Before the foreign exchange crisis hit, I had already begun withdrawing funds from the poorly run Myeongdong loan shark market, starting to reform its very structure.
I handed over all the toxic debts—those nearly impossible to collect—to Snake Noh Ikseon, while Kim Hosik took over all recoverable funds and handled their collection.
At the sa ti, I established Myeongdong Capital as a holding company and created three subsidiary corporations beneath it.
Since the Moneylending Business Act had not yet been established, there was no reason to lend at low interest rates. We focused instead on collateral-backed loans with high-interest rates, slowly securing our position.
“Hyunseong, how’s the work?”
“Executive Director Kim is handling most of it, so there’s no major issue.”
Sensing my gaze, Kim Hosik slowly spoke.
“I’ve assigned trustworthy n from my forr loan shark network to each subsidiary. I’ve educated them—this isn’t the era for thuggish operations anymore. You won’t see any of those old thods again.”
“Earning money isn’t the primary goal here. Like the Warring States era, people with cash will flock to Myeongdong. Not just Myeongdong, but all across Seoul—and eventually nationwide—loan companies will sprout up, lending money everywhere.”
Hyunseong and Kim Hosik nodded.
“Priority is key. Compete by offering lower interest rates than any competitor. There’s no way we’ll ever lose in terms of capital strength.”
Kim Hosik, who had once held a key position in the Myeongdong loan shark market, had given it all up to serve as an executive director of Myeongdong Capital, working under Hyunseong.
“Whatever happens, always report to Hyunseong. You don’t have to report to , but there mustn’t be anything Hyunseong doesn’t know.”
“Yes, Chairman.”
“How does it feel to step into the sunlight?”
Kim Hosik gave a faint smile.
“I can finally be a father my daughter won’t be ashad of. Thank you, Chairman.”
“Once this war is over, there won’t be any more dangerous work. And don’t go around alone anymore—move with Dongsu’s n.”
“Yes, Chairman.”
His expression had softened considerably. The bitterness and hardened edge he had built up from surviving the Myeongdong loan shark world seed to have eased a little.
“You look much better. From now on, live as Executive Director Kim Hosik of Myeongdong Capital, not Twin Blades Kim Hosik. Make sure you never return to the shadows.”
I nodded as Kim Hosik bowed and left.
Hyunseong, sitting in Myeongdong Capital’s president’s office, now looked perfectly at ho.
“When this is all wrapped up, really think about what you want to do.”
“I’m satisfied as it is.”
“Your health? Are you okay?”
“Yeah.”
Hyunseong caught my worried look and smiled faintly before speaking casually.
“Don’t worry about . After learning this trade, I understand now why you were so ruthless.”
“Do you?”
“I didn’t get it before, but money really is terrifying. Listening to Executive Director Kim’s old stories...”
Hyunseong shook his head as if he didn’t want to think about it.
“This won’t end quickly, so call if you run into trouble. Don’t try to handle it alone.”
“Got it.”
“Let’s grab a al. It’s been a while since we ate together.”
That day, I also visited Noh Ikseon’s office nearby.
The subordinate guarding the office bowed as soon as he saw .
Noh Ikseon himself ca down in a hurry, clearly having been inford.
“Chairman, you should’ve called ahead. If I’d known, I would’ve been waiting outside.”
“It’s fine. It’s been a while, President Noh.”
“Let’s step inside.”
Inside, papers were scattered everywhere.
Noh Ikseon looked embarrassed.
“I didn’t expect you, so I didn’t tidy up. I’ll clean up right away.”
“No need. I won’t stay long. Let’s just sit.”
Taking the head seat on the sofa, I gestured for him to sit as well.
Since Cheon Sooman had been removed, Noh Ikseon had been noticeably more cautious around .
“Are you managing okay?”
“? Yes, of course.”
“Since all the bad debts were handed to you, it must be tough, but once you’re done clearing them up, move your office to Gangnam.”
