Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 163

163. 47th. Dirty, Sexy Gold (1)

After finishing the meeting at Haedong Securities, I left the office with Park Tae-jin. Park Tae-jin smiled, watching me as the corners of my mouth involuntarily twitched at the thought of meeting Jo Young-chan.

“You seem to be thinking about something fun.”

“There’s nothing more fun than business, hehe.”

Every business I touch has been successful, so how could it not be fun? With the motto that winning is enjoyable, I was preparing for another venture.

‘Now, should I start collecting gold?’

If my memory serves me right, the official gold collection campaign starts today.

It was something that gave some people a sense of pride that they had done their part for the country, but from the perspective of an economist, it was a nationally foolish act.

‘They sold the gold too hastily.’

Gold, a universal safe asset more reliable than the dollar.

The shameful truth of the gold collection campaign was that this precious gold was sold off cheaply overseas due to the immature response of the political and business circles and the greed of the chaebols [large family-owned conglomerates].

‘I should use that precious gold well as a matter of courtesy.’

Smiling inwardly, I said to Park Tae-jin.

“Since we’re at the headquarters for the first time in a while, why don’t you see the chief and say hello?”

“Director?”

Park Tae-jin looked a little disappointed that I was leaving him out to meet Jo Young-chan. I smiled and put my hand on Park Tae-jin’s shoulder.

“If you want to work with me until our hair turns gray and we grow old together, you should start preparing now. Don’t you think so?”

I wonder if my heart was conveyed to Park Tae-jin, who wants to grow up quickly enough to succeed Go Seung-ju. Park Tae-jin gave an awkward smile.

“I understand, Director. I will work hard to prepare from now on, haha.”

‘Heh, that’s how my people should be.’

Smiling as I watched Park Tae-jin laugh heartily, I parted ways with him and went to Jo Young-chan’s office.

“Finally here, Director Lee. Did you have a good look at Haedong Securities?”

“Thanks to Vice Chairman, I didn’t have to worry much, haha.”

Thanks to Jo Young-chan, who ordered the purchase of domestic stocks as soon as the dollars were converted into won, I didn’t have to worry much about the ‘putting a leash on rival groups’ plan that Bae Jae-hoon, Lee Myung-jin, and I had discussed in Dangjin.

‘What a great person. We work so well together without even saying anything.’

Jo Young-chan, who took a sip of milk tea, said to me with a satisfied smile.

“For people like us who make money with money, times like these come once in a decade. It’s not just about buying cheap, haha.”

Jo Young-chan had every reason to laugh heartily.

While other guys were stuck with bad debts in Southeast Asia or domestic loans and were being squeezed dry, didn’t we make so much money from investing in the US stock market and the Hong Kong project that our pockets were overflowing? I also couldn’t hide my smile and asked Jo Young-chan.

“What is the status of Haedong Investment & Securities’ capital and debt?”

“Haedong Investment & Securities has about 5 trillion won [approximately $4.5 billion USD at the time, but fluctuating] in debt, including loan loss reserves for CMA [Cash Management Account] deposits, but its equity capital is 2 trillion won in Korean currency and 2 billion US dollars, even without the Haedong Securities stake. In terms of the BIS [Bank for International Settlements] ratio introduced since last year, it exceeds 50 percent.”

‘A BIS ratio of 50 percent….’

Until now, there hasn’t been a single financial company with a BIS ratio exceeding 50 percent. My lips curled up involuntarily at Haedong Investment & Securities’ solid financial structure, making it meaningless to argue whether it was an investment & securities company or a bank.

Unlike me, who couldn’t hide my satisfaction, Jo Young-chan, who had already composed himself, asked.

“However, there is a problem.”

“What do you mean?”

Jo Young-chan said to me, who blinked at the unexpected question.

“It’s about the CMA exchange gains. The terms and conditions clearly state that all excess profits other than the agreed interest rate belong to Haedong Investment & Securities, and we sent out information letters, but there will be troublemakers. What should we do?”

