The Conglomerate Family Became A Villain [EN]: Chapter 278

Big Short (4)

September 17, 1988.

Seoul, South Korea.

The Seoul Olympics, a symbol of unity between East and West, commenced with President Jin Tae-woon’s opening declaration.

However, Jung Hyun-woo was conspicuously absent.

Many wondered why the man representing South Korea and, arguably, the world’s wealthiest individual, was not present.

Soon, the reason for his absence became known, and people understood.

“How could he celebrate when his family is grieving?”

“That’s understandable.”

The reason was a family matter for Jung Hyun-woo.

The death of Chairman Jung Woo-sun.

Dressed in mourning attire, Jung Hyun-woo sat beside President Jung Min-young, receiving condolences from guests.

“May he rest in peace.”

“Thank you.”

Following the Olympic opening ceremony, a stream of visitors from various sectors paid their respects at the funeral hall.

Chairman Jung Woo-sun’s funeral was held at Seoul Wooin Hospital, managed by his younger brother, Hospital Director Jung Woo-jin.

Among those who came to pay their respects was Shin Young-jin, Chairman of Samjung Group.

After a brief conversation with President Jung Min-young, he approached Jung Hyun-woo on one side of the hall.

“Hyun-woo, don’t lose heart.”

Jung Hyun-woo nodded in acknowledgment.

“At least I was in Korea to be with my grandfather in his final moments.”

Upon his return to Korea, Chairman Jung Woo-sun was already too weak to make a will.

He could only watch as Chairman Jung Woo-sun passed away.

Nevertheless, his family considered it fortunate that he was in Korea, rather than the United States.

“What will become of Daewoon Group now?”

“I believe your uncle will take the lead.”

President Jung Min-young was expected to lead Daewoon Group.

“Hmm, I suppose Hyun-woo won’t be returning then.”

Jung Hyun-woo nodded slightly.

“I have significant responsibilities in the United States.”

Victoria Corporation was a global giant, ranking among the top three companies worldwide.

Entrusting Victoria Corporation to someone else to manage Daewoon Group was not a decision to be taken lightly.

Chairman Shin Young-jin lowered his voice.

“Daewoon Group will weather this crisis.”

The perceived crisis of Daewoon Group.

The South Korean business community viewed Daewoon Group as being in crisis because Jung Min-young’s leadership abilities were yet to be proven.

Jung Hyun-woo responded with conviction.

“I have faith in my uncle.”

Chairman Shin Young-jin offered a faint smile.

“I’ll assist in any way I can.”

Jung Hyun-woo expressed his gratitude and added a request.

“Chairman, please meet with President Hong on your way out.”

Chairman Shin Young-jin paused.

“President Hong?”

“Hong Won-ik, President of Daewoon Electronics.”

“Ah, Chief Hong.”

To Chairman Shin Young-jin, President Hong Won-ik was still seen as Daewoon Group’s Chief of Staff.

“He was appointed president of Daewoon Electronics this year.”

Chairman Shin Young-jin’s tone sharpened.

“A demotion?”

“No, I requested it.”

“You did?”

“Someone needs to take charge of Daewoon Electronics.”

Having previously served as president of Samjung Electronics, Chairman Shin Young-jin possessed an intimate understanding of the domestic electronics industry.

‘Does Daewoon Electronics, which lags behind the industry leaders, really need someone like Chief Hong?’

He was yet to grasp the significance Jung Hyun-woo placed on Daewoon Electronics.

“Hyun-woo, are you aiming to revitalize Daewoon Electronics?”

Jung Hyun-woo emphasized his words.

“Daewoon Electronics is my late father’s dream.”

The dream of Jung Hyun-woo’s father, Jung Min-hyuk.

Chairman Shin Young-jin spoke softly, as if unaware.

“I understand. Then we must nurture it.”

He understood that Jung Hyun-woo was determined to strengthen Daewoon Electronics.

‘Requesting cooperation with Samjung Electronics is ultimately a tribute to his father.’

Chairman Shin Young-jin believed that supporting Daewoon Electronics wouldn’t be too challenging.

‘The question is how far Hyun-woo is looking ahead.’

If he was contemplating competing with Daehyun Electronics, a rival of Samjung Electronics, it could be akin to raising a tiger cub.

“Please look after Daewoon Electronics.”

As Jung Hyun-woo bowed his head, Chairman Shin Young-jin responded in a low voice.

“Daewoon Electronics is smaller than other electronics companies. You won’t be able to handle all the products.”

It was practical advice, intended to gauge Jung Hyun-woo’s intentions.

“Daewoon Electronics will pursue a different path from existing electronics companies.”

Chairman Shin Young-jin raised his eyebrows at the suggestion of a different path.

“Are you entering a new industry?”

He speculated that Daewoon Electronics might venture into network systems or large computers.

‘That’s Hyun-woo’s expertise.’

However, Jung Hyun-woo’s response defied his expectations.

“Rather than entering a new industry, I want to focus on niche markets.”

“Niche markets?”

“Materials and components. I want to localize the sectors where Korean electronics companies currently rely on Japanese companies.”

Localization of materials and components.

