“Are you saying you’ll fill the amount we want?”
“Why are you so surprised? I thought Sunyang Financial Group already had a substantial deposit with you.”
“That’s exactly why I’m surprised. Our bank is grateful, of course, but…”
The president of Jinhan Bank tried to hide his suspicious gaze by darting his eyes around.
While individuals might deposit money in a bank to earn interest, it’s different for corporations. It’s standard practice to diversify investments, so it’s only natural to question why they would want to deposit more money.
But refusing is even harder.
To meet year-end performance targets and capital ratios, he would have to bow his head even lower.
“I thought your situation was tough, but I guess not. You seem hesitant.”
“No, no, that’s not it, Director. You know our situation is a mess. Our branches nationwide are crying out for help. Big corporations like Sunyang can weather this storm, but small and medium-sized businesses are going bankrupt left and right. The pile of bonds we need to write off this year is mountainous.”
The bank president, after a long lament, cautiously spoke.
“Director, if there’s anything you want from Jinhan Bank, please be open about it. That way, I can comfortably tell you the number you want.”
“I’ll let you know when the time comes. So, please, tell me the number you desperately want right now. Think about it later.”
The unexpected response left the president wide-eyed.
“This is business. We can’t just do favors without conditions. If it’s worth it and there’s a fair exchange, then it’s okay to ask for favors, isn’t it?”
“Well, yes, but…”
“Even if I solve your problems today, you won’t risk your position to help me next time, will you? So, there’s no point in me telling you what I want in advance.”
The president showed a hint of displeasure but quickly returned to his usual expression.
“I’ve said too much. Haha.”
He gave an awkward laugh and then mentioned a number.
“If we’re tight, 600 billion won. If you can spare it, 800 billion would be appreciated.”
“I’ll send someone over. They’ll bring 800 billion.”
The bank president bowed his head.
“Thank you, Director. And I’ll remember it’s not for now, but for later.”
“Later…?”
“You mentioned ‘next time,’ didn’t you? Please, make sure your requests are within the bounds of me keeping my position. Haha.”
The president left with a sly smile.
A shrewd old man.
Someone who knows when to bow his head in front of those with money, a banker to his core.
And I met with the top bankers of the four major banks one by one.
Barack Obama, the first African-American and Hawaii-born president of the United States, criticized the corrupt Wall Street throughout his campaign.
“While Wall Street and Washington indulged in greed and shirked responsibility, Americans were driven into a financial crisis.”
However, President Obama appointed Timothy Geithner, a former Goldman Sachs executive, as Treasury Secretary, and William Dudley, also from Goldman Sachs, as the new president of the Federal Reserve Bank. Most of the economic officials were filled with people from Goldman Sachs.
Whether his promise to reform Wall Street was sincere or not is unknown, but one thing is certain.
Washington is dominated by the American financial sector, just as conglomerates dominate Korea.
The new government’s policy, a more refined term than blatantly pro-chaebol policies, was ‘corporate-friendly,’ which effectively gave wings to the conglomerates.
Just as the U.S. Treasury loosened the reins on Wall Street, the government lifted all sorts of regulations, turning the entire country into a construction site.
While the real economy was in the doldrums, the construction industry was booming.
“Before we take over Sunyang Construction, our HW Construction might grow even bigger.”
Chairman Lee Hak-jae burst into laughter, finding it all absurd.
“Sunyang and Daehyun are all-in on Dubai, just lending their names in Korea. It’s the era of OEM in construction now.”
“It’s coming soon. Can’t you see Europe is holding on with Germany’s strength?”
“The signs are already there. Daehyun Construction has definitely dipped into the apartment sales funds.”
“What? Daehyun?”
“Yes. They kept delaying payments, so we pressed them hard. Isn’t the construction company’s payment the top priority once the developer receives the sales funds? But they delayed payments for advertising, design, and even the temporary sales offices. They’re pouring money into Dubai.”
The stench of decay is finally wafting through.
“Does that mean the money that should have come from Dubai hasn’t arrived?”
“Exactly. The atmosphere in Dubai is really tense. European companies seem to be on the brink, ready to go to court if necessary. Their domestic economies are in shambles, and if they lose money in Dubai, it’s over. They’re fighting tooth and nail, so Sunyang and Daehyun can’t even show their faces and are just watching.”
It’s welcome news. We should prepare for when everyone gets hit hard by Dubai’s sandstorm.
“Chairman, make sure to secure the money owed from those two construction companies. I’ll prepare for the acquisition. We might need to grease some palms with the higher-ups.”
“Can we even collect it? Will a bankrupt Dubai pay up?”
The amount is so staggering that even the bold Chairman Lee Hak-jae couldn’t hide his unease.
“It’ll take time, but we’ll get it all. We might take a hit on domestic apartments, but we can handle that.”
“Sigh… I have no choice but to trust you now. Our HW needs to be well-prepared to avoid getting swept away by the sandstorm.”
“Rest easy and trust me. I’ve got plenty of money.”
Seeing my confident demeanor, the chairman relaxed and smiled.
“Got it. Oh, by the way, I’ll send some interior staff over, so renovate your house.”
What on earth is he talking about? Why renovate my house?
“Have you seen the new 50,000 won bills?”
