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🕑 Added 2025-03-17 04:05:01 +0000 UTCThe true owner of Changwon Factory was the loan sharks.
In fact, it wasn’t just Changwon Factory.
To expand its manufacturing facilities, Tae-woo Group had borrowed money from countless sources.
Most of its subsidiaries, not just Tae-woo Motors, had been built with borrowed funds.
So when the foreign exchange crisis hit, of course, the company collapsed.
Director Park had fallen into despair
because he had realized the true state of Tae-woo Group.
"Director, other conglomerates also take on massive loans to build factories."
"Of course, I know that. But have you ever heard of a factory where the loan sharks act like the owners?"
"Then we need to get rid of them. We just have to ensure that people like those loan sharks and Executive Director Lee can no longer act as if they own Changwon Factory."
"Do you think that’s easy? The factory cost over 800 billion won to build. More than half of that came from the loan sharks’ pockets.
If we want to get rid of them, we need to pay back 400 billion won— and Tae-woo Group doesn’t have that kind of money.
More accurately, even if we did, the chairman would rather build another factory than pay off the debt."
A mere 400 billion won.
Compared to SAVE Investment’s total assets, it was a trivial amount.
But Tae-woo Group’s current market capitalization was only around 5 trillion won.
From the group’s perspective, 400 billion won was no small sum.
Of course, market capitalization doesn’t reflect a company’s true value.
Tae-woo Group was likely worth far more than 5 trillion won, but even so, securing 400 billion won in cash at once wouldn’t be easy.
And just as Director Park had said—
If the company did somehow acquire that amount, my grandfather’s first thought would be to build another factory.
"I’ll take care of that problem."
"And how exactly will you do that?"
"We just need to find an investor willing to repay the loan sharks instead."
"You’re planning to take out a bank loan to pay them off, aren’t you? Do you think I haven’t tried that?
The ties between Myeong-dong’s loan sharks and the banking sector are extremely tight."
For banks, loan sharks were valuable customers.
They made huge profits by selling them bonds or offering them high-interest loans.
And behind the loan shark industry stood the political world.
During elections, vast sums of money needed laundering, and loan sharks handled that process.
To those in power, loan sharks were a necessary evil.
"So you’re saying the banks won’t approve the loan?"
"Tae-woo Group has already borrowed a significant amount from institutional banks.
Additional loans are unlikely.
And if they find out the loan is meant to repay loan sharks, they’ll never approve it.
That’s why we’ve been raising funds through foreign short-term loans instead."
"You mean short-term borrowings?
I heard the interest rates are much higher than those of local banks."
"I don’t know the exact details, but I once overheard something at Tae-woo’s Economic Research Institute."
Suddenly, the research institute was brought up.
My grandfather had assembled renowned foreign economists to analyze economic trends and industries.
Their think tank was the Economic Research Institute.
"So the institute has warned about the risks of short-term borrowings?"
"I doubt there was any official report. I only heard about it through personal connections."
So at least someone in the group was doing their job properly.
I had assumed no one realized that Tae-woo Group was as unstable as a candle in the wind.
"Why do you think those reports never reached my grandfather or the executives?"
"They probably cut it off midway. You know how high-ranking people prefer optimistic news?
If you deliver warnings or negative reports, you’ll just end up on their bad side."
"I should visit the Economic Research Institute myself then."
"But let’s go back to the main point— If I repay the loan sharks’ debt for Changwon Factory, will you return to oversee it?"
Director Park looked up at the sky and responded.
"… I doubt such a thing will happen. But if the loan shark organization is wiped out, wouldn’t I be held responsible as well?
How could I have the face to stay at the factory after everything?"
He still had lingering attachment to Changwon Factory—that’s why he had stayed all this time.
But deep down, he blamed himself for standing by while it was being toyed with in the hands of the loan sharks.
"Wouldn’t bringing Changwon Factory back to normal be your responsibility?"
"Well, I suppose it’s a bit early to discuss this now. For now, just watch how I handle the debt."
"I’ll watch, but I won’t be able to help."
"Just keep doing what you’ve been doing—watching from the sidelines. That’s all I need."
Director Park rose from his seat first.
Before leaving, he gave me a concerned look, then headed back to Changwon.
He was probably worried about me.
He must have thought I’d go around begging banks for loans, only to fail in the end.
But why would I do something so foolish?
I have SAVE Investment.
***
The Next Day.
I entered a small building located behind Tae-woo Group’s headquarters.
Inside, Captain Kang and Deputy Manager Yoon from the Audit Team were waiting for me.
"You’re here, sir."
"You found a great office space."
"There happened to be a good listing available, so securing it wasn’t difficult. All thanks to you, sir."
Captain Kang couldn’t stay in hotels forever.
Sure, given his frequent business trips,
he’d probably have to treat hotels like home—
But he still needed a central office.
So I had ordered him to purchase a building.
And Kang had chosen the perfect location for our operations.
"Have you and Deputy Manager Yoon gotten along?"
"We’ve spoken on the phone plenty of times,
so we’re already close—at least in spirit."
