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CH38 | Heir
🕑 Added 2025-03-21 03:51:27 +0000 UTC"I will do my best to help you become the true master of Myeong-dong."
"Just helping won't be enough. Tell me exactly what I need to do."
"I've heard that you hold a significant amount of corporate stocks and bonds."
"Of course, I own a lot of corporate bonds. Bonds are basically just another form of private loans, aren't they?"
Corporate bonds were often referred to as private loans.
Though the term "private loan" generally carried a different meaning in everyday use, the essence of how money circulated in Myeong-dong’s private lending market was much the same.
"I will tell you which stocks and bonds you need to liquidate."
The looming foreign exchange crisis would cause many major corporations to collapse.
Naturally, any corporate bonds they had issued would become worthless junk.
But what if I could warn him in advance about which companies were going bankrupt?
By avoiding the massive losses that would cripple other moneylenders in Myeong-dong, the "Gwanghwamun Bear" would have the perfect opportunity to rise as the new ruler of the district.
"You're telling me to sell off all the stocks and bonds I own just because you say so? Ha! You certainly have confidence. I’d love to know where that confidence comes from."
"Do you know who I met during my trip to the U.S.? I had quite a productive time with some hyenas."
"By hyenas, you must mean Wall Street’s predators. So, the information you got from Wall Street is what fuels your confidence? In comparison, Myeong-dong is nothing more than a corner store. But let me tell you something—when it comes to information about Korea, Myeong-dong knows better than Wall Street ever could."
Where money gathers, so does information.
Every major business figure in Korea had, at some point, walked the streets of Myeong-dong. Naturally, the district had become a hub where financial intelligence concentrated.
But that didn’t mean they knew more than I did.
They had only heard things through the grapevine—I had seen the future with my own eyes.
"Since you doubt me, I suppose I'll have to prove it. You've heard of Hanil Bank, right?"
"Of course. You could say we have a rather... affectionate relationship, considering how often we lend money to each other."
"Are you currently in a position where you've borrowed from them, or have you lent them money?"
"I’m the lender, of course."
"Then withdraw your money immediately."
"Are you suggesting... that Hanil Group is in trouble? No matter how bad the economy gets, banks don’t just collapse."
Banks? They were nothing special.
If they made poor investments and couldn’t return depositors’ money, they would fail like any other business.
Apart from the Bank of Korea, which had the power to print money, any bank could go under.
"Have you heard of CT Bank?"
"Of course, I know. Isn’t that the bank that agreed to repay the 400 billion KRW loan Taewoo Motors took out to build its Changwon plant? That loan is the very reason you and I are having this conversation—how could I not know?"
"Then, are you aware that CT Bank is the majority shareholder of Hanil Bank?"
"…That, I did not know."
"That 400 billion KRW loan was granted purely on credit—without any collateral. And at a much lower interest rate than what commercial banks offer."
"So, you’re telling me you’re close enough to CT Bank to obtain such inside information. And that information points to Hanil Bank."
A lie becomes more convincing when it contains elements of truth.
In reality, SAVE Investment simply used CT Bank’s name to extend the loan to Taewoo Motors.
But from an outsider’s perspective, it appeared as though CT Bank had enough trust in me to lend such a massive sum.
I took full advantage of that perception.
And now, Chairman Lee Sun-il was beginning to believe my words.
"Hanil Bank is in danger… Ha! To think I lived in Myeong-dong and didn’t know such critical information."
"This is classified information. If it spreads, I might lose a valuable informant."
"You have my word—I won’t breathe a word of this to anyone. But tell me, do you have any other information?"
He was already halfway convinced.
To fully secure his trust, I needed to offer him one more crucial piece of intelligence.
After much deliberation, I decided to reveal a piece of information I had hoped to keep to myself.
"If you hold any Sampoong Group bonds, liquidate them immediately. There are projections that they will default within the year."
"Sampoong Group? That’s one of the top 15 conglomerates. They even own a department store in the heart of Seoul. You’re saying they’ll collapse?"
"Their cash flow situation is dire. At this rate, all it will take is a single crisis, and they’ll crumble without resistance."
A crisis was indeed coming.
The collapse of the Sampoong Department Store.
The fallout from that disaster—compensation claims and the complete erosion of public trust—would lead to Sampoong Group’s inevitable bankruptcy.
"I will liquidate all my Sampoong Group bonds and stocks. However, if the year passes and they’re still standing, I may have to reconsider our partnership."
"That’s perfectly fine. But if everything I’ve said turns out to be true, what will you do then?"
I straightened my back and spoke with confidence.
To gain his absolute trust, I couldn’t afford even a moment of hesitation.
"If that happens, I suppose I’ll have no choice but to believe whatever you say—even if you tell me that red beans can be fermented into soy sauce."
"But this seems a little unfair. I’ve already revealed two of my cards."
"Of course, I intend to give something in return. I just wasn’t sure what you wanted, so I haven’t mentioned it yet."
There was a reason I was dealing with the Gwanghwamun Bear.
He held large amounts of corporate stocks and bonds—not just for himself but with enough influence to sway the holdings of other Myeong-dong lenders.
"I wouldn’t call it payment for information, but as a first step, I’d like you to sell me the Taewoo Electronics stocks and bonds you own."
"Why Taewoo Electronics? Chairman Kim is going to hand the entire group over to you anyway."
