Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 22

22. 7th. The 300 Million Dollar Task (1)

“Uncle.”

“What is it?”

Having wrapped up all our business, we were on a red-eye flight to New York, and I had a question for Seon Hae-cheol.

“When you said the internet business there is like a land grab, what did you mean?”

“I vaguely understand, but it’s still a bit unclear, Hyung [older brother or respected male figure],” I added.

He chuckled at our questions as we sat side by side at the bar in the plane.

“Look, if people flock to the internet, that itself becomes an advertising board, right? The more people come and go, the higher the price of the advertising board, wouldn’t it be?”

Exactly!

There was no way Seon Hae-cheol wouldn’t know. As a fund manager recognized by Triumph Capital, he accurately grasped the essence of internet portals.

“Ah!”

“I see, haha.”

He wore a satisfied smile at our reactions, emptying the whiskey in his straight glass in one gulp.

“Let’s leave the company’s growth to the two of you and keep just 36 percent. Farmers should do the farming, right?”

As Uncle said, the two of them would take care of the farming well. We just had to watch over it, taking care of the household until Yahoo became a wide and fertile plain, dyed golden.

Let’s wait just five years, no more, no less. Just five years.

***

Back in New York, we told Claire about what happened in San Francisco.

“An internet portal?”

“After finishing the meeting with Jobs, this guy wanted to go, so we went to Stanford and luckily stumbled upon it.”

Claire whistled, looking at the contract Seon Hae-cheol handed over.

“You got it cheap. I thought you’d go all-in on Pixar.”

“It’s a shame we’re too tied up with Pixar, but if we hadn’t gone to San Francisco, we wouldn’t have been able to invest in Yahoo, so let’s think of it as a set. Right?”

I nodded, looking at him as he put his hand on my shoulder.

“We should be satisfied since we caught a pheasant while trying to catch a chicken [a Korean idiom meaning to gain something greater than initially intended].”

In terms of return on investment over time, Yahoo was overwhelmingly better, but considering my life, the Pixar investment was also necessary. The San Francisco trip, which succeeded in both money and the big picture, was a planned win-win.

After recovering from jet lag, I immersed myself in studying group-related businesses and investments. Standard Capital was also temporarily closed until additional funds came in, so Claire and the staff were gathering the materials I requested.

“Johnny, why are you so fixated on mines, oil fields, and gas fields?”

“It’s a long-cherished project of my family.”

“A long-cherished project?”

“Resource Independence. It’s the mission my great-grandfather set when he founded the company.”

“…You mean developing resources to repay the country?”

Claire’s Korean skills were better than a native speaker. She even interpreted Chinese characters perfectly.

“Yes. Our country is poor in natural resources. We need to develop anything and everything into usable resources so that everyone can live well together.”

“People and technology can be solved, so the problem is raw materials?”

“That’s right. Investing in overseas raw materials is not only profitable but also allows us to recover the dollars used to import raw materials. It would be even better if Korean companies did the construction of the facilities to extract those raw materials.”

It was a very natural business model for me, who had come back against the river of death, but Claire tilted her head with an expression of incomprehension.

“Those are things that bureaucrats or politicians should be doing… Why are you doing it?”

“In Korea, politics is fourth-rate, administration is third-rate, and businesses are second-rate. It will gradually improve, but since no one is stepping up now, our family, even as second-rate, has to step up. It’s not like we don’t have the will to do it either.”

I could feel pity and admiration in Claire’s eyes as she looked at me. Did she think it was unusual for me, a rich man from a small country, to think differently? Still, I didn’t want her pity, so I said calmly.

“You don’t have to look at me like that. In the end, it’s all for the good of our family and our group. That’s why I’m studying distribution and real estate too.”

“So that’s why.”

Unlike me, who was smiling, I could feel loneliness in Claire’s eyes.

“What’s wrong?”

“I’m just envious. I’m kind of floating between my father and mother.”

She took a sip of coffee, looking bitter.

“My mother is teaching college students in the West. My father is doing business in New York. I can’t live with either of them, so I’m just floating.”

It seemed like Claire, who couldn’t live with her parents even though they were alive, and I, who didn’t have parents, had met because we were similar.

“Hang in there, Claire.”

“But… aren’t you curious?”

“About what?”

“Why I live like this.”

“I don’t care about that. We’re working together here now.”

Because of the story Seon Hae-cheol told me, it seemed better to just bury it for now.

Someday, when trust is built between us, I’ll be able to hear it. Naturally, without me asking.

***

I went to the office to study almost every day, and soon it was the day of my return.

“See you again, Claire.”

“You’re welcome anytime.”

