The Chaebol Returns To The Presidency 1967 [EN]: Chapter 34

34. Have You Done It? (1)

Presidential Office.

The chief of staff’s voice crackled through the intercom.

– Your Excellency, Mr. Chung, CEO of Hyundai, has arrived.

“Yes, tell him to come in.”

After the Prime Minister’s departure, I met with CEO Chung.

The President poured tea and inquired,

“You were curious about the shipbuilding order, weren’t you?”

CEO Chung had called directly, seeking the secret to securing the shipbuilding order, prompting me to summon him to the Blue House [the executive office and official residence of the South Korean president].

“Your Excellency, how did you manage to secure an overseas order without even having a shipyard?”

At the time, Korea’s construction capabilities were struggling to even build 10,000-ton ships.

Moreover, a construction company with no prior experience in shipbuilding had boldly entered the competition, declaring its intention to construct a super-large shipyard capable of building 1 million-ton ships.

At that time, entering the large oil tanker construction market—a field dominated by established players with cutting-edge technology and intense competition—seemed utterly absurd.

The President reminisced about Chairman Wang’s era and revealed the key to the solution.

“Securing the oil tanker order hinges on your ability to secure a $43 million (approximately 51 billion won) loan from Barclays Bank in the UK.”

“43 million dollars….”

“The linchpin to influencing Barclays Bank is Chairman Longbottom of the ship consulting firm ‘Appledore.’ His approval is essential.”

“Longbottom is the key man.”

“That’s right. But you’ll also need to find a buyer for the oil tanker.”

“Ah, it’s one hurdle after another. I apologize for my outburst before the regression.”

Back in Chairman Wang’s day, when the President ordered the construction of a shipyard, CEO Chung, lacking both budget and shipbuilding experience, had refused, deeming it an impossible endeavor. President Park had become enraged.

“Creating something from nothing is the essence of a businessman! If you intend to do business in Korea, you must build a shipyard!”

It was unprecedented for the President to mandate a project to a private company, but that was the reality of the time.

CEO Chung, unable to defy the President’s orders, had no choice but to risk everything and proceed with the shipyard construction without a single penny.

“Haha, I was quite harsh back then. Even if you were willing to headbutt asphalt, you had never even built a wooden boat. And you had no budget. All the government provided was land for the shipyard at a low price and a guarantee for the loan repayment.”

“…….”

“But Your Excellency shouted, ‘What’s the difference between a car engine and a ship engine!’ Haha!”

“I have no excuse. That’s why I’m facing the consequences now. Please look after me, Your Excellency!”

“Hahaha, I harbor no intention of revenge. Let’s help each other.”

“Thank you.”

Without Hyundai, heavy industry and construction would be impossible, so it was in the President’s best interest, not just CEO Chung’s.

For CEO Chung, who lacked business experience in this area, the President placed pre-prepared documents on the table.

“What is this?”

“Photos of Mipo Bay beach and oil tanker blueprints obtained from a Japanese shipyard.”

Lee Woo-rak had acquired them from Japan.

“Ah, thank you.”

“The government will guarantee the loan repayment this time as well. And here’s something crucial.”

The President placed a 500 won bill and a commemorative coin he had requested from Park Dae-joon on the table.

“What is this? Surely not the entire shipyard budget….”

“This will hold more power than the government’s loan guarantee.”

“…….”

Thus, the President recounted in detail the story of how he secured the first order without a shipyard.

CEO Chung listened intently, absorbing the know-how.

“Be wary of executives with extensive academic backgrounds. Business is conducted with your feet, not your head.”

* * *

Hyundai Conference Room.

CEO Chung and all the planning department executives convened for an emergency meeting.

The agenda was the construction of the shipyard.

After listening to CEO Chung’s plan, Director Song, a Seoul National University graduate, offered his opinion.

“I believe the standard procedure is to build the shipyard first, conduct trial operations, complete the construction of sample ships or small ships, and then enter the competition for large oil tanker orders, Chairman.”

Director Jeon, who had studied in Japan, concurred.

“We need to secure loans to build ships, not loans to build a shipyard. No foreign bank will approve a loan for a shipbuilding company without a shipyard.”

Finance Director Yoo shared the same sentiment.

“Due to the disadvantage of being a developing country, even with fully equipped infrastructure, it’s questionable whether we can compete with developed nations. Who would entrust a company with no history of building ships with a super-large ship?”

Indeed, the executives with extensive academic records excelled at identifying reasons why it wouldn’t work.

After listening to all the opinions, CEO Chung asked.

“Let me ask you one thing. Have you done it?”

“…….”

“Have you tried to build a shipyard?”

“…….”

“Have you tried to secure a loan?”

“…….”

“Have you tried to build an oil tanker?”

“…….”

“Why do you all declare it impossible without even trying? Why do you preemptively assume failure? Everyone said building the US military’s large barracks, military supply warehouses, bridges, and roads was impossible, but I tried it myself. And it succeeded.”

“…….”

“The government has even promised to provide a substantial guarantee at the national level. What is business? Isn’t it about achieving what others deem impossible?”

Back in Chairman Wang’s era, when Chairman Wang proposed a project, the elite executives’ response was invariably ‘no.’

But Chairman Wang never yielded.

Knowing this well, CEO Chung rolled up his sleeves and declared.

“I’ll take the lead myself. Observe closely. Whether it succeeds or fails.”

“…….”

The President had advised him in this manner.

