The Chaebol Returns To The Presidency 1967 [EN]: Chapter 35

35. Have you done it? (2)

The interpreter sprang into action.

“This is President Jung of Hyundai Shipyard in South Korea, who submitted a business plan previously.”

“Ah, South Korea!”

Longbottom was well aware that President Jung had been camped out at the company for several days.

Chairman Longbottom asked with a displeased expression, “Surely, you didn’t come all the way here just to find me, did you?”

“There’s a Korean saying that sincerity can move heaven. It seems heaven guided me here.”

“Hmm, you have great persistence. This isn’t business hours, and I’m talking with a lady, so let’s talk at the company tomorrow.”

“Ah, thank you. I’ll see you at the company tomorrow.”

As President Jung’s group left, the waiter approached. “What is your order, sir?”

“Having just arrived from England, I’m not hungry yet. I’ll order something later.”

He gave the waiter a 1-pound tip and left the restaurant.

Watching President Jung’s group disappear, Chairman Longbottom shook his head. “A country that can’t even make a decent car wants to build oil tankers. It’s absurd. They should stick to making wooden boats. This isn’t something that can be achieved through mere persistence.”

A middle-aged woman who felt sorry for President Jung’s group said, “They seemed quite desperate. Miracles only open the door when desperation knocks.”

“…….”

* * *

A&P Appledore Building.

The security guard stopped President Jung’s group, who approached carrying a heavy leather briefcase.

“Why are you here again! You need to leave immediately!”

“Listen, I have an appointment with Charles Longbottom. We came at the wrong time yesterday.”

The guard suspiciously went to the desk to check.

The guard who returned from the desk was now polite. “I’m sorry, sir. Are you President Jung?”

“That’s right.”

President Jung handed the guard his business card. “I’m Chung Ju-hyun from South Korea.”

* * *

Chairman Longbottom’s office.

On the wide oak table were a letter of intent for a loan guarantee from the Korean government, a photo of Ulsan Mipo Bay and a 1/50,000 scale map, and a blueprint of a 260,000-ton oil tanker obtained from a foreign company.

Longbottom said to President Jung seriously, “I know very well that you have prepared all kinds of documents thoroughly and meticulously. I acknowledge the effort you put in to prepare this proposal.”

“Thank you.”

“But there is no one who wants to buy your ships yet, and your repayment ability and technological potential are not trustworthy. How can I lend you money if there are no orders for the ships? I don’t think I can write a letter of recommendation.”

Like a broken record, he only repeated that it couldn’t be done.

President Jung had no intention of backing down.

“You know that our government has also promised to guarantee the loan. It is a national project, so the state guarantees it. Korea has had high economic growth for several years now. You must trust South Korea.”

“Yes, I want to. But I also know that your country’s government doesn’t have the ability to repay that much money either. Governments change. Oil tankers are a business for developed countries. How about starting a business more suitable for developing countries?”

There was no sign of him changing his attitude.

At this time, President Jung remembered the gift the President had given him.

President Jung took out a commemorative coin from his bag and handed it to Longbottom. “This is a souvenir for you.”

“A souvenir?”

“It is a commemorative coin made in Korea. It commemorates the achievements in science and technology achieved by our ancestors.”

It was not mass-produced, but a handmade product created by skilled metallurgists.

Longbottom’s eyes, which had been looking at the golden, radiant light and elaborately engraved patterns, changed with interest for the first time. He examined the coin closely.

“Oh, very elaborate! The border and plating technology are considerable!”

After all, the technology of making coins represented the pinnacle of a country’s metallurgy.

That’s why the President ordered Park Dae-joon to make the best handmade coins.

Longbottom assumed that all Korean coins were made like that.

Not missing this opportunity, President Jung explained. “The Silla gold crown engraved on the coin was made 1500 years ago. It is a light and elaborate work made of iron and gold, designed as a crown to wear on the head.”

“You made a metal crown 1500 years ago? Wonderful!”

“This pattern represents the world’s first metal type. It predates Germany’s metal type by 200 years. As you know, metal type requires difficult smelting technology because cracks easily occur, but Korean ancestors overcame this challenge for the first time in the world.”

“Oh, you invented metal type before Germany? That’s amazing.”

“The observation device in this pattern is called Honcheonui [an astronomical clock]. It is a device that observed the universe 500 years ago.”

“Wow! You also made a universe observation device?”

“It is well preserved in our National Museum. And this is a Turtle Ship.”

“A Turtle Ship? Is it a ship?”

“It is the world’s first ironclad warship.”

“An ironclad warship?”

President Jung rummaged through his pocket and took out a 500 won bill.

The bill had a delicately printed Turtle Ship on it.

“This ironclad ship is the Turtle Ship. When Japan invaded Korea in 1592, General Yi Sun-sin used this Turtle Ship to annihilate the Japanese fleet and win the war [Imjin War].”

“Oh, really! The British ironclad ships were from the 1800s. Are you really saying that your ancestors made this ship and used it in the war?”

“Yes, that’s right. Our Korea first created this Turtle Ship 300 years ahead of England in the 1500s and won a great victory in the Imjin War. It is clearly recorded in Korean-Japanese history. Japan knows it even better.”

“Oh, I can’t believe it! That’s amazing.”

