The Magician’s Memorial - Chapter 80



Only Krnovel

Episode 80 1997 (3)

I have never raised my voice to my grandfather in my life.

There was a time when I was very young, when I cried and threw a tantrum, but I never screamed.

So, when I raised my voice, my grandfather even raised his hands in embarrassment.

“What do you want to say? “Don’t get excited and speak slowly.”

“It’s not a wave, it’s a tsunami. You can avoid the waves for a while, but if a tsunami comes, it will devastate you. “This is the current economic situation in Korea.”

“Are you saying that Korea’s economy will be devastated?”

“There is no longer something too big to fail that my grandfather used to shout about. “If the Republic of Korea is collapsing, how can large corporations survive?”

“Do you think Korea will collapse so easily? “I don’t know where you heard that strange sound, but please stop.”

My grandfather looked at me like I was into a cult.

Well, if you say that Korea suddenly goes bankrupt, who would believe it?

But I continued talking because I had to convince my grandfather.

“This is why we were confident that we would acquire SS Oil. “If Korea’s economy goes to hell, SS Group will also go bankrupt.”

“Are you saying SS Group is also dangerous?”

“Not only SS Group but also Kai Motors will go bankrupt this year. You can be sure that half of the top 30 companies in the business world will collapse. “For now, we have to be patient and wait so that our Taewo Group does not fall into it.”

Grandpa looked at me intently.

Looking at those eyes filled with age made me want to turn my head, but I couldn’t back out of here, so I widened my eyes and made eye contact with my grandfather.

“You are speaking from the heart.”

“I’m not just saying this. A foreign exchange crisis will occur in Thailand soon. “Starting with Thailand, the entire Southeast Asia will experience a foreign exchange crisis, and by the second half of this year, even Taiwan and South Korea will experience a foreign exchange crisis.”

“Do you think Taewoo Group will collapse if the foreign exchange crisis occurs?”

“The reason Hanbo Group collapsed was because of excessive debt. Taewoo Group also has enormous debt. Although they say they have reduced their debt ratio by selling Taewoo Heavy Industries and the mobile phone division, it is still a risky situation.”

Only then did my grandfather seem to understand why I was trying to sell the affiliate.

“… … “There was a reason why you wanted to sell the affiliate.”

“To get out of this crisis, we must implement even more austerity management than now. “We must reduce business expansion and investment to a minimum and mobilize all of the group’s efforts to hold foreign currency.”

“You couldn’t have thought of that alone. Did you hear it on Wall Street?”

“Thailand will go bankrupt within a few months. “If that doesn’t happen, I will step down from my position as head of the planning department.”

“You’re making threats again.”

My grandfather was already very hurt.

I would be a good grandson if I pretended to lose here and appease my grandfather.

Even if he remains a good grandson, the moment Taewoo Group collapses, everything disappears.

“Please be patient for a few months. If we can overcome the foreign exchange crisis, there will come a time when grandfather can freely acquire any company he wants. “We can make not only SS Oil but also Kai Motors an affiliate of Taewoo Group.”

“I don’t know why you’re so sensitive. South Korea is going bankrupt. “Tsk, tsk.”

“If that doesn’t happen, I’ll start from scratch. “I will learn new things as my grandfather’s assistant, not as the head of the planning department.”

Grandfather looked down at the window.

He continued speaking without looking at me.

“Do you really think SS Group will collapse?”

“It’s clear. “I can be confident that I will give it my all.”

“If SS Group collapses, SS Motors can also be acquired.”

“Wouldn’t it be better to acquire Kai Motors rather than SS Motors? “If things go as I planned, Taewo Group could rise to the top spot in the business world within one to two years.”

“Okay, just do what you said and wait for a few months. But if that doesn’t happen, I’ll make room for you in the secretary’s office.”

“thank you. Thank you so much for your trust.”

I bowed my head 90 degrees and expressed my gratitude.

Honestly, it was normal to be angry.

Because he was an old man who didn’t know the people who were struggling to save the group.

But instead of being angry, I was so grateful that I almost cried.

It was really important for me and the Taewo Group to gain a few months of time.

* * *

At least one place per month.

Newspapers and news stories were filled with bankruptcies of large corporations.

Starting with Hanbo Group, Sammi Group, and even Jinro Group, which had a powerful cash cow called Soju, were about to collapse.

The economic growth rate collapsed miserably.

There was even news reporting that there was a hole in the Korean government and foreign currency reserves.

Only then did my grandfather stop doubting me.

“Just as you said, the Republic of Korea is reeling.”

“Now is the start. “More companies will collapse.”

My grandfather and I had tea time in the living room of the mansion.

Perhaps because of the comfortable clothes and comfortable seating, the conversation proceeded smoothly.

“I want to ask you one thing. “Since when have you been predicting this situation?”

“I’ve known it since I was in America. Wall Street funds also won the battle against the UK. “Even Britain, a developed country, stumbled, and it was clear that Korea would collapse miserably.”

Because I couldn’t tell you that I was living my life again.

I made up a plausible story by adding lies to the truth.

