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CH59 | Heir
🕑 Added 2025-03-28 02:56:18 +0000 UTCThe next day
When I arrived at Tae-woo Electronics, Vice President Woo Sung-il personally delivered the daily report.
"Sales of the InoPhone continue to rise. Products from Factories 3 and 4 are selling out the moment they’re produced. Thanks to the InnoPhone, sales of Tae-woo Electronics’ home appliances have also increased."
"Looks like the InnoPhone helped shed Tae-woo Electronics’ outdated image a bit."
The contrast between the InnoPhone and Tae-woo Electronics' home appliances couldn't have been starker.
The InnoPhone featured cutting-edge design, while Tae-woo Electronics’ appliances were as rugged and outdated as military equipment.
However, as people visited Tae-woo's stores to purchase the InnoPhone, many ended up buying other appliances as well, leading to an overall increase in sales.
"The reassigned personnel are adapting well to their new departments. Contrary to expectations, operations are normalizing quickly, and some even say project progress has accelerated."
"Even with fewer staff, things are moving faster?"
"It seems that, since higher-ups haven't been fully replaced yet, the reporting process has been streamlined."
The vice president hesitated slightly as he spoke.
This was something I hadn’t anticipated.
In the midst of restructuring, a lot of senior executives had been cut. As a result, the reporting process became more efficient.
"Take steps to ensure that reporting remains simplified. Also, for less critical tasks, consider implementing an electronic approval system."
"Electronic approval? You mean something like email-based authorization without face-to-face meetings?"
Many people still found the internet unfamiliar.
Being an electronics company, Tae-woo Electronics was adapting quickly, but an electronic approval system was still a long way from widespread adoption.
"Vice President, you started as a regular employee, so you know how it is, right? Even deciding on a company dinner location takes hours of discussion."
"Back when I was a junior staff member, it sometimes took days, not just hours."
"Imagine if we used that time for actual work—we’d be producing more. Let’s make electronic approvals standard for routine reports."
"I’ll instruct the IT team to develop an electronic approval system."
Korean corporate culture was not much different from the military.
Hierarchical, rigid, and filled with inefficient traditions.
How could innovation thrive in such an environment?
"From now on, company dinners should end at the first round. And let’s stop making drinking the only activity—try introducing things like movie nights or bowling instead."
"As expected, your ideas are fresh—must be because you studied in the U.S. I’ll implement this starting with the next company gathering."
The vice president was flattering me, but deep down, he was probably wondering if such changes could actually work in Korea.
They would—because I’d make sure of it.
"Also, post job openings for experienced hires."
I was doing everything I could to reduce the company’s debt ratio.
In business, the biggest expense was always payroll.
A large-scale restructuring was necessary to cut costs, but slashing staff indiscriminately would cripple the company.
The plan was to remove redundant employees while carefully recruiting only essential personnel.
"How many are we looking to hire?"
"As many as we can—if they’re talented. Not sure how many will meet my standards, though."
If I was going to bring people in, they had to be top-tier.
I planned to personally review every resume submitted by experienced candidates and verify every detail.
"I’ll have the job postings up by the end of the week. Ah, and there’s trouble in the mobile division."
"Of course there is. Their production lead is gone. But since development is in its final stages, it shouldn’t be too difficult. If they run into serious issues, tell them to bring them to me. We can’t afford to have the product take a wrong turn now."
"I’ll relay that message."
Tae-woo Electronics should now be able to function smoothly on its own.
Deadweight had been cut, and the remaining employees were all competent and motivated.
If they put their heads together, they’d produce results.
And if I stepped in to fine-tune key aspects, the company would improve significantly.
I had no time to focus on Tae-woo Electronics.
Right now, forcing the acquisition of Tae-woo Group’s affiliates was far more important than product development.
***
A few days later
I was waiting for David in Captain Kang’s office.
David entered the room reeking of alcohol, looking like a man who had drowned himself in liquor.
"These people are insane. Especially the bomb shots! I have no idea how they manage to drink so much of that stuff."
"That’s Korean culture for you. They mix everything—whether it’s soup or alcohol."
"If I had kept drinking like that for a few more days, I would’ve ended up in the hospital. Good thing I managed to wrap things up before that happened."
"Sounds like you have good news."
I handed David a cold glass of water.
He gulped it down in one go before continuing.
"We should be able to acquire the Tae-woo Group shares held by six different banks."
"I’m guessing there are conditions?"
"Even at an executive level, selling shares freely could cause issues. The banks need something in return—some kind of benefit—to justify transferring the shares to us."
Banks were businesses too.
Naturally, they pursued profit, and if we wanted those shares, we had to give them something in return.
"If it’s about profit, they’ll want deposits. Transfer a portion of SAVE Investment’s funds into the banks as deposits. If we put in about a billion dollars per bank, they’ll practically hand over the shares with open arms."
"Depositing ten billion dollars in total? That’s enough to give those banks some serious leverage."
"But set the deposit period to one year. And make sure it’s strictly in U.S. dollars—both when deposited and when withdrawn."
