CH456 | Heir

Bin Salman had visited Korea a year earlier.

But his status then and now were worlds apart.

Having been formally appointed Crown Prince, the South Korean government prepared an elaborate state-level reception in his honor.

Thus, on his first day, he attended government ceremonies.
It wasn’t until the following day that he was able to visit Taewoo Group’s headquarters.

“Your Highness, Crown Prince bin Salman, welcome.”

“Why so formal between us? Just call me like you usually do.”

Bin Salman spread his arms wide and pulled me into a hug.

To encourage him after all he had endured, I returned the embrace just as firmly.

“You did well. So thorough and cleanly handled.”

“It’s thanks to you, brother. With information that couldn’t be denied, everything proceeded smoothly.”

“Now there’s no faction left with the power to challenge the throne, and the number of supporters rallying behind you keeps growing. I think you can afford to ease up a little.”

Bin Salman, however, remained tense.

The purge had spilled much blood, and he had been forced to live on constant alert.

Of course, some vigilance was necessary, but too much of it could break a man.

“I know I should relax, but it isn’t easy. Still, being here in Korea with you helps me breathe a little easier.”

“In Korea, you have nothing to worry about. Whatever happens elsewhere, here, Taewoo Group can protect at least one man like you.”

“There’s one thing I’ve learned through this purge—the value of people you can truly trust. You are one of the very few I can. No—truthfully, you’re the one I trust the most.”

How many years did I toil to hear those words?

I had invested effort since childhood, and even through busy times I kept in touch—now I felt it had been worth it.

A solid bond of trust with the Saudi Crown Prince.

No amount of money could have bought such a relationship; it carried a value that couldn't be expressed in currency.

"We've known each other since we were snot-nosed kids—of course we trust one another."

"So I want to ask you a favor. It's a favor only you can grant."

"If it's your request, I'll do it. What do you need?"

"I want to place the Saudi sovereign wealth fund in the Financial Tower."

"But they're already there, aren't they?"

"What's there now is only a shell. I want to install the real, substantial operations in the Financial Tower."

It was an offer that couldn't be refused.

The Saudi sovereign wealth fund was one of the largest-capitalized funds in the world.

"I'll make room even if it means clearing out the space Taewoo Securities uses."

"The size of the Saudi fund will change dramatically. During the purge, most of the assets reclaimed by the treasury were transferred into the sovereign fund."

"Letting it sit idle in the vault won't do any good. It's a smart move."

Authority over the sovereign fund originally rested with the Ministry of Finance.

But since 2015, control had shifted to the Royal Economic Development Council.

And because bin Salman chaired the council, he effectively held decision-making power over the fund.

"The fund's size is only about $200 billion. I want to double it at least within three years."

"That's not impossible. If the financial firms in the Financial Tower deliver average returns, you can easily more than double it."

Double it in three years.

Thinking like a Wall Street hedge fund, that was a nearly impossible rate of return.

But if you only looked at the revenue from the Financial Tower, it was actually a modest goal.

“So that’s why I’m asking for your help.”

“If it’s a matter of space in the Financial Tower, don’t worry. I can make room so it could move in as soon as tomorrow.”

“That’s not it. I want you to directly manage the sovereign wealth fund.”

“What? You want me to handle the sovereign fund?”

“Exactly. I want Taewoo Securities and you to take full responsibility for selecting investment targets for the Saudi sovereign wealth fund.”

Had I built the trust too strongly?

It was good that he trusted me, but I hadn’t expected him to rely on me to this extent.

“You mean you want me to take charge of the Saudi sovereign fund?”

“I’ve been watching closely how Taewoo Group has grown and how much Taewoo Securities earns in a year. Ever since I was a child, you explained over the phone how to generate profits in finance.”

I had made frequent calls to maintain my friendship with bin Salman.

What were those calls about?

Mostly, it was where to invest and how much profit was made. I hadn’t expected him to remember all those details until now.

“I’m hesitant to manage the entire fund rather than just a portion of it.”

“Of course, I’m not asking you to handle all of it. I have some sense of propriety. Just manage half.”

“Half? You mean a hundred billion dollars? That’s excessive. I could provide information or co-manage some projects, but taking full responsibility? That’s a bit much.”

Another financial firm might have jumped at the opportunity.

But Taewoo Securities couldn’t.

We already had too much capital, making it difficult to find suitable investments.

If we also accepted a hundred billion dollars from the Saudi sovereign wealth fund, finding viable investment opportunities would become even more challenging.

“Just handle it. My father said you’re trustworthy too, so he approved it.”

“Let’s start by signing an MOU for now. Taewoo Securities and the Saudi sovereign wealth fund can proceed with joint investments under that framework.”

“An MOU is fine, or we can make it a formal contract. What matters is that the Saudi sovereign fund can always move in tandem with Taewoo Securities as the first priority—that’s all I need.”

Bin Salman’s words and actions were undeniably calculated.

