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CH97 | VOC
🕑 Added 2025-03-29 04:10:46 +0000 UTC“So you’re refusing to pay the interest?” Kim Min-sik asked.
Moon Sang-ho, Managing Director of Daemun Group, who had been so humble when borrowing the money, now said with a brazen smile,
“It’s not a refusal, it’s a request for an extension. Money doesn’t grow on trees. I’ll pay this month’s interest along with next month’s.”
Kim Min-sik chuckled.
“Next month, you say.”
If they couldn’t even pay a few billion won in interest on a six-month short-term loan, how were they going to repay the principal?
“Do you even intend to repay the loan?”
“Of course.”
Kim Min-sik, a veteran banker with decades of experience, could see through his lies.
‘Just one more month, just two more months, I’ll pay you back eventually.’
It was a common excuse in the financial world, used by both individuals and corporations.
Banks were used to dealing with delinquent borrowers, but the power dynamics often shifted when large sums of money were involved.
“This puts me in a difficult position, Managing Director Moon. I lent you the money trusting you.”
“Haha, don’t worry, I wouldn’t do anything to jeopardize our relationship. By the way…”
Moon Sang-ho leaned closer to Kim Min-sik and said subtly,
“I heard Joongang Investment Corporation, Hanho Savings Bank’s parent company, received a new injection of funds.”
Joongang Investment Corporation, which had initially caused a stir among large corporations with its multi-trillion won investment, had been quiet after acquiring Hanho Savings Bank.
The corporations that had been eager for investment had given up, but rumors of a 500 billion won injection of funds, leaked through government officials, had brought them back.
Unlike the immediate aftermath of the IMF crisis, when uncertainty reigned, positive signs were starting to emerge. The exchange rate had fallen from 2,000 won to 1,600 won per dollar, and the chain of bankruptcies was slowing down. People speculated that Joongang Investment was waiting for the right moment to invest the new funds.
Of course, even at 1,600 won, the exchange rate was still double the pre-crisis level, and there were still many obstacles ahead. It was too early to be optimistic, but the situation was improving.
“I’ve heard the rumors, but I’m just in charge of Hanho Savings Bank, so I don’t know the details.”
“So, can you connect me with Joongang Investment Corporation?”
“Me?”
“Yes, please.”
Kim Min-sik scoffed.
“You’re asking me for a favor when you can’t even pay the interest? You’re a funny man, Managing Director Moon.”
Moon Sang-ho smiled.
“Mr. President, let’s be honest.”
“What do you mean? I’m always honest.”
Moon Sang-ho ignored him and continued,
“Money. It’s all about money, isn’t it? You might be the president of a bank, but you have no real power. You don’t even own any shares.”
Kim Min-sik’s eyes widened.
“I told you how much I’m enjoying my position. It’s so much fun to torment those employees who used to look down on me. And there are so many other things I can do.”
“I’m not talking about that… I’m talking about your influence as a bank president, your actual power in management.”
Kim Min-sik picked his nose with a disinterested expression.
“Oh, that. I’m not interested in that. I’m perfectly happy with my current situation.”
Moon Sang-ho bit his lip.
‘Is he crazy or just stupid? He should understand what I’m saying.’
Everyone knew Kim Min-sik was a puppet president, but he was still the president.
He wasn’t the only one who thought it would be beneficial to have him as an inside man.
All the large corporations that had tasted Hanho Savings Bank’s sweet money were now eyeing Joongang Investment Corporation’s funds.
‘The 200 billion won loan saved us. If I can secure an investment from Joongang Investment, the position of successor will be mine.’
Moon Sang-ho, thinking of his younger brother, his rival for the successor position, smiled and said,
“Mr. President, we’re both Koreans.”
“That’s right. We’re compatriots. We share the same blood.”
“In difficult times like these, we should work together. Don’t you agree?”
“Of course. Two heads are better than one.”
“So, how about we join forces?”
Kim Min-sik tilted his head.
“Join forces? You and me? What can we do together?”
“Let’s secure an investment from Baek In-hwi and Joongang Investment Corporation.”
Kim Min-sik shrugged.
“That’s your job, not mine.”
“It would be much easier if you helped us. They’re just Chinese with a lot of money. This is our territory. Once we secure the investment, it’s simple. We stall for time, involve other corporations, the government, and the media, and portray them as predatory capital. The public will believe whatever the media says. The government, sensitive to public opinion, will have to take action against Joongang Investment Corporation. And then it’s game over. There are always skeletons in the closet. And…”
Moon Sang-ho pointed at himself confidently.
“We, the large corporations, have the power and the means to make it happen.”
If they tried to pressure or mistreat investors from allied countries like Japan or the US, those governments would protest. But it was different with China.
China had only recently opened its economy and established diplomatic relations with Korea just four years ago.
And most importantly, China was North Korea’s ally, Korea’s biggest headache.
“China might protest, but we can ignore them. They’re called the ‘world’s factory,’ but they’re still a developing country. They can’t challenge Korea, which has the backing of the US. Joongang Investment Corporation has been holding onto its money, so we’ve been cautious, but it’s easy to drive out those Chinese. We haven’t been unable to, we just haven’t tried. No one can survive in Korea after crossing us.”
