Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 171

171. 48th. Expanding Territory (5)

“Internet first, internet second, and internet third.”

As I started with that bold statement, President Kim’s eyebrows twitched, and his eyes sparkled with interest.

“What’s the reason?”

“According to *The Third Wave* by Alvin Toffler, humanity has only just begun the race towards the knowledge information age.”

*The Third Wave* was one of President Kim’s favorite books. I continued my explanation, drawing from its themes.

“At the heart of leading this knowledge information age is the internet. Because the internet is another Earth without borders, where anyone can freely come and go.”

“Hmm…”

The humming sound coming from the President’s lips and nose was light and thoughtful. Seeing that his reaction wasn’t negative, I continued.

“For example, Yahoo, in which Standard Capital invested, is generating billions of dollars in annual sales through advertising on its homepage, not only in the US market but also in other foreign markets.”

“Is that true?”

“Yes. Unlike producing and exporting goods from factories or earning foreign currency through trade and financial services by establishing overseas branches, the internet industry allows anyone with original creativity and knowledge to succeed beyond borders.”

“Hoo… I see.”

Seeing the President’s brightened expression as he exclaimed, I thought he was just like the President Kim I knew. He would want to create high-value jobs while breaking down the structure where economic power is concentrated in conglomerates.

“Then, what do you think should be done to revitalize the internet industry?”

“One is to install a large-scale optical communication network nationwide and provide education so that anyone, regardless of age, gender, wealth, or social status, can use computers and the internet.”

“Since you said one, it seems like there’s something else?”

“Yes, Mr. President. Secondly, the government should maintain net neutrality, preventing practices like internet metering [charging users based on the amount of data they use]. Third, we must prevent moral hazard among venture companies that will grow based on the internet, while also protecting the founders’ management rights from being unfairly infringed. For this, golden shares [shares with special voting rights], poison pills [measures to deter hostile takeovers], and differential voting rights will be necessary…”

President Kim’s eyes widened at my continued answer. I smiled inwardly at that expression.

‘You’ll be very ambiguous, hehe.’

There was a subtle trap hidden in my answer.

Calling for the guarantee of net neutrality is to prevent the conglomerates that are already in the telecommunications business from trying to reap excessive profits easily.

Conversely, guaranteeing the management rights of venture company founders is also beneficial to conglomerates. It may seem childish, but there would be talk in the business world like, ‘They can do it, but why can’t we?’ The Federation of Korean Industries [a powerful lobbying group for large corporations] will rise up in protest.

President Kim let out another humming sound. The tone was very low, suggesting he found it difficult to give an immediate answer.

Not long after, the President, who had stopped humming, asked me.

“Then, what do you think constitutes an unfair change of management rights?”

He was not an easy man after all. It seemed like he wanted to pass the burden on to me because it was too much to bear alone, so I immediately responded.

“It is not to misappropriate the company’s assets privately. For example, using a corporate card to shop for personal entertainment or enjoy drinking and singing should be eradicated first.”

If I were to touch the act of siphoning money through all kinds of internal transactions, such as producing work clothes or procuring construction materials, my family and the Haedong Group would become outcasts in the business world. So, I only answered about the abuse of corporate cards, which is the lightest offense.

“Hmm… Such things are clear embezzlement, so they should be punished.”

I could feel a sense of regret in the President’s eyes as he looked at me, but what could I do? The money made through internal transactions also flows into the political world.

‘Let’s stop here, Mr. President.’

Perhaps reading the message in my eyes that I was suggesting a compromise, the President took a light breath and said.

“Still, considering what happened when Mr. Lee did department store consulting a few years ago, I don’t think we need to worry about the Haedong Group, haha.”

“Of course, Mr. President.”

The Haedong Group’s agencies were entirely given to retired executives and employees to provide them with a means of livelihood, and the money coming from Standard, Triumph, and Myeongdong’s private loan organizations in the United States is more than enough to trade with those who sell power in this country.

After finishing the subtle power struggle with me, who gave a straightforward answer, the President smiled awkwardly and said to Henry.

“I’m sorry for the long talk, Henry.”

“No, Mr. President. It was a good conversation because I could see what kind of person the successor of the Haedong Group, which we are paying attention to, is, haha.”

Looking at Henry, who was laughing heartily, the President relaxed his expression.

“Then, I would like to ask for Henry’s opinion. What preparations do you think Korea should make to move towards the future?”

Looking at the President’s eyes filled with anticipation, Henry said.

