Chapter 100
“Yes, Minister. I don’t intend to cause any more trouble. Yes, I explained to Daemun Group that this won’t happen again, but they’re still worried. Please reassure them. Yes, I’ll hang up now.”
I ended the call with the Minister and smiled, looking at the headline on the front page of the newspaper.
“Daemun Group, ranked 40th in the business world, files for bankruptcy.”
Daemun Group, already weakened by Hanho Savings Bank’s attacks, had collapsed in just one week, as I predicted.
They needed to operate their businesses to earn money and repay their debts.
“Foolish bastards.”
Daemun Group was just an example, a warning to the other chaebols who had borrowed money from Hanho Savings Bank.
They had already been on the verge of collapse, with debts five times their total assets. They would have fallen eventually, even without my intervention.
“I just pulled the trigger a little early.”
I said with a gleam in my eye,
“But the other chaebols won’t see it that way.”
Park Jong-bum clapped his hands.
“Congratulations, sir. The government has decided to let the Daemun Group incident slide. Everything will go smoothly from now on.”
Maru nodded.
“No one will dare to cross us now.”
Officially, Daemun Group had collapsed due to the economic crisis and cash shortage. But those who knew the truth were terrified by the ruthlessness of the Chinese capital.
“Hehehe.”
The Daemun Group incident had achieved three goals.
First, it solidified my image as a “mad dog.”
I had gone from a small-time thug to a fearsome attack dog.
Even a large corporation like Daemun Group couldn’t withstand my bite. Who would dare to challenge me?
Second, it created the impression that this mad dog was still somewhat controllable by the government.
The government, naturally, had protested vehemently, and I had promised them, under the guise of appeasing them, that this wouldn’t happen again if the other companies repaid their loans and interest on time.
A rabid dog that destroyed everything in its path would be beaten and driven away. But this Chinese mad dog was still on a leash, so they had to tolerate it, however reluctantly.
And third, and most importantly, it had put the other nine chaebols in a noose.
The nine chaebols, who had witnessed Daemun Group’s swift collapse, were terrified.
The only difference between them and Daemun Group was that Daemun Group had been the first to borrow money and the first to face the repayment deadline.
Everything else, from the collateral to the loan amounts distributed among their subsidiaries, was identical.
It meant they could suffer the same fate.
Of course, the government and the chaebols weren’t stupid. They would analyze the legal loopholes and even revise the laws to prevent this from happening again. But the problem was time.
Laws weren’t created overnight, especially complex financial regulations. It would take months, if not years.
Park Jong-bum smiled slyly.
“The biggest problem, the risk of them running away with the money, has been solved.”
Our biggest concern had been the possibility of the borrowers defaulting on their loans and disappearing.
The CEO was a fake, the money was dirty, and our foundation was shaky.
But not anymore.
“If they try anything funny, we’ll just crush another chaebol. The first time is always the hardest.”
Maru said, after a moment of thought,
“But do you think the chaebols will just sit back and do nothing? They won’t let us get away with this once they’re prepared. They’re proud and powerful, they won’t tolerate us holding them by the throat.”
I smiled.
“Of course not. They must be furious. If it weren’t for the financial crisis, they could crush us like ants. They’re probably sharpening their knives behind our backs.”
“That’s right.”
“So we have to make our move. We’ve secured our position, so there’s nothing to hold us back. How much money do we have left in Joongang Investment Corporation?”
Maru calculated for a moment.
“We bought some real estate, but it wasn’t much… and we received additional funds, so about 2.3 trillion won?”
I rubbed my hands together.
“Good, good. Invest that money in the nine chaebols we have by the throat. Buy their stocks, lend them money, whatever. Invest in all nine of them.”
Maru’s eyes widened.
“All of them? All 2.3 trillion won?”
“Give them a taste of the carrot after the stick. If they borrow from Hanho Savings Bank, they might face risks, but they can also receive investments from Chinese capital. Isn’t it a good deal? Hehehe.”
The nine chaebols, excluding Daemun Group, had been carefully selected.
They were the best investment targets, chosen after analyzing Hanho Savings Bank’s data, comparing it with other companies, and using my intuition.
I had been cautious before, unsure about the safety of the investment, but now it was time to make some real money.
My eyes gleamed.
“The real game begins now.”
“By the way, sir…”
Park Jong-bum said with a meaningful expression,
“Before the real game begins, shouldn’t we take care of some internal affairs?”
“Internal affairs?”
“President Kim Min-sik.”
“What about him?”
“He’s been doing a great job so far. No, not just a good job, an exceptional job.”
“That’s true.”
