“Surprised you remember my name,” Kim Ji-hoon remarked with a hint of curiosity. He probably thought of our encounter as a fleeting moment, just a brief meeting during exam season. Remembering his name wasn’t exactly an easy feat.
“I’m the one who got you here today. It’d be stranger if I didn’t remember.”
“What?”
“The Financial Investigation Division at the Central Prosecutor’s Office. It’s a powerful position where you can dig into anyone’s accounts in Korea. Who do you think put you in that seat?”
The Public Security Division, the Special Investigation Division, and the Financial Investigation Division—these are the top three positions at the Central Prosecutor’s Office.
Sure, Kim Ji-hoon had the credentials, but this was a spot usually reserved for prosecutors with at least two years of experience. There are plenty of top graduates from Seoul National University, but Kim Ji-hoon landed this role right from the start of his career.
People in the Financial Investigation Division were curious about his backer, but all they found were a farmer and a rural school principal in his background.
Even Kim Ji-hoon was shocked when he received his appointment. He had expected a position in the Criminal Division at best, so this sudden promotion was a surprise.
He had considered the possibility that someone might have pulled strings for him. Among his peers, the only person with any real power was the grandson of Korea’s top conglomerate, but their connection was too shallow to be the reason.
So when I smiled and told him it was me, he was too stunned to speak.
“If you’re upset or feel your pride’s been hurt because I intervened, just say the word. I’ll move you to a position you prefer. But if you try to punch me like in a drama, I’ll charge you with assault, so relax.”
He finally managed to speak.
“It was you? The mysterious backer everyone was curious about?”
Kim Ji-hoon glanced around, aware that the higher-ups might be watching from behind the two-way mirror.
“Don’t worry. It’s just us. I asked for some privacy.”
He shook his head and sank into the chair opposite me.
“So, what’s this quiet talk about?”
“Before that, shouldn’t you at least thank me if you’re happy with the position?”
“You didn’t do it out of friendship. You put me here because you thought you’d need me someday, right? It’s better to act according to your wishes than to just say thanks.”
“Actions speak louder than words, huh? So, will you do what I want?”
“Let’s hear it first. Prosecutors siding with conglomerates don’t look good, you know.”
He was the same as when we first met outside the library—friendly and approachable, as if we were old friends, even though we’d only crossed paths a few times in school.
“First, tell me why you did all this. What is it? Are you paying taxes because you have too much money to burn?”
“I wish. There’s no such thing as money to waste. It pains me to part with it.”
“Then why? It’s not some noble cause, is it?”
“That’s a family matter. Don’t ask. Did you review the documents?”
“How could I go through all that in just three days? Even the chief said it’s just a show by Jin Do-jun, so we should just coordinate with the tax office.”
Kim Ji-hoon tapped the stack of documents.
“Then there’s nothing more to do?”
“What more can you do for a conglomerate that voluntarily pays 600 billion won in taxes? The chief will announce that we commend Jin Do-jun’s decision.”
The prosecutor’s office had no more role to play. Now, the tax office would have to review the inheritance procedures of my two uncles, pushed by public opinion.
“Shall we talk about my business now?”
He nodded, listening intently.
“I invested 60 billion won of company money in foreign derivatives and lost it all. To cover it, I had to juggle company promissory notes to scrape together the funds. Is that enough for a prosecutor from the Central Prosecutor’s Office to get involved?”
“Since you lost 60 billion, it can’t be you. If you’d made 60 billion, then maybe.”
“Jin Tae-jun. The eldest son of Vice Chairman Jin Dong-ki. He’s in charge of finance for Sunyang Construction and Heavy Industries. My cousin, five years older.”
Kim Ji-hoon seemed a bit excited, the prosecutor in him awakening. He pulled out a notebook and pen.
“The eldest son? Are there only sons?”
“No, there’s an older sister, Jin Soo-kyung, two years older. And a younger brother, Jin Sung-joon. They haven’t gotten involved in the group yet.”
“Was the 60 billion lost on his own, or did Vice Chairman Jin Dong-ki know?”
“On his own. Otherwise, he wouldn’t have come to me for money.”
Kim Ji-hoon’s hand paused in its note-taking.
“You’re the one who helped him with the funds?”
“Yeah.”
“So you have the promissory notes?”
“Yes. They’re the key.”
“Key? They’re evidence.”
He put away his pen and notebook. With solid evidence, there was no need to gather more context.
“What do you want me to do?”
“How far can you go?”
“I can’t do exactly what you want, but I can go as far as my authority and ability allow.”
What a peculiar guy. He seemed unfazed by the idea of targeting a conglomerate.
Could he be a corrupt prosecutor? The kind who digs into dirty money in the Financial Investigation Division and takes bribes to cover it up?
“Why the face?”
“No, it’s nothing.”
Kim Ji-hoon chuckled.
“Why? Is it strange that I agreed so easily?”
“No.”
When I shook my head, he stopped smiling.
“If I refuse to help you use the prosecutor’s office for your family feud, you’ll just go to the chief and find another prosecutor eager for promotion, right?”
“So you’re saying you’ll do it yourself since someone has to?”
“Something like that.”
“Then you’re also an ambitious prosecutor? What do you want? Chief Prosecutor? Minister of Justice?”
He shook his head.
