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CH191 | GSI
🕑 Added 2025-03-06 08:43:19 +0000 UTCDespite it being a particularly busy time of day, most of the people had paused their work and gathered in front of their televisions.
Today was the scheduled press conference of former President Noh Gi-hoon, who had recently shaken the country with a 400 billion won slush fund scandal.
In his office at the headquarters in Mapo, Chairman Park Tae-hong was also waiting for the press conference to begin, seated on the sofa with his close aide, Chief Secretary Gil Sung-ho.
As Chairman Park Tae-hong habitually smoked a cigarette, Gil Sung-ho broke the silence.
"I expected some kind of move from former President Noh's side, but I never thought he would personally step in front of the press."
"That just means he's desperate."
"With the Blue House directly instructing the prosecution to investigate and more evidence coming to light, there's talk that a summons for questioning is imminent. He must be feeling the pressure."
Chairman Park Tae-hong clicked his tongue, holding the cigarette between his fingers.
"It's his own fault for managing his slush funds so carelessly."
Gil Sung-ho slightly furrowed his brow in agreement.
"I never imagined he would actually keep the money in cash at a domestic bank."
"Exactly. It’s not like he’s surrounded by idiots—how could he be so reckless?"
Chairman Park shook his head in disapproval.
"It was careless, but maybe he didn’t anticipate the sudden enforcement of the real-name financial transaction system, and before he knew it, his funds were frozen."
Hearing this, Chairman Park, still holding his cigarette between his lips, narrowed his eyes and looked at Gil Sung-ho.
"Before the real-name system was implemented, it was easy to create accounts under borrowed names, and tracking them was difficult. He probably divided the funds into dozens of accounts for easy access, only to have them locked down before he could move them elsewhere. It all adds up."
The logic seemed plausible, and Chairman Park gave a small nod.
"Now that you mention it, there was a rumor that one former president discreetly proposed converting a 400 billion won slush fund into real-name accounts in exchange for surrendering half of it to the state."
"That’s right," Gil Sung-ho replied, leaning forward slightly and lowering his voice.
"Judging by the evidence revealed so far, it seems likely that the former president in question was none other than Noh Gi-hoon."
"I think so too."
Chairman Park himself would have been caught off guard if his son, Seok-won, hadn’t given him an early warning—such was the secrecy and swiftness with which the real-name financial system had been enforced.
It was entirely possible that former President Noh had been blindsided, only to find his slush funds completely frozen.
"Even though he helped the new president win the Blue House, they were never particularly close. So, it’s unlikely he was given a heads-up about the policy in advance."
"That makes sense. On the other hand, Noh’s camp may have let their guard down, assuming that since the presidency stayed within the same party, they wouldn’t be blindsided like this."
In many ways, former President Noh had been caught off guard. But that didn’t mean Chairman Park felt any sympathy for him.
"Regardless, he was far too complacent."
Had he not heeded Seok-won’s warning, Chairman Park himself might have faced significant trouble due to the real-name financial system.
"One way or another, I owe Seok-won quite a lot."
Chairman Park Tae-hong thought to himself, once again marveling at Seok-won’s foresight.
Just then, Chief Secretary Gil Sung-ho let out a small ah and spoke.
"It looks like it's about to start."
At those words, Chairman Park lifted his gaze and looked at the television in front of him.
As former President Noh Gi-hoon entered the press conference room set up at his Yeonhui-dong residence with a grim expression, camera flashes flickered relentlessly.
Standing at the podium, he briefly scanned the gathered reporters with a solemn look before bringing the microphone to his lips.
"Dear citizens, first and foremost, I deeply regret having to stand before you due to such an unfortunate matter. Over the past few days, how much frustration and anger must you have felt? The outrage and criticism directed at me by the people are entirely justified."
Lifting his head, former President Noh Gi-hoon looked directly into the broadcast cameras in front of him and continued speaking in a calm tone.
"However, I am not here today to seek forgiveness for my wrongdoing. I am here solely to express my honest thoughts and offer my apology regarding the recent issue of state funds, which has caused tremendous shock and disappointment to the public."
With his back straight and a resolute expression, former President Noh continued.
"This may sound like a poor excuse, but the use of state funds was indeed wrong. However, it has also been a long-standing practice in our political system. During my tenure, given the political climate and electoral environment, it was at times unavoidable. Of course, just because something has been customary or deemed necessary does not mean it should be condoned. The fact that I failed to put an end to this practice is entirely my responsibility."
Listening to his elaborate justifications, Chairman Park Tae-hong furrowed his brow as the speech went on.
"During my five years in office, approximately 500 billion won in state funds was accumulated. This money, mainly consisting of voluntary donations from business leaders, was used under my supervision, largely for political activities such as party operations. Never once was it used for personal gain…"
As expected, former President Noh Gi-hoon was now openly admitting to the creation of slush funds—just as Seok-won had predicted.
Faced with this worst-case scenario, Chairman Park clenched his lower lip.
By now, other corporate leaders must also be in an uproar.
Chief Secretary Gil Sung-ho, watching alongside him, looked equally shaken.
After continuing his statement for some time, former President Noh left without answering the flood of questions from reporters.
Grabbing the remote, Chairman Park switched off the television and, in a rough voice, burst out in anger.