Unlike a certain company that put fine print about information business in its terms and conditions a dozen years later and became the nation’s punching bag, Haedong Investment & Securities had written the terms and conditions regarding excess profits in large print and sent out information letters.

Nevertheless, as Jo Young-chan said, there will definitely be ‘customers’ who will make a scene demanding more money. I also had something in mind, so I answered without hesitation.

“First of all, it would be good to give existing customers a special interest rate of 12 percent.”

“Special interest?”

Jo Young-chan’s eyebrows twitched, but I calmly explained the reason.

“It’s better to be hit first. Rather than being criticized and forced to spit it out, it would be more profitable in the long run to spread it out generously and use it for image marketing.”

“Hmm….”

Finance is a business that requires both profitability and trust. It was an opinion given with a long-term perspective, but Jo Young-chan made a humming sound and stroked his mustache.

Watching him, I added the reason that Jo Young-chan would want the most.

“I believe the Chairman would have instructed the same as I did. We can’t cause trouble for the Chairman, so we need to block any potential problems in advance.”

In Korea, the chairman and the group are one and the same. Why else would the law define them as the same person?

Only after hearing the second reason from me did Jo Young-chan nod.

“You’re right. We have enough equity capital, so it would be great to spread the money and promote it in the media. How about releasing it as ‘Haedong Investment & Securities, sharing the joys and sorrows with its customers’? Hehe.”

There’s no reason to refuse. At Jo Young-chan’s suggestion to take advantage of this opportunity, I smiled and opened my mouth.

“That’s great, Vice Chairman. Let’s spread a lot of advertising money to every media company this time, hehe.”

Smiling at each other, Jo Young-chan and I pointed out the things that needed to be handled in one go along with the payment of special interest.

“One more thing, we need to lower the interest rate to match the interest rates of commercial banks. This also needs to be announced along with the payment of special interest.”

If we continue to maintain the 12 percent interest rate, the company will go bankrupt. Jo Young-chan also knew this well, so he answered me with a calm expression.

“Of course. If we pay special interest and adjust the interest rate in the current situation, we will have done as much as we can.”

We gave 12 percent compound interest every year, and we even gave 12 percent special interest that we didn’t have to give. As Jo Young-chan said, we had done everything we could.

Despite this goodwill, there will always be one or two guys who are greedy. I was going to make those guys pay a price worse than their greed to come to their senses.

After dealing with Haedong Investment & Securities’ exchange gains issue, I moved on to the next topic. Time is money, so I couldn’t waste it.

“How is Haedong Securities’ financial situation, Vice Chairman?”

At my question, Jo Young-chan opened his mouth with a look of surprise.

“Are you asking because you don’t know, Director Lee? Money is overflowing, euahaha.”

Jo Young-chan laughed loudly again. It sounds like I’m bragging, but isn’t he the head of the largest securities company in Korea based on equity capital, thanks to making a lot of money in Hong Kong?

“It’s going to be very busy from now on. We’re going to increase the number of branches, establish an asset management company to manage the financial sector’s funds, and set up a venture capital firm… We’re going to absorb as many talented guys from Yeouido [Korea’s equivalent of Wall Street] as possible, hehe.”

“I also think Vice Chairman’s opinion is good. Isn’t the financial industry a business where manpower is key? Haha.”

Both Jo Young-chan and I looked at each other with expressions that we were so happy just thinking about it. No matter how hard Mirae Asset or Korea Investment Holdings tried, they would never be able to catch up with Haedong Group’s financial sector.

“As you already know, it would be interesting if we had those friends we’re raising buy more shares of the guys who are interfering with your brothers’ or Vice Chairman Lee’s business, hehe.”

Jo Young-chan, who was smiling slyly, was also a very vicious man. To harass competitors with business in front and stocks in the back.

‘It’s not bad. There’s never been a time when stock prices are this low.’

The companies that will compete with Haedong Group in the future are companies with sufficient investment value. I couldn’t miss the stock bargain sale season that would never come again.

