The Conglomerate Family Became A Villain [EN]: Chapter 217

217. The Miracle on the Han River (1)

“This is a small gift.”

Jung Hyun-woo presented three boxes, each containing a gold Rolex watch.

In the 1980s, luxury watches like Rolexes were often used as bribes for those in positions of power.

Kim Tae-joon, the head of the National Security Planning Agency (NSPA), accepted the gifts without protest.

“What’s all this…”

Just as Kim Tae-joon pushed the three watch boxes aside, Jung Hyun-woo produced another, smaller box.

“This is for Director Kim personally.”

He had prepared a separate gift specifically for Director Kim Tae-joon of the NSPA. This implied that the Rolex watches were intended for general lobbying efforts.

“You prepared a separate gift for me?”

Kim Tae-joon inwardly acknowledged Jung Hyun-woo’s meticulous nature.

‘Hmm, this fellow surprises me every time we meet.’

He was far too sophisticated to be considered a naive young man in his twenties.

‘Even if he started his business in high school, it’s only been about five years. How can he be so thoroughly prepared?’

He opened the small box Jung Hyun-woo offered.

“Hmm.”

A short, impressed sound.

The small box contained a diamond ring that appeared to be at least 5 carats.

Kim Tae-joon’s voice rose slightly.

“It couldn’t have been easy to bring this from the United States…”

“I said it was a gift for my family.”

Jung Hyun-woo was a well-known wealthy man, even in the United States. While large cash transactions might arouse the suspicion of the IRS [Internal Revenue Service, the US tax agency], precious metals and luxury watches were less likely to do so.

“I don’t know if I should accept this.”

Even Kim Tae-joon hesitated at the sight of the 5-carat diamond ring.

“Then, please consider it compensation for granting me a small favor.”

A price for a favor.

Kim Tae-joon felt more at ease with this arrangement.

“You have a small favor to ask of me? What is it?”

He doubted it was something like money laundering.

‘Since he says it’s a small favor, it must be a domestic matter.’

He considered international matters to be ‘big’ and domestic affairs to be ‘small’.

“Please investigate someone.”

A background check on someone.

This was the NSPA’s specialty.

Kim Tae-joon smiled.

“If it’s something like that, it’s not difficult. Tell me, who is it?”

He assumed it would be a politician or a high-ranking official.

‘I hope it’s not someone too high up.’

Ideally, it wouldn’t be someone whose interests were intertwined with his own.

“It’s Daewoon Construction CEO, Jung Min-seok.”

Kim Tae-joon paused, surprised by Jung Hyun-woo’s answer.

“CEO Jung Min-seok? Isn’t he Hyun-woo’s uncle?”

Jung Hyun-woo sighed briefly.

“He is my uncle, but I think our relationship is worse than that of strangers.”

Kim Tae-joon furrowed his brow.

“Worse than strangers? Is there some kind of internal conflict within the Daewoon Group?”

He knew that the competition for succession within the Daewoon Group was intense.

However, he hadn’t heard that this rivalry directly involved Jung Hyun-woo.

Jung Hyun-woo cleared his throat and replied.

“I was hospitalized in the United States a long time ago.”

Kim Tae-joon had reviewed Jung Hyun-woo’s file and knew he had been admitted to a drug rehabilitation center.

However, he pretended not to know and responded neutrally.

“Was there such a thing?”

“It wasn’t a good hospital. It was a hospital that treated drug addicts.”

“Hmm.”

“And recently, I received a report that CEO Jung Min-seok was behind that incident.”

Jung Hyun-woo had confirmed through Sera a few years prior that someone had framed him.

At the time, he hadn’t wanted to investigate further.

However, when Jung Min-seok asked for help, he requested the CIA’s assistance in investigating the incident.

This was to clarify his relationship with Jung Min-seok. If the CIA’s investigation cleared Jung Min-seok, he could help him without reservation. Conversely, if he was involved, he could use this opportunity to eliminate Jung Min-seok.

The CIA was cooperating with Victoria Corporation in various areas and readily complied with his request.

‘The results were not good.’

The CIA identified Jung Min-seok’s then-right-hand man as the mastermind behind the incident.

“CEO Jung tried to harm you? I see. I’ll investigate not only the parts related to that but also all of CEO Jung’s recent activities.”