This area didn’t significantly overlap with Samjung Electronics’ interests.

‘Hmm, so that’s why he asked for my help.’

Chairman Shin Young-jin nodded in understanding.

“Materials and components. It’s a path that someone in Korea must take.”

“Please support me.”

“I understand.”

The conversation at the funeral hall concluded with Chairman Shin Young-jin’s smile. Before departing, he had a brief exchange with President Hong Won-ik outside the hall.

“President Hong.”

President Hong Won-ik bowed deeply.

“Chairman Shin, thank you for coming.”

Chairman Shin Young-jin raised his right hand and said.

“Hyun-woo asked me to speak with you.”

President Hong Won-ik straightened his posture and listened.

“The young master believes it’s beneficial to strengthen cooperation with Samjung Electronics.”

“I can’t discuss the specifics now, but please provide me with a business card.”

It wouldn’t be difficult for Samjung Group to obtain the contact information of Daewoon Electronics’ president. However, requesting a business card implied that he would personally ensure his business card reached the president or vice president of Samjung Electronics.

President Hong Won-ik presented his business card with both hands.

“Here it is.”

Chairman Shin Young-jin nodded slowly.

“You’ll be contacted soon.”

“I’ll await your call.”

Chairman Shin Young-jin offered a parting word of encouragement and left the funeral hall. After his departure, Choi Kyung-min approached and inquired.

“Was that Chairman Shin Young-jin of Samjung Group?”

President Hong Won-ik nodded.

“He’s a major player in the Korean economy.”

“To say that…”

Daehyun Group still exists.

Choi Kyung-min thought to himself.

President Hong Won-ik turned and said.

“Chairman Wang of Daehyun Group is getting old. The next era will likely belong to Chairman Shin.”

He predicted that Samjung would surpass Daehyun within a decade.

“So, what did you discuss?”

“It was a brief conversation.”

“Is that so?”

President Hong Won-ik and Choi Kyung-min were tasked with leading Daewoon Electronics into the future.

“He said I’d be contacted soon.”

“By Samjung Electronics?”

“The young master must have used his influence.”

Everything was orchestrated by Jung Hyun-woo.

That’s what President Hong Won-ik implied.

It was as the two men lit their cigarettes that another visitor arrived.

“Here you are.”

It was President Park Kwan of Daewoon Precision.

“President Park, have you seen the chairman?”

“I have.”

President Park Kwan, the same age as President Hong Won-ik, spoke in a low voice.

“I think we should step down now.”

New wine in new bottles [a fresh start with new people].

He didn’t want to cling to his position as president of Daewoon Precision.

‘It’s right for the old guard to step aside with the chairman.’

He raised his voice slightly.

“What does the board of directors think?”

“What do they think? Nothing.”

“Is Min-young going to take the chairman’s seat immediately?”

President Park Kwan chuckled softly.

“Hehe, that friend. Min-young? It’s Chairman Jung.”

President Hong Won-ik exhaled cigarette smoke.

“It’s not wise to become chairman right away.”

He believed that Jung Min-young should first establish himself as vice chairman before assuming the chairmanship.

In fact, Chairman Jung Woo-sun had also considered this approach. However, his unexpected death prevented him from implementing it.

“Don’t say such things.”

“Why? Can’t I say that?”

“There are already many of Chairman Jung’s people within the group.”

He meant that many individuals within the group were aligning themselves with Jung Min-young or claiming loyalty to him.

“I used to be on that side.”

President Park Kwan knew that he was closer to Jung Min-young than Jung Min-seok.

“Not anymore?”

“It seems there’s some distance.”

Despite Jung Hyun-woo’s advice, Jung Min-young distanced himself from President Hong Won-ik.

He viewed President Hong Won-ik as someone who would eventually leave the group.

“That’s not a good sign.”

President Hong Won-ik exhaled cigarette smoke again.

“Since I’ve come to Daewoon Electronics, there won’t be any major issues.”

Daewoon Electronics was not a strategically important affiliate of Daewoon Group. This meant that even if he held the position of president, Jung Min-young wouldn’t react strongly.

“But you, didn’t you quit smoking?”

President Hong Won-ik smiled.

“Hehehe, is there really such a thing as quitting smoking? It’s just temporary abstinence. And I can’t help but smoke on a day like this.”

Chairman Jung Woo-sun’s funeral.

I knew this day would come, but facing it evokes mixed emotions.

“Where’s Hyun-woo?”

“Didn’t you see him?”

“I can’t gauge his true feelings from exchanging pleasantries.”

“The young master won’t be returning.”

President Park Kwan shrugged.

“Everyone knows Hyun-woo won’t be back. What I’m curious about is the inheritance.”

Rumors circulated that Jung Hyun-woo would inherit a significant stake as the eldest grandson.

“Min-young will take the major affiliates of Daewoon Group.”

“Then what about Hyun-woo?”

“He supposedly only wants a few, including electronics.”

President Park Kwan nodded.

“He’s so involved in business in the United States that Daewoon Group isn’t a priority.”

He knew that Victoria Corporation was a global company, but he didn’t fully grasp its scale.