"With those conditions, they’ll say yes without hesitation. I heard Korean banks have been borrowing short-term loans from overseas to fund domestic corporations."
Where did banks get the money they lent to companies?
Customer deposits weren’t enough, so they borrowed funds from abroad, then loaned the money to businesses at a slightly higher interest rate. That was how they made a profit.
But deposits were different from borrowed funds.
With loans, banks had to pay hefty interest. But with deposits, they only needed to pay a fraction of that amount in interest.
For the banks, this was an absolute win.
"How much Tae-woo Heavy Industries stock do these banks actually hold?"
"Less than 10%."
"So we’re spending more money than the total market value of Tae-woo Heavy Industries just to acquire a mere 10% stake?"
Of course, we would get the money back after a year.
Still, spending billions just to secure shares made me chuckle in disbelief.
"If SAVE Investment used that money instead, we could easily make at least a 30% return. It does feel like a waste."
"It’s a necessary sacrifice. So, is everything settled with the Korean banks?"
"Once we sign the contracts tomorrow, it’ll be done. No more bomb shots for me."
"Then next week, you’re coming with me somewhere."
"If it’s with you, I’ll go anywhere. Where to this time? The U.S.? China? Russia?"
"The Middle East."
I recalled what Dimon had said.
If I had the help of a "white knight," acquiring the heavy industries division would be much easier.
So, I planned to bring Saudi Arabia in as my white knight.
Of course, winning Saudi Arabia’s favor wouldn’t be easy.
However, I had already helped resolve the Saudi royal family’s jewelry scandal in the past, and because of that, I had maintained a good relationship with them.
To conceal my movements, I took a circuitous route before finally arriving in Saudi Arabia.
After spending long hours inside an airplane, even the dry and stifling Middle Eastern air felt refreshing.
"It’s scorching, but still better than being stuck on a plane. But seriously, did you really manage to arrange a meeting with the Saudi royal family? Even the most famous lobbyists in the U.S. struggle to get direct access."
"I have an old connection from my school days."
We disembarked and made our way toward immigration.
Just before reaching the immigration checkpoint, I spotted a man holding a large sign with my name on it.
"Do you know that guy, sir?"
"Looks like the royal family sent him."
I approached him and revealed my identity.
Without hesitation, he took my luggage and, as if it were the most natural thing in the world, bypassed the immigration process entirely.
And that wasn’t all.
A massive German-made limousine awaited us outside the airport.
As we drove, we were escorted by Saudi police, allowing us to pass through every traffic signal without stopping, heading straight to the royal palace.
When we finally arrived, I was greeted by a familiar face.
The moment I stepped out of the car, a young man waved excitedly and called my name.
He was none other than the future Crown Prince of Saudi Arabia—the son of the man who would one day be king.
"Hyung! It’s been so long! Why did you take so long to visit?"*
(*Hyung = older brother, a term used by younger males for older male friends in Korean.)
"It really has been a while. We talked on the phone now and then, but seeing you in person is even better."
I never neglected my connections.
Even during my university years, I made sure to call Muhammad at least once a month.
If a simple phone call could maintain ties with the Saudi royal family, it was a no-brainer.
"I heard you became the president of Tae-woo Electronics! So I replaced all the electronic devices in the palace with Tae-woo products. And I even bought the InoPhone you made!"
"Why would you pay for that? I brought a few just for you."
I took out a brand-new InoPhone as a gift.
Along with it, I handed him a prototype of the yet-to-be-released slide phone—something that hadn’t even entered mass production yet.
"What kind of phone is this? I’ve never seen anything like it."
"It’s a new model set to launch early next year. Since it hasn’t been released yet, you can’t show it to anyone."
"Got it! I’ll keep it to myself. Come on, let’s go inside. My father’s waiting for you."
Muhammad had grown much bigger, but he was still the same child at heart.
Following him, I made my way to meet Salman, the man who would one day be the King of Saudi Arabia.
"It has been a long time. You’ve grown into a fine young man."
"I apologize for the sudden visit."
"Hahaha, nonsense. You are a guest of our royal family. You are always welcome here. After all, you were the one who protected the royal jewels."
Salman greeted me warmly.
He wasn’t king yet—nor was he even the crown prince at this point—which made such a friendly welcome possible.
If I remembered correctly, ten years from now, the current crown prince would meet an untimely death, and Salman would take his place.
"I will make sure to visit more often from now on. Also, I’ve prepared a small gift for you."
"Hahaha, just having you travel all this way is more than enough. But a gift as well?"
There were many things I needed the cooperation of the Saudi royal family for in the future.
So how could I come empty-handed?
To win Salman’s favor, I had brought a truly valuable gift.
"This is the sword once wielded by Peter the Great, the most revered ruler in Russian history."
Peter the Great—the Tsar of Russia.
A ruler known for his ambition and reforms.
For a man like Salman, who harbored his own aspirations for the throne, this was the perfect gift to ignite that fire within him.
