The Conglomerate Family Became A Villain [EN]: Chapter 231

231. The Runaway Train (2)

Gyeonggi Province, Yangpyeong.

The white-gated house resembled a villa owned by a conglomerate chairman, rather than a private residence.

However, the actual owner was Jin Tae-woon, the chairman of the Olympic Promotion Committee, not the conglomerate chairman.

Jin Tae-woon was a key figure in the military and was known as the third most powerful person in the current regime.

People often said that if Jin Tae-woon had been a little more ambitious, he would have been the second most powerful person instead of the third. In response, Jin Tae-woon would demur, saying that it wasn’t important to be the second or third most powerful person, but rather to be faithful to one’s assigned position.

This anecdote alone revealed the kind of person Jin Tae-woon was.

‘A person who observes the situation from a safe distance rather than aggressively pursuing gains.’

Choi Kyung-min took a deep breath, opened the car door, and stepped outside.

“Welcome.”

He was greeted by one of Jin Tae-woon’s close aides.

“Executive Director Song, how do you do?”

Executive Director Song An-bok was an executive at the Gas Corporation and had served as a deputy division commander under Jin Tae-woon during his military service.

“It’s a pleasure to meet Secretary Choi like this.”

The two exchanged greetings and entered the mansion. The interior was lavishly decorated with furniture imported from abroad.

Choi Kyung-min sighed inwardly as he took it all in.

‘Chairman Jin is rumored to be frugal, but it seems that’s just a facade.’

The frugality was just for show, and in reality, he had a taste for luxury.

“Please, have a seat.”

“Thank you.”

Choi Kyung-min was just a section chief at the Daewoon Group. Nevertheless, the influential figure in the government treated him with such courtesy because Jung Hyun-woo was backing him.

“This is a token of Chairman Jung’s sincerity.”

Choi Kyung-min presented a briefcase, commonly referred to as a ‘007 bag’ (a briefcase often used to carry sensitive or confidential materials).

“Hahaha, there’s no need for this…”

Executive Director Song An-bok chuckled and accepted the 007 bag. The reason he had come all the way to Yangpyeong today was to receive this bag.

“Won’t you open it?”

Executive Director Song An-bok smiled at Choi Kyung-min’s question.

“How can I open something sent by Chairman Jung?”

The bag wasn’t meant for him.

That was what he was implying.

“I understand what you mean.”

“Did the Chairman have any message for me?”

Choi Kyung-min nodded slightly and replied.

“He said he wishes for the successful hosting of the Olympics.”

Executive Director Song An-bok asked, seemingly disappointed.

“Is that all?”

Choi Kyung-min leaned in slightly and replied in a lower voice.

“He also said he would like you to visit the United States sometime at the end of the year.”

Executive Director Song An-bok raised his eyebrows upon hearing this.

“America?”

“He said it doesn’t have to be New York or Boston.”

This meant that even if he only flew as far as Los Angeles, Jung Hyun-woo would take a connecting flight to meet him.

“Hmm, I will convey that message to the Chairman.”

“I look forward to a favorable response.”

The two were representing Jung Hyun-woo and Chairman Jin Tae-woon, respectively.

“He regrets not being able to arrange a meeting during his visit to Korea.”

Executive Director Song An-bok was subtly treating Jung Hyun-woo as an American, even though Jung Hyun-woo’s nationality was still Korean.

“Chairman Jung also regretted that.”

The fact that the two couldn’t find time to meet this time wasn’t intentional.

Both men had wanted to meet, but coordinating their schedules had proven difficult due to the ongoing Asian Games.

“I will make sure to convey Chairman Jung’s message to the Chairman.”

Since the two were primarily messengers conveying the sentiments of their superiors, rather than engaging in substantive discussions of their own, the conversation remained relatively superficial.

Much of their exchange consisted of polite inquiries about each other’s well-being and current activities.

“So, you’re saying there are no plans to visit Korea this year.”

“Well, considering the time commitment… It takes at least a week to travel from the United States to Korea and back.”

