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CH12 | Heir
🕑 Added 2025-03-12 03:40:00 +0000 UTCUniversities in the United States typically begin their academic year in September.
Until then, I had some free time, so I was able to focus on helping my grandfather establish a scholarship foundation.
Setting up the foundation wasn't difficult.
In less than a month, the establishment of the scholarship foundation was complete, with an independent office and around twenty employees assigned to the foundation.
"I've created the Taewoo Group Scholarship Foundation just as you wanted. I've transferred all the existing scholarship funds into it, and I've even added 20 billion won of my own money to its operating funds. Now, do your best to run it well."
"Only 20 billion won?"
"Do you think 20 billion won is just some neighborhood dog's name? Minjae, you're still a kid. You have no idea how big that amount actually is."
My grandfather clicked his tongue as he spoke.
It was only natural for him to react this way—he had no idea that the funds I managed through SAVE exceeded several trillion won.
"You're leaving the scholarship foundation entirely in my hands, right? If you're planning to interfere later, tell me now. Otherwise, I won’t even start."
"I'm already busy managing Taewoo Group. Do you think I have time to oversee a scholarship foundation too? But I still need reports on tax matters and other administrative issues, so make sure to submit those to the planning team at the group's headquarters."
"That’s understandable. But the reporting procedure must go through me. If any foundation employee reports directly to you or anyone else, I’ll walk away from this immediately."
"You’re so stubborn... Fine. Just don’t cause any major problems."
My grandfather had long passed the age of retirement.
Now that I was entering university, he was planning to start handing things over to me, piece by piece.
Once I graduated, that transition would accelerate. Until then, he intended to leave only the scholarship foundation in my care.
"You know you'll have to manage the foundation even after you return to the U.S., right? If you neglect it just because you're busy with school, expect a serious scolding."
"Don’t worry. If I weren’t going to take this seriously, I wouldn’t have started in the first place. You know how I am."
"That’s exactly why I entrusted it to you. Ahem... Well then, I'll be going. I've assigned plenty of capable staff, so you shouldn’t have much trouble running things."
My grandfather patted my shoulder and left the chairman’s office of the foundation.
Was it just my imagination, or did his eyes look a little misty?
He quickly walked out of the office, and only then did I finally have a moment to interact with the staff.
"Hello, everyone. As you just saw, I am Chairman Kim Taejoong’s grandson. My grandfather and I founded this scholarship foundation to support talented individuals for the future of Taewoo Group. I look forward to working with you all."
I bowed lightly to greet the employees.
Their reactions were quite welcoming—they responded with smiles and applause.
But what if I had introduced myself the same way at one of Taewoo Group’s other subsidiaries?
The executives and employees of those subsidiaries had climbed the ranks through fierce competition and experience.
Even as the chairman’s grandson, they wouldn’t have welcomed me if I had parachuted into a top position.
But this was a scholarship foundation—those concerns didn’t exist here.
Other subsidiaries were focused on making money, while the foundation was only about spending it.
There was no need to generate results or compete.
In a way, it was similar to working in public service.
That’s why most of the employees here had voluntarily transferred after growing weary of the cutthroat corporate environment.
"Their skills aren’t bad, though."
These were people who had spent at least a few years working within Taewoo Group.
They all possessed strong professional abilities, and I had no doubt that they would efficiently handle the tasks ahead.
"Let’s start with the first project. We will be supporting students in the top 5% of their class who come from financially struggling backgrounds. Please coordinate with the Ministry of Education to gather the necessary data."
"Chairman, are you referring to high school students?"
"We will prioritize support for high school and university students."
"We already have that data."
Since Taewoo Group had been providing scholarships through various channels, they already possessed the data I needed.
"I will personally review the list and select the scholarship recipients."
"Do you have specific criteria for selection?"
"I have my own set of standards. The list includes photos as well, correct?"
"Yes, it does."
My criteria were based on capability.
Students with outstanding academic achievements were more likely to possess strong professional skills.
However, there were also those who were only gifted in academics and lacked other necessary skills. That’s why I planned to personally review the photos and evaluate each individual before granting scholarships.
"Additionally, I plan to launch another initiative—providing financial support to young entrepreneurs who wish to start their own businesses."
"Your intention is commendable, Chairman, but the foundation’s funds may not be sufficient. The foundation isn’t something we’ll run for just a year or two—it needs to be sustained in the long term. Allocating funds for startups on top of that might be too much."
"Don’t worry about that. The startup funding will be covered through donations. I just need you all to focus on the promotional efforts. Work with universities and banks to spread the word."
As for the startup funds, I could simply pull money from SAVE Investment Company.
Even if I withdrew several hundred billion won, it wouldn’t make a dent in SAVE’s capital.
Why spend such a large amount here?
Because I intended to turn Taewoo Group into a vast and unshakable empire.
