The Conglomerate Family Became A Villain [EN]: Chapter 230

230. The Runaway Train (1)

The Asian Games opening ceremony.

The grandeur of the Jamsil Olympic Stadium was unlike anything South Korea had ever witnessed.

Today’s event showcased South Korea’s potential and the Miracle on the Han River [referring to South Korea’s rapid economic growth] to the world.

After the opening ceremony.

Jung Hyun-woo shook hands with government officials.

“Thank you for coming all this way.”

“I heard about the big event in my hometown and knew I had to be here.”

Jung Hyun-woo had donated a large sum to this Asian Games.

“Chairman Jung, we look forward to your continued support.”

“No, the pleasure is all mine.”

These seemed like meaningless greetings, but they were all part of lobbying and ensuring a safe and successful event.

An hour later.

Jung Hyun-woo sat face to face with Jung Min-young, the sole heir to the Daewoon Group.

“You’ve worked hard.”

“You too, Uncle.”

Both had attended the Asian Games opening ceremony, though their seating arrangements differed.

Jung Hyun-woo sat in the place of honor with diplomatic envoys from various Asian countries and influential domestic politicians, while Jung Min-young, representing the Daewoon Group, had to sit further back.

“Are you heading back tonight?”

Jung Hyun-woo shook his head.

“I’ve come all the way to Korea; I can’t just go back.”

“So, you’ll be staying a few more days?”

“I’m planning to stay about five more days.”

Jung Hyun-woo planned to stay in South Korea to formulate plans for the future.

“I suppose you have appointments with high-ranking government officials?”

“I’m also going to Gyeonggi Province.”

“To see the Asian Games matches?”

“I won’t be able to see the finals, but I need to make an appearance at the stadiums where the major games are being held so people can say I attended and showed my support.”

Jung Min-young sighed briefly.

“Even watching games is political.”

Jung Hyun-woo responded dryly.

“A CEO’s actions speak for the company.”

Jung Min-young tilted his head and asked.

“Victoria Corporation doesn’t have much connection to South Korea, does it?”

“I’m not doing it because of South Korea.”

“Then why?”

“Because of the perception of American and Japanese investors.”

Jung Hyun-woo wanted to demonstrate that attending this event was not merely a waste of time.

“How does your staying longer address their concerns?”

“If I stay in Korea longer, what will people think?”

“That you’re taking a vacation?”

Jung Hyun-woo shook his head.

“That’s not it. They’ll think I’m looking for investment opportunities in Korea.”

Jung Min-young groaned softly upon hearing Jung Hyun-woo’s answer.

“Ugh, you think that far ahead.”

Jung Hyun-woo replied calmly.

“Both investment and company management require understanding people’s psychology.”

Jung Min-young thought he couldn’t do what Jung Hyun-woo did.

‘It’s impossible to follow the same path as Hyun-woo.’

He wasn’t a general who achieved great feats.

“What do you think Daewoon Group should do?”

“That’s not my responsibility.”

Meaning it was up to Jung Min-young to decide and execute.

“Still, you could give some advice.”

Jung Hyun-woo thought for a moment before answering.

“It would be better to reduce Japanese investments.”

Jung Min-young had previously increased transactions with Japan, buying yen last year and achieving good results.

“Reduce them already?”

“Because the bubble is growing.”

The Japanese bubble economy [an economic bubble in Japan from 1986 to 1991, characterized by inflated asset prices].

Some were pointing this out, but the prevailing sentiment in South Korea was one of praising Japan’s overwhelming economic power.

“Hmm……”

As Jung Min-young let out a groan mixed with a sigh, Jung Hyun-woo said coldly.

“You don’t believe me, Uncle.”

Jung Min-young shook his head and said.

“It’s not that I don’t believe you. It’s just that I have lingering attachments.”

Daewoon Corporation had invested a considerable amount of money and manpower in Japan.

“I’m not saying to immediately recover the investment or manpower.”

“You mean pull out gradually?”

“I think it would be good to stop investing next year and withdraw from the year after that.”

Jung Hyun-woo was talking about maintaining in 1987 and withdrawing in 1988.

