CH135 | Heir

I attended the inauguration and then returned to Korea.

Other than having the best seat in the house and enjoying a great view, there wasn’t much to gain from the trip.

With so many people in attendance, there was no real opportunity for conversation—I had to settle for firm handshakes and brief greetings.

But then, something unexpected happened.

"Vice Chairman, the media response has been overwhelmingly positive. The fact that you were the only Korean business leader invited to the presidential inauguration is being widely highlighted."

"Is that so?"

Thinking about it, I had been seated in an exceptionally good spot during the ceremony.

Naturally, the media captured plenty of flattering shots, making it the perfect topic for headlines.

The fact that I had a better seat than the Prime Minister—who was attending as Korea’s official representative—only added fuel to the fire.

"It won’t last long. If Taewoo Group’s stock doesn’t hold, they’ll go right back to painting me as the villain."

"We’re doing our best to stabilize the stock price through share buybacks and cancellations. Additionally, foreign investors have been increasing their purchases, so we expect to either maintain the current level or see a slight rebound."

It made sense that foreign investors were buying in—SAVE Investments had started acquiring Taewoo Group shares again.

That said, simply buying up stocks wasn’t enough to significantly drive up the share price.

"The semiconductor yield issue needs to be resolved before we see a proper rebound."

"We still haven’t broken the 60% threshold. And even reaching that level required massive investments."

We had, quite literally, thrown money at the semiconductor factories.

Temperature, humidity, air purity—every possible variable had to be controlled.

To achieve that, we installed state-of-the-art facilities across the board.

"Taewoo Electronics and Taewoo Telecom must be bleeding cash."

"They’re splitting the financial burden, so for now, it’s manageable."

"Good thing we have our cash cows."

Taewoo Telecom, as the market leader, raked in enormous telecom fees every month.

Meanwhile, Taewoo Electronics had been stacking cash reserves through various subscription-based businesses, including its gaming platform, music streaming service, and OTT platform.

"In particular, the gaming platform is generating far more revenue than expected. It’s now Taewoo Electronics’ most profitable division—bringing in more net income than home appliance sales."

"That’s to be expected. Low overhead means high profit margins."

The gaming platform wasn’t just making money from sales commissions.

Users had to go through the platform to buy and sell in-game items, and we took a cut of every transaction.

And that was just the beginning.

Back when I was president of Taewoo Electronics, I had secured shares in a gaming company.

As a result, a portion of the gaming company’s revenue flowed into Taewoo Electronics.

"Thanks to that, we’ve been able to run Taewoo Semiconductor without taking on debt. And with gaming platform revenues increasing significantly every month, building a new factory shouldn’t be an issue."

"Gaming really is our golden goose. It seems like the only industry that keeps growing, even after the dot-com bubble burst."

"It’s all thanks to a solid business model—customers are willingly opening their wallets."

The gaming platform wasn’t raking in cash for no reason.

I had introduced a Korean-style business model several years ahead of its time, allowing gaming companies to generate staggering profits.

A revolution in monetization.

Gacha mechanics—squeezing money out of players through probability-based items.

It was a business model that rightfully drew criticism from users, but for now, it was undeniably profitable.

"For the time being, we’ll be reinvesting all of Taewoo Electronics and Taewoo Telecom’s earnings into Taewoo Semiconductor. In a few years, the tide will turn, and Taewoo Semiconductor will be the one supporting the electronics and telecom divisions."

"The strategy office will continue planning initiatives to strengthen Taewoo Semiconductor."

The entire group was rallying behind Taewoo Semiconductor.

***

Late at night

A quiet bar in Yeouido.

A secret meeting was taking place.

"How could someone like President Jang be treated this way? You built Taewoo Construction from the ground up! And now you’re being pushed aside by some kid who only made it to vice chairman because he’s the chairman’s grandson? It’s absurd!"

"It’s my own incompetence, that’s all... Sigh."

Jang Soo-young, former president of Taewoo Construction.

He had been living in seclusion when he received an unexpected invitation.

He had no interest in meeting anyone these days, but the request came from Choi Jong-min, the Vice Minister of Foreign Affairs—one of the government’s most favored figures.

Had it been just Choi, he might have declined.

But Choi had also mentioned that his father-in-law, Yoon Hyun-gil, would be there.

Yoon Hyun-gil was a five-term member of the National Assembly—one of the most influential politicians in the country.

"For someone who has led the construction industry, I’d be honored to pour you a drink."

"It’s an honor to receive a drink from you, Congressman Yoon."

"I was a bit harsh during your hearing four years ago, wasn’t I? Haha, let’s drink up and let bygones be bygones."

Yoon Hyun-gil had once served as chairman of the Land, Infrastructure, and Transport Committee.

The relationship between the construction industry and the National Land Committee was like oil and water—they never mixed well.

However, since Jang Soo-young was no longer president of Taewoo Construction, he accepted the drink without hesitation.

"Perhaps it's because it was poured by you, Congressman, but this drink tastes exceptionally sweet."

"And drinking with you makes it taste even better! Haha."

"If you two keep drinking without me, I’ll feel left out. Pour me a glass as well."

Vice Minister Choi Jong-min confidently extended his glass.

He was the one who had gathered these men here, and everyone was curious about his true intentions.

