Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 43

43. 13th. Things to Do Before Leaving (2)

A few days later.

I conspired with Seon Hae-cheol to create a fake Standard Capital employment certificate, and then I went to Samcheong-dong with Park Tae-jin.

“You got accepted?”

“Yes, Grandfather. Here, Hyung [older brother/term of respect], give it to me.”

I handed over the document file I received from Park Tae-jin, and Grandfather smiled broadly as he looked at the certificate inside.

“Hehe, now my boy is finally making a name for himself. Give one to this old man when your business cards come out, euhehe.”

“I’m sorry I’m late, Grandfather. I recently liquidated my stocks and sent the settlement statement, and only then did I get a reply.”

I was grateful and felt sorry toward my grandfather.

Even if the group’s executives recognized my abilities, outsiders would have seen me as a perfectly healthy guy who didn’t even have a company nameplate and was just holed up at home doing stocks. How much would that have hurt his pride?

Even so, actually putting my name on Standard would be much later. My grandfather waved his hand at me, sensing my apologetic gaze.

“That’s enough, you rascal. I know your abilities, and so do the people who need to know. Why should I care about what outsiders think? Go and learn well and come back.”

“Thank you, Grandfather.”

“Tae-jin, you’ve been through a lot too. You must have worked hard taking care of this guy when you should have been working in the field.”

“It’s nothing, Chairman. I was just doing my job.”

Park Tae-jin bowed his head, but Grandfather shook his head.

“What are you talking about? If it weren’t for you, this guy still wouldn’t be able to function. Thank you for standing by Seong-min.”

Grandfather looked at Park Tae-jin with a warm gaze, then opened a drawer and handed him a document.

“I’ve been keeping this for you.”

“Yes?”

“Come and get it quickly? Don’t make this old man wait, hehe.”

Unlike Grandfather, who chuckled, Park Tae-jin quickly got up and received the document with both hands.

“Sit down and take a look.”

“Yes…”

Park Tae-jin’s eyes widened as he opened the document.

“Chairman?”

“It’s the orchard and vegetable garden in Pangyo, and I’ve put it back in your name. Myeong-jin, Chief Ko, CEO Bae, CEO Tae, and CEO Cho all agreed, and the taxes have been taken care of cleanly, so don’t worry and accept it, hehe.”

“…Thank you, Chairman.”

Grandfather, who was laughing heartily as he watched Park Tae-jin bow his head, took a sip of his black tea and opened his mouth.

“Alright. You probably didn’t just come to tell me about the acceptance… Is there anything else you want to say?”

“Yes. I would like to go to the United States as part of Haedong Corporation’s New York branch, Grandfather.”

Perhaps it was an unexpected request, but Grandfather blinked.

“The New York branch? Are you going to get paid from both sides?”

“No, Grandfather. I’ll only have my name on Haedong Corporation and only receive 10 won [a negligible amount] in salary.”

“Is there a reason to do that?”

“Isn’t it a company that Grandfather invested in? We need to be careful so that other groups don’t find out.”

I didn’t say that Standard Capital was my company and couldn’t be exposed, but Grandfather nodded.

“I understand. But, there’s a condition.”

Grandfather accepting my request as a transaction.

I’m not really upset anymore. If I want to get what I need, it’s reasonable to pay the price, so I opened my mouth without complaint.

“Yes. Tell me.”

“Let’s talk after looking at this first.”

As soon as I finished speaking, Grandfather picked up another document and handed it to me, and I got up from my seat and received the document.

“Grandfather?”

I opened the cover and was surprised to see the unexpected content of the document.

Haedong Corporation was not only watching Wall Street’s yen depreciation betting, but they were also going to bet on the yen? I never thought they would be thinking of turning a big game in the yen gambling market, only not choosing up or down.

Grandfather looked at me and said calmly.

“As you know, Haedong Corporation is not just a general trading company. You know that the International Finance Department handles foreign exchange futures, right?”

