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CH99 | GSI
🕑 Added 2025-02-03 03:40:00 +0000 UTC"The Chief Secretary is here, Chairman."
Chairman Park Tae-hong, who had been reviewing approval documents at his spacious mahogany desk, straightened his posture at the words of his secretary, Jung Yoon-kyung.
"Let him in."
"Yes, sir."
Not long after Jung Yoon-kyung left, Chief Secretary Gil Sung-ho entered the room, dressed in a gray suit.
Chairman Park took off his reading glasses and placed them on top of the documents before gesturing toward the sofa in front of him with one hand.
"Have a seat."
"Yes, sir."
As Chief Secretary Gil settled onto the sofa to the right, Chairman Park rose from his seat and addressed Jung Yoon-kyung, who was standing by the door.
"Bring us two cups of coffee."
"Understood."
While Jung Yoon-kyung stepped out briefly, Chairman Park moved around his desk and took a seat at the central head position.
Out of habit, he pulled out a cigarette and placed it between his lips. Gil Sung-ho quickly flicked open a lighter and lit it for him.
"Dr. Kim mentioned during your last health checkup that it's time to start taking better care of yourself. Wouldn't this be a good opportunity to cut back on smoking?"
"And how much longer would that really make me live? I'd rather do as I please than live feeling stifled by restrictions."
Chairman Park scoffed as he exhaled a cloud of white smoke.
Gil Sung-ho seemed ready to say more but, recalling the chairman’s stubborn nature, chose to remain silent.
Just then, Jung Yoon-kyung reentered the room with a tray, knocking lightly before stepping inside.
"Excuse me."
She placed a teacup in front of both Chairman Park and Chief Secretary Gil, gave a polite bow, and then exited the room again.
As the rich aroma of coffee filled the air, Chairman Park leaned back against the sofa and turned to Gil Sung-ho.
"Did you go through the documents I gave you yesterday?"
"Are you referring to the public foundation proposal?"
"Yes."
Straightening his posture, Gil Sung-ho responded in a serious tone.
"Honestly, I wondered why we hadn’t thought of this sooner."
"I figured as much. I had the same reaction when I read the proposal my second son brought me."
Since discussions regarding inheritance were always a sensitive matter, Gil Sung-ho carefully observed Chairman Park’s expression before continuing cautiously.
"If we utilize the public foundation, it will significantly reduce the inheritance and gift taxes when transferring management rights to your eldest son."
"If we were to pay the full taxes, our already limited shares would shrink even further. Avoiding that alone is a major advantage."
"Exactly. Plus, it justifies corporate social contribution."
"That’s right."
With the cigarette held between his fingers, Chairman Park's lips curled into a deep smile.
"We can save on taxes while earning praise instead of criticism—this is truly killing two birds with one stone, don’t you think?"
"That’s right."
Seeing how pleased Chairman Park Tae-hong was, Chief Secretary Gil Sung-ho added cautiously,
"However, if too much of the stake is transferred to the public foundation, it could invite accusations of an unfair succession scheme."
"Anything in excess becomes a poison. I suppose you’re right."
Chairman Park took a deep drag from his cigarette before exhaling slowly, his gaze fixed on Gil Sung-ho.
"What would be an appropriate amount?"
It seemed that Gil Sung-ho had already considered this, as he promptly replied,
"Of the 19.6% stake you hold in Mido Department Store, transferring half—9.6%—to the public foundation would be ideal."
"Are you taking into account the department store’s stake in the textile company?"
Recognizing the sharpness of the chairman’s insight, Gil Sung-ho elaborated further.
"Since Mido Department Store is the largest shareholder of the textile company with a 32.8% stake, it effectively owns the company. As long as you maintain control over the department store, you can secure stable management rights over the group."
Chairman Park visualized the group’s ownership structure in his mind and gave a slight nod.
"That doesn’t sound bad."
"Rather than establishing a new public foundation, it would be better to utilize the existing Ubo Foundation."