“I want to succeed, sure. But I don’t have dreams like that.”
“What do you mean?”
“As a public servant, having a clear dream can lead to trouble.”
“Huh?”
“Chasing a dream isn’t the same as only chasing the dream. If my goal is to become the chief, I’ll only seek out key positions. If I end up in the Criminal Division, I’ll spend all my time lobbying for a transfer instead of working. Then I’m out.”
“So, public servants should be diligent?”
“Exactly. That’s the first step to success.”
“Then you don’t want anything from me?”
Kim Ji-hoon looked me in the eye and slowly spoke.
“Not right now. If I ever do, I’ll let you know.”
“So you might never want anything?”
“Who knows? Oh, there is one thing.”
“What is it?”
“Don’t change my position without asking me first. Before you make demands to the higher-ups, check with me. I don’t want to be moved around without knowing why.”
“You don’t want to be a puppet?”
“I’ll make my own judgments and choices. You just help when I need it.”
“Alright. I’ll do that.”
Kim Ji-hoon gathered his documents and stood up.
“I think we’ve covered everything. Time to wrap up?”
“Yeah. Just handle what I asked.”
“The 60 billion?”
“Yeah.”
“How far do you want to take it? It’s clearly for leverage.”
“Right. The chief will tell you when to stop. Once the creditors are satisfied, it’s over.”
Kim Ji-hoon nodded, holding the documents.
As I opened the interrogation room door to leave, he called out.
“Hey, did you put on makeup or something?”
“Suddenly, you’re a national hero. Even though it’s just paying back taxes you dodged.”
“Right? People should be angry about the tax evasion first.”
“That anger is directed at your uncles. Anyway, congrats. From today, you’re public enemy number one for the conglomerates. There’s growing public demand to re-examine inheritance and gift taxes for conglomerates.”
Chairman Lee Hak-jae was the only major company chairman unaffected by taxes. For him, this was just a spectacle from afar.
“You should go. Check out the state of the Sunyang building and report back. I have to go for my own investigation.”
“Meeting the chief prosecutor?”
“Yeah. The head of the tax office is coming too, so I should at least bow my head and apologize for the trouble.”
“But since I paid 600 billion in taxes, it was worth the hassle.”
Everyone was satisfied, but there were those who were deeply unhappy.
Namely, Jin Young-ki and Jin Young-jun.
“That bastard ruined everything. Pulling a stunt like this out of nowhere.”
The tax office hadn’t made any moves yet, but Vice Chairman Jin Young-ki was using the same methods he had when he inherited the group.
With the media starting to mention the third-generation succession, regardless of Jin Do-jun’s crazy intentions, the tax office couldn’t help but scrutinize them closely.
“Father, Lee Hak-jae is also being questioned by the prosecutors. What if he says something unnecessary?”
“I spoke with the chief prosecutor. Since it’s voluntary tax payment, the investigation won’t expand. But…”
Vice Chairman Jin Young-ki turned to Chief Secretary Baek Joon-hyuk.
“What’s the status?”
“We’ve halted the share transfers for now. The tax office might conduct a detailed investigation into Sunyang Group’s share changes. We’ll resume once this storm passes.”
“Good. Well done.”
Jin Young-ki let out a long sigh and slowly addressed the people gathered for the discussion.
“Vice Chairman Jin Dong-gi is unlikely to make it out unscathed. Rumor has it he’s already a prime target for the prosecution’s investigation… The company is on the brink of bankruptcy, and with both the tax office and prosecutors on the attack, it’s clear the government has turned its back on him.”
Those closest to Vice Chairman Jin Young-gi secretly felt a sense of relief.
It wasn’t a demand to gather up everything from the crumbling Jin Dong-gi. It was more like a warning to stay clear of the fallout.
“So, I’ve been thinking… What if we take this opportunity to split off the subsidiaries?”
“Father…!”
At least his son dared to speak up.
The others bit their lips to keep from voicing their shock. This wasn’t just about being cautious; it was about building a wall and making a run for it!
“Look at Mulsan. The losses are over 200 billion won. I don’t even manage it, yet the risk is the same.”
“But Father, if Sunyang splits, our ranking in the business world will plummet.”
“Companies aren’t about playing the ranking game.”
“It means our influence will diminish.”
“The ones who have fed off Sunyang remain. As long as they’re around, our influence won’t change. And Baek,”
“Yes, Vice Chairman.”
“Use the funds from Electronics to draft an expansion plan. Let’s start by acquiring a few of Dong-gi’s subsidiaries and maybe some other promising companies. Wouldn’t that make it easier to control the subsidiaries?”
“If Sunyang Electronics acts as a holding company for other subsidiaries, our corporate structure will be more solid. Plus, with the financial crisis from the Middle East and the U.S., many companies are struggling. Stock prices have dropped significantly, so now is the perfect time for corporate acquisitions.”
Vice Chairman Jin Young-gi looked pleased with Director Baek Jun-hyuk’s positive response.
“Look at Daehyun. It split completely, but as the automotive group grew, it ended up absorbing most of it. We should learn from Joo Tae-sik’s approach.”
Despite Vice Chairman Jin Young-gi’s confidence, his aides could only think of one thing.
Perhaps Vice Chairman Jin Young-gi was afraid of Jin Do-jun.