“I also agree with Mr. Lee’s opinion. The future economy will be dominated by the IT industry, including the internet.”

The eyes of the President and the Blue House staff widened at Henry’s answer without hesitation. How surprised they must have been that he agreed with me, who is just the successor of a Korean conglomerate?

“You may not believe it, but our Triumph Capital also has high expectations for the IT industry, so we have created a dedicated investment department and are investing over 10 billion dollars.”

People were surprised once again at the mention of over 10 billion dollars.

Investing more money in the IT industry than the money used to acquire Korean government bonds means that expectations for the future of the IT industry are greater than for the future of Korea, doesn’t it?

“If the Korean IT industry is worth investing in, Triumph Capital promises to willingly invest as much capital in the Korean market as the amount invested in Korean government bonds.”

As Henry added strength to my words, the President and the Blue House aides will not be able to easily ignore them. Both what I said and both of us.

***

After finishing the friendly talk, President Kim sent me away first, and only sent Henry off after a few hours. I was working in the office when I heard the phone ring and took out my cell phone.

[Hello, Johnny. I just got back to the Korea Hotel.]

“Thank you for your hard work, Henry.”

[I want to see you, Sun, and Mr. Park right now… Would that be okay?]

It would be crazy to refuse a precious friend who came from afar. I answered without even breathing.

“Okay, Henry. Can I come now?”

[Do so. Dinner will be served soon, so let’s talk while eating. The talk will be quite long.]

“It’s been a while since we’ve had dinner together. I’ll see you later, haha.”

I heard Sun Hae-cheol’s voice to me after finishing the call.

“Henry asked to see you?”

“Yes. It seems like there’s something he wants to talk about while eating together. Let’s leave work right now, Uncle. Let’s go together, Hyung [older brother/male friend].”

“Are you talking to me too?”

“Yes. Seeing that he asked even Hyung to come, it seems like it’s something related to our group.”

After finishing the answer, I got up from my seat and packed my things, and Sun Hae-cheol and Park Tae-jin also packed their things and headed to the Korea Hotel. What’s going on?

***

When we arrived at the hotel, we were greeted by Jung Chang-ho and Jang Ha-yeon, who were waiting in the lobby.

“Welcome, Director Lee.”

“Welcome, honey.”

“Did Mr. Royce send you?”

The two nodded at my question.

“That’s right. That man even ordered room service because he said he was going to have dinner with you, so hurry up and go up.”

“Just do as you always do, honey.”

I just found Jang Ha-yeon, who was cheering me on, cute. Isn’t Henry someone who will welcome me even if I just do as I always do?

“Okay, honey. I’ll do well.”

Hiding the truth deeply, I answered and got on the elevator with Sun Hae-cheol and Park Tae-jin.

There are many things I want to say, but considering the Shinseong Group’s spies who may be left in the Korea Hotel, there may be a wiretap installed in the elevator. We all kept our mouths shut until we entered the room where Henry was staying.

We stopped in front of Henry’s room and knocked.

[Who is it?]

“It’s Mr. Lee, Mr. Royce.”

Not long after the answer was heard, the door opened, and only after entering the room could we comfortably have our reunion.

“Happy New Year, Johnny!”

“Happy New Year, Henry!”

Like an uncle and nephew who had met after a long time, we shared hugs and kisses on the cheek and laughed at each other.

“I don’t know how many times I was impressed by your acting. You were amazing, haha!”

“I also wondered if Henry should have debuted in Hollywood, haha!”

The friendly talk in front of the President was acting that we both planned. Henry staged a play to solidify my position, and I staged a play to show Henry’s status to the President.

“Looking at the faces of the President and the aides, it seems like the play was a success, hehe.”

“Because of today’s events, the Blue House will not be able to easily dismiss me, my family, and Triumph Capital. Haha.”

After confirming that the play was a success, Henry approached Sun Hae-cheol.

“You’re working hard, Sun.”

“No, Henry. Is Claire doing well?”

“A problem has arisen.”

Sun Hae-cheol’s eyes shook at Henry’s hardened expression.

“Is it bad?”

“I don’t know whether to say it’s good or bad… She said she had morning sickness a few days before coming to Korea. I heard it’s called *ibddeot* [morning sickness] in Korean…”

Sun Hae-cheol’s face, which had darkened at Henry’s answer that flowed out in a heavy voice, blinked.

“Morning sickness?”

“Yes, you fool. I went to the obstetrician and gynecologist to check, and she said she’s already 12 weeks pregnant, haha.”

