The Chaebol Returns To The Presidency 1967 [EN]: Chapter 101

101. A Blessing in Disguise

The President’s office.

The President received an urgent call from the Minister of Economy and Finance.

– Your Excellency, K Corporation has defaulted on its debt due today, resulting in its first bankruptcy.

“Bankruptcy? This company is solid because of military supplies. With the defense budget so high, didn’t the government pay them?”

– That’s impossible. The amount to be repaid was 1 billion won [approximately $750,000 USD], and they had enough cash on hand to cover it.

“So, you’re saying it’s intentional?”

– Yes, Your Excellency.

“Hmm, so it’s a threat because they failed to save their son?”

– That’s right. It won’t be immediate, but if they don’t pay in two weeks, it will be final bankruptcy.

“Two weeks… I understand. I’ll take care of it.”

The next day.

As news of the bankruptcy spread, K Corporation’s stock plummeted, and the stock ticker was filled with red [indicating a loss], not blue.

Outside the President’s office, cheers could be heard.

Looking out the window, it was a protest.

The Chief of Staff reported.

“K Corporation employees have gathered to protest. We estimate about 3,000 people.”

“K Corporation? Why?”

“They say that if K Corporation goes bankrupt, 15,000 employees will lose their jobs. It’s a campaign to save Director Yoon.”

The President was dumbfounded.

“Really, I’m speechless.”

“Shall we disperse them, Your Excellency!”

The President thought for a moment and said.

“No. Let’s meet them. In an hour, have three representatives of the protesters come here.”

“Yes?”

“They are our citizens. Is there any reason the President can’t meet them?”

“I believe it is customary for the Minister of the Interior to handle this, Your Excellency. If we set a precedent that they can meet with you every time they protest, it will be difficult.”

“Then call the Minister of the Interior as well. And newspaper reporters too.”

“Even the reporters?”

“Their words need to have credibility. We need to show that mob rule doesn’t always work.”

“Understood, Your Excellency.”

Conference room.

With reporters watching, three protest representatives, the President, and the Minister of the Interior sat down to talk.

The President asked.

“Why are you protesting?”

“The bankruptcy will leave 15,000 people without a livelihood, Your Excellency! Please, don’t let us lose our precious jobs!”

“I understand what you’re saying. What I want to say is this: K Corporation is a private company, not a public enterprise. Job security is not guaranteed. If the company fails because the owner made a mistake, the employees will also lose their jobs. That’s how a free economy works. So, how can the country guarantee employment in a private company?”

“Well, to be honest, isn’t this mess because of the owner’s son? If you could show leniency to Director Yoon, everything would be resolved. We ask in the name of 15,000 employees, Your Excellency!”

“That Director Yoon created a criminal organization called the Seven Princes Club and committed all sorts of atrocities. Of course, we have to follow the law. But isn’t the owner intentionally causing bankruptcy to save his son and using the employees’ job losses as leverage?”

“Well, that’s about right.”

“Shouldn’t the law be fair and just? Why should Director Yoon’s son be exempt? Why are you defending a criminal?”

“…….”

“If you’re not complicit, shouldn’t you be protesting at Director Yoon’s office instead of the President’s office? Why should 15,000 families be ruined because of his son?”

“…….”

“The demands of the majority are not always just. You’re focusing on the wrong target. You’ve completely misunderstood the situation.”

Newspaper reporters sent articles to their newsrooms.

– President: ‘Protests defending criminals cannot be tolerated.’

‘K Corporation’s owner should not demand immunity by using employment as a shield.’

– The President, sticking to the law this time as well!

*

A Cabinet meeting was being held.

The Minister of Economy and Finance reported.

“We have three days left until the final bankruptcy. Director Yoon has disappeared.”

The President said.

“It’s a brinkmanship strategy. Minister, prepare for the final bankruptcy.”

“Yes? Are you really going to let it go bankrupt….”

“It’s a private company. Why should the President interfere if they want to close their own company?”

“…….”

“Let’s prepare for the financial shock and think about relief for the unemployed.”

“Understood.”

However, the President was very worried inside.

If 15,000 employees become unemployed, and if we assume that each has a family of four, then 60,000 people will suddenly be affected.

Moreover, if the production of various weapons ordered by the Ministry of National Defense is halted, there would be concerns about a security gap.

Director Yoon’s boldness stemmed from this security gap.

*

The President’s residence.

Ring~ Ring~

The alarm clock rang, but the President had been awake for a while.

He had a restless night because it was the day before the final bankruptcy.

At that moment, the phone rang.

Ring-a-ling~ Ring-a-ling~

These days, his heart pounded whenever the phone rang.

“Hello.”

– Your Excellency, this is Chairman Jung.

It was a welcome voice.

It was even more welcome because he hadn’t been in contact for months since the new administration took office.

“Oh, Chairman Jung! I’ve been so busy lately that I haven’t been able to call.”

– Have you gotten a lot more gray hair lately?

“I wonder why I ran for a third term. I even resented Chairman Jung for creating this position for me.”

– Hahaha, no wonder my ears were itching.

“What brings you here before breakfast?”

– Your Excellency, what if I acquire K Corporation?

The President, who had been sitting on the bed, jumped up.

“Acquire it? Do you have the money?”

He knew better than anyone that Jung’s finances were strained because he had been awarded large-scale government projects on a deferred payment basis.

– I received a large sum of money by transferring four ships that I had been contracted to build. And soon, when the nuclear power plant is operational, money will come in regularly. I can acquire it sufficiently if the payments are made in installments.

“Oh, that’s the best news I’ve heard! Chairman Jung is truly my savior.”

– I will also guarantee 100% of the employment.

“You don’t have to overdo it because of me.”