The Ubo Foundation was a scholarship fund named after "Ubo" (牛步), the pen name of Park Yong-joo, Chairman Park Tae-hong’s late father and the founder of the group.
"If we amend the foundation’s charter to include public interest projects, it will be much simpler to proceed."
"That’s right."
After carefully organizing his thoughts one last time, Chairman Park solidified his decision.
He then stubbed out what remained of his cigarette in the crystal ashtray on the table and issued his instructions.
"Prepare a detailed execution plan and bring it to me."
"Understood."
***
[Sampoong Department Store Ordered to Cease Operations Due to Collapse Risk
The Sampoong Department Store, which had been under suspicion for illegal expansions and substandard construction, has been ordered to cease operations and shut down after an emergency safety inspection by the Seoul Metropolitan Government deemed the building at risk of collapse.
According to experts who participated in the inspection, severe cracks were found in the building's pillars and the ceiling on the fifth floor, with fine concrete particles and aggregate falling off—a clear indication of structural instability.
As a result, Seoul authorities issued an emergency suspension order starting at midnight today and have strictly restricted access to the building following its closure.
With public anxiety over unsafe buildings still heightened in the wake of the Seongsu Bridge collapse disaster, the government has vowed to take stringent follow-up measures to ensure that no more lives are endangered.
Meanwhile, the police have launched an investigation into possible illegal activities during the store's construction, including unauthorized changes in building use and improper expansion permits…]
During his lunch break, Seok-won took a moment to get his shoes polished. As he sat on the chair, he read the newspaper article about the Sampoong Department Store and felt his eyes flicker with emotion.
Ever since Koryo Ilbo published its first exclusive report, the issue surrounding the Sampoong Department Store had erupted as expected.
'The shock from the Seongsu Bridge collapse hasn’t even faded, and now one of the most prominent department stores in Seoul is on the brink of collapse. Of course, people are going to panic.'
As the controversy grew, the department store management immediately denied any structural risks.
However, with fears of shoddy construction spreading throughout society, public distrust only deepened rather than subsided.
This eventually prompted the Seoul Metropolitan Government to conduct an emergency safety inspection, the results of which were now making headlines.
'At least now, the Sampoong Department Store disaster won’t happen.'
Although he had done his best to minimize casualties, Seok-won still couldn't shake the sorrow he felt for those who lost their lives in the Seongsu Bridge collapse.
But this time, he had managed to prevent an even greater loss of life by stopping the collapse of the Sampoong Department Store in advance.
Realizing this, he let out a quiet sigh of relief.
It felt as if a heavy stone that had been weighing down his chest had finally been lifted.
Just then, a young boy—one he had grown quite familiar with after visiting the shoe shop several times—placed his freshly polished shoes neatly in front of him and said,
"All done."
Seok-won lowered the newspaper and looked down at his feet.
The dust had been thoroughly cleaned off, and the shoes, meticulously coated with polish, gleamed under the light.
With a faint smile, he complimented the boy sitting in front of him.
"You’ve gotten much better at this."
Just then, the young boy, his face smudged with black shoe polish, grinned as he wiped the tip of his nose with a gloved hand.
"Hehe. Do you like it?"
"Yeah. At this rate, Kyung-woong, you could open your own shop."
"You think so?"
Kim Kyung-woong responded playfully, shrugging his shoulders with a mischievous grin.
Known around the area as the shoe shop boy or simply that kid from the shoe shop, Kyung-woong mainly ran errands—picking up and returning shoes for customers at various offices. Perhaps because he dealt with adults so often, he had developed a quick wit and a knack for banter.
Seok-won found Kyung-woong endearing, as the boy reminded him of his younger self.
With a small chuckle, Seok-won slid his shoes on using a shoehorn hanging nearby.
Then, he reached into his inner pocket, pulled out his wallet, and handed over a 10,000-won bill.
"Hold on a second."
