I attended the inauguration and returned to Korea.
Apart from sitting in the best seat and enjoying the spectacle, there was no particular benefit.
There were so many attendees that there was no time for separate conversations, and I had to be content with just firm handshakes.
But then, unexpectedly, a reaction I hadn't anticipated began to emerge.
"Vice Chairman, the media is giving a very positive response. The fact that you're the only Korean entrepreneur invited to the presidential inauguration is being highlighted."
"Is that so?"
Well, I did sit in a very good seat during the inauguration.
So there were many well-composed photos, making it easy for the media to turn it into an issue.
Also, me sitting in a better seat than the prime minister, who attended as Korea's representative, probably played a part.
"But it won't last long. If Taewoo Group's stock price can't hold, they'll make me the villain again."
"We are defending the stock price as much as possible through share buybacks and cancellations. And foreign purchases are increasing, so it is expected that the current state can be maintained or possibly see a slight rebound."
The increase in foreign buying was natural.
The SAVE investment firm was buying Taewoo Group's shares again.
However, simply buying shares had its limits in raising Taewoo Group's stock price.
"The semiconductor yield problem must be solved for the stock price to rebound properly."
"It still hasn't surpassed 60%. Even that was only possible because of huge investments."
In other words, money was being thrown recklessly into the semiconductor factory.
Temperature, humidity, cleanliness, and so on.
Various facilities were introduced to control every possible variable.
"Taewoo Electronics and Taewoo Communications must be running low on funds."
"But since the two are sharing the financial burden, they have been able to manage so far."
"It's fortunate they have cash cows."
Taewoo Communications was earning massive monthly communication fees based on its number one market share.
Taewoo Electronics was accumulating cash through various subscription-based business models like game platforms, music sites, and OTT services.
"Especially the revenue from the game platform has exceeded expectations. The game platform is the highest-earning division in Taewoo Electronics, generating more net profit than electronics sales."
"That's natural since it costs almost nothing, so the net profit has to be high."
The game platform did not only take commissions from game sales.
To purchase or sell items, users had to use the game platform, and we earned a portion of revenue from every transaction.
But that was not all.
When I was president of Taewoo Electronics, I secured shares in game companies.
A portion of the profits generated by these game companies flowed back to Taewoo Electronics.
"Thanks to that, Taewoo Semiconductor could be operated without debt. Since game platform revenue is growing significantly every month, building a new factory doesn't seem difficult."
"The game business is a golden goose. It seems to be the only industry where sales increased even during the dot-com bubble."
"Customers are opening their wallets thanks to the excellent business model."
The game platform was not making money for no reason.
I had introduced a Korean-style business model several years earlier, and thanks to that, these game companies were generating enormous profits.
An innovative payment structure.
Extracting money through the introduction of probability-based items.
It was a business model that users hated and cursed, but undeniably, it was generating massive revenue at present.
"For the time being, we should consider that all revenues from Taewoo Electronics and Communications will be invested into Taewoo Semiconductor. In a few years, Taewoo Semiconductor will be the backbone supporting Electronics and Communications."
"The planning department will continue preparing strategies for Taewoo Semiconductor."
The entire group was focused on Taewoo Semiconductor.
But unlike other groups, we had several strong cash cows, so we had the capacity to endure.
Still, the situation was not comfortable.
So we needed to grow the cash cows even more.
***
Late at night,
A secret meeting was taking place at a small bar in Yeouido.
"Why should someone like President Jang endure this humiliation? Wasn't it President Jang who built Taewoo Construction? Does it make any sense to be pushed aside by a guy who became vice chairman just because he's Chairman Kim's grandson?"
"That's because I'm no good. Sigh."
Jang Soo-young, former president of Taewoo Construction.
He had been living in seclusion when he received a meeting request.
He usually avoided meetings with anyone, but this was from Choi Jong-min, Vice Minister of Foreign Affairs, who had strong government backing.
In fact, if it had been just Vice Minister Choi, he could have refused.
But since he insisted on meeting together with his father-in-law, Yoon Hyun-gil, he couldn't refuse.
Yoon Hyun-gil was a five-term member of the National Assembly and one of the top figures in politics.
"I'll pour a drink for President Jang, who led the construction industry."
"It's an honor to receive a drink from Assemblyman Yoon."
"Was I too harsh at the hearing four years ago? Haha, let's drink one cold glass and clear everything up."
Assemblyman Yoon Hyun-gil was also chairman of the Land, Infrastructure and Transport Committee.
The relationship between the construction industry and that committee was like water and oil, a tense one.
But since Jang was no longer president of Taewoo Construction, he accepted the drink.
"Maybe it's because it's from the assemblyman, but it tastes like honey."
"It tastes sweet to me too, drinking with President Jang. Hahaha."
"If you two keep this up, I'll feel left out. Pour me a drink too."
Vice Minister Choi confidently offered his glass.
He was the one who brought them together here, and everyone was curious about his intentions.
