CH397 | Heir

The day after meeting with Congressman Choi Jae-seok,

I had tea with Vice Chairman Park Man-deok for the first time in a while.

As the executive overseeing the entire financial division, Park was someone who always arrived earlier than anyone else and left later than everyone. Perhaps because of this, his health had noticeably declined over the past few years.

“I should have visited you more often and had more conversations with you. I feel sorry for neglecting that.”

“There’s no need for that. I know better than anyone how much you’re enduring as Chairman.”

Vice Chairman Park, who managed the financial subsidiaries, was fully aware of everything—from the recent short-selling battles to the prior investment projects.

In truth, I was the one who started these ventures, but the one left to clean up the aftermath was always Vice Chairman Park.

That was precisely why I had promoted him to Vice Chairman.

No one was better at stabilizing the internal organization than him. In many ways, he played the role of a mother figure within Taewoo Group.

“Compared to the hardships you endure, Vice Chairman, my struggles are nothing.”

“Thank you for saying that. I want to continue assisting you and looking after Taewoo Group, but I’m getting old now… I don’t know how much longer I’ll be able to keep going.”

It wasn’t an empty sentiment.

In fact, he seemed even more frail than my grandfather.

After all, managing the financial division, which was like a battlefield every single day, must have left him with no time to rest.

“If we didn’t have you, Vice Chairman, do you think Taewoo Group would even function properly? Please, stay with us for a long time. And as for the smaller matters, pass them along to President Han.”

“I’ve already begun handing off some of the workload. Even if I were to leave right this moment, President Han could keep the division steady and lead it well.”

“And in your opinion, Vice Chairman… do you think President Han is capable of rising to a higher position?”

Vice Chairman Park smiled.

His expression alone was enough to show just how deeply he trusted President Han.

“He’s too talented to remain just as the president of Taewoo Securities. Even if he were appointed right now as the head of the entire financial division, he wouldn’t be lacking in the slightest. And if it’s President Han, I could gladly hand over the Vice Chairman’s seat with a smile. Chairman, wasn’t it your plan all along to appoint him as president of Taewoo Securities for that very reason?”

“So it was that obvious, was it?”

“I too would like to follow the Honorary Chairman’s example and spend the rest of my life in Southeast Asia. The financial industry in that region is quite appealing as well.”

Vice Chairman Park spoke as if he were ready to submit his resignation on the spot.

But it wasn’t time yet. At the very least, until President Han was ready to take the Vice Chairman’s seat, more time was needed.

“That wasn’t what I meant—I wasn’t suggesting you step down as Vice Chairman right this moment.”

“You wouldn’t have come to me suddenly with this talk for no reason, Chairman. I’m ready to vacate the Vice Chairman’s position whenever you decide.”

“In fact, there is something I need to tell you. Soon, the government is planning to summon the heads of major corporations to discuss support for the PyeongChang Olympics and the revitalization of domestic sports.”

I shared with him what I had heard from Congressman Choi Jae-seok.

Yet Vice Chairman Park’s response was utterly dry, almost indifferent.

“Regardless of the administration, governments often ask for support from conglomerates when hosting large-scale events.”

“But this time seems a little different. The main host isn’t the Blue House—it’s a hastily created foundation. If the administration changes, this could easily become a problem.”

“You believe someone is trying to use the foundation for personal gain.”

“Exactly. With the request coming from the Blue House, we can’t refuse funding. But if we comply, it could come back to haunt us later. It’s a very troubling situation.”

Vice Chairman Park immediately understood why I had brought this up.

And he also grasped exactly what I wanted from him.

“There’s no great issue if I attend the event in your place, Chairman. I’ll represent Taewoo Group at the event.”

“No, that wouldn’t be right. After all the years you’ve devoted yourself to Taewoo Group, it shouldn’t end with you taking on such a burden. Hardship should come with a reward, but I have nothing left I can give you. President Han, however—that’s a different story.”

President Han still had at least fifteen more years he could dedicate to Taewoo Group.