“I see.”

The superficial conversation concluded in just 30 minutes.

Choi Kyung-min glanced at the clear blue sky and the majestic river flowing outside the window and thought.

‘I didn’t even have time to appreciate the scenery of the Han River.’

Executive Director Song An-bok was the first to rise from his seat.

“Secretary Choi, I’ll be going now, as the Chairman is expecting me.”

“I appreciate you taking the time to meet.”

“What will you do, Secretary Choi?”

“I’ll leave a little later.”

Choi Kyung-min was deliberately spacing out his departure to avoid appearing to be in lockstep with Song An-bok, a precaution against surveillance.

“You’re being cautious.”

“I’ve become this way from working for the Chairman.”

Before leaving, Executive Director Song An-bok posed one final question.

“Are you going to continue working at Daewoon Group?”

Choi Kyung-min bowed his head slightly and replied.

“I believe that’s likely.”

“You’re an unusual person.”

Executive Director Song An-bok seemed to find it strange that Choi Kyung-min was affiliated with Daewoon Group rather than Victoria Corporation.

“There are some circumstances.”

“I understand.”

Thirty minutes after Executive Director Song An-bok left the mansion,

Choi Kyung-min opened the door and stepped outside.

“Are you leaving now?”

A young man who appeared to be the caretaker asked, and Choi Kyung-min nodded.

“I’m leaving.”

“I’ll open the gate after you get in the car.”

This was a measure to conceal the identity of visitors to the mansion as much as possible.

‘Meticulous.’

Choi Kyung-min remembered what Jung Hyun-woo had said.

– There are many people in the government who are keeping Chairman Jin Tae-woon in check. So, don’t let them catch you with your guard down.

He opened the car door and got inside. Then, the mansion’s gate slowly opened to the left and right.

Whirrrrr.

Choi Kyung-min heard the sound of an electric motor and realized that the gate was automatic, not manual.

‘An automatic gate at a mansion on the outskirts of Gyeonggi Province.’

Automatic gates in mansions were commonplace in the 21st century, but in South Korea in 1986, they were a relative rarity.

Vroom.

Choi Kyung-min, who started the car with a somewhat rough engine sound, headed not towards Seoul.

He was heading to Busan.

Not just the next regime, but the one after that as well.

Jung Hyun-woo’s gaze was directed ten years into the future.

* * *

Jung Hyun-woo was originally scheduled to return directly to the United States without stopping in Japan.

However, he changed his plans and headed towards Japan. The reason was that the situation in Japan had become critical.

“You’re going to Japan?”

Sera’s voice, heard through the receiver, was sharp.

It was unclear whether she was angry because of the unexpected change in schedule or because Jung Hyun-woo had work to do that was causing delays.

“The situation in Japan has become urgent, so I need to meet with the people from the Kajima Group.”

“Hmm, is there some problem in Japan?”

Most of Sera’s liquid assets were tied up in the Victoria Fund. Therefore, it was understandable that she was surprised.

“It seems that the real estate market is overheating.”

Interest rates in Japan were falling faster than in the United States. As a result, various prices, especially real estate prices, were rising more rapidly than expected.

Jung Hyun-woo wanted to head to Japan to address this issue.

“Real estate?”

“I told you before that there was a possibility of the Japanese real estate market overheating.”

“I remember that, but how serious is it that you’re changing your schedule to go?”

“It’s more serious than expected.”

Sera nodded and said.

“Okay. I’ll take care of things here. Charlie, make sure to handle things in Japan properly and come back.”

“Leave it to me.”

Jung Hyun-woo hung up the phone and let out a long sigh.

“Hoo… Is it finally starting?”

‘If you sell the Emperor’s Palace (Imperial Palace), you can buy California, and if you sell Tokyo, you can buy the entire United States.’

This saying was like an old tale told by his grandfather.

But now it was 1986, and this story was on the verge of becoming a reality.

“Mr. President, it’s 10 minutes before boarding.”