Noh Ikseon’s eyes widened.
“Gangnam?”
“Yes. From now on, Myeongdong and other areas serving ordinary citizens will be dominated by lending companies.”
I added, seeing his puzzled look.
“Focus on targeting venture entrepreneurs around Gangnam and wealthy people who urgently need lump sums. High-interest, upfront interest, and compounding—it doesn’t matter; there will be plenty of borrowers.”
The venture boom that had started in the U.S. was now beginning in Korea.
But with no proper venture investors yet, entrepreneurs would have no choice but to borrow from loan sharks.
Within a few years, private loan sharks displaced by lending companies would swarm to Gangnam.
For now, before they could establish themselves, we had to plant our flag first.
“It won’t matter whether new moneylending laws or interest rate limits appear later. This isn’t a law-abiding market. There’ll be plenty of people looking for urgent, short-term loans.”
Property owners trying to pay taxes.
Venture companies needing to pay their employees.
They would have no choice but to seek loan sharks.
“Understood.”
Noh Ikseon nodded obediently.
Without dragging things out, I rose to leave.
“How’s debt collection going?”
“Not great, honestly. The economy’s bad, so a lot of people are basically saying ‘sue if you can.’”
“Nothing you can do. Don’t push too hard.”
That’s how bad debts worked—often, recovery rates didn’t even hit 10%.
Among loan sharks, when they felt sothing was impossible to collect, they’d dump such debts at bargain prices to specialists like Noh Ikseon.
This was his expertise—I had to trust him.
“I trust you, President Noh.”
“Don’t worry, Chairman.”
* * *
“ssage from Kobe.”
“Yes.”
Lee Yonghyeon, always arrogant in front of others, was bowing his head to a young Japanese man.
“This ti, we absolutely must take control of Korea’s lending market. The abolition of the Interest Rate Limitation Act has allowed even dayflies to jump in, making things troubleso.”
The Japanese man looked much younger than Lee Yonghyeon, yet his eyes held no respect.
“Yes, what would you like to do?”
“We’ll exert our own influence, but push for a moneylending law like Japan’s as soon as possible. It’s better to have interest caps—keep it at 48%. Once competitors are cleared out, you can repeal it later.”
Lee Yonghyeon bowed his head respectfully.
“Kobe inford , but I didn’t expect you to co in person.”
“That should show you how serious we are. The governnt has no choice but to pressure us. Business expansion in Japan is nearly impossible now...”
“Yes, understood, Watanabe-sama.”
The man standing before Lee Yonghyeon was Watanabe Saoru, son of the Yamaguchi-gumi boss.
“This is another opportunity for you to gain the Great Japanese Empire’s favor. You must throw everything into it. Understood?”
“Yes, I understand.”
Watanabe Saoru’s eyes glinted.
“That old man who keeps obstructing us... you still haven’t handled him. Did we place too much faith in you, Rinoie?”
There was no fluctuation in his tone, but Lee Yonghyeon could feel the blade behind the words.
Cold sweat trickled down his back.
“My apologies. I’ve been preparing for a long ti, but eliminating him isn’t easy...”
“You even ruined the plan you had prepared.”
“...I have no excuse.”
Watanabe looked displeased, and Lee Yonghyeon bowed lower.
“Any backup plans?”
“Not at the mont.”
“Then leave it to us. We’ll take care of that. You focus on legislation to make sure we have no obstacles establishing ourselves in Joseon. That’s all you need to do.”
“Understood.”
Watanabe stood to leave, and Lee Yonghyeon followed, bowing.
“Rember—make the sa mistake again, and the ties your family has held with us for generations will be severed. Understand, Rinoie?”
“Yes.”
With that, Watanabe left.
After seeing him out, Lee Yonghyeon entered his room and caressed his prized porcelain, lost in thought.
‘Failed at the election, ssed up the Myeongdong job... Damn, I have no excuse.’