So even if he endured hardship, there would be ample time for him to be rewarded for it.

“Looks like President Han is destined for a rough path. But that’s the kind of trial by fire one must go through to become Taewoo Group’s Vice Chairman. Hahaha. Should I mentor him so he can reach that position?”

“Would you truly be willing to do that?”

“If not me, then who else could guide President Han? It seems I’ve been given a rather entertaining task in my later years.”

“After you retire, I’d like you to oversee Taewoo Securities’ Southeast Asian branch. Not just Taewoo Securities—please also spearhead the financial division’s expansion into Southeast Asia, including partnerships with AIG.”

“Living somewhere warm with the Honorary Chairman while working there? I couldn’t ask for anything better.”

With that warm atmosphere, my tea time with Vice Chairman Park came to an end.

Immediately afterward, I summoned President Han to my office.

“Starting today, you’ll begin receiving handover training and Vice Chairman guidance directly from Vice Chairman Park.”

“Handover training? Do you mean… you intend to promote me to Vice Chairman?”

“Not right away. Once the handover is complete, we’ll go through the official procedures.”

I spoke as mechanically and without emotion as possible.

Yet even so, President Han’s face lit up with overwhelming gratitude, his eyes brimming with tears.

“What’s the matter? Do you dislike the idea?”

“Not at all! I’m just… is it really acceptable for me to take the Vice Chairman’s seat so soon?”

“Vice Chairman Park will be supporting you, so don’t worry. And we’re also working on image-building for you, so there shouldn’t be a problem.”

Simply going through the handover wasn’t enough to earn the Vice Chairman’s title.

True, if one judged purely by his accomplishments so far, President Han was far from unqualified.

But compared to other executives, his relatively young age was a concern.

That was why image-making was necessary.

If we built the perception that President Han firmly controlled all the money within Taewoo Group, resistance to his promotion could be minimized.

“Thank you. I will devote every ounce of my life to serving Taewoo Group with all my heart and soul. I’ll shoulder all the dirty work without hesitation.”

“You’re going to suffer a great deal.”

“If I become Vice Chairman, I’ll face any hardship with a smile.”

Would he really, though?

Knowing full well what kind of filth was bound to splash onto him in the future, I couldn’t help but feel a pang of guilt.

But what choice did I have? I certainly couldn’t be the one taking that filth head-on.

Resolving inwardly that I would make it up to him someday with material rewards, I patted President Han on the shoulder.

***

A week had passed.

For some, it was a week no different from the usual.

But for the short-selling forces, it must have felt like hell itself.

During that time, Hess’s stock price had continued to climb.

The heads of Wall Street hedge funds were flying into Korea every single day.

By the time the second tender offer began, it was safe to say that every hedge fund CEO involved in the short-selling had already arrived in Korea.

And today—

Even Chanos himself had finally come to Korea.

He immediately requested a meeting with me, and I summoned him to the Financial Tower.

“It’s an honor to finally meet you. The king of short-selling has personally come all the way to Korea.”

“First, let me offer my apologies. This short-selling battle has been my defeat. I apologize for having targeted Taewoo Group with short-selling.”

Chanos was bowing his head, speaking with remarkable humility.

That alone spoke volumes about the scale of losses Chanos Company had suffered. It also meant Hess’s stock price had risen so high that even the so-called king of short-selling had to lower his head.

“You’re not trying to settle this matter with just an apology, are you? Personally, I prefer to resolve business not with words, but with numbers.”

“I’d like to acquire Hess shares at double the current price. Please, grant me this request.”

Once again, Chanos bowed his head as he spoke.

The sincerity in his behavior was clear, but the price he offered did not satisfy me.

“To think you’d try to smooth this over with just double the price… isn’t that a bit cheap?”

“Anything more than that is truly difficult.”

“Looking at the scale of Chanos Company, wouldn’t three times—or even five times—be entirely possible?”

“At that level, Chanos Company would go bankrupt. I beg you, please reconsider.”

