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CH83 | Heir
🕑 Added 2025-04-06 03:54:55 +0000 UTCGwanghwamun Bear’s Old Mansion.
It looked more like a parking lot, with cars lined up in neat rows.
In front of the mansion, company chairmen were bowing their heads, desperately trying to negotiate their way inside with the security guards.
"Please, let me see the chairman. You know me, don’t you? We’ve known each other for years—shouldn’t I at least be allowed in?"
"The chairman has ordered that no one is to be let inside."
"Just one minute. I’ll only say hello and leave."
It had become a common sight to see business leaders scrambling for loans.
They were wandering between banks and even the private loan market in Myeong-dong, desperate for cash.
Among them were chairmen whose companies had already gone bankrupt.
And now, they had all gathered in front of Gwanghwamun Bear’s mansion.
Word had spread that he was sitting on a mountain of U.S. dollars.
These were chairmen who urgently needed foreign currency to repay their debts.
But no matter how much they pleaded, the mansion’s doors remained firmly shut.
Meanwhile, I sat in the pavilion of the mansion, listening to their desperate cries alongside Gwanghwamun Bear.
"Chairman, do you know what day it is today?"
"They’re calling it the ‘National Default Day.’ I heard on the news that the government has handed over its economic sovereignty to the IMF."
It was November 21st, 1997.
With only a month left in the year, the Korean government had officially requested IMF assistance.
"A tragic and sorrowful day indeed."
"I didn’t know you were capable of sympathy."
"I just felt like I should say something appropriate. In reality, I feel no sympathy at all."
How could I possibly feel sympathy?
After National Default Day, Taewoo Group was torn apart and scattered like ashes.
While South Korea recovered quickly from the IMF crisis, Taewoo Group was destroyed beyond repair.
But this time, I was on the other side, watching as other companies turned to ashes.
"Starting in January next year, you should start bringing dollars into Korea."
"So the time has finally come? The exchange rate has already surpassed 1,300 won. I bought dollars when it was at 800 won, so I’ve made twice my money just on exchange rates. If I add my stock market gains, my assets have grown more than fivefold—all thanks to you."
"Now, it’s time for you to become the master of Myeong-dong. But be careful—if you lend money to the companies I’ve set my sights on, that would be a problem."
"Don’t worry. I’ll only lend to those you approve. It’s the least I can do for the person making me the king of Myeong-dong."
Gwanghwamun Bear grinned like a child.
It was only natural—after all, the very business leaders who once looked down on him as a mere loan shark were now lining up in front of his mansion, begging for his help.
"Take control of all of Myeong-dong. And if you sense Japanese capital trying to move in, contact me immediately."
"Of course. I’ll make sure those Japanese bastards don’t even get a foot in the door."
With that, I rose from my seat in the pavilion.
As Gwanghwamun Bear stood up behind me, I extended my hand toward him.
"Congratulations in advance on becoming the new ruler of Myeong-dong."
"Thank you. If you ever need anything, don’t hesitate to ask. Especially if there’s something that needs to be handled quietly—I’ll take care of it personally."
"I’ll be sure to remember those words."
I quietly exited the mansion through the back gate.
Then, I headed to my grandfather’s residence, where he was waiting for me.
***
When I arrived, all the lights were off.
Is Grandfather already asleep?
As I carefully stepped through the living room, I suddenly noticed him sitting on the sofa in the dark.
"Why are you sitting here without the lights on?"
"So, it has finally come to this… Ha-ha, ‘National Default Day,’ huh? Just as you predicted, Korea has lost its economic sovereignty."
I sat down next to him.
Only then did I notice that his hands and feet were trembling violently.
"Please calm down. Just because the country has defaulted doesn’t mean Taewoo Group will go bankrupt too."
"…I’m sorry, my boy. I’m truly sorry for being such a worthless grandfather."
The shock had clearly hit him hard.
For the first time, he didn’t seem like the proud, ambitious man who never hid his desires.
"Why would you say that? To me, you’re the greatest man of all."
"I sat here reflecting on everything tonight. You foresaw this crisis coming and did everything in your power to minimize the damage. But all I did was stand in your way."
A lump rose in my throat.
Was it because I finally felt acknowledged?
Because my grandfather had finally come to understand me?
Holding back tears, I gently took his trembling hands in mine.
"Grandpa, you are not lacking in any way. And in fact, you have a great deal of work ahead of you. Mergers and acquisitions are your specialty, aren’t they?"
"This crisis has made me realize just how dangerous debt can be. From now on, I will never again acquire companies using borrowed money."
"Why borrow money? We can use Taewoo Group’s own funds for acquisitions. And we can even pay off our existing debt entirely."
"What do you mean?"
Click!
I turned on the desk lamp beside the sofa.
Then, I scribbled down some numbers on a notepad.
"The sale of Taewoo Shipbuilding and the mobile phone division has brought in approximately 3 trillion won. Do you remember that all of that money is currently tied up in our joint venture with Aramco?"
"Are you saying we should withdraw that money and use it?"
"With that money, we can pay off all our debts and acquire multiple companies."
I had been steadily funneling dollars into the Aramco joint venture.
Not only had I stored the money there, but I had also invested and grown it.
