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CH94 | VOC
🕑 Added 2025-03-26 03:42:10 +0000 UTCWord spread quickly that Hanho Savings Bank had lent 200 billion won to Daemun Group.
People initially dismissed it as a rumor. No one believed that a struggling bank like Hanho, on the verge of being designated as a high-risk institution, would lend such a large sum to Daemun Group, which was also facing financial difficulties. But when the details of the deal, including the unusual collateral, became known, everyone was stunned.
Hanho was accepting miscellaneous items and distressed inventory as collateral, items that other banks wouldn’t even consider. It was the creation of a new funding channel.
The financial world watched with apprehension, wondering what crazy stunt Hanho would pull next. But desperate companies didn’t have the luxury of hesitation.
Kim Min-sik skillfully negotiated deals with these companies, and although the amounts varied, all contracts included a common clause:
“All assets owned by the company, excluding real estate, vehicles, buildings, and facilities, are designated as collateral.”
Since the value of these miscellaneous items was far less than the loan amount, it was a favorable condition for the companies. And within three weeks, Hanho Savings Bank had distributed its entire 2 trillion won in surplus funds as short-term loans.
The government, which would be responsible for any losses incurred from these reckless loans, vehemently opposed it, but Kim Min-sik remained unfazed.
“Loan approval is our prerogative.”
The newly appointed Minister of Finance and Economy, his face haggard, said,
“What are you going to do with desks and chairs as collateral? You’ll be lucky to recover 20 billion won out of the 200 billion won you lent. You should have consulted with us and focused on lending to creditworthy companies. This is almost like a deliberate attempt to sabotage the government.”
Kim Min-sik said with a sly smile,
“Sabotage? We’re just contributing to the Korean economy.”
“Contributing…”
The Minister’s head throbbed at his nonchalant response, considering the chaos he had created.
He had summoned Kim Min-sik to his office, hoping to reason with him, but it was impossible to communicate with him.
And he couldn’t threaten him directly, as there were no effective measures against Hanho Savings Bank and Joongang Investment. He had to try persuasion first.
And the previous Vice Minister’s warning about the Chinese investors before his resignation was also unsettling.
“We have a plan, so please understand.”
“What’s the reason for operating like this? Should I assume this is CEO Baek’s intention?”
Kim Min-sik’s face hardened.
“How are we supposed to work if you question everything we do? It’s only been two months since we acquired the bank. We admit we’ve been a bit reckless, but it’s because we had to clean up the mess left by the previous president. We had no capital, only debt. We had to create operating funds somehow to even attempt a recovery. We haven’t made a single penny from the loss compensation. Do you want us to just sit here and wait for the government’s handouts while holding onto the bad debts?”
The Minister was annoyed by his defiant attitude, but he couldn’t deny the truth in his words.
The loss compensation only covered the principal, not the profit, so Hanho Savings Bank hadn’t made any real profit.
“I’m just asking you to operate within reason. The government owns a 30% stake in Hanho Savings Bank. We’re a major shareholder. You should at least consult with us. Is that too much to ask?”
Kim Min-sik’s expression softened.
“If that’s all…”
“Sigh.”
The Minister took a sip of his tea and said with a sigh,
“Are you sure you can recover the loans? The government has countless other places to spend its money. CEO Baek is Chinese, but you, President Kim Min-sik, are Korean. Our country is in a dire situation. Everyone is struggling and making sacrifices. We would appreciate it if you could cooperate and help us stabilize the situation.”
Kim Min-sik smirked inwardly.
What had the country ever done for him?
The government had taken its share of taxes from his salary every month, but it was Baek In-hwi, not Korea, who had saved him when he was struggling.
He had no patriotism left, but he said,
“Of course, Minister. I was born in Korea and served in the military. I’ll try my best to consult with you regarding the loans to large corporations, although I can’t promise anything because of the mess left by the previous president.”
“Thank you. But are you really sure you can recover the loans?”
Kim Min-sik smiled.
“Don’t worry. I have my ways.”
* * *
I massaged my stiff shoulders and said to Park Jong-bum,
“We’re almost done, right? I think we’ve covered most of the companies worth targeting.”
“Yes, we’ve covered almost all the viable companies.”
We had been laying the groundwork for over a month, setting up countless worker cooperatives in the companies we had driven to bankruptcy.
The concept of worker cooperatives, where employees took over and revived their bankrupt companies, had become a hot topic, creating various social phenomena.
Many workers, devastated by their companies’ bankruptcies, reached out to the Park Sol Foundation and other organizations for help, inspired by the idea that they could save their companies themselves. Some even pooled their money and attempted acquisitions.
Most of them failed, but they had successfully captured the public’s attention.
“With all this groundwork, the government won’t sell those companies to someone else, right? They’re not blind. Workers reviving their own bankrupt companies, it’s a perfect story.”
