A few days later.
Just past 1 p.m., a large black sedan with heavily tinted windows slowly approached and stopped in front of the entrance to the Seoul Southern District Prosecutors' Office.
From the back seat, a foreign man in a sharp suit stepped out — it was none other than John Howell, the head of the Korea branch of the Rothschild Fund.
Accompanied by his lawyer, Howell's face was as rigid as concrete.
The moment he appeared, the reporters, who had been waiting since morning, surged toward him in a wave. Flashes erupted from all directions, and microphones were thrust forward as a barrage of questions came flying at him.
"All the allegations mentioned have been proven true — would you care to make a statement on that?"
"Is it true you made improper use of the debt restructuring fund?"
"What's your stance on the prosecution's travel ban against you and other key Rothschild Fund executives?"
"Do you admit to using taxpayers' money to write off debt and then attempting to sell Hansan Group affiliates at a dirt-cheap price?"
Bathed in a blinding storm of flashes from every direction, Howell stood silently in the photo line, refusing to give a single answer.
Prosecutors' investigators, who had come out in advance, closed in around him in a protective circle, keeping the press from getting too close.
"Don't push!"
"You're blocking the view — step aside!"
Reporters tried to move closer, while investigators blocked their way, leading to shoving matches and heated exchanges.
Finally, as the human wall of investigators opened a path, Howell, who had been rooted in place, began walking at last — accompanied by his lawyer — and entered the building.
The moment the glass doors shut behind them and the lobby shielded him from the reporters' eyes, his face twisted into a scowl.
"Damn it."
Contrary to Rothschild Fund chairman Peterson's assurance — that he would apply pressure through the U.S. government and there would be nothing to worry about — Howell now found himself humiliated, appearing before prosecutors to be questioned.
Had Peterson not made such promises, Howell might have sensed the growing danger in time and quietly left the country. But trusting Peterson, he had relaxed — only to be hit with a sudden travel ban, trapping him in Korea completely.
"How did it come to this… damn it."
Howell cursed Peterson inwardly, running a hand through his hair.
For now, he was summoned merely as a witness, but his lawyer had warned him: after the questioning, he could be reclassified as a suspect. Each step he took into the prosecution building felt heavier than the last.
***
Government Complex 1, Jongno, Seoul.
Deputy Prime Minister of Economy, Chun Byung-soo, sat on the sofa with a troubled expression, a cigarette between his lips, as he listened to Vice Minister Shin Seung-gi's report.
"As expected, John Howell, head of the Korean branch of the Rothschild Fund, who appeared at the Southern District Prosecutors' Office, has been formally reclassified as a suspect."
Chun let out a sigh. "So it's come to this, after all."
He had known this might happen, having been warned in advance by the prosecutors, but hearing that Howell was officially a suspect still weighed on him.
"What's the American response?"
With the launch of the new government, the Ministry of Finance and Economy, blamed for its major role in the IMF crisis, was split into the Ministry of Finance and Economy and the Budget Office. Shin Seung-gi, now vice minister at the newly established Ministry of Finance and Economy, answered with a somewhat peculiar look.
"That's what's odd."
"What do you mean?" Chun asked with a frown.
"You'd expect some kind of reaction by now, but there's nothing. Not a single move."
"Really?"
"Yes. We had braced ourselves for strong protests from the U.S. government—thought they'd be up in arms. But it's so quiet, it's almost embarrassing how on edge we were."
Chun Byung-soo raised his eyebrows in surprise.
If there was one country that immediately reacted whenever its citizens' lives or interests were at stake, it was the United States. That was why, although angry at the Rothschild Fund's deception of the Korean government, they'd hesitated to impose final sanctions for so long.
In the end, though, they had pulled the trigger: after canceling the debt restructuring fund's management contract and launching a prosecutorial investigation, everyone was still anxiously watching to see how the U.S. government would respond.
But now, after all that tension, with the Americans staying completely silent, Chun couldn't help but suspect something was going on beneath the surface rather than feeling relieved.
"What are they plotting?" Chun muttered, vigilance written all over his face.
Shin Seung-gi nodded slightly in agreement. "I find it strange too, but for now, at least the U.S. government isn't making any moves—so perhaps that's a good thing?"
Chun still looked uneasy. "Maybe so, but usually the U.S. pounces at the slightest disadvantage to its companies, exerting all kinds of pressure. The fact that they're sitting quietly like this actually makes me more uncomfortable."
Shin Seung-gi nodded again in agreement.
Chun Byung-soo tapped the armrest of his sofa, organizing his thoughts for a moment, then looked up.
"This unease just won't go away. Let's not let our guard down. Keep monitoring for any moves by the U.S. government."
"Understood."
Chun forced himself to push aside the lingering discomfort, took a sip of coffee, and set down his teacup. With a slightly weary face, he changed the subject.
"You said the creditors have revoked the Hansan Group restructuring contract they signed with the Rothschild Fund?"
"Yes. There were just too many problems becoming public, and with the tide of public opinion turning so sharply against them, it would've been impossible to maintain the agreement."
"That makes sense. Especially since most of the banks are being propped up by public funds—taxpayers' money. No wonder they were being extra cautious."
Shin Seung-gi replied carefully.
"As a result, the ongoing sale of Hansan Group's affiliates will likely be postponed indefinitely."
"We can't help it," Deputy Prime Minister Chun replied, smacking his lips regretfully. Vice Minister Shin added with a troubled look, "But with the delay, it appears we'll need to inject a substantial amount of additional operating funds."
"Hmm." Chun frowned and let out a low grunt, prompting Shin to continue cautiously. "And besides that, we need to discuss how to handle Hansan Group's debt—1.5325 trillion won—that the Rothschild Fund had promised to shoulder."
