[Well… what do you mean by 'cooperate'…?]
"Tell me the real situation of Hanho Savings Bank. And why you did such a reckless thing."
Ahn Seok-gil took a deep breath.
[Is that all?]
I said coldly,
"Of course not. Do you really want to push this to the limit? We have nothing to lose."
I softened my tone.
"Vice Minister Ahn, you know your career in public service ends with this administration. You need to prepare for your future, whether it's saving money or securing a position as an advisor at a private company. No company will hire a disgraced official embroiled in a sex scandal. Think about your family."
Ahn Seok-gil gulped and said after a long hesitation,
[I'll… cooperate.]
"Good decision. Now, answer my questions."
Ahn Seok-gil, his voice resigned, started explaining.
[Hanho Savings Bank is a mid-sized savings bank based in Chungcheong Province and the southern part of the Seoul metropolitan area. It's true that their total assets are 20 trillion won, as shown in the financial statements. However…]
"However?"
[Their equity has been completely wiped out by years of economic hardship and the rising exchange rate. They're in the red.]
"As I suspected."
[And their bad debts exceed 4 trillion won out of 17 trillion won in loans. It's expected to reach 5 trillion won soon.]
I said with a dumbfounded expression,
"So they're already dead?"
Although their total assets were 20 trillion won, most of it was customer deposits. Hanho Savings Bank's own funds were negative.
And with nearly 5 trillion won in bad debts, they couldn't even repay their depositors, let alone generate profit.
"They'll collapse if word gets out."
[That's right. Even if they liquidate all their assets and recover all their loans, they'll only have 15 trillion won. It's far less than the 20 trillion won in customer deposits.]
I was stunned by the severity of their situation.
"So you weren't trying to attract investment to save the bank, but to make a quick buck before it collapsed? 200 billion won is a drop in the bucket compared to the 5 trillion won deficit."
"- …"
His silence was a confirmation. I chuckled dryly.
"They're reckless."
[I apologize.]
"It's fine, we haven't lost anything."
I thought about it.
Now that I knew the bank was practically insolvent, the logical thing to do would be to walk away and focus on other opportunities.
It was a failing bank with a 5 trillion won deficit and negative assets.
But I was intrigued.
Like with Xinhua Investment and Chen Fei, debt could be a weapon, not just a burden.
The bank was practically worthless, so I could acquire it for a bargain price. And I could even negotiate a debt write-off with the government, citing the bad debts.
I licked my lips.
"Anyway, thank you for the information."
[I apologize.]
"Let me ask you something. If I express interest in acquiring Hanho Savings Bank, the government would welcome it, right?"
[Acquire it?]
"Answer my question."
Ahn Seok-gil, startled by my tone, said,
[If you knew the true situation of Hanho Savings Bank, you would be welcomed with open arms. It would solve a major problem for the government.]
"Hmm."
As I pondered his words, Ahn Seok-gil said cautiously,
[Where's the original videotape…?]
I chuckled.
"Do you think I would give you the original? It's very easy to copy a videotape."
[…]
"And how can you be sure that's the only video? Don't you think there might be others?"
Ahn Seok-gil groaned softly.
[Please, I beg you. Have mercy. I'll do anything you ask.]
"Don't worry, I won't make any unreasonable demands. Just do as I say, and I'll take your secret to the grave."
[Thank you.]
I was thinking about how to use Ahn Seok-gil when a question arose.
"By the way, Vice Minister Ahn, I have a question."
[Yes?]
"The government said they wouldn't investigate the source of the funds, but they wouldn't just sit idly by, would they?"
[…]
"Tell me what the government thinks about us and what they're planning to do."
Ahn Seok-gil hesitated, but the tide had turned.
[They haven't investigated the source of the funds. If they were planning to, I would have received instructions. The government is desperate for foreign currency. I received direct orders from the VIP to accommodate you and secure further investment.]
I scoffed.
"And that's why you recommended investing in Hanho Savings Bank?"
[…]
"Continue."
[They haven't conducted a thorough investigation, but they're speculating based on the size and the diverse origins of the funds.]
I said with interest,
"What are they speculating?"
[They think it might be… triad money.]
"Hahahahahahaha!"
I burst into laughter, a rare occurrence for me, who usually maintained a calm and composed demeanor as Baek In-hwi.
I had suspected they were mistaking us for something we weren't, but triads?
My bluff had turned Baek In-hwi into the mastermind behind a triad money laundering operation.
I wiped away my tears and said,
"Ah, that was a good laugh."
[It wasn't?]
I smiled at Ahn Seok-gil's question.
"The Korean government is not to be underestimated."
There was no need to deny it.
If they wanted to believe Baek In-hwi was connected to the triads, I would let them.
It would create a convenient cover story if his fake identity was ever exposed.