"Voluntary, my ass. Who in their right mind would dare refuse when the Blue House demands money?"
Gil Sung-ho, snapping out of his initial shock, turned to Chairman Park with a grave expression.
"At this rate, the companies that contributed to the slush funds won’t be able to avoid investigation either."
"Mm… That seems inevitable."
Though the situation warranted a sigh, what truly astonished Chairman Park was how precisely things were unfolding—just as Seok-won had predicted in the study a few days ago.
"How in the world did he foresee all of this?"
Chairman Park found himself speechless, as if his son had possessed some supernatural ability.
But now wasn’t the time for idle thoughts. Snapping back to reality, he turned to Gil Sung-ho and asked,
"The money we provided to Noh’s side—it's been cleaned properly, right? No loose ends?"
"Of course."
Chief Secretary Gil Sung-ho responded immediately but hesitated slightly before adding,
"We've handled things carefully to avoid any issues, but if evidence surfaces from former President Noh's side, we won't be able to avoid getting dragged into it."
"That’s inevitable."
Chairman Park Tae-hong furrowed his brows, organizing his thoughts. Then, realizing his cigarette had nearly burned out, he stubbed it out in a crystal ashtray.
"First, make sure there are no remaining documents or evidence that could be problematic on our end. Go over everything thoroughly, and keep a close watch on the progress of the slush fund investigation."
"Understood."
In a storm as fierce as this, acting rashly could mean getting swept away completely. The best course of action was to lay low and wait for the tempest to pass.
'The problem is, it doesn't look like this will blow over quietly.'
Now that former President Noh had revealed that slush funds had been funneled to both ruling and opposition parties, the political world could no longer escape public outrage.
It was obvious that, to deflect the anger and criticism, they would start parading corporate executives before the prosecution, using them as scapegoats.
If that happened, Chairman Park knew he wouldn’t be able to avoid being investigated either.
Leaning back against the sofa, he let out a deep sigh before speaking in a subdued voice.
"Secretary Gil."
"Yes, Chairman. Please go ahead."
"About the succession plan we discussed last time..."
"…!"
"Start the process of transferring my shares in Daehung Textiles to Ubo Foundation and my eldest son."
At the unexpected directive, Chief Secretary Gil Sung-ho's eyes widened in surprise.
"Weren’t you planning to take your time and proceed gradually?"
"That was the plan. But circumstances have changed, so we need to adjust accordingly."
Chairman Park’s tone was calm but firm.
"Is this because of the slush fund case?"
At that question, Chairman Park gave a heavy nod.
"Once the prosecution starts investigating corporate leaders, I won’t be able to avoid their scrutiny either."
"That’s..."
Chief Secretary Gil Sung-ho lowered his head with a somber expression, unable to find the right words to respond.
"If I’m constantly being summoned by the prosecution, indicted, and put on trial, I won’t be able to focus on running the group properly."
A bitter look crossed Chairman Park Tae-hong’s face.
"It would be fortunate if it ended there, but if I were to be sentenced to actual prison time, that would be a disaster. We need to prepare in advance."
"There’s no avoiding a prosecution investigation, but since multiple corporate leaders were involved in handing over slush funds, even if you’re indicted and convicted, you likely won’t receive a prison sentence."
"You sound just like Seok-won."
Chairman Park smirked before continuing.
"You’re probably right. But whether I’m indicted without detention or receive a suspended sentence, I’ll still have to step back from management for a while and lay low."
Gil Sung-ho started to object but then shut his mouth.
Being implicated in a nationwide scandal of this magnitude and undergoing a prosecution investigation—then returning to business as usual—would undoubtedly provoke public outrage.
"Besides, I was already thinking about gradually handing over the group to my sons, so I’ll just consider this an early start on the succession process."
"Understood."
Realizing Chairman Park had made up his mind, Gil Sung-ho responded with resignation.
"Even if we proceed with the succession, it won’t be completed overnight. I’ll continue leading the group for now. And even after I step back, if they mismanage things, I won’t hesitate to kick them out and take back control."
Chairman Park grinned mischievously, and Gil Sung-ho couldn’t help but smile as well.
At 65, Chairman Park was still full of energy—more than capable of doing exactly as he said.
"And once the textile share transfers are complete, as I mentioned before, bundle the securities and venture investment divisions together and hand them over to Seok-won."
"Understood."
After giving serious instructions the entire time, Chairman Park suddenly took on a nonchalant expression.
"Not that it really matters—he’s already wealthier than I am—but still, he should get his fair share."
"Pardon?"
"Nothing, never mind."
Chairman Park waved a hand dismissively, signaling Gil Sung-ho not to dwell on it.
"Oh, and about promoting Seok-won to executive director at the end of the year…"
"I already gave CEO Ko Young-il a heads-up that the promotion was planned."
"Cancel it."
Gil Sung-ho looked puzzled.
"Then… are you planning to promote him to senior executive director or vice president instead?"
"No. Just register him as a board director, so he has the freedom to move as he pleases."
Chairman Park shook his head, a knowing smile tugging at his lips.
"You can’t keep a fully grown dragon trapped in a small well, now can you?"
Comments
Jarod lane
I’m glad his dad is realizing now