Henry, whose expression had brightened, laughed heartily, and Sun Hae-cheol’s mouth opened wide enough to touch the ground.

“Congratulations, Hyung!”

“Congratulations, Uncle!”

Park Tae-jin and I hugged Sun Hae-cheol and spun him around, congratulating him. He became a father before any of us.

“Uh, uh…”

Sun Hae-cheol, who was being held by us and spun around, only answered with a dazed expression. I thought that’s what it must feel like to become a father.

“So, I brought Romanée-Conti when I came on a business trip. Our son-in-law has become a father, so let’s indulge in it to your heart’s content, haha!”

Henry, who was sitting heartily, reached inside the room, and we, who were sitting in front of the table, ate the steaks and salads that the staff brought out a little later, congratulating Sun Hae-cheol’s couple on their pregnancy.

***

After finishing the meal, we moved to the sofa and drank cognac as an after-dinner drink.

“Johnny’s pronunciation was very fluent. Even the pirates, royalty, and nobles had to give way to you, haha.”

“No, Henry. It was lacking compared to professional interpreters, but thank you for praising me, haha.”

Henry, who took a sip of cognac in a good mood, took a light breath and said.

“After sending Johnny away, I went into the Blue House underground bunker with the President. Without even one interpreter or attendant.”

Our eyes widened at the word Blue House underground bunker. He went to a place where even the US CIA can’t eavesdrop?

“You must have had a critical conversation.”

“That’s right. For people who handle money like us, it was something that could be said to be related to the country’s sovereignty.”

If it’s something that people who handle money can say is related to national sovereignty, there’s only one thing.

“Is it related to commercial banks?”

Henry, who was momentarily startled by my answer, wore a satisfied expression.

“That’s right. I received a request to have Triumph Capital create several private equity funds to acquire several Korean commercial banks that will be normalized by injecting public funds soon.”

Commercial banks that supply money to the market are like the bone marrow of a country’s economy. It was something that could make Sun Hae-cheol and Park Tae-jin’s mouths drop open, but it wasn’t a big surprise to me, who had seen foreign capital acquire banks.

‘Still, that man won’t hand over the bank so easily…’

The President Kim I know was very knowledgeable about the economy, unlike the previous presidents. If he went into the Blue House secret bunker without even one interpreter and asked for the acquisition of the bank, it means that a behind-the-scenes deal that only the two of them should know about took place.

“Was there any mention of future plans?”

“After completing the bank merger work with our help, he said that he wanted the government to pay twice the acquisition price and take 90 percent of the bank’s shares that we would acquire when Korea gets out of the IMF management system [International Monetary Fund, which was overseeing South Korea’s economic recovery]. He said that if he collects the bank shares, he will promote the relisting and hand over 10 percent to the National Pension Service and 10 percent to the Ministry of Strategy and Finance. He said that the remaining 70 percent will be distributed as national shares, and half of the national shares will be subject to a 20-year lock-up period.”

‘As expected of President Kim.’

I knew President Kim’s insight, but I realized once again that he was a great person.

The enlargement of commercial banks through bank mergers is in line with the global financial market trend in which mega banks (large banks with large assets and capital) are increasing.

If 70 percent of the shares of the commercial banks that will be merged in that way are distributed as national shares, the people who have to share the pain under the IMF management system can also receive some compensation.

If half of those national shares are not allowed to be sold for 20 years, the gap between the rich and the poor can be prevented, and foreign capital cannot occupy more than half of the commercial bank shares. In other words, it was a meticulous plan containing a strong will to protect financial sovereignty.

However.

The success of this plan also depends on whether Henry accepts it. I took a sip of cognac, calmed my mind, and asked Henry.

“Will you accept it?”

“Before that, there’s something I want to ask. Do you think Korea has a future?”

What’s there to say? I immediately nodded and opened my mouth.

“Yes. Definitely!”

Henry nodded as if he liked my answer.

“Good. Then, let’s promote the acquisition of the bank by investing 50-50 with Standard Capital.”

‘He’s going to burn my money too? 50-50?’

Henry said to me, who was doubting what I had just heard.

“Instead, give Claire and Sun one-third each of the disposal gains that Standard will receive. As a gift for my grandchildren who will be born in the fall, hahaha.”

Looking at Henry, who was laughing heartily, he was manly, fatherly, and grandfatherly. It reminded me of my grandfather in Samcheong-dong, and a smile naturally appeared.

“Okay, Henry. I promise as your friend and as Sun’s nephew.”

Henry and I firmly held hands that were not holding cognac.