I had come up with the collateral idea, but Kim Min-sik had handled all the details, the legal procedures, and the negotiations with high-ranking officials.
He was Baek In-hwi’s MVP, especially after the Daemun Group incident.
“We need to do something about him. We’ve rewarded him for his achievements, but all he’s getting is his monthly salary. He’s been loyal so far, probably because he considers you his savior, but there’s no guarantee he’ll remain loyal. We need to secure his loyalty, whether it’s through shares, incentives, or something else. Or…”
Park Jong-bum made a throat-cutting gesture.
“Or we get rid of him.”
“Get rid of him?”
“Yes, President Kim Min-sik is incredibly competent. But…”
Park Jong-bum’s expression turned cold.
“He’s too competent. We gave him too much power, trying to establish him as the ‘mad dog.’ While Baek In-hwi remained hidden, Kim Min-sik became the face of Chinese capital. Hanho Savings Bank is synonymous with Kim Min-sik, and Kim Min-sik is synonymous with Hanho Savings Bank. He might not have any shares or real power, but his symbolic value as the representative figure is significant.”
Maru protested.
“You’re saying we should get rid of him? After all his hard work? He has nothing! He’s completely dependent on us! How can we abandon him like that?”
Park Jong-bum shook his head.
“That’s true now. But do you think it’ll stay that way? He’s a puppet president, but he’s practically running Hanho Savings Bank. He’s even gained your trust, Managing Director Kim. But what if this continues?”
His face hardened.
“He might not have any shares, but he’ll effectively control Hanho Savings Bank. And he’s just a temporary president. He’s competent, but can we be sure he’ll remain loyal? He might betray us and collude with another company. Look what happened with Daemun Group. They tried to bribe him. He didn’t fall for it because he knew the truth and was confident that Daemun Group would collapse. But what if the same thing happens again? Will it go as smoothly?”
“That’s…”
Maru was speechless, and Park Jong-bum continued,
“And another thing. We’re Chinese capital. President Kim Min-sik is Korean. We can’t ignore that. He’s ruthless now because he’s desperate, but what if his patriotism suddenly awakens and he betrays us, claiming he can’t stand by and watch Chinese capital exploiting Korea? He’s already done everything he can as the ‘mad dog.’ If he does anything more reckless, it could backfire. Hunting dogs are often slaughtered after the hunt is over.”
I nodded.
“You have a point.”
Maru said in alarm, seeing me agree with Park Jong-bum,
“Hyung!”
I stopped him.
“I know what you’re thinking, but wait. Let’s hear what Director Park has to say.”
“I could be wrong, but it’s better to be safe than sorry. Kim Min-sik is the closest person to us in Korea. It’s time to decide whether to fully integrate him or get rid of him.”
I closed my eyes and thought.
I valued his ruthlessness and competence, but his usefulness had diminished, and I wasn’t sure about his loyalty.
If he was satisfied with incentives and a small share, I could keep him. But human greed was limitless.
I couldn’t trust him blindly.
“Hmm, Maru, what do you think?”
Maru’s face turned red as he started arguing passionately.
“We can’t abandon him. I understand Director Park’s concerns, but we can prevent that. We control Hanho Savings Bank through Joongang Investment Corporation. We can implement a monitoring system with the Park Sol squad. We can verify his loyalty later. I’m not just defending him because I feel sorry for him. As you said, he’s already established himself as the representative figure. If we get rid of him now, who would want to work for Baek In-hwi? Especially since he only communicates through phone calls. If Baek In-hwi is going to remain hidden, we need a representative, even if it’s not Kim Min-sik. Do we have anyone who can replace him? Are you going to handle all the calls and negotiations with the government and other companies yourself?”
Park Jong-bum’s face hardened.
“That’s exactly my point. We don’t have anyone to replace him. It’s already a problem, and it’ll only get worse.”
“Do you think our business will be smooth sailing if we get rid of him now? We’ll lose his connections and the trust he’s built with Baek In-hwi. It’s not right to abandon him just because he’s become too powerful. We need a plan.”
“The damage will be greater if we wait!”
As their argument escalated, I slammed my hand on the table.
“Quiet!”
They flinched and looked at me. I said,
“This is Korea. Keep your voices down. Even if this is our company and the office is soundproof, we should still be cautious.”
“S-sorry.”
“I apologize.”
They bowed their heads, and I nodded.
“I’ve heard both your arguments. You both have valid points. Getting rid of him is an option, and so is keeping him. But I don’t like the idea of abandoning someone who has worked hard for us. But I can’t trust him blindly either.”
I narrowed my eyes.
“Let’s give him a chance. Let’s see if he deserves to be one of Baek In-hwi’s men.”