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CH268 | GSI
🕑 Added 2025-03-31 02:14:41 +0000 UTC[Osung Information & Communications, Evidence of Overlooked Accounting Fraud Emerges—Allegations of Systemic Corruption at the Securities and Exchange Commission]
Fresh off the printing press, the evening edition of Sechang Ilbo still carried the strong scent of ink. Seok-won read the article thoroughly, a deep smile forming on his lips.
It wasn’t just Sechang Ilbo. Spread across his desk were various evening newspapers, each featuring a headline exposing corruption at the SEC.
And, as if part of a set, beneath each article was a bold advertisement for Mido Department Store’s Spring Sale.
"If you want to win, you have to place your bets properly."
Leaning back in his chair, Seok-won muttered to himself.
In exchange for amplifying Donghae Peregrine Securities' involvement in the SEC scandal, Daehung Group had struck a deal with the newspapers: for the next fifteen days, each paper would run rotating advertisements—not just for Mido Department Store but for all its subsidiaries, including securities and textiles.
On top of that, every editor-in-chief had received a paper shopping bag packed with crisp stacks of cash, sealing the deal beyond any doubt.
With that kind of leverage, Woo Ho-geun's feeble offer—just two one-off ads—never stood a chance.
"Now that the fire has been lit, it's time to add more fuel and make it burn brighter."
Just then, his secretary, Han Ji-sung, knocked and entered, stepping up to the desk.
"Sir, if you want to arrive on time, we should leave now."
"Ah, is it that late already?"
Checking the watch on his wrist, Seok-won stood up from his chair.
* * *
One hour later
In a private annex of Ojinam, an elite Korean-style entertainment house in Ikseon-dong, Jongno, Seok-won sat across from Woo Chun-il, Secretary-General of the New Era National Committee.
Before them, a luxurious gyoja-sang table was covered with over forty exquisite dishes. The servers had been dismissed, leaving the two men to talk in private.
"I owe you a great deal, yet the general election results were disappointing. I can hardly face you."
His tone bitter from the loss, Woo Chun-il sighed. Seok-won picked up the soju kettle and refilled Woo’s empty glass, speaking with a calm smile.
"Life rarely goes as planned. The outcome may have been unfavorable this time, but if the opposition regroups effectively, the next election will be a different story. Stay strong."
"You're right."
Woo Chun-il, slightly reassured, softened his gaze as he looked at Seok-won.
"You're still young, yet your insight runs deep. Every time I speak with you, it feels like I'm talking to someone my own age… Ah, but don’t misunderstand—it’s a compliment."
Seok-won, momentarily taken aback, kept his composure and nodded.
"I appreciate the kind words."
With a chuckle, Woo Chun-il raised his glass.
"After the election, I found it hard to shake off the disappointment, but meeting with you today brings some comfort. Come, let’s drink."
"Yes."
Their glasses clinked lightly. Seok-won tilted his head slightly, then downed the drink in one go.
Seeing Woo Chun-il also empty his glass, Seok-won promptly refilled it.
"By the way, since chamoe (Korean melons) are in season, I picked out a fine batch for you and brought a box."
"…Chamoe?"
At the sudden topic change, Woo Chun-il, the Secretary-General, furrowed his thick eyebrows.
Seeing his confusion, Seok-won offered a slight smile.
"Yes. Knowing how deeply the election results must have affected the Chairman and the New Era National Committee, I wanted to offer a small token of support."
Hearing this, Woo Chun-il immediately realized that the "melon box" contained something far more valuable than fruit.
"You already helped us before. There was no need for this…"
"Recovering from the aftermath of the election will require resources, will it not?"
Indeed, since their crushing defeat, Woo had been struggling to find a way to console their disheartened party members.
Now, as if Seok-won had read his mind, he had brought the very thing they needed. Woo Chun-il felt both surprised and grateful.
"Well… what can I say."
"It’s just a small gesture, so please accept it without hesitation."
"I keep feeling like I owe you more and more. I appreciate it, but I also feel a bit ashamed."
"Please, don’t say that."
The party’s finances had never been abundant, but after their humiliating defeat, their situation had worsened considerably. Woo Chun-il wasn’t just being polite—he was genuinely thankful.
"I won’t pretend otherwise. Given our current financial situation, I’ll accept it with gratitude."
"If you ever need anything, please don’t hesitate to reach out."
At that, Woo Chun-il’s expression brightened into a wide smile. His tone softened.
"Hah! It’s reassuring to hear you say that. Even the Chairman has been eager to meet with you. Unfortunately, given the circumstances, we’ll have to postpone it for now."
Seok-won had already heard through Woo Chun-il that Kim Jae-chun, the man expected to become the next President, wanted to meet him. However, he showed no sign of disappointment.
"That’s perfectly fine. I’m sure there are more pressing matters at hand. Whenever things settle down, just let me know."
Seeing Seok-won’s lack of resentment—his willingness to prioritize their situation over his own—Woo Chun-il’s impression of him rose even further. He nodded approvingly.
Lifting his glass, Woo Chun-il took a sip of his drink before setting it down with a satisfied sigh.
"With a young businessman like you, the future of the corporate world looks bright."
"I still have much to learn."
Seok-won responded humbly.
Woo Chun-il smiled warmly, but then, as if recalling something, his expression turned serious.