“I think so too, Vice Chairman. I mentioned to the two Vice Chairmen in Dangjin whether we should buy shares of competitors, but thank you for taking care of it first.”

Jo Young-chan waved his hand at me, who bowed lightly.

“What thanks? Isn’t the group there to push and pull each other? Haha.”

While laughing heartily and drinking tea, Jo Young-chan put down his teacup and asked me. Jo Young-chan’s eyes looking at me were filled with suspicion.

“However, what are you going to do with the dollars left in the two companies?”

“I’m going to make investments that I can’t make with Korean currency, Vice Chairman.”

“Investments that you can’t make with Korean currency?”

“Yes. Overseas investment regulations will become stricter due to this foreign exchange crisis, but we must invest overseas even if we have to bypass it through Standard Capital Korea. Overseas investment is our destiny, Vice Chairman.”

‘It’s not because I’m a returnee and I’m trying to plant stakes in every lottery-level investment opportunity. I have my reasons for doing this.’

It’s been six years since I came back from the river of death.

Thanks to squeezing my head until now, I was able to raise Haedong Group and Standard Capital to their current positions.

Nevertheless, I was still cautious because I didn’t know what kind of butterfly effect each and every one of my actions would have.

However, history is already changing, and I, my family, and our group have already surpassed the level of being swept away by the tide of history.

From now on, I will change the tide of history as I, as we, want.

After finishing my answer, Jo Young-chan said to me as I was drinking tea, making a resolution in my heart.

“You’re right, Director Lee. Korea’s market size is small, so there’s no answer other than overseas investment to make bigger profits. I was also considering overseas investment, but thank you for telling me.”

“Thank you, Vice Chairman. I will let you know again as soon as possible.”

Jo Young-chan looked at me with a satisfied look, and I responded to his trusting eyes with a soft smile. What kind of reaction would Jo Young-chan have if he heard my plan to buy gold in a few days?

***

After discussing future investment strategies with Jo Young-chan, I left Haedong Investment & Securities and was heading to Standard Capital in Yeouido with Park Tae-jin in the car.

“Director.”

“Yes, Hyung [older brother or trusted friend].”

“You decided to invest 1 billion dollars out of Haedong Securities’ 1.5 billion dollars in the US stock market through Standard Capital, and to look for other investment opportunities for the rest, but what are you going to do with Haedong Investment & Securities’ 2 billion dollars?”

I smiled and said to Park Tae-jin, whose voice was filled with curiosity.

“You know that private organizations are collecting gold these days, right? Like the national debt redemption movement, they’re trying to repay the country’s debt.”

“I know… Young Master?”

Park Tae-jin, who paused for a moment, called me as he used to. He couldn’t look at me because he was driving, but I could tell from Park Tae-jin’s surprised expression that he knew something.

“What’s wrong, Hyung?”

“When I met with the Chief, I heard that the government would be promoting gold collection soon. Don’t tell me… are you going to buy all that gold?”

Without giving him a moment’s gap, I answered immediately.

“Yes.”

There will be countless people who will curse at me for investing in gold, which doesn’t have a big investment profit, but I have plenty of opportunities to make money. Investing in gold was an opportunity to gain something more than money.

“If Haedong Investment & Securities has a large amount of gold, it will become a more trusted investment & securities company than a bank. What do you think, Hyung?”

Park Tae-jin’s lips curled up slightly as he pondered the question, which was like a riddle.

“That’s right. If we hold a large amount of gold that even commercial banks don’t have in a situation where investment & securities companies and commercial banks are collapsing like now, we will gain the trust of customers.”

I said with a satisfied expression at Park Tae-jin’s 100 percent answer.

“That’s why I chose gold. It’s the safest asset that the rich have as emergency funds and central banks have as foreign exchange reserves.”

“That’s why you said you were going to buy gold, haha.”

Park Tae-jin, who was laughing heartily, began to submit additional answers.

