[077] The Cold Wind Blows 3
“Insoo Committee Chairman Lee Jong-chul. They say he’ll be leading the charge at the start of the new administration. He’s a strong candidate for the first Chief of Staff.”
“Lee Jong-chul? Isn’t he more of a JP guy than a DJ guy?”
Oh Se-hyun looked skeptical upon hearing the name of the next administration’s second-in-command from Chairman Jin.
“Wouldn’t your grandfather’s intel be more accurate? You should trust it.”
“True, if Sunyang Group has figured it out, it must be reliable.”
“Should we meet him?”
“Chairman Jin said he’d arrange it.”
“After all I’ve done for him? Plus, our Miracle is a major shareholder in Sunyang. It’s only fair.”
Presidents-elect and transition committee chairs are cautious about their movements until the inauguration. Meeting specific individuals can lead to media exposure and scrutiny.
Only someone with significant influence can arrange a secret meeting, and Chairman Jin is not someone easily refused.
“Alright, let’s dive into the big leagues. Heh heh.”
“Let’s meet together from now on. If I wear a suit and stand by your side, I might look like your assistant.”
“What? You don’t trust me?”
He seemed surprised at the suggestion of meeting together but quickly turned it into a joke.
“Politicians speak in riddles. It’s better to meet together for accurate interpretation.”
“Won’t they recognize you? If they know you’re the Sunyang chairman’s grandson, they might be cautious.”
“I’m not a celebrity. The only time I was on TV was after last year’s college entrance exams, and no one remembers that.”
A transition committee chair wouldn’t bother with trivial TV gossip.
The important thing is how accurately he perceives reality.
Out of the 3.2 billion dollars, 1 billion was exchanged by Sunyang Group, and I was keen to know how he valued the remaining 2.2 billion.
If he undervalues the dollar, he’s just a politician out of touch with reality.
Is Lee Jong-chul truly the second-in-command of the next administration? Or just a puppet opening doors?
“Wow, you clean up well in a suit.”
“I look good in anything. Didn’t you know?”
“You’re never humble, are you?”
Oh Se-hyun gave me a pat on the back and started walking towards the elevator.
“This hotel is a haven for politicians.”
“It’s right by the Blue House, the government complex, and close to Yeouido. There’s no better place.”
“Going straight from the parking lot to the room means less chance of being seen, right?”
“Exactly. So many secret meetings. Sneaky bastards.”
We grumbled about politicians as we headed to the meeting spot.
A familiar face from TV opened the door when we knocked lightly.
“Mr. Oh Se-hyun?”
“Yes.”
“Please, come in.”
Inside, a few transition committee members were chatting but fell silent as we entered.
“Alright, proceed as discussed. I’ll stay and chat with these gentlemen.”
The committee members nodded and left the room.
“Welcome. I’m Lee Jong-chul.”
“Oh Se-hyun. Thank you for making time in your busy schedule.”
“Not at all. You’re the one who saved the struggling Ajin Group. I should be thanking you.”
His demeanor was unexpected.
A graduate of the 16th class of the Military Academy, he served in the Central Intelligence Agency during the Fifth Republic and was a member of the Democratic Justice Party. With such a background, you’d expect arrogance, not this polite tone.
Whether it’s good diplomacy or genuine character remains to be seen.
“And the young man here is…?”
“Oh, he’s my assistant. Just so you know, there’s no secret between us. Whatever we discuss today, I’ll be sharing with him anyway, so I’d appreciate it if he could stay.”
“Of course. There’s nothing to hide, really. No need to worry.”
I gave Lee Jong-chul a slight nod without saying much. He didn’t seem particularly interested in me anyway.
“Chairman Jin mentioned you have good news for us. Is that right?”
“You are busy indeed, getting straight to the point.”
“Oh, my apologies. Let’s sit down first.”
Lee Jong-chul gestured us to the central sofa in the room.
“Miracle Investment’s New York headquarters has about 2.2 billion dollars available. I’m thinking of bringing that money to Korea.”
“There must be conditions?”
He didn’t seem surprised by the mention of 2.2 billion dollars. Was he calm, or did he not grasp its value?
“Yes. The reason I wanted to meet you was to discuss those conditions.”
Oh Se-hyun handed over a prepared file, but Lee Jong-chul only glanced at the title before setting it down.
“Why would an investment firm want to get into construction? Finance and concrete don’t seem to mix.”