“Business is not the domain of intellectuals. They calculate the probability from the outset because they are too intelligent. Naturally, the probability of failure is high. So they only run the engine in their minds and never even attempt it. Business is about pursuing a venture with even a 1% chance of success.”

CEO Chung realized.

How fortunate it is that the President hails from a chaebol [a large industrial conglomerate run by a family] family.

CEO Chung commenced his first (?) order sales.

* * *

Barclays Bank, UK.

CEO Chung was meeting with the bank’s loan officer, accompanied by an interpreter.

The officer tapped his pen on the document and shook his head.

“CEO Chung, I believe this is a waste of time for both of us. I’ve been listening for over two hours, but the outcome won’t change.”

CEO Chung (?) was humbling himself and making desperate pleas to someone like this for the first time in his life. And in front of a Westerner.

Haa~ You have to bare your soul to do business. I only briefly engage with the public during elections, but I’ve never abandoned my pride like this.

“Respected Manager! Here is a document guaranteeing the loan repayment by the Republic of Korea government. The President even personally stamped it. If you don’t trust me, surely you can trust the country, can’t you?”

“That’s precisely why.”

“Yes? What do you mean?”

“How can we trust South Korea?”

“…….”

“It was a country devastated by colonialism and war, and now it’s a developing country where the consumer goods industry is just emerging. There is no heavy chemical industry infrastructure whatsoever.”

“…….”

“How many times has the government been overthrown in a country the size of a palm? Moreover, it’s bordering North Korea, and we don’t know when a war will erupt or when the government will be toppled. What kind of national credit is that?”

Japanese colonial period, August 15th Liberation [National Liberation Day of Korea], 6.25 War [Korean War], 4.19 Revolution [April Revolution], 5.16 Coup [May Sixteenth military coup]… The country had experienced multiple upheavals in just 20 years, so it was understandable that foreigners perceived the government as more unstable than a company.

The atmosphere was shifting in a completely unfavorable direction.

This isn’t working! I’m the one being persuaded instead.

Then, the President’s advice suddenly flashed through his mind.

‘Visit Charles Longbottom, Chairman of the ship consulting firm A&P Appledore.’

CEO Chung addressed the officer.

“Would you approve the loan if I obtain a letter of recommendation from Appledore?”

The officer’s jaw dropped, revealing his uvula, and he burst into laughter.

“Hahaha, Appledore is a ship consulting firm. Are you unaware that their screening process is several times more rigorous than the bank’s?”

“That’s precisely why I’m stating that I will obtain a letter of recommendation from Appledore.”

“Of course. If you present the Appledore recommendation letter to me, I will sign without hesitation.”

“You’ve made a clear promise.”

The officer crossed his arms and shrugged.

“Sure~”

* * *

A&P Appledore Building.

A guard armed with a gun halted CEO Chung’s party.

“Nope! You can’t enter without an appointment!”

Before departing from the country, I had sent documents and contacted Chairman Longbottom, but Longbottom had declined, so I resorted to visiting without an appointment.

CEO Chung was not one to surrender easily.

CEO Chung pleaded with the guard.

“I must see Chairman Longbottom.”

“How many times must I repeat myself? You cannot enter without an appointment.”

Upon contacting via radio, several guards swiftly arrived.

CEO Chung’s party was unceremoniously ejected from the building like disreputable peddlers.

Director Yoon, who accompanied him, remarked.

“The UK adheres to strict principles, so if something is not feasible, it simply isn’t. It’s unlike Korea.”

I couldn’t abandon what CEO Chung of my past life had accomplished. My stubbornness surged.

CEO Chung flared up.

“People are fundamentally the same. Business is about transforming the impossible into the possible. Director Yoon, are you familiar with London?”

“Yes, somewhat….”

Director Yoon was a graduate of a UK university. That’s why I brought him along.

“There’s no rule stipulating that we must meet in the chairman’s office.”

“…….”

I instructed Director Yoon.

“Search all of London! Locate Charles Longbottom, Chairman of A&P Appledore! If you fail to find him, you will not be permitted to return to Seoul. Hand over your passport!”

Director Yoon, having his passport confiscated, was at a loss for what to do.

“Ch, Chairman!”

“Don’t you wish to return home? Then continue standing there idly.”

“I, I’ll find him.”

Director Yoon hastily departed.

I also addressed the interpreter.

“What are you waiting for?”

“Yes?”

“Go and find him!”

“Yes!”

The interpreter, jolted awake, pursued Director Yoon, who was already moving away.

* * *

After scouring London for a week, I finally discovered the restaurant that Chairman Longbottom frequented.

Restaurant.

Chairman Longbottom, having concluded a meal with a middle-aged woman at a table where classical music played softly, was savoring jasmine tea.

At that moment, CEO Chung’s party occupied the adjacent table.

Their appearance, having spent a week in a cheap motel, was as disheveled as refugees.

The waiter placed the menu down with a suspicious gaze and inquired.

“What would you like to order?”

“Water, just a glass of water, please.”

“Ah, only water?”

“I’ll peruse the menu slowly while I drink my water.”

“Okay.”

CEO Chung, having dismissed the waiter, feigned familiarity with Chairman Longbottom.

“Ah, aren’t you Chairman Longbottom?”

Chairman Longbottom tilted his head, puzzled that a sharp-featured Asian man with small, button-like eyes and no double eyelids was pretending to know him.

“Who are you? Do I know you?”