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CH85 | VOC
🕑 Added 2025-03-17 03:50:01 +0000 UTCAs the tumultuous year of 1997 drew to a close, news outlets reported on the sale of some of Chunha Trading’s business divisions.
Amidst the collapse of corporate giants, the news of a mid-sized company like Chunha Trading selling off some of its divisions, rather than going bankrupt, was a relatively minor story. However, it garnered attention because of my recent act of donating the entire casino jackpot winnings.
People sympathized with Chunha Trading, which had been hit hard by the IMF crisis and was forced to sell off some of its profitable businesses to a Chinese investor to secure funds.
The sale amount was 50 billion won, and those who remembered the jackpot donation lamented the unfairness of the situation.
Just a few months ago, I had donated 50 billion won, and now I had to sell off parts of my company to raise the same amount.
Why did the world reward the wicked and punish the good?
The news that Chunha Trading had secured a promise from the Chinese investor to retain all employees, despite the difficult circumstances, further solidified my image as a benevolent CEO.
The name of the Chinese investor was mentioned, but the focus of the articles was on Chunha Trading’s struggles and resilience, so no one paid much attention to the unknown investor.
But a week later, when news broke that the same unknown Chinese investor was planning to invest billions of dollars in Korea, the situation changed dramatically.
“I’m not sure… Yes, yes, I’ll look into it.”
I politely answered the reporters’ calls, pretending to be unaware of the investment plan.
Confidentiality was crucial in investment.
No one would believe that a competent reporter had stumbled upon a $10 billion investment plan by chance.
People assumed that the Chinese investor had leaked the information to the media to gauge the government’s and other companies’ reactions, using the foreign currency as bait. They started searching for the investor’s identity, but no one could find anything.
All they knew was the name Baek In-hwi and that he had acquired some of Chunha Trading’s divisions. So the calls started pouring into our company, the only known connection.
I smiled after ending a call.
“They’re all desperate.”
Maru said anxiously,
“Aren’t you being too reckless? What if we get caught?”
“If I thought it was risky, I wouldn’t have started this.”
The only information released to the media was the name Baek In-hwi.
There must have been hundreds of thousands of people named Baek In-hwi in China. It was impossible to investigate them all.
And although it was a fake identity, it was meticulously crafted, a complete fabrication of a person’s life.
Baek In-hwi, created using the same methods we used to restore the identities of heihaizi, was a young man from rural Anhui Province who had graduated from high school and started a secondhand goods business, building a successful company.
Everything about his story, except for his existence, was documented and verifiable.
“Baek In-hwi will never appear in public. He’ll always operate in the shadows.”
My phone rang again.
“Hello, this is Park Sol from Chunha Trading.”
[Hello, this is Lee An-jin.]
My eyes gleamed. I had been waiting for his call.
“Assemblyman Lee An-jin! It’s been a while. What a surprise.”
[Hahahaha, do I need a reason to call you? How’s your business doing these days?]
“Just barely making ends meet. How have you been, Assemblyman?”
I needed to make a deal with politicians to ensure Baek In-hwi’s successful entry into the Korean market.
A $10 billion investment in a cash-strapped market like Korea would attract a frenzy of attention from desperate companies.
They might be struggling now, but they were still major corporations with trillions of won in annual revenue, giants that had dominated the Korean market for decades.
I needed to secure political backing to protect myself from them.
[I heard you’ve been in contact with a Chinese investor who’s planning to invest $10 billion.]
Everyone in Assemblyman Lee’s office, from Yoon Seok-hyung to the chief aide, had received money from me.
I had used blackmail and intimidation for the lower-level staff and gradually infiltrated the inner circle through their recommendations.
Assemblyman Lee had called me because his chief aide had subtly hinted that Chunha Trading was the only company that had dealt with the Chinese investor who might be investing $10 billion.
“Yes, he acquired some of our business divisions.”
[I see. I would like to contact him. Can you connect me?]
I couldn’t hide my smile.
A member of President-elect Kim Dae-jung’s transition team had said in a private setting,
“We need to bring in foreign currency, even if it means becoming a financial colony of other developed countries. We need to borrow even from the devil.”
Of course, he was criticized by the media for his insensitive remark and later apologized, but it showed how desperate Korea’s situation was.
And now, Assemblyman Lee had heard that I, someone he had a slight connection with, might hold the key to a $10 billion investment.
If he could secure the investment through his efforts, it would be a major achievement for him.
“I’ll ask him. We’ve never met in person, so… Can I give him your contact information if he agrees?”
[Yes, please.]
“Yes, yes, I understand.”
I ended the call and looked at my watch.
“It’s 3 p.m. now… I’ll call Lee An-jin in exactly one hour. Tell them in China to be prepared.”