– This is not a charity. I’m a former soldier. I’ve always wanted to be involved in the defense industry. Your Excellency has put economic growth on track, and if oil is found, the next thing is security and defense.

“Oh, you’ve thought that far ahead?”

– Of course.

“I understand. Thank you, Chairman Jung!”

He hung up the phone and looked out the window.

The morning sun was rising dimly.

He stretched out his arms and yawned.

“Ah, I’m hungry.”

*

Director Yoon’s villa.

Director Yoon was in the bedroom, surrounded by two naked women.

He was smoking marijuana and holding a glass of liquor in his hand.

The Planning Director from headquarters arrived and reported to Director Yoon.

“Other banks have also started to recover their funds. Six banks are demanding repayment of 33 billion won [approximately $25 million USD] by next week.”

Director Yoon’s eyes were glazed over, and he was staggering.

“Forget about it all!”

He threw his glass.

The liquor splattered on the Planning Director’s chest.

“Director, are you really going to file for final bankruptcy?”

“Hehehe, do you know what the difference is between the boss and the underlings? Hic!”

“…….”

“It’s that you guys have small livers, small livers! [meaning they lack courage]”

“…….”

“It’s a defense industry, do you think they’ll let it go bankrupt? At best, it’ll go into receivership. We can go through the rehabilitation process.”

“…….”

“What is my company? It’s Korea’s best defense company. Don’t you know the President is desperate for security? They can’t kill me.”

“Understood.”

Crash!

Ahhh!

Police special forces armed with batons burst through the door.

They had been tailing the Planning Director and located Director Yoon’s whereabouts.

Director Yoon shouted at the top of his lungs.

“What are you guys? How dare you break into someone else’s house! Hic!”

“Director Yoon, you are under arrest for embezzlement of public funds, smuggling foreign currency, and violating the real-name financial transaction system [a system designed to prevent money laundering]. And drug use added to the charges!”

His hands were handcuffed.

Clang!

“If you do this, I’ll really file for bankruptcy! You’ll regret it when you get a taste of the North Korean puppet army! There’s nothing more important than security! Fine, let’s do it, hic!”

At that moment, a photojournalist appeared.

“Smile, kimchi~ [a common phrase used when taking photos in Korea]”

Click!

The next day, the evening newspaper featured K Corporation’s final bankruptcy as the headline.

Also, a picture of Director Yoon handcuffed in bed, naked, was published.

– Director Yoon arrested on charges of embezzling 15 billion won

– Director Yoon loses management ability due to drugs and alcohol, K Corporation disintegrates

*

A meeting of creditors from seven banks was held.

“The business itself is sound, but it’s due to owner risk. We need to place it under management and go through the rehabilitation process.”

“Rehabilitation or whatever, we need to get rid of Director Yoon first. We can’t trust his mental state.”

“Director Yoon and his son have more than 35% of the shares. The problem is that even if we change management, they still own it. Even if we rehabilitate it, it’s just doing Director Yoon a favor.”

“This is a defense company that is no different from a public enterprise, but we can’t do anything because the owner is a person with a flawed personality. It would be great if we could just sell it off when someone wants to buy it. The stock price has also fallen by 90%.”

“Speaking of which, is there really no company that wants to acquire it?”

“It’s difficult to step forward because of the large size and the special nature of the defense industry.”

“Still, let’s find out.”

The creditors sounded out large corporations about their willingness to acquire it.

Chairman Jung sent a letter of intent to acquire it as if he had been waiting for it.

“We will guarantee the employment and ensure that there are no layoffs. We will do our best to normalize management as soon as possible.”

The media praised Chairman Jung as a savior who prevented security gaps and mass unemployment.

Chairman Jung acquired the company and also acquired a third-party allocation of new shares, increasing his stake to 40% and becoming the largest shareholder.

Director Yoon and his son’s stake fell to the 20% range, and they stepped down from management.

Later, they sold all their shares and went to Southeast Asia.

The reason they chose Southeast Asia was simple: it was a drug paradise.

Years later, the two men were seen begging in the back alleys of the city, addicted to drugs.

*

The President’s office.

The President had lunch with Chairman Jung and talked.

“It doesn’t make sense to entrust national security to a human trash. I feel secure now that Chairman Jung is in charge of management. It’s been a blessing in disguise.”

“You flatter me. I feel a sense of duty when it comes to the defense industry. It’s no different from a public enterprise.”

After finishing the meal and drinking tea, the President ordered.

“I have weapons to order. Weapons that are essential for the future security vision.”

“Ah, what are they?”

“They are the latest weapons that I have heard and seen on various battlefields in the 21st century. Although I don’t know the detailed technology, I know the method and effect well. It’s like this.”

Chairman Jung listened intently, taking notes on the President’s words.

“As nuclear weapons are mass-produced and the United States and the Soviet Union are divided into two camps by the nuclear umbrella, a full-scale war between countries has become impossible. So, what emerged was ‘regime change.’ Assassinating the leader or overthrowing the government and installing the leader you want.”

“That’s right.”

“In the future, this regime change will become quite difficult. Totalitarian communist countries are impossible to approach due to strict security, while the free West is exposed to assassination. In addition, communist countries interfere in the elections of the free world to get the person they want elected and implement the policies they want.”

“Ah, the free world is at a considerable disadvantage.”

“That’s right. The disadvantage of falling policy continuity is unavoidable. We must develop weapons that can remove the long-term ruling dictators and their leadership in the communist camp all at once.”

“Are you talking about precision-guided missiles?”

“That’s right! That’s it! In the future, bunker busters or tactical nuclear missiles will be developed. Only the leadership is eliminated, and civilian damage is minimized. If we have such weapons in this era, we will hold the key to regime change.”

“Understood. We will develop both range and precision through the Baekgom Project [White Bear Project].”

“I’m counting on you, Chairman Jung!”