The king of short-selling was floundering before me.

I watched him struggle for a moment, then presented him with a new proposal.

“Let’s settle on four times the price. But instead of paying it all at once, you’ll pay twice the price now, and the remaining double later. How does that sound?”

“I can’t guarantee when I’ll be able to deliver the remaining double. Once we pay twice the current price immediately, Chanos Company’s capital will be severely depleted. On top of that, our credibility—already shattered—will take a long time to rebuild.”

For hedge funds, trust was everything.

Only when clients believed they could earn huge profits would they entrust their money.

But after a failure as catastrophic as this one, who would trust them again?

That was why Chanos bowed his head even lower.

He looked as if he might drop to his knees at any moment, so I lifted him up and whispered a sweet proposal.

“What if I help you restore your honor? There’s a way for you to preserve your reputation as the King of Short-Selling. A way to regain the trust you’ve lost in one stroke—and even draw more clients to Chanos Company.”

“I want to hear it. No—whatever the method is, I’ll follow it without hesitation.”

The influence wielded by the King of Short-Selling was immense.

And if I could bring that influence under my wing, wouldn’t I be able to block any future short-selling attacks before they even began?

“The method is simple: join hands with me. I’ll sell you shares equal to the volume Chanos Company shorted, at the current market price. The rest of the short-selling forces will have to bear the cost themselves.”

“Are you telling me to betray the short-selling alliance? These hedge funds followed me here. If I betray them, I’ll be branded a traitor for life.”

“Isn’t that how Wall Street works? Even if you’re branded a traitor, as long as you generate profits, clients will come flocking. But even if you’re called a martyr, if you can’t deliver returns, you’ll be abandoned without a second thought.”

Betray the short-selling forces.

That was the condition I laid out—my strategy to make Chanos entirely mine.

Just as the National Economic Party served as my shield against political attacks in Korea, I intended to turn Chanos into my shield against the countless short-selling offensives of Wall Street hedge funds.

“I’ll try to persuade the short-selling forces. They, too, are people who would be willing to join hands with you, Chairman.”

“Oh, I know that already. More than twenty hedge fund CEOs have come to Korea asking to meet me. They’ve already betrayed you, Representative Chanos—they came here to strike a deal with me instead.”

The betrayal had started with them.

So what I was really telling him was simple: take my hand.

And whether or not conscience still existed in that world, my words were meant to lessen the sting of guilt.

“May I ask exactly how this plan is supposed to unfold?”

“We’ll spread the story that you and I had planned this short-selling operation together from the very beginning. That way, you won’t be seen as a failure, but rather as someone who orchestrated the short-selling to bring down rival hedge funds.”

“And if such a rumor spreads, who’s going to believe it?”

“Of course, words alone won’t convince anyone. But if Chanos Company actually comes to hold Hess shares, then they’ll have no choice but to believe it, won’t they?”

It was an incredibly sweet proposal.

A plan that would minimize his losses while elevating his reputation to new heights.

Yes, Wall Street would sneer at him—but in that world, it was better to be branded a cunning traitor than to be remembered as a failed investor.

“What do you need me to do?”

“You simply need to strip the short-selling alliance bare. As the one who personally led the short-selling, you know better than anyone how to squeeze every last drop out of the short-sellers without leaving even a speck of dust behind, don’t you?”

“In other words, you want me to plunder the short-selling forces’ capital.”

A polite way to say “plunder.”

Put bluntly, it was nothing less than shaking them down.

Through Hess’s stock, Chanos’s role was to bleed the hedge funds that had joined the short-selling for every cent he could.

“Will you join hands with me?”

“Thank you for extending your hand.”

Chanos clasped my hand firmly.

By now, he had no other options. He had no choice but to take the hand I offered.

But the moment he did, he was reduced to nothing more than my hunting dog.

Of course, a hunting dog that worked hard would be thrown a little meat to chew on. But all decisions—every single one—would have to be left to me.