"Ah, with all the election chaos, I haven’t had the time to check in properly, but I heard Daehung Group is facing some trouble these days."
Seok-won had been waiting for the right moment to bring this up. Now that Woo had mentioned it first, he deliberately hardened his expression.
"Yes. As you may already know, Donghae Group is aggressively trying to seize control, which has put us in a difficult position."
While Seok-won’s financial contributions to the party played a role in Woo Chun-il’s concern, there was another, more personal reason: Donghae Group had strong ties to former President Noh Ki-hoon, having received numerous privileges under the past military regime. Woo Chun-il, naturally, reacted with disdain.
"Instead of working together, they resort to underhanded tactics to steal another company? Some things never change."
Seok-won let out a quiet sigh.
"If it were just Donghae Group, we could handle it. The real problem is that they’ve brought in foreign investors to back their attack. That’s what makes this fight so difficult."
Woo Chun-il’s eyes widened. His voice grew sharp.
"Foreign investors? Are you serious?"
"Yes. They’re working with Peregrine Securities, a Hong Kong-based investment firm."
"Peregrine… You mean the company that partnered with Donghae Group to establish Korea’s first joint venture securities firm?"
Seok-won met Woo Chun-il’s intense gaze and gave a small nod.
"That’s correct. It turns out that Donghae Group and Peregrine set up Donghae Peregrine Securities to secretly channel large sums of capital from Hong Kong. They’ve been disguising themselves as foreign investors while quietly acquiring shares in Mido Department Store."
"What?! Such underhanded, deceitful tactics… No wonder Daehung Group was caught off guard!"
"If we hadn’t detected the scheme in time, we would have lost Mido Department Store in an instant."
"That was a close call."
Woo Chun-il shook his head in dismay, then looked at Seok-won with renewed determination.
"I may not be able to do much, but is there anything I can do to help?"
Although Seok-won was inwardly delighted, he maintained a composed exterior and responded calmly.
"You must already be overwhelmed dealing with the aftermath of the election. I wouldn’t dare impose. Your words alone mean a great deal."
"Nonsense. After all that you and Daehung Group have done for us, how could I turn a blind eye when you're in trouble? Don’t hesitate—if there’s anything I can do, just say the word."
Instead of answering immediately, Seok-won hesitated deliberately, as if reluctant to ask. Then, after a brief pause, he spoke in a cautious tone.
"Then, if I may, I’d like to request just one favor."
"One? Even two would be fine. Speak freely."
"Have you ever heard of a company called Boseong Telecom?"
Woo Chun-il tilted his head in thought.
"Hmm… I don’t believe I have."
"It’s a company specializing in audio equipment and electronic dictionaries. They generate nearly 30 billion won in revenue, but they’ve been running a deficit of several billion won every year."
"I see. But why bring them up all of a sudden?"
Woo Chun-il asked, his expression puzzled.
"Despite their chronic financial troubles, Boseong Telecom is quite notorious in the stock market for being a so-called ‘operation stock.’"
Leaning forward slightly, Seok-won lowered his voice as if sharing a secret.
Woo Chun-il’s face lit up with interest.
"In the past, market manipulators have driven up their stock price multiple times—spreading false reports about securing large export deals or hyping up fake M&A rumors. Recently, there’s been another such scheme."
"And how does that relate to your situation?"
"The mastermind behind this recent stock manipulation is none other than Woo Ho-geun, the eldest son of the Donghae Group chairman."
Woo Chun-il’s eyes widened in shock.
"Are you certain?!"
"Of course. Why would I lie about something so easily verifiable?"
"Fair point."
"If you’d like, I can provide evidence that proves Woo Ho-geun orchestrated this operation."
"No need—I trust your word."
Woo Chun-il shook his head firmly. Then, he picked up his glass, drained the remaining liquor, and set it down with a decisive clink.
"So, what you’re asking is for me to expose this and ensure the prosecution launches an investigation?"
As expected from a seasoned political veteran, Woo Chun-il immediately grasped what Seok-won was aiming for.
"If you could make that happen, I’d be truly grateful."
"Hah! If this comes to light, Donghae Group won’t be able to continue their assault on Mido Department Store so easily. You’ve come up with quite the strategy."
Letting out a hearty laugh, Woo Chun-il fixed Seok-won with a keen gaze.
"Was this your idea?"
Instead of answering, Seok-won simply smirked and refilled Woo Chun-il’s empty glass.
"For the record, one of the financiers backing Woo Ho-geun’s stock manipulation is the son of Assemblyman Jeon Jin-young."
At that, Woo Chun-il’s eyes gleamed sharply.
"You mean the former lawmaker from the Public Justice Party?"
"That’s right. If news breaks that the son of a four-term ruling party legislator was involved in stock fraud, it would be quite a headache for both the Blue House and the ruling party, wouldn’t it?"
Having just suffered a crushing election defeat, Woo Chun-il had been searching for ways to regain political leverage. Now, he had one.
Locking eyes with Seok-won, Woo Chun-il broke into a slow, knowing smile.
"Indeed, it would."
Comments
Jayant Suthar
Try reading Deadline Investor
JustDK
Thanks. This and currently chaebol are my current favorite series. Tried reading investor sees the future but didn't like it at all =/