The future of Korea didn’t cross Lee Yonghyeon’s mind. All he cared about was earning Japan’s recognition and wielding the power they granted.
* * *
A new governnt had taken office, but the Joongwoo Group accounting scandal had sucked up all attention.
Starting with Eva’s Future Investnt, massive U.S. private equity funds had declared a hostile M&A against Joongwoo Group.
Unlike the original tiline, Joongwoo Group’s stocks had dried up in the market.
Under my instructions, Eva had already secured a large amount of stock and requested ergency shareholder etings for all affiliates, starting with Joongwoo Co., but Joongwoo Group was stalling.
High-ranking Ministry of Finance officials lobbied by Eva continued reporting to the president, claiming Korea’s economy could only recover if Joongwoo Group was abandoned.
anwhile, in the Blue House, President Kim Hakgwon held an ergency eting with his chief of staff and three long-ti political allies.
“We’ll have to abandon Chairman Park. Anyone got a better idea?”
“Mr. President, Chairman Park hasn’t been hostile to us. He even led the Gold Collecting Campaign, helping the governnt without profiting...”
Assemblyman Kwon Seongjin of the Progressive Party tried to defend Joongwoo Chairman Park Daeho, but the others were cold.
“We have no choice. The U.S. is already pressuring us, and the IMF is delaying promised funds. Should we kill the entire nation to save Park Daeho?”
Kwon Seongjin fell silent at forr president Kim Musaeng’s blunt remark.
Many opinions were exchanged, but the conclusion was inevitable: abandon Chairman Park.
The final blow ca from Chief of Staff Park Wonseop.
“We haven’t even fully reviewed all the accounting books, but the amount of accounting fraud already exceeds 25 trillion won. There’s no saving this. If exposed, the private equity funds will pull out.”
Everyone fell silent.
“The funds promising to invest are targeting only quality companies. If Joongwoo is broken up into pieces, it’ll hurt our economy. They’re just hyenas after money.”
Park Wonseop spoke bitterly.
“Future Investnt claims it’s willing to buy the entire group, but who knows what will happen afterward? Especially with Eva Zhu’s lobbying power—she’s suspected of installing forr Ministry of Finance officials as outside directors to influence the ministry.”
NIS Director Lee Chanjong added:
“It’s no re suspicion. Most of the Ministry of Strategy and Finance, past and present, has been influenced to so degree by Future Investnt’s lobbying.”
“Then what should we do? Stop giving vague complaints and give a plan!” Kim Hakgwon snapped.
No one could provide a clear answer.
Finally, Chief of Staff Park spoke.
“Ask President Han Kyungyeong for help. He’s more favorable to us than other foreign capital. Let’s explain the governnt’s position and request he acquire Joongwoo Group.”
President Kim Hakgwon already knew this was the only viable path.
“He may be friendly, but he’s still backed by foreign capital. Do you trust him, Chief Park?”
“No dostic conglorate has the capital to buy the entire Joongwoo Group. We have no choice but to rely on foreign capital.”
“...My presidency sure isn’t easy. Fine. Call President Han. Bring him in.”
“Yes, Mr. President.”
“And bring in that young man, Kim Muhyuk, too. Han said he wants his opinion on Korean affairs.”
As I predicted, the Blue House had no other option.
They couldn’t risk saving Joongwoo Group at the cost of other major companies, which were essential to the economy.
* * *
“Yes. Yes, I understand.”
Hanging up the Blue House call, Han Kyungyeong looked at in surprise.
“Exactly as you expected, Muhyuk. They asked if we can co tomorrow.”
I smiled and nodded.
“They don’t have much choice. Most of Joongwoo’s debt is short-term foreign debt.”
At that mont, my phone rang.
“Hello.”
— This is the Blue House Secretariat. Is this Mr. Kim Muhyuk?
“Yes, speaking.”
— The President would like to et you tomorrow at 2 p.m. at the Blue House. Can you make it?
“Of course.”
The Blue House must be desperate.
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