“Yes. It’s the department that was created because we took over the letters of credit that our clients received…”

Letters of credit are ultimately promissory notes to pay in foreign currency. Haedong Corporation takes over the letters of credit from exporters who need cash and gives them cash, giving them a better price than banks while taking on the exchange rate burden and financial costs, so it was like a trade insurance corporation.

As a result, Haedong Corporation has a large amount of funds moving and must have a professional department to check overseas capital market trends or handle foreign exchange trading. That department was the Haedong Corporation International Finance Department.

Perhaps because I showed that I was not neglecting the family business even though I had my first job outside, Grandfather opened his mouth with a satisfied expression.

“Then, you must also know that the corporation has $1 billion in dollars alone?”

Of course, I know.

Haedong Corporation has nearly 2 trillion won [approximately $1.5 billion USD] in cash, including $1 billion in US dollars.

If others saw it, they would tell them not to feed their clients with that money and to grow their affiliates, but Haedong Corporation, a non-listed family business, doesn’t have a single outside shareholder, so they can ignore it.

Moreover, how can I stop Grandfather’s unique personality, who hates being in debt to others but takes good care of his people? Most of the clients are from our group, having received seed money from the company and established themselves, or have been trading for decades.

Above all, half of that money is in commercial banks, so the annual interest alone is about 100 billion won [approximately $75 million USD], and if you add in foreign exchange transaction profits, it’s close to 200 billion won [approximately $150 million USD]. However, almost all of that profit is used to convert clients’ letters of credit into cash.

But… the document I received was making Grandfather look like ‘Gambler Lee Dae-soo’ rather than ‘Entrepreneur Lee Dae-soo’.

Grandfather cleared his throat a few times and opened his mouth.

“It’s an old man’s greed, but investing by emptying the vault doesn’t work as well as I thought. Habits are truly scary.”

Park Tae-jin and I quietly nodded.

Is it easy to change a management style that has been ingrained for over 40 years? Even I thought it was a big deal when I saw Grandfather get involved in the Central Square project and trade with Shinseong Group.

But.

Discount store business, expansion of fiber material research and development budget, investment in Australian mines, acquisition of Busan Port cargo terminal, etc., are all projects that eat up a lot of money. It’s bound to be a big burden for Grandfather, who has always valued financial soundness.

I knew enough and heard enough, so I wanted to know Grandfather’s intentions. It’s not a small request, and is he giving me another test?

“Are you going to increase the funds once again and expand the business?”

“That’s what I’m thinking… but I’m still worried about the uncertainties. It would be nice if the problems in Washington D.C. were resolved.”

I knew what was causing the uncertainty that was making Grandfather hesitate.

Isn’t it because of the upcoming US midterm elections? The scale is different, but there are plenty of gamblers, no, businessmen, trying to bet on the election gambling market, whether it’s in Korea or the United States.

I already know the results of the midterm elections, so I know what I need to do.

While I was silently nodding, Grandfather continued.

“If possible, I hope it won’t be directly related to the place where you’ll be working. It’s going to be a big deal.”

It will be a big deal. Since we are speculating against Japan, it will be a historic event, so we need to prepare multiple layers of safety devices.

“I understand, Grandfather. I’ll find a way for our family to make money without getting hurt.”

“I’d appreciate it if you did. Hehe.”

It’s Grandfather’s test, but it’s also something I’ve been waiting for, so I’ll have to find a way to make money without causing trouble when I go to the United States. No, should I meet my business partner first and tell him about today’s events?

***

Seon Hae-cheol, who met us at a Japanese restaurant in Yeouido, whistled as he looked at the land documents that Grandfather had given to Park Tae-jin.

“Park Tae-jin, you’ve become a landowner? 50,000 pyeong [approximately 41 acres] of land in Pangyo, how much is that worth?”

“Don’t tease me, Hyung [older brother/term of respect]. The Chairman has already given me 2 billion won [approximately $1.5 million USD] in savings in my name… Hooo-”

Park Tae-jin sighed. It seemed that he was quite burdened by the fact that the man who had raised him into a decent man was taking care of him in various ways.