'Baek In-hwi was a fake? As expected of a triad money launderer.'
[Indeed.]
"Now, do as I say. I'll forget everything and give you a bonus of 500 million won."
The carrot and the stick.
After threatening him, I needed to offer him an incentive to ensure his cooperation.
Ahn Seok-gil was surprised.
[500 million won? Are you serious?]
"You're a Vice Minister of the Korean government. You deserve to be compensated for your efforts. I'll give you 500 million won. But…"
I lowered my voice.
"There are no second chances."
[O-of course.]
"Then go to your office and…"
***
"Senior! This is outrageous!"
Oh Sang-sik, the president of Hanho Savings Bank, said indignantly in the privacy of the room salon.
"I'm sorry."
Ahn Seok-gil apologized with a sincere expression. Oh Sang-sik was his sponsor and a high school alumnus.
But Oh Sang-sik continued to frown.
"You promised you would handle it! You said you would secure the investment, but now we're facing an audit! What am I supposed to do? Please, help me. Corporate audits are under the Ministry of Finance and Economy's jurisdiction. Please, save me. My bank will be ruined!"
Ahn Seok-gil took a sip of his drink.
"I'm sorry."
Oh Sang-sik said, pounding his chest,
"Stop saying you're sorry and do something! Is it because the money I offered wasn't enough? I'll give you 20 billion won out of the 200 billion won investment. Is that not enough?"
Ahn Seok-gil shook his head.
"It's not about the money."
"Then what is it?"
Ahn Seok-gil said with a dejected expression,
"I can't tell you. It's beyond my control. I'm doing everything I can to minimize the damage, so please be patient."
Oh Sang-sik pulled his hair in frustration.
"Minimize the damage?! You're saying the audit will continue?!"
"It can't be helped."
Oh Sang-sik said with a venomous expression,
"Senior, do you think you'll be the only one to go down?"
"What?"
"Should I list all the money and donations I've given you?"
Ahn Seok-gil's face hardened.
"Are you threatening me?"
"What choice do I have?! I'm about to lose everything!"
Ahn Seok-gil sighed.
"That would be the worst possible choice."
"It's already the worst! How can it get any worse?!"
"Embezzlement, accounting fraud, tax evasion, slush funds. Is there a single one you're not guilty of?"
Oh Sang-sik bit his lip.
"Hanho Savings Bank is finished. You need to save yourself. I'll cover for you as much as I can while I still have power. I'll try to reduce the charges to probation, so just stay quiet."
Oh Sang-sik trembled.
"Who… who doesn't know it's finished? I'll be penniless if I lose my position!"
Hanho Savings Bank, which had managed to survive the economic crisis, had been dealt a fatal blow by the Hanbo incident, which had created a massive amount of bad debts in Chungcheong Province.
Hanho, based in Chungcheong Province, had lent a large amount of money to Hanbo's subsidiaries and subcontractors, and those loans had turned into bad debts, crippling the bank.
The bank's 2 trillion won in assets had vanished, and the shareholders' patience had worn thin.
Hanho Savings Bank had been a family business for generations, but Oh Sang-sik was at his wit's end when Ahn Seok-gil contacted him.
He had agreed to Ahn Seok-gil's proposal to partner with a Chinese investor, hoping for one last score.
The Korean legal system was lenient towards white-collar criminals, so he had calculated that even if he was charged with various crimes, the fines wouldn't exceed a few billion won, as long as he could get his hands on the 200 billion won from selling his 10% stake to the Chinese investor.
But now, instead of an investment, he was facing an audit.
He thought of the Chinese investor and said,
"You haven't been bought by the Chinese, have you? You were the one who suggested we exploit them. Why the sudden change of heart?"
Ahn Seok-gil's face turned pale at his words.
He looked around nervously, despite being alone with Oh Sang-sik in a private room.
"Senior? What are you doing?"
Ahn Seok-gil, snapping out of it, said, sweating,
"Watch your mouth. Walls have ears."
Oh Sang-sik, suspicious of his strange behavior, said,
"Are you really involved with the Chinese? Tell me the truth."
Ahn Seok-gil just swallowed nervously.
The Chinese investor had figured out that the documents were fake within a week of the meeting and had even found a video of him receiving sexual favors from an entertainment agency CEO two years ago.
If he had been preparing this in advance, it was even more terrifying.
A Vice Minister of a key government ministry wasn't a low-ranking official.
Even the National Intelligence Service would have difficulty finding such damaging information so quickly.
He had heard rumors about the triads, one of the world's three largest mafia organizations, but he had assumed they wouldn't have any power in Korea. He had been wrong.
Their meticulous preparation and intelligence gathering sent shivers down his spine.
"I can't tell you the details. But just know that both you and I are in a dangerous situation."
"What?"
Ahn Seok-gil gulped and said,
"They're monsters."