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CH126 | Heir
🕑 Added 2025-04-19 09:54:32 +0000 UTCIt was the end of summer.
For the first time in a while, I left work early and spent the evening watching the news with my grandfather over tea and snacks.
"Tsk, tsk. These days, every time I turn on the news, it's nothing but North Korea."
"Well, the family reunions are a huge issue. It’s only natural that the media is all over it."
"Even journalists are going to North Korea, and now politicians are coming and going as well. Heh, at this rate, one might even think reunification is actually possible."
At that time, the two Koreas were putting on an unprecedented display of peace.
A North Korean film was even being released in South Korean theaters.
There were family reunions happening, and even tours to Mount Paektu had begun.
But the peaceful atmosphere didn’t last long.
Like a mirage, reunification turned out to be nothing more than an unattainable dream.
"Reunification is nearly impossible. The Kim family would have to give up their power, and there’s no way that’s happening."
"True. No one willingly gives up what they have."
Just as I was enjoying a lighthearted conversation with my grandfather—
My phone rang.
It had been a long time since I’d received a call from Myeong-dong.
"I need to step out for a bit."
"At this hour? You’re not meeting a woman, are you? If you are, then by all means, go! Hurry up and leave!"
With a teasing grin, my grandfather practically pushed me out the door.
However, contrary to his hopes, the person I was meeting was Lee Young-han.
He was waiting for me at Captain Kang’s office, along with the Myeong-dong Trio.
"What brings you all here? Aren't you some of the busiest people these days?"
"Thanks to the IT bubble, there’s no shortage of people looking to borrow money."
Baek Hal-mae replied in her usual gruff tone, but her expression looked pleased.
Due to the IT bubble, many tech companies were struggling financially.
Since banks had stopped lending, they had no choice but to turn to third-tier lenders or even Myeong-dong’s private financiers.
"I’ve been hearing rumors that you raised interest rates after Japanese loan companies pulled out. That’s not true, is it?"
"Just a little," Chairman Kang said defensively.
"We have to make a living too, don’t we? Even so, our rates are still nearly half of the legal limit."
I hadn’t asked to criticize them.
Had they been charging interest as high as the Japanese lenders, I would’ve cut ties with them myself.
After all, half the capital for their financial operations came from SAVE Investment, which meant they couldn’t afford to ignore my influence.
"Business seems to be going well, so why the sudden urgent meeting?"
"Hyundai Construction came to us, begging for a loan. When the elders turned them down, Chairman Jang Young-joon even came all the way to Myeong-dong himself."
Lee Young-han delivered some good news.
It meant that Hyundai Construction was no longer just struggling—it was on the verge of collapse.
After being rejected by the banks, they had turned to third-tier lenders, and when that failed, they had no choice but to come to Myeong-dong.
"You didn’t lend them any money, did you?"
"Of course not. You made it clear that we should never lend to them—how could we go against that? We’re not that disloyal."
"That’s a relief."
"I also warned every single private lender in Myeong-dong not to give Jang Young-joon a cent."
If money started flowing into Jang Young-joon’s hands, it would complicate things.
The first step was for Hyundai Construction to default—only then would Jang Kyung-joon and I have the perfect opportunity to step in.
"He’ll find a way to get money somehow. If Hyundai Construction collapses, related companies will follow, and the government won’t just stand by and watch."
"Wouldn't it be better to just lend him money at a high interest rate here in Myeong-dong?"
"I want to see how far he’ll go. If Myeong-dong shuts him out, where will he turn next?"
Chairman Jang Young-joon of Hyundai Group.
If we could uncover his last resort, it would make it much easier to acquire Hyundai Semiconductor in the future.
"Enough about Hyundai Construction. Since we’re all gathered here, why don’t we talk about the bigger picture? Companies are going bankrupt left and right—any issues on your end? I know the elders and Myeong-dong are experts at debt collection, but I can’t help but worry."
"No one borrows from Myeong-dong and gets away without paying. Even if we have to chase them to the underworld, we’ll get our money back."
Lee Young-han’s eyes had changed.
When I first met him, his gaze had been that of a street thug—but now, it felt as sharp as a blade.
"Myeong-dong is one thing, but please ask the elders to be more restrained. They’ve worked hard to step into the legitimate world—it’s time to build a positive reputation."
"Ugh, it’s frustrating. If we could use Myeong-dong’s methods, collecting debts would be easy. Instead, we’re stuck begging just to get our money back."
The Myeong-dong Trio looked exhausted.
Even though they had moved into the legal financial world, their profits had likely shrunk compared to before.
Sure, they now had the advantage of doing business on a national scale, but since they couldn’t charge high interest rates, they were far from satisfied.
"Since you’ve been working so hard, I’ve prepared a little gift for you."
"A gift from the Vice Chairman? Now you’ve got my attention."
"Buy Apple stocks. You’ll be seeing massive returns soon."
"Finally, you’re sharing some real information with us. I heard that every piece of intelligence that turned Gwanghwamun’s Bear into the king of Myeong-dong came straight from your mouth."
The Myeong-dong Trio leaned in, ears perked.
Being from Myeong-dong, the intelligence hub of South Korea, these people understood the value of information better than anyone else.
"Within a year, you’ll see at least double your investment."
"A minimum of 2x returns? In an economy like this, that’s music to my ears."
"The IT bubble has caused stock prices to crash, so now’s the perfect time to buy. But there’s one condition—you must sell them back to me in a year."
"To cash out, someone has to buy, right? If the Vice Chairman himself is offering to take them off our hands, we’d be fools to say no."
Right now, I couldn’t acquire a large amount of Apple stock directly.