"I have no problem pouring you another drink, but you still haven’t told me why you called me here."

"I want to take down Vice Chairman Kim Min-jae. He’s crossed me one too many times. I always repay favors twofold, but when it comes to grudges—I pay them back tenfold."

There was a deep-seated resentment in Choi Jong-min’s voice.

He had many reasons to despise Kim Min-jae, but the biggest was how he had been slighted at the Russian presidential inauguration.

To others, it might have seemed like a minor issue.

But to Choi Jong-min, a man who had been raised as an elite his entire life, it was an unforgivable humiliation.

Of course, there was also the strategic element—dealing a blow to Kim Min-jae would give him leverage over Taewoo Group.

"Kim Min-jae doesn’t seem to have any weaknesses. He’s only been in the business world for a few years, and—though I hate to admit it—every project he’s led has been a success."

"It doesn’t have to be about Kim Min-jae himself. I’ve heard that Taewoo Construction serves as the financial backbone of the group. Surely you have information on slush funds or accounting fraud?"

Silence.

Jang Soo-young didn’t respond.

As Chairman Kim Tae-joong’s right-hand man, he had been involved in plenty of questionable activities.

Slush funds, accounting fraud—those were just the tip of the iceberg.

The real problem was that he had handled many of these matters personally.

If those secrets came to light, he wouldn’t just be exposing Taewoo Group—he’d be condemning himself as well.

"I assure you, none of this will come back to harm you, President Jang. We’ll only use it to pressure Taewoo Group."

"Chairman Kim personally oversaw everything. I know nothing about it."

Jang Soo-young’s tone suddenly shifted.

While he harbored deep resentment toward Kim Min-jae and Taewoo Group, he wasn’t willing to risk his own neck for revenge.

"If this goes smoothly, I’ll make sure you’re appointed as the president of Hyundai Construction. The company is struggling, and a man of your expertise is exactly what it needs."

"So you’ve aligned yourself with Hyundai Group?"

"Not an alliance, exactly. Let’s just say we happen to be walking the same path."

Hyundai Group—the former number-one conglomerate.

Hyundai Construction had once been the top-ranked contractor, and Hyundai Motors had dominated the domestic auto market.

But now, they had lost every top spot to Taewoo Group.

Did Hyundai Group even have the strength to go after Taewoo anymore?

Though Jang Soo-young was no longer in power, he still had his connections.

And from what he had heard, Hyundai Group was in dire straits—selling off subsidiaries, surrendering assets to creditors.

With things that bad, could they really take on Taewoo Group?

No matter how much he thought about it, something still didn’t sit right.

"If you can’t trust Vice Minister Choi, then trust me instead. I, Yoon Hyun-gil, always keep my promises."

"It’s not that I don’t trust you, Congressman Yoon, but I’m not sure I can handle the fallout from this."

"There’s nothing for you to handle. Just hand over the information and documents, then spend a year studying in the U.S. We’ll take care of all your living expenses and ensure you maintain your standard of living. And when you return in a year, you’ll take over as president of Hyundai Construction."

Jang Soo-young’s resolve wavered.

He didn’t want to spend the rest of his life in obscurity.

A few mid-sized construction companies had reached out to him with offers, but after having been the president of Taewoo Construction, those companies felt too small for him.

But Hyundai Construction?

It was still the second-largest contractor in the industry. And if he took the helm, he was confident he could reclaim the number-one spot from Taewoo Construction.

Wouldn’t that be the ultimate revenge?

Nothing would be a greater blow to Taewoo Group—the company that had cast him aside.

"I’ll check my files when I get home. I may not have brought enough materials to be of much help."

"The documents aren’t the important part. What matters is your decision. To commemorate our partnership, allow me to pour a round of drinks."

Congressman Yoon Hyun-gil expertly mixed a round of bomb shots.

The rumors that no lawmaker in Yeouido had ever escaped drinking one of his concoctions seemed entirely believable given his practiced ease.

***

A few days later

I left for China under the pretext of inspecting Taewoo Motors' new factory there.

On the first day, I did exactly that—visited the new factory, just as my official itinerary required.

But I wasn’t actually involved in anything significant.

I was merely passing the time.

The real business would begin after dark.

"I apologize for not visiting more often. And congratulations on your appointment as Director of the Organization Department."

"Haha, among close friends, we don’t need to see each other all the time to understand one another."

I had come all the way to China to meet Zheng Hongqin.

He was a key figure in the Shanghai faction and known as the right-hand man of the current president.

Taewoo Motors' expansion into China had been smooth largely thanks to his influence.

And over the years, I had made sure to shower him with plenty of gifts.

"We don’t need to see each other often to understand one another"?

Of course not.

With all the money I had funneled his way, how could he not feel that way?

"If good news arrives next year, I’ll prepare a very generous gift."

"Haha, next year, the president will be stepping down. What kind of good news could there possibly be?"

Next year, the Chinese president and other top leaders were set to retire.

That meant vacancies.

And vacancies meant successors would rise to take their places.

It was already a foregone conclusion that Zheng Hongqin would become a Politburo Standing Committee member.

The Standing Committee was the core of China’s political power—only seven people held such a position.

With his ascension inevitable, I had been maintaining my relationship with him all this time.

Because he was someone with plenty to offer.