“Listening to you, it sounds like Japan is about to collapse.”

“What do you think, Uncle?”

Jung Min-young replied softly.

“I, and most people in our country, think that Japan will lead the world economy.”

“Lead the world economy?”

“America is old.”

Jung Hyun-woo was quite surprised inside upon hearing his answer.

‘So that’s what they thought at this time.’

Because many people believed in Japan, investment funds poured into Japan.

In the 1980s, the United States was suffering from inflation. Furthermore, as the automobile industry, which represented the United States, collapsed, Detroit became hollowed out, and the competitiveness of manufacturing greatly declined.

‘But the United States succeeds in reviving itself, centered on the IT industry.’

Jung Hyun-woo cited the internet as the greatest invention that revived the United States.

If the world had not been connected by a network, computers would have been nothing more than good calculators or game consoles.

“I still think it’s America.”

Jung Min-young raised his eyebrows slightly.

“Isn’t that how you feel because you’re in America?”

Jung Hyun-woo shook his head.

“There’s a big difference in economic size.”

Jung Min-young refuted Jung Hyun-woo’s answer.

“The difference in economic size has narrowed a lot, and Japan is better in terms of population.”

He thought Japan was rising and the United States was declining.

“Japan’s indicators are close to a bubble.”

“Even if Japan’s economy collapses, it won’t be that big.”

Jung Min-young couldn’t understand why Jung Hyun-woo, who had invested astronomical sums in Japan, was talking about the Japanese bubble.

‘Wasn’t Hyun-woo the one who saw the great potential of Japan?’

The moment he frowned, Jung Hyun-woo said.

“What would you do if the Japanese economy entered a long-term recession?”

“The Japanese economy experiencing a long-term recession? It would be difficult unless there was a nuclear accident.”

When Jung Min-young mentioned a nuclear accident, it was because of the Chernobyl nuclear power plant accident [a catastrophic nuclear accident that occurred in 1986], not the Great East Japan Earthquake [a devastating earthquake and tsunami that struck Japan in 2011].

“You believe in the Japanese economy, Uncle.”

Jung Min-young nodded.

“If I don’t believe in Japan now, which country should I believe in?”

He thought investing in Japan and trading with Japan was the shortcut to growth.

“Then you won’t accept my advice either?”

Jung Min-young put his hands together at Jung Hyun-woo’s question.

“Half and half.”

Half and half.

Half accept it, half don’t.

Does that mean he will stop investing in Japan and maintain the current situation?

Jung Hyun-woo frowned and asked.

“How is it half and half?”

Jung Min-young released his hands and answered.

“Half of me wants to withdraw according to your words, and half of me wants to push forward as is.”

Jung Hyun-woo realized that Jung Min-young’s belief was stronger than he thought.

“Wall Street sees Japan’s economy as a bubble right now.”

“Americans can’t help but think that way. But if you look around American cities, they’re full of Japanese products. Walkmans [portable cassette players] and Sony TVs are sold in department stores, and the streets are full of cars from Toyota, Honda, and Nissan.”

The competitiveness of Japanese manufacturing was expected to continue for several more years.

‘The competitiveness will still be there in the early 1990s.’

Of course, the competitiveness of manufacturing was a different story from the solidity of the economy.

“If you really can’t believe my story, please think of half and half this way.”

“How?”

“Leave half and withdraw half.”

Jung Min-young bit his lower lip at his words.

“It’s like selling off stocks in installments.”

“Isn’t this possible either?”

“I’ll take out only 30%.”

Jung Min-young seemed to strongly believe in the power of Japan.

Jung Hyun-woo’s persuasion ended here.

“Okay. Then take out only 30%.”

Jung Min-young felt like he had become a student while talking to him.

‘Is the size of capital ultimately what matters in capitalism?’

He wondered if the size of capital was more important than age, status, or education.

* * *

Jung Hyun-woo left his mark on TV and newspapers by watching the football preliminaries, volleyball finals, and table tennis team matches.

“I didn’t know you liked sports, CEO.”

The one who spoke to him was his secretary, Luna.

“Luna, did you think I didn’t like sports?”

