The foreign exchange crisis sweeping across East Asia had already reached Japan after hitting Korea.
“Go back to the U.S., hold the eting, and return to Korea afterward. I’ll personally control the attack on Japan.”
“Japan, huh. You think Wall Street will just sit back and watch Japan fall after Korea? The consensus there is that the attack on Korea was a strategic move to help investnt banks recover losses from falling stock prices.”
Han Kyungyeong wasn’t wrong.
But even in the original tiline where we hadn’t interfered, Korea had still been attacked.
“They won’t let Japan collapse completely. The Wall Street hyenas will accept our proposal. We’ll attack just enough, then hand control over to them. This ti, we’re going in without expecting any real profit.”
“Is it necessary to take such a risk for no profit?”
“There’s no reason to limit the battlefield to Korea. They need to understand that if they co after , they’ll pay for it too. Though they won’t even know I’m behind it.”
Han Kyungyeong gave a worried look, then nodded.
“Understood. Once the Joongwoo deal is finalized, I’ll head straight to the U.S.”
“Tell the U.S. governnt to keep their promise. They’ll understand what you an. Say we’ll play along for a while but expect them to give us room to exit cleanly.”
Han Kyungyeong agreed with that.
“If Wall Street supports us, the U.S. governnt won’t imdiately take Japan’s side. The Clinton administration is friendly with Wall Street.”
Unlike Thailand, the reason they loosened their grip on Korea was North Korea. The Clinton administration likely ordered the IMF and Wall Street to adjust their pressure accordingly.
“Japan is a far more important ally to the U.S. than Korea. Intervention could co quicker than expected. We need to strike fast and pull out quickly.”
“So we’re accepting losses this ti?”
“Yeah. This ti, losses are part of the investnt.”
If we lost money in Japan, we’d just make it back in Russia.
At the chaotic turn of the 20th century, anyone with information could make money.
“First, let’s finalize the negotiations with the Korean governnt. After the acquisition, things will get busy, but Joongwoo Group has excellent talent. Park Daeho was the problem.”
Han Kyungyeong nodded knowingly.
“During these negotiations, I realized Joongwoo is better known internationally than Ilseong or Daehyeon.”
“Park Daeho spread too far under the pretext of globalization. Joongwoo’s reputation is especially strong in Eastern Europe.”
As long as they weren’t involved in serious corruption, I planned to retain most of Joongwoo’s executives or even promote them.
Being a “Joongwoo man” had been a point of pride, even if after the group’s collapse those executives were scattered among various subsidiaries.
“You’re still having that private jet built, right?”
“It’ll be ready next year.”
“Then lease one for now. Sign a short-term contract when you’re in the U.S. You’ll be traveling a lot.”
Han Kyungyeong smiled brightly, and I couldn’t help but smile back.
* * *
Dostic conglorates, led by Ilseong, used the dia to spread accusations of favoritism.
I also released articles with opposing opinions, emphasizing that this was an unavoidable decision.
In the end, Han Kyungyeong held a press conference.
“Good afternoon, I’m Han Kyungyeong.”
Cara flashes burst as reporters fired questions.
“Dreamhigh Investnt’s funds are Arican capital. Even if a Korean manages it, that doesn’t change the fact. The majority opinion is that we can’t let our national assets fall into foreign hands. Your response?”
A journalist, clearly backed by a chaebol, asked aggressively.
But Han Kyungyeong remained calm.
“Yes, our headquarters are in the U.S., and I won’t deny we use Arican capital. But let ask you this: is there any dostic capital capable of acquiring Joongwoo Group entirely?”
“No. But couldn’t we sell its good subsidiaries to Korean corporations instead?”
Han Kyungyeong nodded at the answer.
“That’s possible. But then, taxpayers—including you, journalist—would have to pay to cover those conglorates’ debt write-offs. If that’s what you want, I’ll withdraw from this acquisition entirely.”
“...”
“The governnt asked to acquire Joongwoo, and I simply accepted.”
The journalist snapped back {N•o•v•e•l•i•g•h•t} sharply.
“Are you threatening us?”
“Threatening? You’re being quite hostile to soone trying to help. If you want to reject foreign capital, then I’ll act like every other foreign investor. Please make your position clear.”
If it hadn’t been for Muhyuk’s instructions, Han Kyungyeong would have had no reason to acquire Joongwoo Group.
If there was a company he wanted, he didn’t need to negotiate with the governnt—he could just launch a hostile takeover.
Economics was competition.
In the capital market, if you fell behind, you got eaten. Korea’s financial crisis made it an enormous, vulnerable prey.
At the IMF’s insistence, Korea’s governnt had fully opened its doors to foreign capital. Dollars were expensive, the won was cheap, and Seoul hotels were swarming with private equity representatives as if they were on a shopping spree.
The journalist who asked the question seed flustered by Han Kyungyeong’s blunt response, glancing around for help, but no one stepped in.
Still, he pushed on.
“Are you saying you’re different? You look like any other foreign investor to .”
“I ca to Korea myself instead of sending a representative, simply because I was born here. But Korea calls a foreigner.”
The room fell silent.
Han Kyungyeong added coldly:
“The big corporations you ntioned are selling subsidiaries to pay debts. Who exactly has the money to acquire Joongwoo Group?”
“Are you mocking Korea?”
The journalist was trying hard to fra this as Korea versus Han Kyungyeong.
“I’m not mocking the Korean people. I’m mocking the conglorates that still don’t understand reality and the journalists like you who side with them. Ordinary citizens are pawning off gold jewelry to repay foreign debt, while chaebols act like hyenas hunting for scraps.”
Seeing through his intentions, Han Kyungyeong gave a cold smile.
