push globalization, investing in Eastern Europe and elsewhere. No serious issues.”

“Are you sure? My aides say otherwise.”

Park smiled confidently.

“Ha-ha-ha, that’s just academics who don’t understand the field. No business can exist without debt. We’re only facing short-term liquidity problems; we’ll resolve them soon.”

Kim Hakgwon nodded slowly.

Then Park casually shifted the topic.

“I’ve heard rumors of a nationwide gold-collecting campaign. Is it true?”

“Ha, where did you hear that?”

“It’s already spreading in the business world.”

“Ha-ha-ha, bureaucrats are as good as loudspeakers for the chaebols. Yes, it’s true.”

Kim Hakgwon sighed, staring at Park’s sly smile.

“We’ll have to collect gold. No one wants our currency, but they’ll buy gold.”

“Joongwoo Group will handle it.”

“Joongwoo?”

“Yes. We won’t take any profit. We’ll spearhead gold exports and bring in dollars.”

Kim Hakgwon seemed intrigued, and Park leaned forward enthusiastically. freeωebnovēl.c૦m

“Joongwoo Trading has branches worldwide. We can sell gold at excellent prices. International trade is my specialty.”

“True. Your reputation precedes you. There’s even a rumor you once sold ice in the Arctic.”

Trading companies had been crucial to Korea’s economic growth, and Joongwoo Trading was legendary among them.

“No profit, you say?”

“This is a national crisis. Major corporations like us must help.” ƒreewebɳovel.com

“Ha-ha. If only all chaebols were like you.”

“More conglomerates will collapse without public funds. The problem is dollars.”

“I hear Chairman Cheon’s house is crowded. Have you been there too?”

“Chairman Cheon Taesan? I’ve heard the rumors, but Joongwoo doesn’t need to borrow from loan sharks.”

“But he does have a lot of dollars. It shows how desperate the others are.”

“Joongwoo is fine, Mr. President.”

“Good. Then I’ll entrust you with the gold. No profit, but you’ll get tax incentives. Can you guarantee results?”

“Yes, Mr. President. I won’t disappoint you.”

“As soon as IMF money arrives, big corporations will get relief. Just wait. We can’t let chaebols collapse.”

“Thank you, Mr. President.”

Park left the meeting having secured everything he wanted—public fund support and control over the gold sales.

Kim Hakgwon had no idea how foolish this decision would turn out to be.

* * *

Several days after my meeting with Prosecutor General Yoon, the new year of 1998 dawned.

“Grandfather, stay healthy this year too.”

“Heh-heh. I must.”

For a month, Grandfather had been meeting with countless conglomerate chairmen.

He should have been exhausted, but he looked invigorated. As expected, he thrived in the field.

“I’ve lent out everything except the dollars in the basement. Daehyeon, Ilseong—most of the top twenty groups borrowed.”

“What were the terms?”

“Convertible bonds. What else could those desperate for cash offer? Ilseong pledged electronics, Daehyeon automobiles, and Geumseong semiconductors.”

I nodded.

Grandfather added:

“Most of what you asked for went through, so get the paperwork from Myeonghun later. Stock conversions can begin after one year, with a ten-year maturity.”

Grandfather was remarkable. Even though I had requested it, he had negotiated more than I had hoped for.

“Oh, and I also took their subsidiary stocks as collateral. But why bother? Collateral is just collateral—unless they go bankrupt.”

True, on the surface, holding subsidiary stocks as collateral didn’t mean much. No one in their right mind would give up shares instead of repaying money.

But considering the peculiar circular shareholding structure of Korean chaebols, things were different.

I planned to restrict their voting rights through legal action.

“Thank you, Grandfather. It was a great help.”

“Heh-heh. It was amusing. You should’ve seen those conglomerate chairmen squirming, practically sweating bullets as they tried to read my mood.”

With the exchange rate hitting 2,000 won per dollar, acquiring dollars was nearly impossible.

Those who needed urgent settlements had no choice but to turn to Grandfather.

“How was Chairman Song?”

“Heh-heh. That man? He wouldn’t grovel. I lent him money out of old ties, but he was boring.”

Chairman Song was in a better position than most. Though struggling with liquidity like everyone else, his bet on Kim Hakgwon guaranteed priority for public funds.

“He’s thinking of entering the Ashin Motors acquisition. Even in this crisis, he’s aiming to expand.”

I had warned against it, but Song eventually expressed his intent to join the bidding war for Ashin Motors.

Ilseong, Daehyeon, and even Joongwoo—the top three chaebols—were all eyeing it.

“Whoever takes Ashin will suffer the winner’s curse. This isn’t the time to expand...”

< It Was a Great Help > End