I had also informed Yoon about Kang’s office.
Because I needed Yoon to help overturn Changwon Factory, and we also needed a secure location for secret meetings.
"It’s good to hear you’re working well together.
That means the results must be promising too?"
"We’ve secured substantial evidence of employment fraud.
Additionally, we’ve gathered testimonies from those who were unfairly dismissed."
"Based on your experience in the audit team,
how severe would the penalties be for this level of evidence?"
"At minimum, suspensions. At worst, criminal charges."
"But…"
"You’re worried about Executive Director Lee’s connections, aren’t you?"
"Exactly. Disciplinary actions against executives can only be decided through a board meeting of the company presidents. The audit team doesn’t have the authority to act independently."
Tae-woo Group’s power is concentrated in my grandfather’s hands.
But this time, he had already said he would stay out of it.
Which meant the company presidents had to make their own decision.
But whose side would they take?
The next chairman—me.
The loan shark’s cousin—Executive Director Lee.
Anyone could see the answer was me.
But the reality was, it was more likely to go the other way.
Me becoming chairman is a future possibility.
But the loan shark’s money is a present reality.
"As long as we have solid evidence, everything will be solved. If we can’t get it through the board meeting, we’ll just proceed with criminal charges."
"Are you sure about this? If you press criminal charges again, you could completely lose the trust of the executive board."
"I’m not that reckless. It was fine to handle Seowoo-tae, the parts factory director, that way— he was just a small fry, so it didn’t cause much trouble.
But Executive Director Lee is a different story."
"Then what’s your plan?"
"I need to take him down slowly. And for that, I need to see his face first.
Tell him to come in for an audit at the headquarters this week."
"Do you think he’ll come all the way to Seoul for questioning?"
"Wouldn’t he be eager to see me too?
I’m sure he’s been waiting for this moment."
Executive Director Lee was untouchable within Tae-woo Group.
Until Tae-woo Group fully repaid its debt to the loan sharks, or until Lee himself caused an undeniable scandal, no one could remove him.
And he knew that very well.
So there was no reason for him to fear an internal audit.
Deputy Manager Yoon must have understood this too, because he didn’t ask any more questions.
"Captain Kang, keep digging for more evidence."
"We’re in the process of turning one of the union leaders to our side."
"That won’t be easy."
"He’s a union leader, yes, but he’s not on good terms with Executive Director Lee."
"So he’s already on Lee’s bad side?"
"Exactly. That means he might be open to persuasion."
"Offer him whatever it takes. Money is no issue—make sure he becomes completely ours."
"There’s one more thing I’d like to suggest."
Captain Kang handed me a document.
It was a relationship chart connecting Myeong-dong’s loan sharks with organized crime groups.
"Everyone knows that Myeong-dong’s loan sharks help launder the gangs’ slush funds."
"So why are you showing me this now?"
"The loan sharks can mobilize the gangs.
Before you go up against them, you need a way to defend yourself."
"Are you saying the gangs might come after me?"
"Not just you, CEO, but even the audit team members could face serious danger."
A gang targeting a major corporation?
It sounded unbelievable, but in today’s world, it wasn’t entirely impossible.
Especially when Myeong-dong’s loan sharks—who ruled the underground economy—were involved. They were capable of far worse things.
"Then I suppose we need to establish a security firm. How many people do we need?"
"At least 50."
"I’ll offer them salaries higher than standard security firms. Find the best people you can."
"I’ll recruit former special forces operatives.
I still have connections with quite a few from my time in the military."
During the military regime, the core of military power was the Defense Security Command.
Even if Captain Kang had fallen out of favor, he must still have plenty of contacts.
"If they’re special forces, their combat skills should be top-tier."
"They were called human weapons.
Some of them even participated in covert operations in North Korea."
"What are those people doing now?"
"The lucky ones become bodyguards.
The unlucky ones… end up working construction or as bouncers at nightclubs."
"Such valuable talent is being wasted in the wrong places.
Forget 50—if you find 100, bring them all in."
"Will the payroll be manageable?"
Currently, the average salary at a major corporation was around 20 million won per year.
For special forces veterans, that should be the minimum to ensure loyalty.
That meant a yearly payroll of 2 billion won.
Of course, I could easily afford it.
But I wasn’t planning to pay them out of my own pocket forever.
"We’ll establish a legitimate security firm.
If there’s ever a shortfall, I’ll cover the costs myself."
"Understood! I’ll recruit at least 50 qualified personnel within a week!"
Captain Kang bowed at a full 90-degree angle.
He was grateful because I wasn’t just using these men for a fight against loan sharks
and then discarding them afterward.
I was creating a company where they could build long-term careers.
"Now that we’re nearly done preparing for war…
Once Executive Director Lee arrives in Seoul, we’ll officially declare battle."
"I’ll secure as much additional evidence as possible before then."
"I’ll also recruit and assign bodyguards for you and Deputy Manager Yoon before the day ends."
It was time to purge the cancer that had taken root in the Changwon factory.