After going through the departure procedures at JFK Airport, I lightly hugged Claire, brushed my cheek against hers, and gave her a light kiss before boarding the plane with Park Tae-jin and Seon Hae-cheol.

“You and the Chairman are both so ruthless. You calling before the Lunar New Year, and the Chairman telling you to learn as much as you can before coming back…”

Seon Hae-cheol shook his head, recalling what happened in New York.

“[Suffering when you’re young is something you should seek out, you rascal! Did you listen to your grandfather’s words with your nostrils? You have to earn your keep!]”

Just in case, I called my grandfather ahead of the Lunar New Year, but the answer I got was as expected. Thanks to that sharp scolding, I was able to reaffirm what my grandfather wanted from me.

“Grandfather has gone through all sorts of hardships.”

“That’s true. Maybe that’s why the kids praise you a lot. They say you’re worth watching.”

“That’s a relief. We have to go together in the future.”

Including this year, there are four years left until the Asian financial crisis.

To win in the coming great upheaval, like the changing of seasons, I need to gain the absolute trust of those foreign legions who will back me up. It’s still a long way off, but it was fortunate that my evaluation improved thanks to studying US securities firm reports and separately collected information.

“Don’t worry about the initial fight. It’ll be okay once the 50 million dollars comes in.”

“Yes, Uncle.”

They were concerned about me betting 30 million dollars on two companies, but they were also worried about how to best manage the 50 million dollars that would come in later.

At best, everyone will be wide-eyed by the end of next year. From this year, I was planning to pursue new businesses in Korea and the United States.

“Young Master, please remember that you have to see the Chairman as soon as you get back.”

“That’s the condition for staying in the US during the Lunar New Year. That’s why I bought all sorts of things, hehe.”

As Park Tae-jin said, after taking a day or so to rest, I had to go to Samcheong-dong right away. It was because of the homework I received when I sent Lunar New Year greetings over the phone.

“It’s fortunate that the Chairman is showing interest, haha.”

“Indeed.”

My grandfather seemed curious about how much I learned and felt while working at Standard Capital during the winter break. Would he be satisfied if I unpacked my bags and showed him everything?

***

After taking the plane and returning to Seoul, we took a day to recover from jet lag, and then went to the study in Samcheong-dong [a wealthy neighborhood in Seoul] from the morning.

“I’m back, Chairman. Happy New Year.”

“Happy New Year, Grandfather.”

“Happy New Year to you too, heh heh.”

After exchanging New Year’s greetings that we couldn’t do during the Lunar New Year, we sat on the sofa.

“Where… give me what you studied in America first.”

As soon as my grandfather finished speaking, Park Tae-jin took out two document envelopes from the 007 bag next to him and handed them to me.

I politely handed one to my grandfather and Go Seung-ju, and both of them examined the documents with sharp eyes.

“Hoo… you’ve got the basics.”

“It seems so, Chairman.”

“Seong-min studied the stock market and corporate analysis every day from dawn to dusk.”

At Seon Hae-cheol’s explanation, which we had agreed on in advance, the corners of my grandfather’s mouth were turning upwards as he looked at the documents.

“It seems so. It doesn’t seem like this guy did anything useless in America.”

After asking about the things I studied in America for a while and listening to the answers, my grandfather closed the documents.

“At this level, it was worth staying in America. Was it called Standard Capital?”

“Yes, Chairman. Colleagues who worked together at Triumph Capital established it independently, and they invest rather than speculate, so they introduced me to an internship.”

My grandfather stroked his chin, listening to Seon Hae-cheol’s explanation.

“The name is grand. Are they planning to plug a pipe into the global financial world and suck up money instead of oil? Euhahaha.”

I was taken aback by my grandfather’s question, but I covered up my surprise with a smile because it was something I had already prepared for.

“I think so, Grandfather. There seem to be a lot of customers because they’re talented people, haha.”

“It must have been hard teaching you in my place. I should give them a generous tuition fee, heh heh.”

My grandfather patted the pile of documents on the desk with his palm and burst into a hearty laugh. Seon Hae-cheol also smiled as he looked at my grandfather.

“It’s not that hard, Chairman.”

“Speaking of which, Representative Seon, what happened to the money Seong-min entrusted to your company?”

“I entrusted it to Triumph Capital.”

“That’s different from what you said before.”

“There’s a fund with good returns these days, so I processed it with Seong-min’s approval, Chairman. I can’t disclose any more because of my promise with Seong-min, haha.”

Whether lying was his calling or not, Seon Hae-cheol rattled off the lies that I had agreed on in advance without batting an eye.

