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CH182 | Heir
🕑 Added 2025-05-15 14:13:22 +0000 UTCKS Shipping CEO Song Gil-seop was summoned for questioning by the prosecution.
The investigation was still ongoing, and even the media had no way of knowing what was being discussed behind closed doors. But I had an inside source—Captain Kang—who fed me the details.
"The prosecution has secured testimony from Song Gil-seop stating that he provided over 10 billion won in slush funds to political figures during the presidential election."
"That’s quite a generous handout."
"Compared to the total size of the slush fund, it's actually not much. The prosecution estimates that KS Shipping's hidden funds exceed 200 billion won."
"They really saved up diligently. Guess that’s why not just anyone can become a chaebol. Too bad for them, though—got caught before they could even use it properly."
There was a reason the investigation was progressing so quickly.
The opposition party, still refusing to accept the election results, had been staging a hunger strike in the heart of Yeouido, demanding a full-scale investigation into illegal election funds.
"Are they still at it?"
"Yes. Their spokesperson just announced that they’ll continue the hunger strike until a proper conclusion is reached."
"Once the truth comes out, they’ll be too embarrassed to keep going."
"People will say it's the pot calling the kettle black. Our contacts in the prosecution have confirmed that the illegal election funds that flowed to the opposition are at least five times the amount received by the ruling party."
Politics was something I could never truly understand.
How could they point fingers at the other side while being just as guilty themselves?
But in politics, nothing was off-limits if it meant rallying their base—even if it was as short-sighted as peeing on your own frozen feet to stay warm.
"This is the perfect chance to strengthen our prosecutors' position. Hand over the evidence we've gathered."
"Shall we give them everything related to Samsung Group and CL Group?"
"That should be enough to guarantee at least one promotion, don’t you think? Also, give them all the photos we took of the truckloads of cash being delivered at the Meeting Square. If they want to be the star of this scandal, they’ll need a dramatic bombshell."
Until now, no one had ever used this method before.
Who would have imagined a large truck full of cash being used to deliver election funds?
"I’ll send it over immediately. Our people will dominate next year’s promotion list."
"By the way, any word on when they’ll announce the investigation results?"
"A preliminary report is expected by the end of the week. KS Shipping’s CEO Song Gil-seop is cooperating fully, so they have plenty to disclose."
Watching a fight unfold is always entertaining.
And nothing beats the spectacle of a political battle in Yeouido.
* * *
A Few Days Later
Outside the National Assembly, ruling and opposition politicians stood face-to-face in a heated standoff.
Ruling party members had gathered around the opposition’s hunger strike tents, while journalists, eager for a scoop, captured every moment with their cameras.
I sat in front of my TV, enjoying the show.
If only I had some popcorn and cola—this was getting good.
"If you have any conscience left, pack up these tents and apologize immediately! Have some shame, for god’s sake!"
"Hmph, but you did take money, didn’t you? A whole 2.5 billion won! So why are you acting so righteous?"
"Fine! We took 2.5 billion! But you took 10 billion! There’s a limit to how hypocritical you can be. You took four times more, and now we’re the bad guys? If anyone should be on a hunger strike, it’s you! Not us!"
Fingers were pointing in all directions, and curses were flying back and forth.
The journalists, amused by the spectacle, smiled as they snapped photos and typed up their articles.
"The investigation isn’t over yet. Let’s wait and see who the real ‘dirty dog’ is."
"Pay back the truckload of cash before you start talking! Who the hell moves stacks of bills in a 2.5-ton truck? Just rename your party to Truckload Party already!"
"That’s going too far! We may not be innocent, but neither are you!"
The politicians were grabbing each other by the collar, putting on a disgraceful display.
If they had even a shred of shame, they would have lowered their heads in embarrassment instead of raising their voices. But they were all convinced that backing down meant total defeat, so they were doing everything they could to tear each other down.
"Just turn off the TV. If they’re going to fight, they might as well throw some punches. What’s the point of just grabbing collars?"
"The opposition party looks absolutely ridiculous. They attacked the ruling party without considering their own situation and ended up getting completely countered."
"Honestly, both sides are the same. Sure, the amounts are different, but at the end of the day, they all took money for their campaigns. This is exactly why people grow to despise politics."
There were, of course, politicians worthy of respect.
But the ones who dominated the media were usually the loudest and most disgraceful, making it impossible to have any real appreciation for politics.
"Just as you wanted, all the media and political circles are now completely fixated on illegal election funds. Thanks to that, nobody’s paying attention to fintech."
"That’s a relief. It would’ve been a disaster if the political world started poking around."
At the same time as the illegal election fund scandal, a new fintech project was quietly launched.
We added a PayPal-style feature to CocoaTalk, enabling simple mobile payments and money transfers.
Previously, these services were only available through banks.
But now, as long as you owned a smartphone and had the CocoaTalk app installed, you could handle banking transactions right from your palm.
"Because of the Financial Holding Company Act, we had to make Foreign Exchange Bank the majority shareholder of CocoaBank for now. But once the legal issues are resolved, we’ll gradually shift the shares to Taewoo Group."
"That law is such a hassle. And it’s not just this—there are countless other obstacles, all because of overregulation in such a small country. If only those politicians in Yeouido spent less time grabbing each other’s collars and more time fixing regulations, that would actually be helpful."