Jung Hyun-woo got up from his seat upon hearing Luna’s words.

“Let’s go in.”

He once again received the privilege of using the diplomatic passage.

This was a consideration made by the South Korean government for him. Thanks to this, he was able to move without being exposed to the media.

Four hours later.

Kajima Group headquarters in Tokyo, Japan.

Mori Kenta, president of Kajima Construction, and Yamada Iechi, president of Kajima Bank, greeted Jung Hyun-woo.

“How do you do?”

Yamada Iechi, president of Kajima Bank, was the successor to President Morishita, who had opposed joining hands with Victoria Fund. He was a member of President Morishita’s opposition faction.

“Chairman Kajima is away?”

President Mori Kenta bowed his head and replied.

“He has gone to Hokkaido.”

“Chairman Kajima is also busy.”

Jung Hyun-woo suspected that Chairman Kajima had deliberately avoided the meeting.

‘It must be because of the promise I made with him.’

He had signed an agreement with Chairman Kajima to split the losses from the suspension of real estate development 50/50.

As soon as he sat down, he got straight to the point.

“The situation is difficult.”

Jung Hyun-woo asked President Mori.

“How difficult is it?”

President Mori sighed briefly before answering.

“It has already risen by 70% compared to the beginning of the year.”

Jung Hyun-woo narrowed his brow and asked again.

“Then shouldn’t we have stopped the project?”

“That’s…”

“Were there any unforeseen circumstances?”

“I contacted New York first, but I was told that it was only possible with Chairman Jung’s permission.”

The first person President Mori called was John Peer in New York.

This was a natural action since John Peer was the CEO of Victoria Fund.

However, John Peer preferred to defer to Jung Hyun-woo’s decision rather than making the decision himself.

‘So, you’re saying it was difficult to contact me because I was in Korea.’

Jung Hyun-woo frowned and said.

“So, you’re saying the contact was delayed?”

“The price continued to rise even while the contact was delayed.”

Real estate wasn’t like stocks.

Even if prices skyrocketed, they wouldn’t change drastically in just a day or two.

But Japanese real estate was different during this period.

The asking price of Japanese real estate could rise overnight.

South Korea had also experienced several real estate booms, but they were not comparable to Japan’s bubble.

‘It rose by 100% every year.’

Jung Hyun-woo hadn’t fully grasped the horror of the Japanese real estate bubble until he actually experienced it.

“So, what do you propose we do?”

President Mori answered Jung Hyun-woo’s question.

“We brought Chairman Jung here to hear your decision.”

Jung Hyun-woo let out a long sigh after a long pause.

“Hoo…”

President Mori and President Yamada’s faces darkened at his drawn-out sigh.

Jung Hyun-woo wondered if they were concealing something.

‘It seems that Chairman Kajima’s absence isn’t just about avoiding the burden of losses.’

He leaned forward and asked.

“How much investment has been made?”

President Mori hesitated to answer, carefully watching his expression.

“That, that is…”

Jung Hyun-woo said coldly.

“You’ve crossed the line.”

He had agreed with Chairman Kajima on a deadline for the investment suspension.

But it seemed that President Mori and Kajima Construction had disregarded that agreement.

“I’ll ask again. How much investment has been made?”

President Mori bowed his head and replied.

“About 80% has been completed.”

It was an investment that hadn’t even reached 50% during his last visit.

‘The speed is far too fast.’

As Jung Hyun-woo narrowed his brow, President Yamada, who was next to him, interjected.

“The reason the investment speed was so rapid was because of the surge in real estate prices.”

It wasn’t that they bought more buildings, but that the building prices rose, resulting in a greater outflow of funds.

This was not a positive development for investors.

“So, you’re saying there’s only 20% of the money left.”

President Mori acknowledged Jung Hyun-woo’s statement.

“There’s 2.8 billion dollars remaining.”

Jung Hyun-woo crossed his arms.

“2.8 billion dollars.”

2. 8 billion dollars was by no means a negligible sum. However, it was a relatively small amount compared to the 12 billion dollars that had already been invested.