Unlike Park Tae-jin, Seon Hae-cheol smirked at him.

“Think of it positively. Seung-joo Hyung [older brother/term of respect] got a lot of things as the chief of staff, and I also went to study in the United States and entered Triumph thanks to the Chairman. You can think of it as receiving that much, right? Isn’t that right, Owner?”

“Of course. He can’t even work at the company because he’s taking care of me, so he should receive this much, hehe.”

Seon Hae-cheol, who smiled at me, grabbed the handle of the teapot next to him.

“It’s a good day, so let’s have a drink? Hehe.”

Seon Hae-cheol filled the glasses that we both held out, received the drink that I poured, and clinked glasses.

“Kheu-! Good! Our Owner is being recognized by the group’s elders, and Tae-jin, you also received a gift from the Chairman, so we don’t need any side dishes, haha.”

I put down my glass after taking a few turns with Seon Hae-cheol, who was laughing heartily.

“Uncle.”

“Why?”

“Grandfather, no, Haedong Corporation was observing Wall Street.”

“What are you talking about? Wall Street?”

“The hedge funds are betting on the yen’s depreciation. Look at this first.”

Seon Hae-cheol shook his head and quickly received the document I handed him and opened it. The smile and alcohol were completely gone from his face as he looked at the document.

“The Chairman must be very burdened by your report. He’s a person who would fold his cards if the odds were 50/50 even when playing poker…”

“I think so. He also told me that he didn’t want betting on the yen to be directly related to Standard.”

Even as I answered, I felt a pang of guilt inside. The butterfly effect that I caused made Grandfather reckless.

Seon Hae-cheol nodded at my answer.

“I guess so. Investing all $1 billion is not just about making small change in the foreign exchange futures market.”

“Then… are you going to take out a loan?”

Seon Hae-cheol nodded at the question that Park Tae-jin asked after pausing for a moment.

“There’s a high possibility. Anyway, if you jump in, you’ll take on the risk, but if you don’t increase the size, the profit won’t come out compared to the risk. I think he’s going to play a big game no matter which way he bets…”

Seon Hae-cheol, who was slurring his words, sighed. His expression was seriously dark.

“If it fails, it’s a disaster, and even if it goes well, some people will have to take the blame and go to school. Foreign Exchange Management Act, you know?”

I know. I know it too well, that’s the problem.

When exporting foreign currency above a certain amount, the purpose must be stated and ‘that purpose must be legal’, but the fact that politicians, prosecutors, and judges define that ‘legal purpose’ is the problem. The life of foreign exchange speculation is speed and security, but aren’t there guys who try to grab your ankle and extort money?

Furthermore.

The work we’re planning now could come back as a boomerang of resentment and anger that the crisis that will come in three years is due to the Haedong Group. However, it’s a pity to only increase the size of Standard.

So.

To prevent the politicians from barking, we also need a player to gamble with our money, and the way to provide money to the player must be ‘legal’. Of course, we have to drag in other chaebols [large Korean conglomerates] who can touch our family and make them accomplices or bulletproof vests.

After bowing his head for a moment and organizing his thoughts, I raised my head and said to Seon Hae-cheol.

“Uncle, can we trade through Triumph?”

“Huh?”

“Triumph has $400 billion in assets under management. If we jump in through Triumph, I don’t think the Blue House or Yeouido [Korean political centers] can interfere. It would be even more so if we include other chaebols here, right?”

Even though I knew it was a shameless request, I had no choice but to put on a straight face and say it.

Standard Capital is smaller than Haedong Corporation, and I don’t want to let Korea know about Standard yet. Grandfather doesn’t want to be involved with Standard either, so we had to set up Triumph Capital as a player.

I, who was swallowing dry saliva, and Park Tae-jin, who was next to me, looked at him desperately even though we knew it wouldn’t work, but Seon Hae-cheol was silent with a troubled expression rather than being surprised.