Kim Min-sik said with interest,
“I see. You’re impressive.”
“Of course, I’m not asking for a favor for free. I’ll give you enough money to last three generations. You’re just a salaried president with no shares, you have no loyalty to uphold.”
“Enough to last three generations? That’s a generous offer.”
Moon Sang-ho grinned.
“What do you think? It’s not a bad deal. Just submit a report recommending Daemun Group as a suitable investment target. And persuade them.”
Kim Min-sik nodded vigorously.
“Hmm, hmm, I see. It’s a very good offer. Anyway, Managing Director Moon…”
Kim Min-sik narrowed his eyes.
“So you’re saying you can’t pay the interest?”
Moon Sang-ho frowned, frustrated that they were back to square one.
“Isn’t the interest a trivial matter compared to this?”
“Interest is important. If you borrowed money, you have to pay the interest.”
“But if you help us secure an investment from Joongang Investment Corporation…”
“You still have to pay the interest on the 200 billion won loan.”
Moon Sang-ho, sensing something strange, looked at Kim Min-sik cautiously.
“Mr… President?”
“You have to pay the interest. We can talk after that. Are you going to pay or not?”
“…I can’t pay right now.”
Kim Min-sik clapped his hands cheerfully.
“That’s what I wanted to hear. There was no need for such a long conversation. I’ll take that as a no.”
“…Did you even hear what I said?”
“What? That you can’t pay the interest? Or…”
Kim Min-sik smirked.
“That you want to secure an investment from Joongang Investment Corporation?”
Moon Sang-ho fell silent, sensing the change in atmosphere, and Kim Min-sik started chuckling.
“I can’t listen to such nonsense. Drive out Joongang Investment Corporation? It’s simple, right?”
He puffed out his chest, mimicking Moon Sang-ho.
“It’s child’s play for a large corporation like us.”
He laughed heartily at Moon Sang-ho’s glare.
“Hahahahahahaha, that’s so cool! Korean corporations are so cool! With that kind of confidence, you could conquer the world and then some! Hahahahaha!”
Moon Sang-ho gritted his teeth.
“What are you doing? Are you mocking me?”
“Mocking you? Of course not.”
Kim Min-sik narrowed his eyes.
“I’m laughing at you. You foolish man, blinded by greed, oblivious to the knife at your throat.”
* * *
“Did he really say that?”
“Yes, Father.”
Chairman Moon Kyung-sik of Daemun Group said with a stern expression,
“This is a company. Call me Chairman.”
“Yes, Chairman.”
Moon Kyung-sik stroked his chin.
“A knife at his throat, huh.”
“Don’t worry, Chairman. There’s no need to take a madman’s words seriously. He’s insane.”
Moon Kyung-sik clicked his tongue.
“Managing Director Moon, didn’t I teach you to observe a person carefully, even after hundreds of encounters?”
“But Chairman, if you had seen him in person, you wouldn’t be saying that. His behavior, his expression, his tone… nothing about him is normal.”
“That madman is the head of Hanho Savings Bank, a key player in the financial world. He’s the one who secured funds with an insane recovery rate while other banks were struggling with bad debts. Never underestimate him.”
Moon Sang-ho said with a frustrated expression,
“He’s just a puppet, following orders from the Chinese. He’s obsessed with tormenting his employees. He just parrots the interest payment demands of his Chinese masters, even when discussing important investments. I’ll handle the negotiations with Baek In-hwi myself.”
Moon Kyung-sik glared at him.
“You’re short-sighted. It’s a problem whether he’s crazy or not. If he’s crazy, he might drag us down with him, like he did with other companies. And if he’s not, he must have some other plan.”
He closed his eyes and thought, turning away from Moon Sang-ho, who was speechless.
“But I can’t figure out what he’s trying to do. What is it? Are we missing something? The 200 billion won loan is secured by miscellaneous items, right? Are you sure?”
“Yes, I’m sure.”
“We can just hand over the collateral and default on the loan…”
They would still face legal challenges, but they would have a valid excuse.
“I don’t understand.”
Just then, the door to the chairman’s office burst open, and his secretary rushed in, his face pale.
“Chairman! We have a problem!”
Moon Kyung-sik frowned.
“What’s the meaning of this? Barging in without knocking?”
“I’m so sorry, but it’s an emergency.”
“What is it?”
“Hanho Savings Bank filed an injunction!”
“An injunction? What are you talking about?”
The secretary said with trembling eyes,
“They’re claiming that the collateral provided by Daemun Group is losing its value due to depreciation and are requesting that we stop using it!”
“What?”
“Th-that is…”
The secretary closed his eyes and said,
“They’re asking us to stop using everything we provided as collateral, from erasers to desks and computers, because their value is decreasing from use! In other words… we can’t use anything!”
Moon Kyung-sik’s eyes widened, and he shouted,
“What kind of bullshit is that?!”