“I’m sorry. I couldn’t stop it in time.”

Jung Hyun-woo relaxed his furrowed brow and said.

“Since 80% of the investment has already been made, the potential loss won’t be too significant even if we halt investment now.”

He surmised that Chairman Kajima might have accelerated the investment pace to mitigate potential losses.

“If we stop now, I believe we can limit the loss to within 50 million dollars.”

“Is that to be shared equally between both parties?”

“That, that is…”

For Kajima Construction, even a burden of 25 million dollars was a significant challenge.

“Are you suggesting that you’re unwilling to bear even 25 million dollars in a 15 billion dollar project?”

“Chairman, if you agree to bear the entire 50 million dollars, we will offer you something else in return.”

Jung Hyun-woo tilted his head at President Mori’s proposition.

“What else is there?”

“Shares of Kajima Construction.”

Kajima Construction wanted to substitute the cash payment with shares.

Jung Hyun-woo immediately raised his voice.

“Can I sell the shares I receive immediately?”

If he were to sell the shares he received right away, Kajima Construction’s stock price would inevitably plummet.

“Could you postpone the sale for two years?”

They were requesting that he refrain from selling the shares for two years.

Jung Hyun-woo snorted.

“That’s an entirely favorable condition for you.”

“Chairman, real estate prices are soaring, making things difficult for us as well.”

The rise in real estate prices wasn’t always advantageous for construction companies. This was because projects were sometimes delayed or canceled due to the rapid escalation of real estate values.

Jung Hyun-woo clasped his hands together and said.

“Let’s make it a one-year grace period. However, I will not sell more than 30% each year.”

Instead of extending the grace period, he would sell the shares in installments.

President Mori of Kajima Construction groaned softly.

“Umm, that is…”

Jung Hyun-woo said firmly.

“If you don’t accept these conditions, we will have no choice but to explore other options.”

President Mori bowed his head in response to his pressure.

“I understand. I will accept it.”

Jung Hyun-woo turned his gaze to President Yamada.

“President.”

President Yamada couldn’t help but flinch when he was addressed.

“Do you have anything to say to me?”

“Is it possible to obtain a loan using the received shares as collateral?”

He was suggesting that instead of selling the shares of Kajima Construction, he would borrow money using them as collateral.

President Yamada paused for a moment before answering.

“It is possible.”

Jung Hyun-woo immediately asked the second question.

“What is the interest rate?”

He wasn’t simply inquiring about the interest rate.

President Yamada understood the intention behind his question.

He placed his hands on his knees and answered.

“We will apply a preferential interest rate to this loan.”

Jung Hyun-woo smiled at his response.

“A preferential interest rate is good.”

He looked around at President Mori and President Yamada and raised his voice.

“Now! Let’s invest the remaining money in banks, not real estate.”

President Yamada’s eyes widened at the mention of investing in banks.

“Chairman Jung, are you suggesting you will invest in Yamada Bank?”

Jung Hyun-woo shook his head.

“No. I will invest in Yamada Bank, but I also plan to invest evenly in Japan’s top 5 banks.”

He was indicating that he would invest approximately 400 million dollars in each of the banks, utilizing the remaining 2.8 billion dollars.

“Ah, you’re planning to invest in installments.”

The enthusiasm faded from President Yamada’s face.

“President, you seem disappointed?”

President Yamada waved his hands dismissively at Jung Hyun-woo’s raised tone.

“No. I’m not disappointed at all.”

It was a split investment, but Kajima Bank would still reap considerable benefits.

“What about President Mori?”

President Mori cleared his throat and replied.

“How could I possibly object?”

“So, you’re saying you agree?”

“That’s correct.”

Jung Hyun-woo smiled and said.

“Then please put this agreement in writing. Of course, both of you must sign it in your own handwriting.”

He wanted to have documented evidence to prevent any future disputes.

President Mori and President Yamada couldn’t help but inwardly acknowledge his meticulousness.