“You’ve never been to a stadium before.”

Jung Hyun-woo stroked his chin.

“Hmm, was that so?”

“That’s how it’s been since I joined the company.”

In the past, Jung Hyun-woo was not far from sports, watching Boston Red Sox games with Sarah.

But after Victoria Corporation got on track, his life completely changed.

Overtime was basic, and sometimes he went to work even on holidays and devoted himself to work.

Jung Hyun-woo, as seen by Victoria Corporation employees including Luna, seemed to be work itself, beyond being a workaholic.

“I used to watch Red Sox games a lot too.”

“In the past.”

Jung Hyun-woo shrugged.

“It’s only been 2 or 3 years.”

Still, all of Victoria Corporation’s employees were older than him.

Luna was also older than him, only one year younger than Sarah.

Squeak.

The Benz sedan Jung Hyun-woo was riding in stopped smoothly.

“We’ve arrived.”

At the driver’s words, Jung Hyun-woo and Luna’s conversation stopped.

“More work.”

Jung Hyun-woo sighed briefly and headed to the meeting place.

The person he was meeting this time was Han Cheol-in, the Chief of Staff of the Blue House [the executive office and official residence of the President of South Korea], who was called the President’s right-hand man.

The meeting took place in a mansion not far from the Bugak Skyway [a scenic road in Seoul].

This mansion was owned by the Presidential Office and was different in nature from the safe house of the National Security Planning Agency [South Korea’s intelligence agency, formerly known as KCIA].

“Hello.”

“Hyun-woo, how have you been?”

Chief of Staff Han Cheol-in’s face was brighter than expected.

‘It’s thanks to the success of the Asian Games opening ceremony.’

As he sat down, Chief of Staff Han Cheol-in ordered tea to be brought.

“Thank you for taking the time out of your busy schedule.”

Chief of Staff Han Cheol-in shook his head.

“I should be thanking you, Hyun-woo. Thank you for coming all this way.”

In the 1980s, an 18-hour flight was not easy. In-flight service, as well as seats and available content, were incomparable to 2020.

The two exchanged greetings and got down to business.

“We’ve been looking for land in Gwangmyeong for you.”

Jung Hyun-woo paused at his words.

“Gwangmyeong?”

“South of Cheolsan-dong, which is scheduled for development in the future.”

Chief of Staff Han Cheol-in pointed to the area near Haan-dong.

Jung Hyun-woo thought it wasn’t bad.

‘It’s not as good as Jamsil, but if I can secure a large area, it won’t be bad.’

Of course, the best thing would be to receive land in Bundang or Pangyo.

‘But that area probably already has owners.’

The development of the southern Gyeonggi area, centered on the Gyeongbu Expressway, was already being planned.

“How much land can we secure?”

“How about about 200,000 pyeong [approximately 165 acres]?”

200,000 pyeong.

Even if you estimate it at 1 million won per pyeong, it would be 200 billion won.

Of course, it wasn’t a very large amount compared to Jung Hyun-woo’s assets.

‘It wouldn’t be bad to keep it for Daewoon Group.’

He nodded and replied.

“Thank you for your consideration, Chief of Staff.”

Chief of Staff Han Cheol-in raised his right hand and said.

“It’s not my consideration, it’s the President’s consideration.”

Meaning the President was directly involved.

“The President……”

“200,000 pyeong is not a small piece of land.”

“Please convey my gratitude.”

Chief of Staff Han Cheol-in smiled brightly.

“I will.”

He thought he had saved face in front of Jung Hyun-woo.

‘We need to get help during the Olympics too.’

The Asian Games were important, but the really important event was the 1988 Seoul Olympics.

“Here’s a small token of my appreciation.”

Chief of Staff Han Cheol-in was surprised by Jung Hyun-woo’s gift.

“Hyun-woo, I can’t accept something like this.”

He was different from Director of the National Security Planning Agency, Geum Tae-jun.

“It’s not a bribe; it’s really a gift.”

“……”

“Why would I give you a bribe, Chief of Staff?”

Jung Hyun-woo was a businessman who had taken root in the United States, not Korea.