"Of course, my grandfather will transfer his shares to me. But even with that, I won’t have enough control over Taewoo Electronics to run it exactly as I see fit."
"So, you want to fully control Taewoo Electronics. But my stake is only 5%. Will that be enough?"
"Five percent was by no means a small stake."
"Taewoo Electronics had an annual revenue exceeding 2 trillion KRW, with net profits of over 30 billion KRW."
"Its market capitalization was around 800 billion KRW—a relatively low figure compared to its revenue."
"Even so, a 5% stake amounted to approximately 40 billion KRW."
"Of course, I wasn’t going through all this trouble with the Gwanghwamun Bear just for that 5% stake."
"His connections—built over decades in Myeong-dong’s private lending market—were far more valuable than his capital."
"Of course, that’s not nearly enough. Can you gather the Taewoo Electronics stocks and bonds spread across Myeong-dong?"
"You’re asking me to persuade the Myeong-dong lenders. Well, if you want me to, I suppose I have no choice. If I sweep through Myeong-dong, I can probably secure around 15%. But even with that, there’s not much you can do."
"I’ll get the shares my grandfather owns."
Grandfather held a 30% stake in Taewoo Electronics.
Taewoo Group’s other subsidiaries collectively owned around 20%.
If I managed to consolidate all of those under my name, I would control over 65% of the shares.
That was more than enough to wield complete authority over Taewoo Electronics.
"Do you really think Chairman Kim will hand them over so easily? Even if you are his grandson, he’ll likely think it’s too soon. Besides, you’re not even the president of Taewoo Electronics yet."
"For now, I’m the head of the research lab. But by the end of this year, I’ll be the president of Taewoo Electronics."
"Is that even possible? The public eye is on Taewoo, and they won’t appoint you as president unless you achieve something significant."
"I will make it happen."
"I can’t tell if that’s arrogance or confidence."
The Gwanghwamun Bear scratched his head.
At that moment, I understood why he had earned that nickname.
"Gather the stocks and bonds as quickly as possible."
"You do realize you’ll need at least 150 billion KRW to acquire them, right?"
"I’m well aware."
"Well, considering you borrowed 400 billion KRW purely on credit, I suppose 150 billion isn’t out of reach for you. Ha! At your age, no one else in Korea is moving money like this."
Money was never the issue.
The problem was that Taewoo Group’s shares weren’t something that could simply be bought with money alone.
Sure, I could acquire them by paying an exorbitant premium—but I had no intention of overspending.
That was precisely why I maintained this relationship with the Gwanghwamun Bear.
I would make him the ruler of Myeong-dong.
In return, he would run around on my behalf, helping me achieve my goal.
After my meeting with the Gwanghwamun Bear, I returned to the mansion.
Exhausted from the long flight and adjusting to the time difference, I collapsed into a deep sleep.
When I finally opened my eyes again, my grandfather was gently stroking my hair, a warm smile on his face.
"When did you get here? I wanted to wake up before you arrived—sorry."
"You apologize too much. Even I need half a day to recover after a business trip to the U.S. So, did everything go well? I heard the research lab has been focusing on patents lately. Was that the reason for your trip?"
There was a stark contrast between the grandfather I saw at work and the grandfather I saw at home.
At home, he was a caring grandfather who worried about his grandson more than anyone else.
"I’ve taken care of everything and returned safely. Moving forward, I want Taewoo Group to hold more patents than any other company."
"That’s a great idea. I should have realized the importance of technology much sooner, but I didn’t—so now you’re the one having to bear the burden. Ah! I have good news for you. Taewoo Electronics has just filed a patent for the next-generation display technology that will be used in its TVs."
Though my grandfather had once overlooked the value of technological advancements, Taewoo Group wasn’t lagging behind in terms of technology.
It had simply bridged the gap by purchasing technology with money.
When considering the funds, manpower, and time required for in-house research and development, this approach could even be seen as a profitable business strategy.
But only in the short term.
The expertise and experience gained during the R&D process weren’t something that could be bought with money.
Over time, the technological gap between companies would inevitably widen, and without its own advancements, Taewoo Group would eventually fall behind.
Of course, it could always purchase new technology again to catch up—assuming it had the money to do so.
"Taewoo Electronics’ TV sales have been increasing every year. Now that we’ve developed new technology, our market share should rise even further."
"Our goal is to push our domestic market share up to 30%. Samjin is aggressively lowering prices and running all sorts of promotions, but in the end, wouldn’t people still prefer our durable products?"
The ‘Tank Principle.’
The idea was to manufacture products as sturdy and long-lasting as a tank.
With this marketing strategy, Taewoo Electronics could certainly increase its market share, but in the end, it would collapse due to a lack of technological innovation.
Durability alone wasn’t enough for home appliances.
To survive, a company needed to stay ahead of its time with cutting-edge technology.
"TVs are important, but the growth of the mobile phone market is no joke these days."
"I’ve noticed that too. Samjin Electronics has been focusing heavily on the mobile phone business. But they’re still behind compared to foreign manufacturers."
"That gap will narrow soon. Just last year, Samjin sold over 200,000 mobile phones."
"So you’re suggesting that we focus on mobile phones as well?"
"A household only needs one TV, but the time will soon come when every family member carries their own mobile phone."
I threw my grandfather the bait—mobile phones.
The flip phone I was about to create would not only bring Steve back to Apple but would also secure my position as the president of Taewoo Electronics.