“I have. Want me to show you?”
As I reached for my wallet, the chairman laughed, looking down on me.
“Not the bills, the box, you fool. Haha.”
Still not understanding his point, I just blinked as the chairman pulled out a bundle of 50,000 won bills from his drawer and tossed it to me.
Freshly minted at the end of June this year.
“That’s a hundred bills. A box of Vita500 can hold 11 of those. An apple box can hold up to 1.2 billion won. Isn’t that amazing?”
He looked genuinely delighted.
After all, how many boxes filled with 10,000 won bills has he delivered? Now, a box of Vita500, or rather, a single container, can easily handle the usual bribe.
An apple box that could only hold 200 million can now be packed with 1.2 billion, and a 007 briefcase can hold over 300 million.
I know it well. How many times have I handled them?
The number of times I’ve loaded boxes filled with 50,000 won bills into car trunks is countless. For someone like me, the 50,000 won bill was a gift from the government. It reduced my workload by a fifth.
“What does that have to do with renovating my house?”
“They printed about 1 trillion won worth of 50,000 won bills this time. I set some aside just in case. Keep it at home and use it when needed. You said you have a lot of places to grease, right?”
He knows about the slush fund account my grandfather left me. Doesn’t he realize there’s no need for such a hassle?
Reading my thoughts, he said,
“There was a lot of construction work this year? Opportunities like this are rare. The more cash, the better. Stock up while you can.”
“So you’re saying I should renovate my house to create space for cash?”
“Exactly. Or do you want to rent a warehouse? Your house is spacious. Listen to me.”
Coming from someone with the most experience in this field in Korea, I had no choice but to comply.
“Okay. But how big should it be?”
“I’ve secured 50 boxes for now. You’ll need to store about 100 in the future.”
The word “for now” struck me with fear.
Now I understood why 50,000 won bills were so scarce in circulation.
“Then I’ll have to stay in a hotel while my house is being renovated.”
“It’ll be done in a day. You won’t need to vacate your house.”
“I’ll use it as an excuse to stay at a hotel in Dubai for a few days. Oh, and you should come too, Chairman.”
“What?”
“I’m not suggesting we share a room. I’ll prepare a suite, so let’s take a break for a few days.”
Watching the chairman’s bewildered expression was quite entertaining.
The main conference room at Sunyang’s headquarters had been occupied by Sunyang Construction and the Dubai TFT for over a month. As time passed, their faces grew darker, not just from accumulated fatigue.
“Vice Chairman, if we go into the fourth quarter like this, everything will come to a halt.”
“Chairman Lee Hak-jae of HW also feels the crisis and says further funding is impossible.”
Vice Chairman Jin Dong-ki was already well aware. The red warning lights had been flashing from the start, but isn’t opportunity always hidden within crisis? Only by navigating through nerve-wracking danger can one discover a cave full of gold.
However, the situation in Dubai is not looking good. European companies seem to have accepted the signs of crisis as reality. Should we abandon the treasure and escape before the cave collapses?
But it’s a shame to give up on the resources and efforts invested so far. The bigger problem is how much we can salvage from it.
To accurately determine this unknown, we must negotiate with Dubai World, the client, with knives drawn.
Dubai World cannot afford the consequences if Sunyang Construction halts the project. Half-built structures are nothing but unsightly concrete heaps. They planned a world-class city, but all that remains is a desolate landscape reminiscent of a war-torn battlefield.
In the meantime, Sunyang Construction might end up squandering all the resources and money they’ve invested so far. During the time it takes to resume construction after receiving payment, they would be grappling with severe financial difficulties.
But at this rate, they’ll soon be in a financial crisis anyway. Facing the same outcome, negotiating can’t make things any worse.
“Simulate what happens if we halt construction now. And Taejun.”
“Yes.”
Jin Taejun was startled. His father had never called him by his name at the company before, always using his title instead.
How troubled must his father be to make such a slip?
“Make sure you map out the cash flow accurately. Even a ten-won mistake is unacceptable.”
“Understood, Vice Chairman.”
Jin Dongki addressed everyone in the meeting room.
“The head of construction is in Dubai, right?”
“Yes.”
“Send a warning to Dubai World. Tell them if they don’t pay up soon, we can pull out at any time.”
Dubai is the place where you can see what happens when someone with an overwhelming amount of money dares to dream the impossible.
On the drive from Dubai International Airport to the Burj Al Arab, the hotel whose name means “Tower of the Arabs,” the view from the limousine window showed no trace of the desert. This was a paradise of the future.
Chairman Lee Hakjae clicked his tongue in disapproval as he watched me, mouth agape, unable to tear my eyes away from the nightscape.
“You’re such a country bumpkin, staring at numbers all day. This is what it looks like when money, just numbers, becomes reality. Isn’t it much better than just stacking it up digitally?”
“You’re right. I might not have oil money to build a city like this, but I could manage a tower. Once we’re done here, let’s put up a tower. An HW Tower.”
Seeing my serious expression, Chairman Lee waved his hand dismissively.
“You’re just talking. Why waste money like that?”
“Why not? It’s fun to spend when you have it. And a building isn’t a waste.”
In my mind, the image of HW Tower was already taking shape.