By embedding exceptional talent with strong ties to Taewoo Group across various industries, we could ensure survival in any crisis.
But supporting students and young entrepreneurs alone wasn’t enough.
They were an investment in the distant future. For the immediate future, I needed to strengthen relationships with those who had already climbed to the top.
"I’ll be stepping out for a bit."
I left the office to meet someone who could help with that.
A short distance from the foundation’s office, I entered another building.
"Boss, welcome! Korean coffee is quite good as well."
David greeted me warmly while sipping on a cup of instant coffee.
Beside him, Team Leader Han Jeonghoon bowed slightly with an awkward expression.
"How was your flight?"
"I finally got some solid sleep after a long time."
Long-haul flights were always exhausting.
But today, Team Leader Han’s face looked noticeably brighter than usual.
Back at the company, Jeffrey had constantly overloaded him with excessive tasks, leaving him with barely three to four hours of sleep per day.
"Let’s skip the small talk and get straight to business. You've read the documents I sent, right?"
"We have reviewed the list of prosecutors, police officers, and civil servants. However, most of them seem to be individuals who are not part of the mainstream."
"They’re people who couldn’t rise to the top because they lack the right connections."
"Are you seriously planning to support all of them? In Korea, without connections, success is nearly impossible."
Team Leader Han pointed out Korea’s structural issues.
Academic ties, regional ties, and personal networks—without meeting these three criteria, even the most talented individuals struggled to succeed in Korea.
This was especially true in the 1990s when such tendencies were even stronger.
"The people on this list are highly capable individuals."
"But most of them either lack prestigious academic backgrounds or come from humble origins. Even if we support them, getting a meaningful outcome will be difficult. Wouldn't it be better to support an already established network?"
"We’re going to become their network. Instead of backing an existing one, wouldn’t it be more beneficial to create our own?"
"Is it really necessary to build a new network? From what I understand, Taewoo Group already supports a considerable number of high-ranking officials."
"The new network we create will serve as a variable. It can either reinforce the one my grandfather built or tip the scales in our favor in tight situations."
In this era, corporations and political power were inevitably intertwined.
Naturally, to lead Taewoo Group—the third-largest conglomerate in Korea—enormous funds had to be allocated for managing connections.
But even that wasn’t enough.
The foreign exchange crisis had already proven that my grandfather’s connections alone weren’t sufficient to weather the storm.
"We’ll proceed as you wish, Boss. I’ll meet with the individuals on the list and begin offering support."
"But simply handing them support lacks finesse. That’s why I plan to create a fund under the name of SAVE Investment Company. In the U.S., we’re already getting flooded with inquiries from people who want to invest in our company’s funds."
Word about SAVE Investment Company had started spreading on Wall Street.
During the Gulf War, we had generated massive profits, and after partnering with Quantum Fund, wealthy investors were eager to invest with us.
However, I had yet to establish any official funds.
"Do you think they’ll actually want to join the fund? It’s not like they’ll receive immediate cash in hand."
"Does receiving slush funds really change anything? Even if they get a large sum of untraceable money, they can’t just spend it recklessly—it would only lead to scandals. All they can do is stash it away in some vault, only to be used after retirement."
Team Leader Han paused for a moment, deep in thought, before nodding.
"If slush funds and investment funds are both meant for post-retirement use, then a fund—where they don’t have to worry about storage or security—is the better option."
"Once their retirement is secured, they won’t feel the need to constantly seek approval from their superiors. The more money accumulates in the fund, the stronger their loyalty will become. And for those who need immediate financial assistance, we’ll still provide direct support."
"But the concept of investment funds isn’t widely known in Korea yet. Many people might be skeptical."
"That’s exactly why I brought David to Korea."
I turned to David as I spoke.
David drained the last of his instant coffee from the paper cup and smiled.
"Is there an incentive for this one too?"
"If you get 50 people to join the fund, I’ll give you $100,000. If you sign up more than 80, I’ll raise it to $500,000."
"And what if I sign up everyone on the list?"
"$1 million!"
"Deal! So, do I start moving right away?"
"The foundation will arrange a meeting space for you, so take your time. As long as you finish recruiting before I return to the U.S., it’s fine."
David was already eager to get started.
However, unlike in the U.S., David didn't have an extensive network in Korea. He needed someone to bridge the gaps for him.
"Team Leader Han, coordinate with the foundation to set up the meeting space."
"Understood. But if David is staying in Korea for a few months, what happens to the support projects he's handling in the U.S.?"
I had been running similar support programs in the U.S. as well.
I funded startups led by highly capable individuals and ensured that I had early ties with people destined for great success—those whose names I would remember in the future. David had been the one meeting with them on my behalf.
"The team David built will take over those responsibilities."
"Boss, you’ve hired so many talented people that I barely had any work left in the U.S. anyway!"