The initial $5 billion had more than doubled, reaching $10 billion.
"But we only put 3 trillion won into Aramco. How can we possibly pay off all our debts? Taewoo Group's total liabilities amount to 14 trillion won."
"I've doubled the money through investments."
"Even so, that’s only 6 trillion won."
"That’s where the magic of exchange rates comes in. All of our liabilities are in Korean won, but the money we have in Aramco is in U.S. dollars."
To help my grandfather understand, I carefully wrote out the calculations on a notepad.
The $10 billion sitting in Aramco.
When we first deposited it, its value was 7 trillion won, but as the exchange rate doubled, it had ballooned to 14 trillion won.
"Ha-ha, so 7 trillion won turned into 14 trillion won just like that."
"And the exchange rate is still rising. By next month, it will surpass ₩1,900 per dollar."
"That means we'll have 19 trillion won in our hands."
"Even after paying off all our debts, we’ll still have 5 trillion won left over. And unlike other companies, our assets are in dollars. I've heard there are quite a few CEOs who would give their lives to get their hands on dollars right now."
"Ha-ha, I never realized it. How could I have been so blind to how brilliant my own grandson is?"
But this wasn’t the end.
At the IFA tech expo in Germany last August, a music-playing Innophone was unveiled, causing a sensation and achieving record-breaking sales.
We had signed a contract with Apple to receive quarterly royalty payments.
Once January arrives, the MP3 Innophone royalties will begin flowing into Taewoo Group's accounts.
And in January, the iPod will finally launch, bringing in even more royalties—amounts that defy imagination.
"Of course, I have to be brilliant. I’m your grandson, after all."
"But I have to admit, I find it a little terrifying. How on earth did you manage to strike a deal with the Saudi royal family and create a front joint venture?"
"The Aramco joint venture isn’t a front. We really did sign a contract with the Saudi royal family. We’re acquiring SS Oil and will soon be running Korea’s largest refinery."
"So it’s not a front? Ha-ha, then when should we proceed with acquiring SS Oil?"
The SS Group subsidiaries were already being sold at half price.
But half price wasn’t enough for me.
"The theory of 'too big to fail' isn't entirely wrong. The government may not save entire conglomerates, but they will make sure valuable companies are sold to other major corporations to keep them afloat."
"Are you saying we should leverage government support?"
"Every company right now is burdened with massive debt. If we wait until the creditors and the government agree to write off part of the debt, we can acquire companies at an even lower cost."
"You’re frightening. How can someone so young think so ruthlessly?"
I had no choice but to be ruthless.
I had lost everything and was given a second chance at this life.
And this time, I would treat others the same way they had treated me and my grandfather.
"And what about the automobile companies? How do you want to proceed with that acquisition?"
"Would it be too difficult to acquire both Kia Motors and SS Motors?"
"...Even acquiring just one company would elevate us to the second-highest rank in the business world. If we try to take both, we might bite off more than we can chew."
"That’s disappointing. Only taking one? What a shame."
I was still holding my grandfather’s hand tightly.
But at some point, his trembling had stopped, and I could feel a strong grip instead.
It was clear—his long-dormant ambition had awakened once again.
"Wouldn’t it be better to acquire Kia Motors? It’s larger than SS Motors and offers a wider range of car models."
"If we’re just looking at size, yes. But SS Motors has something we don’t—an SUV lineup."
According to history, Kia Motors was acquired by Hyundai Group.
The resulting synergy allowed them to dominate the domestic market.
That’s why I was more interested in Kia Motors than SS Motors.
"If we don’t acquire Kia Motors, Hyundai Group will."
"Isn’t the same true for SS Motors?"
"If we have to split the market, isn’t it better to take the larger company?"
"That does make sense."
"But just like before, we need to wait until Kia Motors' debt is written off before acquiring it."
"That goes without saying. Oh! And by the way, I’ve been nominated as the next Chairman of the Federation of Korean Industries (FKI). I have no idea what those CEOs were thinking when they chose me."
In my previous life, my grandfather had also become FKI Chairman.
It was likely because he had deep experience and strong ties with the next administration.
"Isn’t it thanks to your successful bet, Grandpa? Who else has closer ties to the next government than you? The FKI members must want a share in your winnings, since you pulled off a high-risk bet."
"I don’t know what those guys are plotting, but this actually works in our favor. The government won’t want to handle corporate bailouts directly, so they’ll probably delegate it to the FKI."
"And with you as FKI Chairman, we’ll have the power to acquire the companies we want."
Entrusting a cat to guard the fish—that’s what this situation felt like.
They had put my grandfather in charge of overseeing corporate acquisitions.
Even if the FKI members had their own hidden agendas, could they possibly overpower my grandfather’s stubbornness and ambition?
I was ready to bet against them.
After all, I had been the one suffering under my grandfather’s iron will all this time.
Now, it was their turn.
I turned slightly and looked at my grandfather.
In the dimly lit living room, the soft glow of the lamp illuminated his face, revealing an expression full of greed.
In the past, a sigh would have been my first reaction.
But now, I found it oddly reassuring.
There would never be a better opportunity to buy great companies at these prices.
And corporate acquisitions were my grandfather’s specialty—I could trust him to handle it.