“Of course.”
“It’s been a tough month. But…”
I smiled.
“It was fun.”
It was amusing to watch people’s reactions to my every move, their expressions of awe and envy.
It was exhilarating to see them cheering for me, oblivious to the fact that I was the one who had ruined their companies.
Well, it was ultimately beneficial for them.
“I never imagined the bank acquisition would be so profitable. We’ve already made over 100 billion won in two months, and it’ll increase significantly once the company acquisitions are finalized.”
I chuckled at Park Jong-bum’s words.
“It’s too early to celebrate. There are still bigger fish to fry.”
“I’m looking forward to it.”
I couldn’t help but smile, seeing those large corporations rushing towards us like moths to a flame, oblivious to the trap we had set.
“Foolish bastards.”
Some of them were genuinely desperate, borrowing money to turn their companies around, but how many were there?
They probably thought they could just drag out the repayment or hand over the collateral, like with other banks, but they were wrong.
I finished stretching and said,
“By the way, President Kim Min-sik is doing a good job. He’s quick-witted and ruthless, probably because of his long career in the banking industry. He’s exceeding my expectations as a temporary replacement.”
Park Jong-bum nodded.
“Yes, according to the reports, he’s been abusing his power a bit, but other than that, he’s impeccable.”
“Abusing his power? That’s nothing. If it were me, I would have gathered all those who had wronged me and treated them the same way they treated me. Or maybe it would be more satisfying to keep them around and torment them.”
But how many would survive such treatment?
It would be a constant dilemma for them: quit and face an almost impossible job market, or endure the abuse of their boss, the bank president.
I chuckled.
“Keep an eye on President Kim Min-sik. He seems like a useful person.”
“Are you planning to reveal your identity to him?”
My eyes widened.
“Reveal my identity? Of course not. The current situation is perfect. Baek In-hwi’s representative. But he deserves a reward. Hmm.”
A well-fed beast wouldn’t hunt.
He was driven by desperation and ambition now, but as his position became secure and his wealth grew, his ruthlessness would inevitably fade.
“Not now, but depending on his performance, let’s give him some shares in Hanho Savings Bank. It’ll boost his morale, and he’ll work even harder if he owns a part of the bank.”
“Haha, you said the same thing to me before.”
I smiled.
“It’s my philosophy. I wasn’t lying when I told the employees of the bankrupt companies to become owners. The fastest way to instill a sense of ownership is to make them owners, even if it’s just a small share. What’s the point of empty words? Whether it’s incentives or shares, people work hardest when they have something to gain. It’s the best motivation. Anyway, since we’re done with work, how about some soju?”
“Sounds good.”
“Ah, this is nice.”
The three of us, including Maru, who had been holding down the fort, gathered in my office.
We only had some snacks, but true drinkers didn’t need elaborate appetizers.
“The government is starting to get suspicious. Should we bring in more funds? How much do we have in our overseas reserves?”
Maru calculated for a moment.
“About 600 billion won. The Shenzhen factory’s profit margin has decreased significantly, slowing down the growth, but it’s still doing well.”
“Even if the factory’s profit decreases, the department store is making up for it.”
The Shenzhen secondhand electronic components department store had become a major hub, and a new electronics district was forming around it, driving up real estate prices.
Its monthly sales had exceeded 1 trillion won a long time ago, and it was generating over 100 billion won in net profit, our most profitable business.
“We spent 100 billion won on the bank acquisition and 200 billion won on land acquisition, and Joongang Investment Corporation isn’t making any other investments. Hanho Savings Bank has been a headache for the government, so let’s set aside 100 billion won as a reserve and bring in the remaining 500 billion won to appease them.”
Park Jong-bum smiled.
“I’ll take care of it.”
“We can’t just keep using the stick. We need to offer some carrots too. Hehehe.”
Who would have thought we would be treated so well just for bringing in foreign currency, without even spending it?
“Enough business talk, let’s drink!”
Just as we were about to toast, my phone rang.
“What’s this? Excuse me.”
I put down my glass and answered the call.
“Hello?”
[Oppa, it’s Hwa-young. Are you busy?]
I smiled brightly, hearing my sister’s voice.
“Oh, my dear sister. What a surprise.”
She clicked her tongue.
[You sound like you’ve been drinking.]
I chuckled.
“It’s after work hours. What’s up?”
[Does your foundation offer scholarships?]
“Scholarships?”
[Yeah, like tuition or living expenses support for struggling students.]
Did we offer scholarships?
“Hmm… we could.”
[Don’t give me that vague answer. Do you or don’t you?]
“Why are you being so aggressive? I’m the chairman of the foundation. I can do whatever I want. What’s going on?”
She hesitated and then said,
[Can you help my friend?]