Chairman Longbottom’s attitude, which had been high-handed and negative until now, completely changed.

President Jung pressed on. “Although Korea is recovering from colonialism and war and its industrial facilities are still developing, our technological potential is enormous. If we can secure funds, we can build the best ships like this at a great shipyard. So please write a letter of recommendation.”

It was all about the letter of recommendation.

As if to atone for his arrogance in ignoring President Jung and his ignorance of Korean history, he quickly sought to change the situation.

“I apologize for doubting your technical skills.”

“You’re welcome.”

President Jung threw an irresistible carrot to Chairman Longbottom, who had been disarmed.

As a business tycoon, Longbottom was more aware than anyone else that business must be accompanied by monetary gain.

“If Appledore provides the technology necessary for Hyundai’s shipyard construction and large oil tanker construction, Hyundai will pay Appledore $1.76 million in return.”

“$1.76 million….”

“Instead, Appledore will be responsible for arranging orders for 12 oil tankers that Hyundai will build. Instead of Hyundai giving Appledore the sales rights for the ships, I will pay Chairman Longbottom a brokerage fee of 0.5% of the sales price per ship.”

He offered Chairman Longbottom a performance-based incentive.

Wasn’t it a matter of astronomical rebates proportional to ship sales performance going into his own pocket?

He couldn’t help but be tempted when his personal interests were at stake.

“Okay. I surrender to President Jung’s persistence. I will write a letter of recommendation.”

Chairman Longbottom had now become President Jung’s lobbyist.

* * *

Barclays Bank.

The bank’s loan officer focused his magnifying glasses and checked the documents several times.

President Jung said with confidence, “It is true that Chairman Charles Longbottom of Appledore signed it.”

“Hmm, I see.”

“As expected of a ship consulting company, they conduct a very strict review.”

The person in charge tried to mask his incredulous expression.

“We will accept the letter of recommendation. We will provide a loan.”

“Thank you.”

“However, final approval is made by the UK Export Credit Guarantee Department (ECGD) [a UK governmental organisation that provides export insurance].”

It was a procedure he had already heard from the President.

President Jung replied. “I know. ECGD will only approve it if you have proof that someone will buy the ship, right?”

“Yes, you know it well.”

During President Jung’s time, no one wanted to buy a large oil tanker from a company without a shipyard, which caused him trouble.

Now that Longbottom had become President Jung’s lobbyist, he had to use him as a salesman.

Chairman Longbottom gave him information that Livanos, chairman of the Greek company ‘Sun Enterprises,’ was looking for cheap ships, so President Jung managed to make an appointment and flew to Greece.

* * *

Piraeus Port, Greece.

The blue Mediterranean waves were calm.

From expensive yachts to cargo ships, ships from all over the world were docked at the port.

President Jung was going to see Chairman George Livanos.

Livanos was the brother-in-law of Greek shipping magnate Onassis.

It was a time when Onassis, Niarchos, and the other major Greek shipping companies dominated the world’s ship trading.

President Jung arrived at Sun Enterprises, but Chairman Livanos was not in the company.

The head of the planning department greeted President Jung instead and said, “Chairman Livanos is on a business trip overseas due to urgent business. Please tell me about the order.”

To make an appointment and then go on a business trip…

Although he made an appointment because of Longbottom’s influence, it was a very negative signal that he had no intention of placing an order with President Jung.

He felt deflated. But President Jung steeled himself and briefed the head of the planning department with all his heart.

Photos of the Mipo Shipyard site, maps, Turtle Ship images on bills and commemorative coins….

The director, who had heard everything, crossed his arms.

“In our company’s history, there has never been a case of ordering a ship, especially a very large oil tanker, from a company without a shipyard. If the launching fails or is delayed, our company will suffer enormous losses.”

President Jung presented the unconventional conditions that the President had suggested.

“I will reduce the price of the ship by 20% compared to competitors.”

“Isn’t there a saying that you get what you pay for?”

He took out the hidden card that the President had hinted at.

“I will present payment terms that will not cause Sun Enterprises to lose a penny.”

“…….”

“I will receive only 5% of the contract amount instead of 10%. Instead, please pay the amount in proportion to the progress of our ship construction.”

“In proportion to….”

If the payment comes in properly in proportion to the process, there will be no problem in manufacturing the ship.

The director, who had been lukewarm, began to show interest.

President Jung made his final offer.

“If there are any defects in the completed ship or you don’t like it, we will return the entire amount, including the contract amount, the amount paid, and even the interest.”

“Even the interest!”

The director thought it was impossible to launch on time without a shipyard.

However, it was an incredible condition: if they took delivery on time, they would buy a cheap ship, and even if they failed, the company would not lose anything.

“Hmm, that’s an attractive offer. I will report it to the chairman.”

* * *

Screech~ Screech~

President Jung admired the luxurious cruise ships floating on the sea.

“There are so many yachts that prioritize leisure over cargo ships or fishing boats. It’s not an exaggeration to say that there are more ships here than cars.”

After wandering around the port for several hours, he received a call.

“The chairman is at his villa in Switzerland. He said to meet there.”

“Switzerland!”

He flew to Livanos’ villa in Switzerland on a private plane sent by Livanos.