Moreover, it was no exaggeration to say that he was now a global entrepreneur.

‘But didn’t we just talk about the Gwangmyeong land?’

Jung Hyun-woo was not completely turning his back on Korea.

“Hyun-woo.”

“If you think I’m giving you a gift because of the Gwangmyeong land, that’s a misunderstanding. Just a few buildings I own in Ginza [an upscale district in Tokyo] would be more expensive than 200,000 pyeong.”

This was true.

The value of undeveloped land in Gwangmyeong in 1986 and buildings in Ginza, Tokyo, could not be compared.

“Um, I understand.”

After hesitating, Chief of Staff Han Cheol-in accepted the gift he offered. However, he did not open the box containing the gift on the spot.

Jung Hyun-woo thought.

‘He’s definitely different from Director Geum Tae-jun of the National Security Planning Agency.’

Both were powerful figures who moved South Korea behind the scenes. However, their attitudes toward money and bribes could be said to be different.

“Hyun-woo, can I ask you just one thing?”

Jung Hyun-woo brought the tea to his lips and replied.

“You can ask me anything.”

Chief of Staff Han Cheol-in hesitated slightly and asked.

“How does America view our country?”

America’s perspective.

Chief of Staff Han Cheol-in wanted to know not only his own safety but also the future of South Korea.

“A reliable ally.”

“Is that all?”

“If you ask about the South Korean regime, the answer will be a little different.”

The Reagan administration had been supporting the South Korean government in many ways since its re-election.

Was that why?

Chief of Staff Han Cheol-in paused at Jung Hyun-woo’s answer that the answer would be different.

“Are you saying that the United States doesn’t look favorably on the Blue House?”

Jung Hyun-woo put down his teacup and replied.

“Next year will be difficult.”

The Asian Games were successful, and the economy was recording a surplus thanks to the Three Lows (low oil prices, low interest rates, and low dollar value).

At this rate, it would be possible to pay off the national debt accumulated over the past decades in one fell swoop.

‘Does that mean a crisis will come at the best moment?’

Chief of Staff Han Cheol-in asked in a heavy voice.

“When you said it would be difficult, you weren’t talking about the economy.”

Jung Hyun-woo nodded at his words.

“That’s right.”

“The difficulty is probably politics?”

“The presidential election will be the most difficult.”

“The presidential election?”

“We won’t be able to do it the way we’re doing it now.”

The current presidential election in South Korea was taking an indirect election method called the gymnasium election [an indirect presidential election system used in South Korea under the authoritarian rule of Park Chung-hee and Chun Doo-hwan].

Jung Hyun-woo was answering that this indirect election method could not continue.

“Hyun-woo!”

Even though Chief of Staff Han Cheol-in raised his eyebrows, Jung Hyun-woo was calm.

“I’m not saying that the US government will make it that way.”

“Then why are you saying it will be that way?”

“The people won’t accept it.”

Chief of Staff Han Cheol-in frowned.

“Not the people, but the student activists.”

Jung Hyun-woo slowly shook his head.

“They may create small and large-scale riots, but they cannot create the great wave that moves the times.”

The direct presidential election was not something that could be achieved by the power of the opposition party or student activists.

“Aren’t you looking at it from too negative a perspective?”

As I said before, everything was going well in 1986.

‘The economy is good, and South Korea’s status has risen greatly worldwide.’

Chief of Staff Han Cheol-in believed that the people would highly appreciate these achievements.

But the reality was not like that.

“It may not reach the worst-case scenario, but I think it would be better for you to prepare for that as well.”

Chief of Staff Han Cheol-in hardened his face and asked.

“Is this your opinion?”

Jung Hyun-woo replied in as soft a voice as possible.

“I’m a businessman.”

It was an answer that it was not his guess or thought.

“The CIA.”

Jung Hyun-woo nodded silently.

Although it was not good news, Chief of Staff Han Cheol-in could not help but thank Jung Hyun-woo for his advice.

‘Anyway, I was able to get high-level information from the CIA.’

Of course, the high-level information from the CIA that he thought was fake. Jung Hyun-woo was just telling the future he knew.