“That’s true, and he seems to want to empower Min-young.”

He wanted Jung Min-young to establish himself as the chairman of Daewoon Group.

“He’s insightful.”

“Because of his insight, he’s reached such a high position.”

Choi Kyung-min listened to the conversation from a short distance.

‘The young master’s heart is deeper than anyone I’ve ever met.’

He believed that Daewoon Group would eventually become Jung Hyun-woo’s property.

* * *

October 2, 1988.

The competition, featuring 8,391 athletes from 160 countries, concluded successfully.

The Seoul Olympics showcased the Miracle on the Han River [South Korea’s rapid economic growth] to the world, demonstrating that Asia had another nation besides Japan capable of hosting the Olympics.

Jung Hyun-woo attended the closing ceremony, making his presence known to the Korean public.

After the ceremony, he met with President Jin Tae-woon.

Originally, they were scheduled to meet after the opening ceremony.

“Thank you for attending the closing ceremony despite your busy schedule.”

“It’s my honor. I couldn’t miss such a significant national event.”

To the Korean people, the Seoul Olympics was a momentous occasion to showcase their nation to the world.

“What are your plans for the future?”

He was inquiring about the future of Daewoon Group.

“I intend to entrust Daewoon Group to my uncle.”

“Hmm, so you’re not returning?”

“I have significant responsibilities in the United States.”

President Jin Tae-woon nodded.

“I see.”

The future remained unchanged.

The first president elected after the presidential election was revised to a direct vote was not the opposition leader who spearheaded the democratization movement, but the chairman of the Olympic Promotion Committee.

‘That implies other aspects of the future will also remain the same.’

Japan’s economic bubble would burst, and the Soviet Union and the Berlin Wall would fade into history.

“I believe the competition was a success thanks to your leadership.”

A touch of flattery.

President Jin Tae-woon smiled.

“I had initially planned to retire after the Olympics.”

He was the second-in-command, but his future was uncertain due to the powerful first-in-command.

However, the democratization movement changed everything. He saw an opportunity and seized it.

“History shapes people’s destinies.”

President Jin Tae-woon asked.

“Do you believe in destiny?”

“It’s like asking if I believe in God. My answer is ‘yes’.”

President Jin Tae-woon chuckled.

“Hehe, I didn’t expect someone like you to believe in destiny.”

Jung Hyun-woo appeared to be a dynamic young CEO, but he was, in fact, a man who had traveled back in time.

‘If I don’t believe in destiny, who will?’

He said with conviction.

“Korea will prosper greatly.”

President Jin Tae-woon raised his voice slightly.

“Hyun-woo, do you believe we can become a developed nation?”

In 1988, South Korea was just beginning its journey toward becoming a developed country.

Jung Hyun-woo answered with confidence.

“I believe we can.”

“It will require significant effort, won’t it?”

“If everyone works together with a shared vision, we can achieve it in the near future.”

Jung Hyun-woo had witnessed South Korea in the 2020s, a developed nation.

‘South Korea in the 2020s wasn’t the paradise people imagine now. But it had clearly become a developed country leading the world.’

During the COVID-19 crisis in the 2020s, the number of countries demonstrably better than South Korea significantly decreased.

Developed countries in Western Europe experienced a decline in welfare and security due to rising prices, aging populations, and immigration issues. Even Northern European countries faced challenges as traditional and modern values clashed.

“If you have any advice for me, please share it.”

Jung Hyun-woo bowed his head.

“How can I offer advice to you?”

President Jin Tae-woon raised his right hand.

“You are the CEO of a global company. I want advice from Charlie Jung, the CEO of Victoria Corporation, not the 20-year-old Jung Hyun-woo.”

Jung Hyun-woo realized that President Jin Tae-woon was more perceptive than he had heard.

‘Is it true that anyone can become president?’

He lowered his voice.

“I’ve heard that the greatest leader throughout history isn’t someone who enriches the country, nor a hero who achieves great victories against enemies, nor a scholar with exceptional knowledge.”

President Jin Tae-woon listened with a faint smile.

“Then what kind of person is the best leader?”

Jung Hyun-woo continued.

“The best leader, in my opinion, is someone who creates a country where there is no injustice and where ordinary people are not disadvantaged.”

The leadership theory he presented was influenced by the ideas of Cicero, a Roman politician, writer, and lawyer.

President Jin Tae-woon nodded, seemingly moved by his words.

“A country without injustice or disadvantage? Then law and order are paramount.”

In 1988, South Korea had improved, but corruption still lingered, and even President Jin Tae-woon couldn’t completely avoid it.

“I’m not sure how to create that country.”

President Jin Tae-woon smiled.

“If we eradicate corruption and isolate criminals from society, we’ll create the kind of country you describe.”

Jung Hyun-woo understood the policies he would pursue.

‘The war on crime will begin.’

President Jin Tae-woon’s greatest achievement was widely considered to be his war on crime.

He realized that President Jin Tae-woon had been planning this campaign for some time.

‘South Korea is moving toward the future. But we’re not there yet.’

After the Olympics and the funeral, Jung Hyun-woo was eager to return to Victoria Corporation.