Jung Hyun-woo bowed deeply.

“Thank you.”

Kim Tae-joon smiled.

“If you want, I can take care of CEO Jung for you.”

In the 1980s, the head of the NSPA wielded immense power, capable of bringing down even the most influential figures.

Jung Hyun-woo replied softly to his offer.

“How can I entrust revenge to someone else? If the facts are clarified, I plan to take action myself.”

Kim Tae-joon slowly nodded.

“Hmm, it’s good to handle it yourself.”

He believed that Jung Hyun-woo possessed the means to deal with CEO Jung Min-seok.

‘Even though he’s young, he’s one of the top ten richest people in the United States.’

One of the top ten richest people in the United States.

‘Ahem, it would be wise to maintain a good relationship in the future.’

Neither money nor power lasted forever. However, he knew that money tended to outlast power.

* * *

11 PM.

Despite his long journey, Jung Hyun-woo didn’t immediately go to bed. He had one last item on his agenda for the day: a meeting with Choi Kyung-min.

“Here are the things you ordered, Young Master.”

Jung Hyun-woo took the materials prepared by Choi Kyung-min and nodded.

“You look better than when I saw you in the United States.”

Choi Kyung-min had visited the United States once last year. At the time, Jung Hyun-woo was dealing with several simultaneous crises, forcing them to have a brief meeting.

“It might be presumptuous to say, but I think it’s because I was assigned to an easy department.”

An easy department.

Jung Hyun-woo knew this wasn’t necessarily a positive sign.

‘It seems that Chief Hong is wary of Secretary Choi.’

‘Easy work’ often meant ‘no work,’ and positions with no work typically lacked authority.

“I’ll try to arrange for you to become an executive at Daewoon Electronics next year.”

Choi Kyung-min’s eyes widened at the word “executive.”

“Young Master?”

He didn’t believe he had performed well enough to warrant such a promotion.

“It’s not just for Secretary Choi’s sake. I need my people to have power so that I can be comfortable too, right?”

He needed someone he trusted to take control of Daewoon Electronics on his behalf.

Choi Kyung-min bowed his head.

“I was short-sighted.”

Jung Hyun-woo calmly accepted his words.

“Secretary Choi, humility is good, but you can’t fight an enemy with it.”

Choi Kyung-min paused and asked.

“Young Master, what do you mean by ‘enemy’?”

“CEO Jung Min-seok. He’s definitely our enemy.”

Choi Kyung-min furrowed his brow.

“Did CEO Jung Min-seok do something against you?”

“Do you remember when I was hospitalized in the past?”

Choi Kyung-min was the one who handled the discharge procedures for Jung Hyun-woo. Even if others were unaware, he couldn’t possibly forget.

“I remember.”

“CEO Jung Min-seok was behind that.”

“Really?”

“At first, I was also somewhat doubtful. But the evidence is mounting.”

Choi Kyung-min clenched his fist slightly and said.

“Even if Daewoon Construction is struggling, it won’t be easy to completely destroy it.”

Jung Hyun-woo lowered his voice.

“It’s not a matter of easy or difficult. How can I sleep comfortably if I don’t punish Jung Min-seok?”

He had already made up his mind.

“I understand. I’ll collect more data related to Daewoon Construction.”

Jung Hyun-woo raised his right hand.

“There’s no need to do that.”

“Yes?”

“I’ve ordered someone else to do it separately.”

Choi Kyung-min, unaware of the NSPA’s involvement, simply raised his eyebrows.

“If it’s someone else, is it perhaps Chief Hong?”

Jung Hyun-woo shook his head.

“No. Secretary Choi, you don’t need to worry about that.”

“I’m sorry. I was just curious.”

“Curiosity is a basic human need. I won’t blame you for asking. But it’s problematic if you focus too much on that aspect.”

Choi Kyung-min placed both hands on his knees and spoke with renewed determination.

“I’ll focus on my work.”

Jung Hyun-woo slightly softened his tone.

“I’m going to meet Chairman Shin tomorrow. Secretary Choi, please prepare as well.”

He intended to elevate Choi Kyung-min to a position where he could effectively manage Daewoon Electronics.

