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CH63 | Heir
🕑 Added 2025-03-29 04:09:40 +0000 UTCA few days later
I discreetly visited Captain Kang’s office, where I found Dimon slumped in his chair, looking utterly exhausted.
It was no surprise—he had spent the past few days orchestrating negotiations with Taewoo Securities from behind the scenes.
“I heard today’s negotiations have concluded,” I said.
“We reached an agreement on the major terms on the first day, but as they say, ‘the devil is in the details.’ We had to hash out the finer points, which dragged the negotiations out until today,” Dimon replied, rubbing his stiff neck as he rose from his seat.
Then, he handed me the finalized contract.
“It’s not a bad deal. Taewoo Shipbuilding will be officially spun off from Heavy Industries by the end of this week. We negotiated a full acquisition, including all shares and management control.”
“What’s the agreed price?”
“We settled at 1.2 trillion won. Thanks to the corruption documents you provided, we managed to bring the price down significantly.”
I wondered if Dimon had any idea—
The documents I gave him were just the tip of the iceberg.
Had I revealed everything, he’d have cursed me out for sure.
1.2 trillion won?
To be honest, that was still overpriced.
Taewoo Shipbuilding was burdened with significant debt, not to mention allegations of accounting fraud. A deal could have been struck for as low as 500 billion won.
But pushing the price down too much risked my grandfather reconsidering the sale.
After all, this was just a matter of shifting money from SAVE Investment to Taewoo Group—both of which were destined to be mine anyway.
There was no need to haggle unnecessarily.
“You understand that we can’t let this money go directly into Taewoo Group’s accounts, right?” I reminded him.
“I’ll arrange for the funds to be transferred to the joint venture company we’re establishing with Aramco. But to do that, the joint venture needs to be set up as soon as possible.”
“No need to worry. David is still in Saudi, working hard to get it done.”
Thanks to Salman’s help, securing the joint venture with Aramco wouldn’t be an issue.
Salman was fully committed to creating this refinery with me—though getting him to that point had been no easy feat.
In the end, he agreed because SAVE Investment had secretly signed a contract taking full responsibility for the venture.
That was why, when Chief Secretary Kim visited Saudi Arabia, Salman had personally vouched for the deal.
“Once the joint venture is in place, paying through its corporate account will be a non-issue,” Dimon assured me.
“I’ll say it again—our goal is to keep Taewoo Group’s funds frozen in a safe place. And in dollars.”
“As long as SS Oil doesn’t fall into Taewoo Group’s hands, the joint venture’s expansion into Korea will inevitably be delayed.”
Selling off Taewoo’s subsidiaries was my way of securing foreign reserves in preparation for the upcoming financial crisis.
But knowing my grandfather, if he saw a large influx of capital, he would immediately find ways to spend it.
That’s why I planned to use the joint venture as a pretext to tie up those funds.
“Now all that’s left is to package Taewoo Shipbuilding nicely and sell it off to Hyunjae Group for a premium,” I said.
Dimon’s expression brightened.
“Finally! I can put my expertise to work. Just from a quick glance, there’s plenty of room for adjustments.”
“Just remember—Korean corporate culture is very different from what you’re used to. You can’t just fire employees at will.”
“I studied Korean labor laws in advance. It’s more complicated than in the U.S., but still manageable.”
It was certainly easier to fire employees now than it had been in my past life.
Before the financial crisis, legal restrictions on mass layoffs weren’t as stringent.
That said, in Korea, large corporations were still considered lifelong employers.
Restructuring wouldn’t be easy.
“Captain Kang is already gathering justifications for restructuring. We also have plenty of supporting data.”
“If we frame it as firing corrupt employees, public sentiment won’t turn against us. And once we clean the house, Hyunjae Group won’t be able to resist biting.”
"I'll make sure you get a generous incentive, so sell it for the highest price possible."
"I’ll make sure Hyunjae Group staggers from the impact."
Taewoo Shipbuilding had been acquired for 1.2 trillion won.
But with Dimon—the so-called god of corporate reform—at the helm, its value would soon change.
***
The next day
I arrived at Taewoo Electronics with an exceptionally light heart.
The air felt crisp, despite the hazy sky filled with fine dust. Even the faint taste of pollution on my tongue seemed almost sweet.
Sitting in my office, I couldn’t help but hum a tune.
With Taewoo Shipbuilding—its mountain of debt—officially cut from the group, our debt ratio was finally in a stable range.
Of course, that didn’t mean we were safe from the looming financial crisis. There were still a few more assets that needed offloading.
Several of those plans were already in motion.
Taewoo Heavy Industries and Taewoo Chemicals would be absorbed into the joint venture with Aramco, dispersing the risk.
And finally, once Taewoo Electronics was dealt with, Taewoo Group would be completely out of danger.
Just as I was indulging in these pleasant thoughts, Vice President Woo Sung-il knocked and entered my office.
I greeted him more warmly than usual.
"You look great today. Have you been eating something especially good for your health?"
"Working under you seems to be improving my condition naturally."
On a normal day, I would have frowned at his blatant flattery.
But today, I let it slide—it actually felt pleasant.
Especially when his report turned out to be just as satisfying.
"The project is progressing rapidly. Particularly, the initiatives you instructed are being implemented flawlessly."
"Let’s take a look, then."
My directive had been simple:
'Move away from the tank-like durability mindset and create products that captivate the public.'