"I can pour drinks as many times as you want. But you haven't told me why you called me here."
"I'm planning to blow away Vice Chairman Kim Min-jae. I've also been wronged by Kim Min-jae. I'm the type to repay kindness twice over, but revenge tenfold."
Vice Minister Choi Jong-min was grinding his teeth over Kim Min-jae.
There were several reasons why he disliked Kim Min-jae so much, but the biggest was that Kim had ignored him at the Russian president's inauguration.
While others might see it as trivial, for Choi, who had grown up among elites, it was a tremendous humiliation.
Of course, he also wanted to strike a blow against Kim Min-jae to bring the Taewoo Group under control.
"Vice Chairman Kim Min-jae hardly has any weaknesses. He hasn't been in the company for many years, and though I hate to say it, he has successfully led every business he's handled."
"It doesn't necessarily have to be about Kim Min-jae's weaknesses. I've overheard that the construction company is the group's cash cow, right? You're aware of slush funds or accounting fraud, aren't you?"
"..."
President Jang Soo-young was silent.
As the right-hand man to Chairman Kim Tae-jung, he had naturally carried out many illegal activities.
Not just the slush funds and accounting fraud Vice Minister Choi wanted, but worse.
The problem was that Jang had handled those matters with his own hands, so if they were exposed, he himself could go to jail.
"I will make sure nothing harms you, President Jang. It will only be used as leverage to pressure the Taewoo Group."
"All such matters were handled directly by the chairman. I know nothing."
Suddenly, Jang's tone changed.
He too wanted revenge on Kim Min-jae and the Taewoo Group, but he wasn't willing to bet his life on it.
"If this matter is resolved well, I will help you be appointed president of Hyundai Construction. Isn't someone like you exactly what Hyundai Construction badly needs to rise again?"
"Have you decided to accept help from the Hyundai Group?"
"Not exactly an alliance. It's just that people heading in the same direction tend to walk the same path."
The Hyundai Group, once the number one conglomerate.
Just among its affiliates, Hyundai Construction was the leading contractor, and Hyundai Motors held the top market share domestically.
But now, it had ceded all those number one spots—from overall conglomerate rankings to affiliate rankings—to the Taewoo Group.
But did the Hyundai Group still have the power for this?
Though Jang Soo-young had stepped down from his position, his information network remained intact.
He knew the Hyundai Group's situation was bad enough to be selling off affiliates or handing them over to creditors.
In this situation, could the Hyundai Group really go against Taewoo?
No matter how much he thought about it, it didn't make sense.
"If you don't trust Vice Minister Choi, then trust me. I, Yoon Hyun-gil, am a man who always keeps his promises."
"It's not that I don't trust you, Assemblyman Yoon, but I'm not confident I can handle the backlash."
"You don't have to handle it. Just give us information and materials and go study in the U.S. for about a year. We'll take care of your living expenses and lifestyle costs. After a year, you can start as president of Hyundai Construction."
Jang Soo-young's resolve began to waver.
He didn't want to live as a recluse anymore.
Though he had received offers from mid-sized construction firms, they were too small for someone who had been president of Taewoo Construction.
But Hyundai Construction?
It was still the second-largest contractor, and he was confident that if he took over, he could push out Taewoo Construction and reclaim the top spot.
Wasn't that true revenge?
There was no greater revenge against the Taewoo Group that had abandoned him.
"I'll go home and check the materials. If the data I brought is insufficient, it might not help."
"What does the data matter? Your intention matters more. To celebrate joining forces with us, I'll buy you a drink."
Assemblyman Yoon Hyun-gil skillfully made a bomb shot.
His skill was so renowned that the rumor saying no lawmaker in Yeouido had avoided drinking his bomb shots seemed believable.
***
A few days later,
I left for a business trip to China under the pretext of inspecting Taewoo Motors' new factory there.
On the first day, I toured the new factory as planned, but I didn't really do much.
I was just passing time by looking around the factory. The real work started after sunset.
"I apologize for not greeting you more often. Congratulations on your appointment as the head of the organization."
"Haha, close friends don't need to see each other often to understand each other's hearts."
I flew all the way to China to meet Zheng Hongqin.
He was a key figure in the Shanghai faction of power and was called the right-hand man of the current Chinese president.
Taewoo Motors' entry into China had smoothly progressed thanks to his assistance.
He had also given many gifts over time.
Close friends don't need to see each other to understand each other's hearts?
Of course, that had to be true. Considering how much money I had spread around, it was only natural.
"If good news comes next year, I will prepare a very big gift."
"Haha, the president is stepping down next year, so what good news could there be?"
Next year was when the Chinese president and other leaders would retire.
Retirement meant vacancies would open, and successors would inherit those positions.
It was certain that Zheng Hongqin would become a member of the Standing Committee.
The core of Chinese power was the Standing Committee, consisting of only seven members.
Since he was going to rise to that position, I had maintained relations with Zheng Hongqin all this time.
Because he was someone to be extracted from.