It wasn’t simply a matter of friendship and trust that made him hand over the sovereign fund.

Only someone who didn’t understand Bin Salman could think that way.

He knew exactly how much revenue each financial firm in the Financial Tower earned every year.

And he understood that being the first priority could yield even higher returns—this was the reasoning behind his decision.

It was merely a difference in method.

Other financial firms would have proposed multiple conditions to justify such an offer.

Bin Salman, however, leveraged their existing friendship and trust as the “condition,” presenting the request almost as if he were insisting like a spoiled child.

“The projects currently underway are already full, but from the next operation onward, the Saudi sovereign fund will be able to participate alongside us.”

“That’s perfect. While I’m in Korea, I’m thinking of investing in a promising Korean company—can you recommend some options? I can’t just come all the way here and leave without doing anything.”

When the Saudi Crown Prince visits, heads of major corporations flock around him.

To secure collaborations or investments from Saudi Arabia, the CEOs themselves effectively become sales agents.

And yet, he was asking me for investment recommendations.

With potentially billions at stake from a single word, my response couldn’t be casual.

“Do you have a sector in mind?”

“I’m thinking about investing in the gaming industry. Not because I like games personally, but because I judge the industry’s future prospects to be promising.”

“The gaming industry isn’t a bad choice. But returns will vary dramatically depending on which company you invest in.”

Korea’s gaming industry had grown to an enormous scale.

The problem—or perhaps the remarkable strength—was its business models that compelled customers to open their wallets.

“That’s why I’m asking for your recommendation. Which company should I invest in?”

“Hold on. Let me take a quick look at the gaming companies and then I’ll tell you.”

I reviewed the list of Korean game companies.

At the top were companies generating massive revenue from pay-to-win games.

Although criticized for their aggressive monetization models, these were companies likely to maintain high growth for at least three years.

After about ten minutes of reviewing the list, I selected a few promising companies and recommended them to bin Salman.

“Investing in MC Soft could yield at least a threefold return within three years.”

“Isn’t this the gaming company with the highest market capitalization in Korea?”

“It’s also a company in which Taewoo Group holds a significant amount of stock. That makes it a very stable investment.”

The growth engine of pay-to-win games was still far from negligible.

In fact, it had the potential to grow even more steeply.

The issue was that this engine wouldn’t last forever, but since bin Salman was looking to invest over a three-year horizon, it was not a bad choice.

“If Taewoo Group holds it, of course I should acquire a stake as well.”

“The current stock price is around 250,000 won. A bit pricey, but it has plenty of room to grow.”

“Since it’s expensive, I’ll invest just $1 billion.”

One billion dollars amounted to over one trillion won.

Yet bin Salman spoke as if he were making a modest investment.

It was a testament to the massive scale of the Saudi sovereign fund and a clear signal that Saudi capital power was on the rise.

“$1 billion should be enough.”

“What about other game companies? I feel it’s a shame to invest only in the top one.”

“You know about China’s ban on Korean games, right? They no longer grant licenses to Korean companies for the Chinese market. Companies relying heavily on China will suffer significantly.”

“So MC Soft’s dominance in the Korean market means its losses will be minimal?”

“It’s also popular in Taiwan, and its revenue model is so strong that the impact is relatively small.”

Many game companies had achieved tremendous growth through the Chinese market.

But after the ban, the Chinese market no longer opened its doors, so such growth could not be expected going forward.

“I’ll only invest in MC Soft.”

“What about investments in other sectors?”

“For now, we’ll just sign the MOU and decide later whether to invest. First, we need to officially enter the Financial Tower, then I’ll discuss with you and make a decision.”

In fact, there was one more game company worth investing in.

It hadn’t even gone public yet, but it was set to release the best game of 2017.

Blackhole.

They were about to launch a game called Battle Arena.

It was expected to top global platform sales, and the over-the-counter stock price of Blackhole Games was remembered to potentially skyrocket over 200 times.

I couldn’t just hand over such a jackpot opportunity.

Recommending MC Soft alone was enough of a favor.

The best dish is either eaten by oneself or shared under specific conditions, right?

“I’ll be leaving now. I have meetings with other companies. Once everything’s done, we can drink all night together.”

“Just contact me anytime. I’ll treat you the Korean way.”

“I’ll look forward to it.”

Bin Salman rose with a reluctant expression.

The moment he stepped outside the office, his expression changed entirely, showcasing the Crown Prince’s authority.

Thus ended Bin Salman’s visit to Taewoo Group.

***

A few hours later, Vice Chairman Han came rushing in with breaking news.

“The Crown Prince, Bin Salman, has officially announced the acquisition of a $1 billion stake in MC Soft.”

“Already?”

“He visited MC Soft and signed the equity acquisition contract.”

“His decisiveness is incredible.”

He hadn’t become Crown Prince through purges for nothing.

Just like he had swiftly executed the purge, Bin Salman had acted with remarkable speed to acquire a stake in MC Soft.