Of course, making a durable product was important.
But customers didn’t buy electronics just because electronics they lasted a long time.
For Taewoo Electronics to survive, it first needed to shed its outdated, rigid image.
That’s why I had pushed for designs that evoked emotion rather than just emphasizing durability, along with a broader range of features.
Several projects were now being developed simultaneously to reflect this shift.
"This is a noticeable improvement from before," I commented.
"Since streamlining the organization, we’ve seen a surge in creative ideas," Woo replied.
"Make sure those ideas don’t get lost along the way. And ensure every single one is patented."
"Understood."
Taewoo Electronics had plenty of talented employees.
Now that the stifling upper management had been removed, fresh ideas were finally pouring in.
Even if I left things as they were, better products would inevitably emerge.
And Taewoo Electronics would achieve stronger performance than in previous years.
While the employees focused on innovation, I had another plan to boost the company's financials.
"Taewoo Electronics’ debt is around 2 trillion won, correct?"
"That’s right. We’re paying over 150 billion won in interest alone every year."
At this time, South Korea was still experiencing rapid economic growth.
Savings account interest rates were over 7%, and loan interest rates hovered around 10%.
A decade from now, those rates would be cut in half, but for now, borrowing money was expensive.
"No matter how many products we sell, all the profits are being swallowed by loan interest."
"Fortunately, the success of InoPhone has helped us cover the interest and even repay some of the principal."
"The first priority should be dealing with those expensive loan interests. Gather a detailed report on Taewoo Electronics’ debt situation and get it to me by today."
"I’ll have it ready by the evening."
Vice President Woo Sung-il was always quick on his feet.
By lunchtime, he had already compiled and delivered all the necessary documents.
"Good work."
"Will you be having lunch now? I know a fantastic restaurant."
"I already have plans with my grandfather. Next time, let’s go together."
"Ah! Understood. Have a good lunch, sir."
Holding the debt report, I headed to the group’s headquarters.
I had arranged a lunch meeting with my grandfather for the first time in a long while.
"It’s been ages since we’ve had lunch together, Min-jae. But why did you suggest ordering delivery?"
"I realized I’ve never had Chinese food with you before, Grandpa."
My grandfather had always loved jjajangmyeon (black bean noodles).
Not because of the taste—he simply hated wasting time.
He’d finish a bowl in three minutes flat and return straight to his desk.
Of course, my choice of jjajangmyeon wasn’t just about nostalgia.
The quicker we finished eating, the more time we’d have to discuss Taewoo Electronics’ debt situation.
"Let’s eat."
"Thank you for the meal."
Slurp!
We ate in complete silence, fully focused on our noodles.
Despite his age, my grandfather was devouring his jjajangmyeon at a speed that left me in the dust.
"You’re going to give yourself indigestion eating like that. You should slow down at your age."
"You sound more like a doctor than my actual doctor. I’m not so old that I’ll choke on a bowl of noodles."
Was he really sure about that?
I pushed the empty jjajangmyeon bowl aside and placed the debt-related documents on the table.
"I looked into the Taewoo Electronics’ debt situation. We’re bleeding too much money on interest payments. No matter how much revenue we generate, it’s only making banks and loan sharks richer."
"A rookie businessman is always afraid of debt," Grandpa said, his words reflecting his management philosophy.
"A company can only grow if it takes on debt."
That may have been true during times of rapid economic expansion.
But the moment growth stagnated, debt would become a crushing burden.
"Still, wouldn’t it be better to reduce it if we can? Just like how we refinanced Taewoo Motors' Changwon plant at a lower interest rate."
"You’re planning to bring in money from Wall Street again?"
"We're paying loan sharks interest rates between 10% and 14%. If we refinance with Wall Street, we can cut that by at least 3%. That alone would save us a minimum of 10 billion won annually."
"You think I don’t know that? The only reason we borrowed from the loan sharks in Myeong-dong was because the banks refused to lend us more."
"I plan to fix that problem."
I started with the positive.
It would make the difficult part of the conversation easier to swallow.
"How much are you thinking of borrowing from Wall Street?"
"If it’s for repaying high-interest loans, I can secure up to 1 trillion won."
"Heh… I really did the right thing by sending you to the U.S."
"To earn 10 billion won in operating profit, we’d have to sell tens of thousands of home appliances. But simply transferring our debt to Wall Street would save us that much instantly."
I planned to shift Taewoo Electronics’ debt to SAVE Investments.
That way, I could fully control and dominate the company.
"It’s a great idea—if you can pull it off. Are you confident?"
"I’ve already laid the groundwork. InoPhone’s strong sales performance made the negotiations much easier."
"Hah, it’s all thanks to you, then."
The mood was good.
Which meant it was time to say what needed to be said.
"Grandpa, even if we refinance, Taewoo Electronics will still have over 2 trillion won in debt."
Grandpa let out a small cough, clearly feeling uneasy.
"We’re gradually paying down the principal. That will naturally reduce our interest burden each year."
"I want to pay off the principal as quickly as possible."
"No one likes being in debt. But when there’s no alternative, you live with it."
"There is a way. Just like how Taewoo Heavy Industries spun off and sold its shipbuilding division, we can separate and sell Taewoo Electronics’ mobile phone business."
Thud, thud!
Grandpa clenched his fist and pounded his chest, frustration evident on his face.
The thought of selling off a part of the company he built with his own hands was clearly unbearable.