"But unless a special exemption is made in the Financial Holding Company Act, we won’t be able to take ownership of CocoaBank’s shares."
In the end, this meant they needed political backing.
However, they had no intention of bribing politicians like before to solve the problem.
"At the end of the day, politicians want votes. If enough people demand it, they'll have no choice but to pass a law for internet-only banks."
"Besides, the newly elected president is known as the ‘Internet President.’ He won thanks to strong support from the younger generation, who heavily rely on IT devices. That makes it hard for him to oppose the Internet-Only Banking Act."
Smartphones had entered the market a few years earlier than expected.
Naturally, the rise of fintech was happening ahead of schedule as well.
And they had already mapped out a wide range of business expansions through CocoaTalk.
"We need to roll out our other services step by step. But if we expand too aggressively, the political world is bound to cause an uproar."
"Fintech is already a battle against major banks. But delivery and ride-hailing services compete with small businesses, giving politicians more opportunities to interfere."
In his previous life, CocoaTalk had expanded into a vast array of industries:
Finance, securities, gaming, delivery, courier services, taxis, chauffeur services, parking—even beauty salons.
Back then, it worked because CocoaTalk was a startup.
But now, Taewoo Group was a massive conglomerate, and if they entered those markets, the backlash from politicians and public opinion would be severe.
"Expanding our business will definitely increase revenue, but we can’t avoid taking a hit to our brand image."
"Yet, if we hand these opportunities over to competitors, it could weaken CocoaTalk’s market dominance."
This was the dilemma.
For CocoaTalk to attract more users, it needed to offer a wide range of services all in one place.
But if Taewoo Group moved into taxi services or food delivery, they would be accused of crushing small businesses.
"That’s something we’ll have to push onto CEO Im Jae-beom. If Taewoo Group does it, there will be outrage. But if a startup does, no one will complain. As long as we only take a minimal service fee, politicians won’t be able to make an issue out of it."
"Are you saying we should hand over all our planned business ventures to CEO Im Jae-beom? These are industries that could generate trillions of won in revenue annually."
But what other choice did they have?
If you get too greedy, you end up overextending yourself.
Dominating too much of the domestic market would inevitably lead to public backlash.
Sectors like automobiles and semiconductors were safe because they generated massive export revenue, but businesses focused on the domestic market weren’t as protected.
"Support CEO Im Jae-beom in creating a completely separate company, independent from Taewoo Group. The only shared assets should be CocoaTalk and CocoaBank."
"And what about the ownership structure of Im Jae-beom’s new company?"
"Secure around 25% of the shares. That way, no one can accuse us of interfering with management rights."
"Understood. I’ll take care of it right away."
"And provide CEO Im Jae-beom with as much investment as he needs. Even just earning from transaction fees will be enough to recover our investment within a few years."
While Yeouido had turned into a political boxing ring,
We took advantage of their distraction and pushed forward with an aggressive expansion strategy.
In fact, we planned to keep fueling the fire, hoping their fight would drag on for as long as possible.
* * *
The Next Day
Early in the morning, I headed to Taewoo IT.
More precisely, I was on my way to the Facebook Korea office, located right next to Taewoo IT, to meet Seo Kwang-soo, the branch head.
"You've lost a lot of weight. If I ran into you on the street, I wouldn’t have recognized you. Are you eating properly?"
"I don’t need food—I feel full just watching KS Telecom and Cyworld crumble."
Seo Kwang-soo looked noticeably thinner.
But his eyes burned with an intense fire, and there was even a subtle smile on his lips.
"Cyworld’s market share has dropped significantly."
"I really shouldn’t be investing in stocks. I check Cyworld’s market share over twenty times a day."
"Yeah, stock trading might not be for you. If you ever need to invest, let me know—I’ll open a fund account for you at Taewoo Securities."
"Honestly, I don’t even care about money right now. All I want is to see Cyworld completely destroyed by my own hands."
The resentment in his voice was still unmistakable.
Seo Kwang-soo had built Cyworld himself, yet now, he was the one who wanted it gone the most.
"It won’t be long now. With the Korean version of Facebook launching, users are rapidly abandoning Cyworld."
"That’s not fast enough for me. I wanted it wiped out by the end of this year, but it looks like I’ll have to wait until next year."
"Oh, I’ve got some good news for you. I heard that your old senior is about to be kicked out of KS Telecom."
"You mean Park Dong-hee?! That bastard is getting fired?!"
Seo Kwang-soo lit up with joy, almost as if he was ready to celebrate.
His reaction was understandable—Park Dong-hee, the vice president of KS Group, was the one who had forced Cyworld to be sold off for a fraction of its worth.
"They say he made reckless investments trying to save Cyworld. Since he caused such massive losses, he has to take responsibility."
"Maybe now I’ll finally stop having nightmares. If they shut down Cyworld entirely, I can finally get back to living a normal life."
"It won’t be long now. Just hold on a little longer."
KS Group was being hit with one crisis after another.
First, Cyworld’s collapse.
Then, the exposure of their slush funds and illegal election financing.
Of course, I had been involved in all of it.
But really, KS Group had brought this upon themselves.
If they had just left us alone, none of this would have happened.
Comments
JL
Ughhhh I hate when MCs give things away for free