Kyung-woong took the bill and began counting out change, but Seok-won waved him off.
"Keep it. Consider it a little token since this is the first time I’ve had my shoes polished by you."
"Really? Wow! Thank you!"
Kyung-woong’s face lit up with joy.
Seeing his bright and hardworking nature, Seok-won couldn’t help but smile proudly.
'I wonder if Manager Oh felt the same way whenever he came to get his shoes polished by me.'
The thought suddenly warmed Seok-won’s heart.
At that moment, Kyung-woong hesitated briefly before speaking up.
"Sir, can I ask you something?"
"Go ahead."
"It's about stocks. Is it really that easy to make money from them?"
Seok-won frowned.
"Where did you hear that?"
"From some of the stock investors who come here to get their shoes shined sometimes."
Unaware that Seok-won’s expression had darkened, Kyung-woong continued chatting excitedly.
"They say it's a bull market, and if you just buy shares of any newly listed company, you can easily triple or quadruple your money in a month."
With the market opening up, foreign investment had poured in like a tidal wave, pushing the KOSPI past the 1,000-point mark for the first time in five years. It continued to break record highs, fueling an unprecedented economic boom.
As stories of people making fortunes in the stock market spread, even those who had never shown interest in investing were rushing to open brokerage accounts, swept up in the frenzy.
"So, you're thinking of investing in stocks?"
"Well, they make it sound like easy money, so I have to admit, it's tempting."
Seok-won glanced at Kim Kyung-woong, who was scratching the back of his head and then spoke in a firm tone.
"There's no such thing as easy money. And for every person who wins, someone else loses— that someone could be you."
Kyung-woong, who was used to Seok-won's usual cheerful demeanour, immediately shrank back, sensing that he might have said something wrong.
Seeing his reaction, Seok-won softened his expression and gave him some advice in a gentler voice.
"If you really want to invest, study properly first. And only use money you're prepared to lose."
"Yes, sir… Now that I think about it, I probably got too carried away listening to other people again."
His voice sounded deflated as if he'd secretly been hoping for encouragement.
Seok-won considered offering some reassurance but decided against it, feeling it would be unnecessary meddling. Instead, he simply stood up.
"I'm heading off. Take care of business."
"Goodbye, sir!"
Kyung-woong quickly got to his feet and bowed politely.
As Seok-won entered the company building and walked toward the elevator, a sudden thought made him stop in his tracks.
He hesitated for a moment before turning around and heading toward the brokerage hall on the first floor.
As he passed through the automatic doors, a wave of warmth greeted him.
It wasn’t just the heating—it was the sheer energy of the crowd filling the space.
The hall was packed with people from all walks of life. Young men who looked like recent college graduates, middle-aged businessmen in suits, housewives clutching shopping bags, and even women pushing baby strollers—all gathered in a frenzy of stock trading.
"If you buy this stock now, it’s guaranteed to double."
"Really?"
A housewife, eyes wide with excitement, asked eagerly.
The brokerage employee responded with enthusiasm.
"Absolutely! If you don’t buy now, you might never see this price again."
Feeling a sense of urgency, the woman quickly handed over an envelope stuffed with cash.
"Then hurry! Is this enough?"
"I’ll process it right away."
The employee fed the bills into a money counter and immediately placed a buy order.
Everywhere he looked, the same scenes were unfolding.
A mother investing her children's tuition money into stocks, a college student betting big on a newly listed company based on a tip from a friend of a friend, and curious bystanders peeking in because everyone around them seemed to be making money.
Watching from a slight distance, Seok-won stroked his chin and murmured to himself.
"When even housewives with shopping bags are flooding the market, it’s a clear sign we’re near the peak."
Bubbles always burst at times like this.
TL/n -
The Sampoong Department Store collapse was one of the deadliest peacetime disasters in South Korea's history. It occurred on June 29, 1995, in Seoul, when the five-story building suddenly collapsed, killing 502 people and injuring 937 others.