‘His abilities might be somewhat lacking, but there’s no one I trust as much as Secretary Choi right now.’

The most important factor in utilizing people was trust, not ability.

There was nothing more foolish than employing someone you couldn’t trust.

* * *

Jung Hyun-woo and Chairman Shin Young-jin met at 9 AM. They had a slightly late breakfast together.

“Chairman, thank you for taking the time.”

Chairman Shin Young-jin smiled at Jung Hyun-woo’s greeting.

“How can I begrudge the time when I’m meeting Hyun-woo?”

His use of Jung Hyun-woo’s first name emphasized their familiarity.

“I should have attended Chairman Shin’s funeral, but I was unable to.”

Chairman Shin Young-jin’s father, Chairman Shin Byung-chul, had been a prominent figure in the Korean economy.

When he passed away, dignitaries from the political and business worlds came to pay their respects.

“How could I expect someone in the United States to attend?”

Considering the travel time, it would have been nearly impossible to arrive in time, even if he had left immediately upon hearing the news.

“I’m grateful that you thought of it.”

Chairman Shin Young-jin said softly.

“Rather, your help was invaluable.”

Samjung Electronics had weathered a significant crisis thanks to Jung Hyun-woo’s assistance.

“What company is as promising as Samjung Electronics?”

Jung Hyun-woo’s words weren’t mere flattery, but Chairman Shin Young-jin interpreted them as such.

The overwhelming dominance of Japanese companies was a major concern.

‘Hyun-woo’s primary investment focus is still Japan, isn’t it?’

He knew that Jung Hyun-woo was making substantial investments in Japan.

“I appreciate you seeing it that way. But the crisis isn’t over yet.”

The dumping of products by Japanese semiconductor companies was casting a shadow over Samjung Semiconductor’s future.

“When you overcome one wave, another one follows.”

Chairman Shin Young-jin offered a faint smile.

“Hyun-woo is like a poet.”

“I’m saying this from the perspective of someone who runs a company.”

Crises were inevitable.

This was a fact that Chairman Shin Young-jin understood well.

“What’s the United States’ perspective on the current situation?”

His question referred to the aftermath of the Plaza Accord [a 1985 agreement among major economies to depreciate the US dollar].

“It seems they’re taking a wait-and-see approach.”

“Waiting?”

“It hasn’t been a year since the Plaza Accord was signed.”

“But it will be a year soon.”

The Plaza Accord was signed in September 1985, and it was now May 1986.

As Chairman Shin Young-jin pointed out, the first anniversary was approaching.

“If things don’t change as much as expected, the United States will take further action.”

“I wonder if they’ll focus on the semiconductor industry as well.”

Chairman Shin Young-jin hoped for restrictions on Japanese semiconductor companies.

The United States would sign a semiconductor agreement with Japan again in 1987, but Jung Hyun-woo wasn’t aware of events that far in the future.

“It will depend on the situation.”

Jung Hyun-woo’s answer was cautious.

Chairman Shin Young-jin, noticing this, said.

“Don’t be too guarded. I’m just asking.”

Jung Hyun-woo nodded slightly.

“I understand. However, I couldn’t help but worry that my words might be interpreted as the official stance of the US government.”

“I simply wanted to gauge the general sentiment of the US economy.”

“The US economy can be summarized as chaos and cheers.”

Chairman Shin Young-jin tilted his head, puzzled.

“Chaos and cheers?”

“Some are confused, while others are celebrating.”

“Chaos is understandable, but what’s the reason for the cheering? Does it mean things have improved since the Plaza Accord?”

“It seems that the drop in oil prices has had a more significant impact than the Plaza Accord.”

Those who had been struggling with high prices were rejoicing, while oil companies and their investors were in disarray.

“Hmm, it seems that the drop in oil prices has also benefited the US economy.”

“High prices are never beneficial for the economy.”

As oil prices declined, the Federal Reserve Board [the central banking system of the United States] also began to rapidly cut interest rates.

‘They’ll go down even further next year.’

Jung Hyun-woo believed that the success of the 1988 Seoul Olympics was also partly due to the favorable economic conditions created by the “three lows” boom [low interest rates, low oil prices, and a weak dollar].

“Do you think oil prices will remain this low?”

This question sought a personal opinion.