With a thud, Seon Hae-cheol slammed his palm down.

“Okay. I’ll try to coordinate this.”

“Uncle?”

I thought I would just accept it if I was rejected, but I couldn’t be happier to hear that he would at least try. But…

“Instead, Standard Capital also has to show its ability.”

“That ability, it must be foreign exchange speculation, right?”

“Of course.”

If that’s the problem, there’s no need to worry.

The work that I was going to do as soon as I entered the United States, once that work is finished, Standard Capital’s foreign exchange speculation ability will be sufficiently proven.

“Thank you, Uncle.”

I grabbed the teapot and filled Seon Hae-cheol’s glass more politely than before.

***

Meanwhile, Ko Seung-joo, Lee Myeong-jin, Bae Jae-hoon, Tae Jae-ho, and Jo Young-chan were sitting on the sofa in the reception room of Samcheong-dong. Unlike Lee Dae-soo, who was sitting at his desk, and Ko Seung-joo, who was sitting at the end of the table, the four people had their mouths open.

“Is what Chief Ko said true, CEO Bae?”

“Not a word of it is a lie, CEO Bae.”

Bae Jae-hoon wiped the sweat from his semi-shaved head and forehead with a handkerchief.

He couldn’t believe that he had been reporting the movements of the Wall Street foreign exchange market on a daily basis by ordering the New York branch to do so because of the yen speculation. It’s Lee Dae-soo, who has always run the company conservatively, not a personal gamble?

“What do you think of this betting?”

“If the direction is right, we can secure enough surplus money and the projects we have been preparing will make progress, Chairman.”

“CEO Bae is right. If we increase the size by at least five times, isn’t it a matter of sweeping up money in the trillions of won [billions of USD]?”

Bae Jae-hoon and Tae Jae-ho were very excited. Isn’t it a matter of Haedong Corporation’s finances improving?

“I think so too, Father. If this betting is right, the debt ratio and the ratio of affiliate equity value to total assets will also decrease, so we can avoid the mandatory conversion to a holding company.”

Lee Myeong-jin also gave his opinion in an excited voice, but Jo Young-chan pointed out a fact that everyone had not mentioned.

“The problem is the direction, Chairman. It’s ultimately a gamble of picking whether it goes up or down, and right now, it’s not clear what will happen to the value of the yen.”

Only then did Bae Jae-hoon, Tae Jae-ho, and Lee Myeong-jin realize their rash judgment and calmed down their excitement, but Lee Dae-soo calmly opened his mouth.

“CEO Jo is right. We need to resolve the uncertain variables in Washington D.C. and move. We’ll have to bring in the in-laws and other families too. Hehe.”

Everyone had the same thought as Lee Dae-soo.

If they make money through foreign exchange speculation, they will be caught by other chaebols. They had to get the guys who would catch them by the nose.

“Do you have a plan, Chairman? It’ll be hard to avoid legal problems, right?”

As Jo Young-chan cautiously expressed his concern, Bae Jae-hoon smirked.

“I’ll look for the guys to take the blame from the Sangsa [company] side. If there aren’t any, I’ll go on a ‘business trip’ myself, so please put in some food for me, hehe.”

It’s something that other people would be horrified by, but Bae Jae-hoon was prepared to serve time in prison. If Haedong Corporation, which he had built with his whole life, could earn trillions of won, he was ready to go to prison once, no, even twice.

“If you’re thinking of going on a ‘business trip’ and taking business expenses, wake up from your dream, Hyung [older brother/term of respect]. It’s much better for me to go than for you, who is so skinny, hehe.”

While Tae Jae-ho was patting his stomach and raising the atmosphere in line with Bae Jae-hoon’s rhythm, Lee Dae-soo waved his hand.

“None of you, none of our group will go to prison. When the uncertain factors are resolved, I’ll tell Hae-cheol to take care of it.”

Unlike the words he uttered, Lee Dae-soo hoped that his eldest grandson would be the problem solver. Hoping that he would know that the document he handed over was an exam paper.