“Does Joongwoo Group look like the only target to you? If I wanted, launching hostile takeovers of Ilseong, Daehyeon, or anyone else wouldn’t be hard. Is that what you want?”
Han Kyungyeong was usually polite with the press, so his unusually sharp tone caused murmurs among other reporters.
He shook his head as if tired of it all.
“I’m an investor. But I have no intention of dismantling Joongwoo for profit. I’ll restructure and cut off bad subsidiaries, like every other corporation is doing to survive. Why is being foreign capital the only reason for criticism?”
Another reporter raised his hand.
“You said managent will be left to Koreans. Will you keep Joongwoo’s executives? They’re partly responsible for this crisis.”
“They’re not blaless, but ultimately, responsibility lies with the leader. I believe the fault was Chairman Park Daeho’s. I’ll use internal personnel as much as possible.”
“There are rumors you’ll delist Joongwoo from the stock market. Is that true?”
“It’s true. Once the acquisition is confird, we’ll proceed with a capital reduction for debt relief.”
The reporters buzzed in shock.
Han Kyungyeong’s face stayed calm.
“Dreamhigh Investnt is already the largest shareholder. I’m willing to take losses for debt settlent. But to minimize damage to the public, I’ll conduct a tender offer at 150% of the closing price on the day we sign the contract.”
Han Kyungyeong had initially opposed Muhyuk’s idea.
He had asked why they should make a public statent that would drive up the stock price, and Muhyuk had simply replied:
‘Public support will make everything easier. Who knows how long the governnt will stay on our side? Besides, the cost is minimal.’
Aside from shares held by Park Daeho and other special interests, most outstanding shares were already controlled by Eva, Han Kyungyeong, and Muhyuk, with only a small portion scattered among institutions and foreign private equity funds.
Han Kyungyeong tilted his head slightly, his voice firm.
“One last thing. If you don’t want Dreamhigh to acquire Joongwoo, bring an alternative. I’m working with the governnt. Don’t insult by calling a traitor. If you really want to see the power of money, keep pushing. That’s a ssage for the chaebols.”
It was a declaration of war against Korea’s conglorates.
* * *
I visited the top floor of the Future Building in Daechi-dong for the first ti in a while, where Eva worked.
The security here was so tight that not even the CIA could get in.
“Muhyuk!”
Maybe it had been too long since we t, because Eva tried to rush at . I stopped her and sat down.
On the TV, Han Kyungyeong’s press conference was playing.
“I put in the effort, but soone else is getting all the credit.”
Eva’s expression was full of irritation.
“It can’t be helped. Are you buying up all the distress sales from the conglorates and the rich?”
At my words, Eva stood, picked up a picture fra near the bed in the corner, and opened the wall safe after several security checks.
She brought out a stack of docunts.
“This one’s a building from Ilseong, this one’s redevelopnt land from Daehyeon...”
There was no end to the list.
“We’re buying up real estate as you ordered, Boss.”
“Not enough, is it?”
Eva grinned at .
“How’s the account?”
“Still plenty.”
“Anything you want to buy personally?”
Eva hesitated for a mont, then spoke.
“I’m sorry I failed to acquire Joongwoo Group.”
“It’s fine. The Korean governnt still holds a lot of power.”
“Thanks to that, buying has been easier.”
Eva had skillfully used her MOFIA connections and the Yoon & Jang law firm.
In Korea, money and connections could get you anything, and Eva now had both wings.
“So, what do you want to buy?”
“I want a bank. There’s a rumor Korea Exchange Bank is looking for investors. Word is they’ve already started talks with a German investnt bank, and Jesung Bank seems to be heading for a foreign sale too.”
Korea Exchange Bank and Jesung Bank, huh. I hadn’t thought about that.
“Who suggested it? It’s not your idea, is it?”
“Of course not, Boss! Director Baek Seongjin, their accounting director, approached first. After we acquired Peregrine, he imdiately offered to help us acquire it.”
“He must want sothing in return.”
“Well, he’d better, considering how much he’s worth.”
Eva still didn’t fully grasp how Korea worked.
Baek Seongjin, a key MOFIA figure, would never make such a suggestion without personal gain.
“Eva, listen carefully. Never underestimate Baek Seongjin or any MOFIA mber. They’ll use you to solidify their own power. Can you handle that?”
Eva laughed brightly.
“Don’t worry. You think I don’t know their dirty motives? I know they flaunt the money you give as if it’s theirs. But if it helps get things done, why not? It’s easier to have Baek Seongjin move for than do it myself.”
She wasn’t wrong, so I gave her a slight nod.
“He approached you, but I think owning a bank in Korea isn’t a bad idea. It’s a good chance to send a warning to the governnt.”
Eva clearly still felt bitter about handing Joongwoo to Dreamhigh, and her attitude toward the Korean governnt was increasingly hostile.
I didn’t mind; it worked to my advantage.
“How much do you need?”
“He said we should do it the way we acquired Peregrine, so the money should go through Peregrine accounts. I’d say $10 billion at least.”
Korea Exchange Bank... Comrzbank had once invested $250 million for around 29.7 or 29.8% ownership.
“How much equity do you hold in Korea Exchange Bank?”
“4.9%.”
If Eva was right, $250 million could make us the largest shareholder.
Currently, the largest shareholder was the Bank of Korea, holding 32.39%.
“Do it if you want. I’ll deposit $10 billion into Peregrine’s account.”
“Kyaaa! Boss!”
Eva threw herself at , showering with kisses.
I stood up.
“Boss, you’re leaving already? It’s been so long...”
Eva gave a longing look, trying to tempt , but I spoke firmly.
“For now, no one can know about our relationship. No matter how tight the security, we can’t stay here too long. They’re watching—not just you, but as well.”
And my guess was absolutely right.
< Han Kyungyeong’s Press Conference > End
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