“For the time being, yes.”

“For the time being?”

“If peace in the Middle East is disrupted, oil prices will rise again.”

Chairman Shin Young-jin nodded.

“That’s right. If peace in the Middle East is broken, oil prices will rise again.”

From South Korea’s perspective, which imported all of its oil, oil prices were a crucial economic indicator.

“Would you like to take a walk?”

“A walk?”

“Isn’t the scenery in front of us beautiful?”

The location of their meeting was Myungwolgwan at the Walkerhill Hotel in Gwangjin-gu.

In the 1980s, Myungwolgwan was slightly less expensive than it would be in the 2020s, but it was still not a restaurant that ordinary people could afford to visit.

Moreover, the two were dining in the annex, ensuring they wouldn’t encounter other customers.

However, a walk would be a different matter.

“You don’t seem concerned about being seen by others.”

Chairman Shin Young-jin seemed slightly apprehensive about walking among ordinary customers.

“This restaurant isn’t open in the morning.”

The annex of Myungwolgwan had been specially opened solely for the breakfast meeting between the chairman of Samjung Group and the CEO of Victoria Corporation. Even though there was little chance of their meeting being reported in the news.

‘Walkerhill Hotel must be hoping for positive word-of-mouth.’

Even if they met privately, each would be accompanied by attendants, making it inevitable that word of their meeting would spread.

In fact, Jung Hyun-woo had brought five attendants, and Chairman Shin Young-jin had brought six.

“Let’s do that.”

Chairman Shin Young-jin and Jung Hyun-woo headed towards the Myungwolgwan garden.

The view from Myungwolgwan in the 1980s was considered one of the best in Seoul.

There were no tall buildings obstructing the view from the Walkerhill Hotel, and the riverside road had only recently been constructed.

“As you said, the scenery is beautiful.”

“Looking at it this way, Seoul’s scenery isn’t so bad.”

Chairman Shin Young-jin gazed at the ships sailing on the Han River.

“In the past, ships transported grain to Seoul via the Han River.”

Now, trains and trucks were replacing ships.

“Was it like that when Chairman Shin was young?”

Chairman Shin Young-jin smiled.

“I’m not from Seoul. I don’t know what the Han River was like when I was young.”

“Ah, I see.”

Chairman Shin Young-jin turned his gaze to Jung Hyun-woo.

“Would you like to invest in Samjung Electronics?”

Jung Hyun-woo had already purchased shares in Samjung Electronics. He tilted his head and asked.

“Are you selling Samjung Electronics shares?”

“Shares are difficult, but this time I’d like to sell corporate bonds.”

Jung Hyun-woo hesitated.

‘Investing in Samjung Electronics isn’t a bad idea, but corporate bonds are a bit much.’

He asked Chairman Shin Young-jin.

“Are you planning to expand into new businesses?”

“Rather than new businesses, I want to build more factories.”

“You want to issue corporate bonds to build new factories.”

Chairman Shin Young-jin nodded.

“Originally, I was considering funds from Japan, but after meeting you, I thought of your money.”

Jung Hyun-woo cautiously inquired.

“How much do you need?”

“I think 100 million dollars would suffice.”

100 million dollars.

Although times had changed, South Korea had built Pohang Iron and Steel [POSCO, a major South Korean steel company] using 100 million dollars in war reparations from Japan.

“What kind of factory are you building…”

“I’m thinking of building a semiconductor factory.”

“At a time when semiconductor prices are plummeting like this?”

Chairman Shin Young-jin turned his gaze towards the Han River and replied.

“Didn’t you say it yourself? Waves keep coming. I might have missed this wave, but I’m determined to ride the next one.”

He was a gambler.

Jung Hyun-woo sighed inwardly at Chairman Shin Young-jin’s bold bet.

‘Hoo… To make this decision in this situation, he truly is Chairman Shin Young-jin.’

He cleared his throat and made a counter-proposal.

“Chairman, how about 20% in stocks and 80% in corporate bonds?”

This meant lending 80 million dollars to Samjung Electronics and receiving 20 million dollars worth of stocks in return.

Chairman Shin Young-jin extended his right hand towards Jung Hyun-woo.

“Let’s do that.”

He accepted Jung Hyun-woo’s proposal without hesitation.