“Hmm, I guess your prediction is coming true. “Is there anything to do with the sale of Taewoo Heavy Industries to Hyeonjae Group?”

“When the foreign exchange crisis occurs, very good companies come to the market. “It could put Hyunjae Group, its biggest rival, in a situation where it can’t spend money.”

“What you meant by transferring Taewoo Heavy Industries to Hyunjae Group was to buy better properties?”

“It was also for Taewoo Group to move beyond being a simple manufacturing company. “We need funds to preoccupy industries with high returns.”

As labor costs became higher, the profitability of manufacturing industries tended to decrease.

However, in the case of most large Korean companies, the proportion of manufacturing was very high.

Labor costs have not yet risen that much, but in just a few years, manufacturing profits will decrease significantly due to labor costs.

“Okay, I guess what you said is correct. But there are still some parts I don’t agree with. “You won’t believe that Korea is going bankrupt.”

“This administration has already been a lame duck since last year. “We lack the power to stop this crisis.”

“Still, I keep feeling like I’m missing out on opportunities to acquire good companies.”

Grandfather’s greed remained the same.

Previously, I would have gritted my teeth if my grandfather said something like that, but now I can accept it with ease.

Because the die has already been cast.

While the dice were rolling, the player could not take any action, and it was clear that my grandfather would only be greedy in words and not actually take over the company.

“The time will soon come to acquire a good company at a low price.”

“Even if a national bankruptcy occurs as you said, the acquisition of the company will only be possible after power is transferred to the next administration.”

“So, there is one matter I would like to talk about. How do you plan to establish relations with the next administration?”

“It will depend on who becomes president, but since no candidate No. 2 has ever been elected in the history of the Republic of Korea, wouldn’t a president come from the ruling party?”

Everyone was optimistic about the victory of candidate No. 1.

However, in the presidential primary held by the ruling party, there is a candidate who refuses to admit defeat and runs as number 3.

As a result.

Candidate number 3 ate away at candidate number 1’s votes.

Due to suspicions over his child’s military service, the second candidate, DJ, is elected president.

“I think the president will be elected from the opposition party.”

“Do you like underdogs? Or did the analysis conclude that the opposition party has an advantage?”

“There is even a saying that the president is predicted from heaven. No matter how scientific the analysis, it is difficult to know the results. “But I don’t think there will be another president from the ruling party that failed to prevent the foreign exchange crisis.”

“You’re saying that the foreign exchange crisis determines the president.”

Although the current president has made a lot of contributions.

With one foreign exchange crisis, all credit is lost and only negative images remain.

As businesses collapsed every day and people became unemployed, the support of the opposition party was bound to grow stronger.

Well, this kind of analysis is meaningless.

Because I saw firsthand who becomes president.

“I understand that you have a close relationship with the opposition candidate.”

“We often talk about economics. “Even if the election is favorable to the ruling party, just understand that it is a special relationship to the extent that I have to support the opposition party.”

My grandfather and President Daum had a very close relationship.

However, I don’t know what caused the rift between them, but they split up after the foreign exchange crisis.

“If you’re going to help me, please push me hard. “Wouldn’t that make it easier for your grandfather to take over the company he wants?”

“I want to do that too, but there are so many people watching these days that it’s not easy to provide election funds.”

As you know, I wanted to ask if you were even in the news about the campaign finance issue.

My grandfather gets into trouble when he gets caught supporting the election campaign of an opposition candidate.

I had to intervene to prevent that from happening.

Because I don’t want my grandfather to go to jail again.

“Can I take care of the election funding?”

“The chief secretary is an expert in that field. “There is no need for you to come forward.”

“There is a lot I have seen and learned on Wall Street. “I will work with the Chief of Staff to take care of campaign financing.”

“Hmm, it’s about time you did that too. “If there is a delivery accident, you could be in big trouble, so try to be careful.”

Grandfather’s permission was granted.

I researched and researched ways to deliver campaign funds without anyone knowing.

* * *

A few days later.

A secret meeting was held in my office.

The only attendees at the meeting were the Chief of Staff and the Director of Planning, and the topic of the meeting was election funding.

“My grandfather decided to support the opposition candidate.”

“That’s what you’re doing after all. “This is an election where the ruling party candidate has a greater advantage, so the risk is high.”

“No matter which candidate you support, you bear the same risk. So, let’s focus only on supporting election funds to prevent delivery accidents.”

The chief secretary suddenly cleared his throat.

I guess he is embarrassed to have to reveal his secrets to me, who is like his grandson.

“Political donations can be delivered through various channels. The most important thing is to transfer funds without a tag to avoid any backlash.”

“Are you keeping those funds separate?”

“We launder and manage a certain amount of money every year to use it during the presidential election period.”

In short, it was a slush fund.

In order to run a business in Korea, a certain amount of slush fund was essential.

If you openly use company funds to make political donations, you will most likely go to jail.

“Even if it is a slush fund created at the group level, the label may not have completely disappeared. So, I am trying to deliver political donations in a completely new way.”

If this goes wrong, I will go to jail in place of my grandfather.

Therefore, political donations had to be delivered in a very perfect way.