“In addition, it will be possible to trade the expansion of Haedong Investment & Securities’ branch openings on the condition that we deposit the gold we will purchase with the Bank of Korea.”

‘Hoo? Our Hyung seems to have been upgraded?’

I was satisfied with Park Tae-jin’s grown-up appearance, and the corners of my mouth curled up involuntarily.

“That’s right. The government doesn’t have money right now, so even if they just allow us to use that gold as collateral, they will lift the regulations on Haedong Investment & Securities’ branch openings, right? Hehe.”

Due to the nature of its business, it is very difficult for investment & securities companies to open branches. Didn’t we increase the number of branches two years ago only after spreading political funds and buying trillions of won in treasury bonds? I was planning to use the gold I would collect this time to lift the regulations on Haedong Investment & Securities’ branch openings.

“Still, Director, if you invest all 2 billion dollars in gold purchases, you will have a big opportunity loss. Are you okay with that?”

I waved my hand at Park Tae-jin’s cautious question.

“If things go wrong, we can sell all the gold to the Bank of Korea, get rid of it, and invest in other things, right? The important thing is to show how much gold we can hold and gain the trust of customers.”

Only after hearing the answer about Plan B from me did Park Tae-jin nod.

“I understand, Director.”

It’s good to hold gold, but it’s not like we’re losing anything by handing it over to the government. There is one more reason for buying gold besides what I told Park Tae-jin.

***

Meanwhile, Jo Young-chan, who had sent Lee Sung-min and Park Tae-jin, was holding the receiver.

“Yes, Chairman. This is Jo Young-chan. I just met with Director Lee….”

As Jo Young-chan told him about the contents he had exchanged with Lee Sung-min regarding the business direction of the financial sector, Lee Dae-soo’s laughter was heard from the receiver.

[Euhehehe, your burden must have become lighter. But… he said he was going to make other investments with dollars?]

“Yes. He said he was going to make investments that he couldn’t make with Korean money, but he said he would let me know where he was going to invest soon.”

Jo Young-chan was also wondering about that.

3.5 billion dollars is enough money to swallow or shake one of the top 5 groups in the current situation. What kind of money-making scheme is he thinking of with that money….

Unable to figure it out, Jo Young-chan tilted his head to the side, and Lee Dae-soo’s voice was heard.

[If you were you, where would you want to invest?]

“I would invest 1.5 billion dollars from Haedong Securities in the US stock market.”

[It won’t be easy to take out foreign currency because of the current situation?]

“That’s why I’m thinking of entrusting the investment to Standard Capital to take care of Director Lee’s performance as well.”

###

Lee Dae-soo’s lips twitched as he listened to Jo Young-chan’s confident voice in his study in Samcheong-dong [an affluent neighborhood in Seoul]. Lee Sung-min is the owner of Standard Capital, so who is taking care of whose performance?

However, it was too early to reveal the relationship between Lee Sung-min and Standard Capital. Lee Dae-soo said to Jo Young-chan over the receiver in a slippery voice.

“Then, what are you going to do with the 2 billion dollars left in the investment & securities company?”

[It would be good to invest in gold. We will buy as much gold as possible from the gold collection campaign…. ]”

Lee Dae-soo’s lips curled up at Jo Young-chan’s plan to cut off the regulations on Haedong Investment & Securities’ branch openings on the condition that he deposit it with the Bank of Korea or sell it altogether.

“I understand. Discuss it well with Director Lee and try to solve it that way. Thanks to Sung-min, ‘other things’ besides Haedong Investment & Securities will be easily solved.”

[If you’re talking about other things…? ]”

Lee Dae-soo’s answer was heard at Jo Young-chan’s cautious question.

“Didn’t the president-elect say that he would start restructuring general trading companies as soon as he takes office? Shinseong, Taehyun, GK, and SG will all sell gold. It would be nice if we could just catch one house with the gold we collect and end it… what do you think?”

Lee Dae-soo’s expression, who asked Jo Young-chan a question, was more expressionless than ever. His face looked like that of a person who was prepared for a bloodbath.