“I see. Your job is all about trust, so you have to do that even if it’s your nephew. I told you to value trust like your life when I taught you, so what can I do, euhahaha.”

My grandfather, who was laughing heartily, picked up the one on top of the files on the desk. That file was the investment portfolio file that I had put together.

“This fund, is it made by a place called Standard Capital?”

“Yes, Chairman.”

“It’s refreshing that it’s concentrated on information and communication. There are quite a few other stocks, but… young people seem to have a different eye.”

I wondered what kind of reaction my grandfather would have if he knew that I was the one who made that portfolio, saying his impressions while looking at Seon Hae-cheol. In three or four years, those stocks would easily be worth three or four times as much.

“It’s probably because the Clinton administration is pushing it. It includes places that have already established themselves, so the basic composition is good, Chairman.”

“Hae-cheol is right. There are also appropriate defensive stocks such as distribution and consumer goods, so unless something big happens, steady profits will be guaranteed regardless of economic fluctuations.”

Go Seung-ju also received a copy of the file that my grandfather received, examined it, and quickly came up with an estimate.

“If even you say that… Chief Secretary Go.”

“Yes, Chairman.”

My grandfather made an unexpected proposal to Go Seung-ju, who answered his call.

“How about investing 300 million dollars of our slush fund in that company?”

Everyone’s eyes widened at those words.

“Ch, Chairman?”

Go Seung-ju shouted, stuttering in surprise. He manages the group’s slush funds and even the funds of the loan shark organization, so it’s no wonder he was surprised by the owner’s proposal to invest hundreds of millions.

“This is the first place that Lee Dae-soo’s eldest grandson learned to work. I have to invest that much so that our eldest grandson can continue to have a relationship with that company, and it seems like it will save my face.”

Unlike my grandfather, who was laughing as if it was nothing, I was busy swallowing the saliva that was flowing out of my mouth, and Park Tae-jin and Seon Hae-cheol were struggling to cool their flushed faces.

It was a sweet dilemma.

If I received my grandfather’s money, I might have to disclose the fund’s operating details and the list of investors, in other words, even that my money was in it.

But it was too tempting to give up. Even though I made a profit with Korea Mobile Telecom, it wasn’t the right time yet, so I tied it up with 310,000 shares, so my personal liquid assets were virtually zero, weren’t they?

Right now, I have to eat, eat, and digest it, even if it comes out of my butt and overflows my throat. To keep my form from falling until the finish line, I need even 1 more calorie of energy.

While Go Seung-ju was still wondering why he was trying to entrust 300 million dollars to a new investment company, my grandfather looked at him and said.

“In the future, Hae-dong will need a lot of untraceable money to turn stones overseas, won’t it?”

“Chairman?”

As Go Seung-ju’s face lit up, my grandfather smiled slyly at him.

“Regardless of East or West, there are no politicians who don’t need money. It’s no different in foreign countries, so we have to prepare, heh heh.”

Politics and money are inseparable. My grandfather seemed to be trying to solve the problem of preparing lobbying funds necessary for Haedong Group’s overseas business while giving me tuition.

Overseas resource development, like other businesses, is an easy business for politicians to shake up with nationalization or whatever, isn’t it? Lobbying is essential regardless of the region, so it was a wise decision.

Seon Hae-cheol nodded, realizing my grandfather’s intentions, and said.

“I’ll pass on the investment proposal, Chairman. But it’s a company in the United States, so it’s difficult to invest directly… how…”

“How else? You have no choice but to invest through your company. Just make it so that I can use it whenever I want, and I’ll only receive 5 percent of the principal every year. Of course, I won’t receive it if it’s negative.”

Seon Hae-cheol flinched at my grandfather’s proposal, which he threw out as if he was asking the obvious.

“Yes?”

“Haven’t you done it a few times before? It shouldn’t be too difficult to split it up and combine it like this, right?”

I couldn’t understand what this meant. Had he smuggled our group’s slush funds overseas a few times before?

Go Seung-ju said to me as I looked back and forth between my grandfather and Seon Hae-cheol, wondering if he had.

“You’ll find out later, Seong-min. For now, just let it go, haha.”

I had to let it go. Excessive curiosity invites disaster.

It was more important to think about what to do with 300 million dollars now. But…

“Instead, there’s a condition.”

It was too easy. There was no way the stingy old man in Samcheong-dong would entrust such a large sum of money without any conditions.

“Yes, Grandfather. Tell me.”

“It’s about what you said last summer.”

If it was what I said last summer… could it be?

My grandfather smiled as I changed my expression.

“I’ll give you 300 million dollars if you bring me the Gangnam Terminal construction project, coolly [smoothly/successfully]. Heh heh.”