"It won't be easy to ask the creditors to split the burden, will it?"
Shin shook his head skeptically. "They've already agreed to write off a massive 3.8137 trillion won. Asking them to take on any more will be very difficult."
"I see." Chun's expression darkened further with every new complication.
"Moreover, if the Rothschild Fund completely pulls out from Hansan Group, there's also the issue of returning the $345 million they provided as a bridge loan."
The situation was getting messier rather than resolving itself, and his face instinctively twisted in frustration. "At a time when we can hardly spare a single dollar, the thought of handing back such a huge sum is enough to make me lose my mind."
Chun rubbed the back of his neck as he strained to come up with a solution. "Since this all happened because the Rothschild Fund broke its promises and caused these problems, even if it's hard to confiscate their invested capital, what about freezing repayment of the bridge loan until the sale is completed?"
"I'd like that, but it might provoke the U.S. government—which has been holding back so far—and cause even bigger troubles."
Remembering the unpredictable power of the American government, Chun let out a groan. "Ugh." Pressing his throbbing temples, he muttered in frustration, "If only someone would just appear out of nowhere, like a savior, and buy up all the Hansan Group affiliates…"
Knowing that was wishful thinking, Vice Minister Shin simply wore a bitter expression in silence. Chun, too, knew how unlikely it was—he could only sigh deeply.
"At this rate, there's no solution but to inject more taxpayer money again."
"But even if we handle the debt that way, there's still the problem of returning the bridge loan in foreign currency."
Chun crossed his arms, his face tight with frustration. No matter how many leaks they plugged, another would spring up—he simply couldn't see a way forward.
"All this hardship because of the Rothschild Fund," Chun muttered, gritting his teeth. Shin, equally exasperated with the mess the fund had caused, couldn't hide his irritation.
Just then, a gentle knock came from outside and the secretary entered.
"Excuse me for interrupting."
"What is it?"
Leaning back, Deputy Prime Minister Chun Byung-soo spoke in a weary voice.
"Manager Lee Dong-wook says he has something urgent to report. What should I do?"
"Let him in."
"Yes, sir."
The secretary left, and shortly after, Manager Lee Dong-wook entered, looking slightly flushed in his gray suit.
"What's this urgent report about?" Chun asked, sounding a little annoyed at being disturbed while so tired.
Lee responded at once. "Daehung Venture Capital has submitted a letter of intent to the creditors, proposing to acquire four Hansan Group affiliates, including Manyoung Machinery, for $1.8 billion."
"…!"
Chun stiffened and blinked in shock, completely caught off guard. It was such unbelievable news, he almost thought he was hearing things from the stress.
At that moment, Vice Minister Shin Seung-gi, who had been sitting with them, jerked forward in surprise. "Is that really true?"
Chun, realizing he hadn't misheard, now stared wide-eyed at Lee Dong-wook.
"Yes. They've formally submitted a letter of intent, and they've also stated their willingness to take on the 1.5325 trillion won in debt that the Rothschild Fund was supposed to assume—via paid-in capital increase."
"They're even willing to take over the burden meant for the Rothschild Fund? Have they truly committed to this?"
When Chun asked again for confirmation, Lee Dong-wook nodded emphatically. "Yes. What's even more encouraging is that they plan to pay the acquisition funds not in won, but in U.S. dollars."
"What!"
Instantly, Chun's face, previously clouded with worry, broke into a bright smile. "So they're planning to bring in a billion dollars in foreign investment?"
Grinning from ear to ear, Lee Dong-wook replied, "With the purchase price for all four affiliates, it adds up to $2.8 billion."
"Hahaha! Incredible!"
Chun let out a hearty laugh, slapping his knee in delight.
"Not long ago, I was agonizing over returning that $345 million bridge loan to the Rothschild Fund—and now, we're about to secure more than eight times that amount in foreign currency! It just goes to show there's always a way out, no matter how dire things seem—right?"
Turning to look at Shin Seung-gi, Chun saw that he too looked dumbfounded by how a seemingly insoluble problem had suddenly worked itself out almost like magic.
"That's for sure," Shin replied, still in disbelief.
Deputy Prime Minister Chun Byung-soo smiled brightly as he spoke.
"$2.8 billion is a significant amount, but if it's President Park of Daehung Venture Capital, he can certainly handle it."
"Absolutely. When they merged the troubled savings banks including Ilhan and Hanseong Bank, they deposited a huge sum in dollars right away."
"Not only that, during the toughest times, they purchased $9 billion worth of foreign exchange bonds to relieve the pressure."
Vice Minister Shin Seung-gi nodded, recalling the situation when the country was on the brink of default but barely escaped the crisis with Seok-won's help.
"That's right. Just thinking about what would have happened without President Park sends a chill down my spine."
"Exactly."
Regaining considerable composure, Chun muttered with satisfaction, "Once again, we'll be greatly indebted to President Park."
At that moment, Manager Lee Dong-wook, sensing the right moment, gently interjected,
"The creditors have asked whether we should accept the acquisition proposal. What do you think?"
"Of course we have to accept it! Why would there even be a question?"
Chun blurted out but then quickly closed his mouth.
"Oh, wait. We still need to inform the Blue House first. Contact the Secretary's Office immediately so we can arrange a meeting with the President."
"Understood."
Lee responded quickly and left the room.
"This is truly an unexpected lifeline from the heavens," Chun said with a relieved expression, having found a way to solve the troubled Hansan Group issue all at once.
Yet, he fidgeted, worried that Seok-won's stance might change during this time.