Instead, I planned to use the financial strength of the Myeong-dong Trio and Lee Young-han to secure as much as possible.
"I’ll keep sharing valuable information with you. In return, let’s continue to maintain this strong relationship."
"Of course, that goes without saying."
"Soon, I’ll help you acquire a bank as well, so don’t be impatient."
"Haha, you’re pushing us fully into the legitimate world. Looks like I might end up as a bank president—who would’ve thought?"
But really, what is a bank, anyway?
As long as you have a proper building and a substantial amount of deposits, that’s all you need.
The building could be a repurposed existing bank, and as for the deposits—I could provide those myself.
* * *
October had arrived—the month of reckoning.
News about Hyundai Construction’s financial troubles started surfacing everywhere.
Then, on October 30, the company failed to cover promissory notes worth 22.4 billion won, officially declaring bankruptcy.
The first person to take action after the news broke was Chairman Jang Kyung-joon.
For the first time in a long while, he personally visited Hyundai Group’s headquarters to meet Chairman Jang Young-joon.
"Are you here to gloat?"
"I’m honestly surprised you can even say that. You let Hyundai Construction—the backbone of your group—go bankrupt, and yet you’re just sitting there like it’s nothing."
"Do you think I just sat back and let this happen? I went to every bank in Korea, even the private lenders in Myeong-dong, searching for money. But no one was willing to lend to Hyundai Construction! What the hell was I supposed to do?"
Jang Young-joon’s voice was filled with rage and frustration.
Jang Kyung-joon sighed at the sight of his defeated younger brother.
Until this moment, he had expected to enjoy watching his brother suffer.
But in the end, he was still a part of Hyundai Group—and seeing the company branded with the stain of bankruptcy filled him with anger.
"So, what’s your plan now?"
"The government has agreed to provide 22.4 billion won in emergency funding. We’ll be able to prevent a complete collapse."
"And after that? What happens when the next batch of promissory notes reaches maturity? Are you just going to default again?"
Bang!
Chairman Jang Young-joon slammed his fist on the desk.
The sight of his older brother looking down on him with that same condescending gaze only fueled his anger.
"Are you saying this is my fault? These problems started before I even became chairman! If we had just received the outstanding payments from Iraq on time, Hyundai Construction wouldn’t have gone bankrupt!"
"The unpaid debts weren’t your fault. But everything that happened afterward? That’s on you."
"I’ll take responsibility for this in my own way. Just stay out of it."
"Let me ask you one thing. You’re not planning to hand over Hyundai Construction, are you? Are you really going to let the group's foundation fall into the hands of creditors?"
Even if they managed to prevent an immediate collapse, reviving Hyundai Construction was nearly impossible.
Eventually, it would fall under creditor control.
And if that happened, it could end up being acquired by another group entirely.
"Even if it falls into creditor hands, who would want to buy Hyundai Construction? We’ll just let the creditors handle the restructuring, eliminate the risks, and take it back when the time is right."
"You really think Taewoo Group will just stand by and watch? If they take over Hyundai Construction, they’ll dominate the construction industry."
"The government won’t allow it. If Taewoo swallows Hyundai Construction, they’ll essentially have a monopoly over the market."
"So, you’re just going to sit back and trust the government? That’s why you took that herd of cattle to North Korea, isn’t it?"
Jang Young-joon had a safety net.
As long as he had government backing, he was confident he could reclaim Hyundai Construction.
Even if it fell under creditor control, no one could acquire it without government approval.
"This is the best move for now. Once the company is handed over to the creditors, some of the debt will be reduced. In the meantime, we’ll secure the necessary funds and bring it back."
"You talk about handing over Hyundai Group's foundation so casually."
"Haven’t I already told you? It’s not going anywhere! Or are you saying you want to acquire Hyundai Construction yourself? Do you even have the capital to do that?"
"……."
Jang Kyung-joon remained silent.
That silence made Jang Young-joon realize why his brother had really come here.
"So, you really intend to take over Hyundai Construction?"
"We can’t just stand by and watch our group’s foundation fall into someone else’s hands."
"How many times do I have to say this? Hyundai Construction isn’t going anywhere!"
"We’ll see about that."
Jang Kyung-joon abruptly ended the conversation and walked out of the chairman’s office.
The real reason he had come to Hyundai Group’s headquarters was to assess Jang Young-joon’s condition.
And as expected, his younger brother was lacking.
Far too lacking to hold on to Hyundai Construction.
So, I’ll take it from him.
No—this isn’t taking it.
Hyundai Construction is simply returning to its rightful owner.
* * *
The chief strategy officer entered the vice chairman’s office, bringing an update on Hyundai Construction.
“Hyundai Construction has successfully covered the entire first-stage default amount.”
“So, they avoided a full-blown collapse.”
“The construction industry association had provided payment guarantees totaling 3 trillion won. It was unlikely that they would have been allowed to fail. If Hyundai Construction collapsed, it could have triggered a domino effect, bringing down multiple firms in the industry.”
“Except for Taewoo Construction, of course.”
Now, all the critical details were confirmed.
It was clear that the government was Hyundai Construction’s last line of defense.
There was no reason to delay any further.
It was time to make a move.
“Establish official contact with Hyundai Construction’s creditors. Let them know that Taewoo Group is interested in acquiring the company.”
“Do you think the government will allow it?”
“That’s a problem for later. For now, we just need to create the impression that Hyundai Construction could end up in another group’s hands.”
This was a strategic maneuver to provide cover fire for Jang Kyung-joon.
If they played it right, Hyundai Group would soon be forced into a corner.