* * *
“Hmm, Chief Aide Kim, do you think that Chinese guy, Baek In-hwi, will actually invest that much money?”
Assemblyman Lee An-jin asked his chief aide, who replied,
“He did acquire some of Chunha Trading’s divisions, and he seems interested in Korea. The media is also paying attention.”
Assemblyman Lee frowned.
“That’s what I find strange. Why would a wealthy investor like him acquire a part of a junkyard, of all things? It doesn’t make sense.”
“I’m not sure, but he must have his reasons.”
Assemblyman Lee chuckled.
“Well, it doesn’t matter. As long as there’s a news article about me securing foreign investment, it doesn’t matter if he actually invests or not. The public has a short memory.”
Although he would be delighted if the investment materialized, he didn’t believe Baek In-hwi would actually invest.
“Even existing foreign investors are pulling out of Korea. Why would an unknown Chinese investor invest $10 billion? He’s probably bluffing.”
“But you never know.”
“It’s worth a try. I have nothing to lose.”
He wasn’t expecting much and started watching TV, killing time.
There was no point in going out, there was no good news, and it was a period of political vacuum after the change in government. He had nothing to do.
His phone rang.
“Hello, this is Assemblyman Lee An-jin.”
A man’s deep voice, distorted by static, came from the other end of the line.
[Hello, this is Baek In-hwi.]
Lee An-jin’s eyes widened, and he sat up straight.
“Mr. Baek In-hwi? Is that you?”
[Yes, is this Assemblyman Lee An-jin?]
Lee An-jin was surprised by his fluent Korean.
“Aren’t you… Chinese?”
Baek In-hwi said in a monotonous voice,
[I am Chinese. Korean-Chinese.]
Korean-Chinese usually had a distinct accent, but Baek In-hwi sounded almost like a native Korean.
[I’ve been around Koreans for a long time. But that’s not important, is it?]
“That’s right, that’s right. It’s a pleasure to finally talk to you.”
[Likewise.]
“Did CEO Park from Chunha Trading tell you about me?”
[Yes, he said you were looking for me.]
Lee An-jin nodded.
“There are rumors that you’re planning to invest $10 billion in Korea. Are you the one behind those rumors?”
Silence followed his question, and Lee An-jin smiled.
“It’s just a confirmation, so don’t take it too seriously…”
[Yes, that’s correct.]
“What?”
[I’m planning to invest $10 billion.]
Lee An-jin’s eyes widened in disbelief, but he said, showering him with praise,
“Oh, that’s wonderful. Thank you on behalf of Korea. Korea is facing some difficulties right now, but it’ll recover soon. It’s a great time to invest.”
He smiled slyly and said,
“I would like to meet with you and discuss this further. What do you think? I’m a National Assembly member, a representative of the Korean people. I can be of assistance with your investment.”
Baek In-hwi remained silent.
Lee An-jin, envisioning a scenario where he would secure the investment through his persuasion and take credit for attracting a Chinese investor, continued to promote Korea’s potential.
“You might be hesitant to invest now due to the uncertainties in the exchange rate and the stock market, but once Korea recovers, it’ll all be profit for you. And the government is considering revising the Foreign Exchange Transactions Act to create a more favorable environment for foreign investors.”
Various regulations that had protected domestic companies were about to be abolished due to pressure from the IMF and the US.
Unlike before, when foreigners couldn’t acquire more than 10% of a company’s shares, these revisions would allow unlimited foreign ownership. The government had initially opposed it, but they couldn’t resist the demands of the US and the IMF, who held the purse strings.
“I would like to meet with you and discuss this…”
Baek In-hwi interrupted him.
[First, I have no intention of visiting Korea anytime soon.]
Lee An-jin frowned, and before he could say anything, Baek In-hwi continued,
[Second, $10 billion is just the first phase of the investment.]
Lee An-jin’s eyes wavered at the mention of “first phase.”
It meant there would be a second phase.
[Third, all investments will proceed only after my demands are met.]
“Demands?”
[I’ll be establishing an investment company in Korea, 100% owned by me. And of course, there shouldn’t be any restrictions on foreign investment in Korea.]
It wasn’t a difficult demand, as the regulations were about to be abolished anyway.
[And some tax benefits would be nice.]
“That’s not a problem.”
[Lastly, I don’t want any investigation into the source of the funds. Of course…]
Baek In-hwi, who had been speaking in a monotonous voice, chuckled for the first time.
[…it won’t make any difference even if you do.]
Lee An-jin sensed something ominous and said in a serious voice,
“Investigation into the source of funds? Are you…”
[I don’t answer questions. I’m just a messenger, relaying the demands. Korea needs money, and we have it. It’s simple. Whether it’s $10 billion or $100 billion depends on Korea.]
“A messenger? $100 billion? No investigation?”
Lee An-jin realized instinctively that this was beyond his authority.