“That plan isn’t about construction. It’s a separate venture. I hope you’ll consider it positively.”
“If it’s positive, you’ll pour dollars into Korea?”
“Yes.”
“Pour it in, reap massive profits, and take the money back to the U.S., right?”
He smiled, but it wasn’t friendly.
Being an American investment firm had clearly given him a preconceived notion. He saw Miracle as a means to siphon Korea’s wealth abroad.
“Isn’t that the usual course? Ajin Group’s future won’t be any different, right? Normalize it, break it up, sell it, and take the profits to the U.S. Isn’t that so?”
“No, Chairman. It’s quite the opposite.”
When I spoke up, Lee Jong-chul’s eyes lit up.
“The opposite?”
“Yes. Miracle brings money earned in the U.S. back to Korea. We’ve invested in Dell, Microsoft, Hollywood films, and Japan’s SoftBank, earning significant profits, and used that money to acquire Ajin Group. In a way, we’re export warriors.”
“Young man, that’s quite a wordplay. Export warriors?”
To someone who lived through the ’60s and ’70s, “export warriors” is a symbol of pride and dignity. It’s the driving force that transformed a poor country into an economic powerhouse.
With limited resources, human capital was everything, and export was the only way to survive. They must have heard it countless times.
So, hearing such a revered term from someone who just plays with money was bound to irk him.
“Isn’t export about earning dollars? We may not sell products, but we earn foreign currency just the same.”
“It might seem that way now. But in the future?”
This man… he’s quite skeptical. Is it because of his intelligence background?
“Chairman, if we were only after profit, we could easily double our money with exchange rate differences alone. Even if the plan I gave you becomes reality, doubling the profit is uncertain.”
Oh Se-hyun hit the nail on the head, prompting Lee Jong-chul to finally pick up the file.
After quickly scanning its contents, Lee Jong-chul set it down and spoke.
“It seems like a plan to create a media industry hub in Korea… Not bad.”
His attitude shifted, suddenly sounding more favorable.
“Are you planning to invest the entire 2.2 billion dollars in the media industry?”
“No. Only a portion will be invested. In fact…”
Oh Se-hyun paused, gauging Lee Jong-chul’s reaction.
“We plan to invest in various fields. We’ll leave the American investment firm to the locals and focus on becoming business leaders here.”
“What about IT?”
Lee Jong-chul asked, his eyes gleaming.
“Given your investments in Dell, Microsoft, and SoftBank, I assume you’re well-versed in that area. Am I wrong?”
Caught off guard by the sudden question, Oh Se-hyun hesitated. After all, I was the one who led the IT investments.
When the question arose, I was thrilled.
To revitalize the economy hit by the IMF crisis, the People’s Government had poured efforts into nurturing IT-related ventures.
Moreover, it was a government that had thrown the idea of cultural prosperity into the mix.
If Miracle shed its American investment firm label, the media city would align perfectly with the government’s core agenda.
“IT will greatly aid the growth of small and medium enterprises. In the U.S., venture companies from Silicon Valley have grown so rapidly that there’s talk of a bubble. If the government steers the wheel, excellent results will follow.”
With officials and politicians, you just need to tell them what they want to hear. Right now, Lee Jong-chul wanted to hear about IT’s bright future.
“Young people know this field well. Very clear.”
Lee Jong-chul turned to Oh Se-hyun with a bright expression.
“What do you think? Would you consider investing in IT?”
Before my uncle could agree, I answered first.
“Chairman, Miracle has no intention of investing in IT.”
Their expressions changed instantly. My uncle looked flustered, while Lee Jong-chul seemed displeased.
It was only natural, given that I had flatly rejected a proposal from the core of the administration.
“IT ventures should grow solely on the nutrients of groundbreaking ideas and technology. If private capital intervenes, it will only strip away those ideas and technologies. We can’t let venture founders’ youth be taken by capitalists.”
My unconventional opinion made Lee Jong-chul’s eyes widen.
“So the industry should be government-led?”
“Yes. The government should simply provide a fertile ground for young venture entrepreneurs to emerge and watch over them.”
“By fertile ground, you mean…?”
“Building IT infrastructure. Then just watch, and good results will follow. That’s how Silicon Valley grew.”
Lee Jong-chul remained silent for a while.
It was clear that the government had yet to formulate a concrete plan on how to kickstart its new growth engine. Now, they would need to set a direction.
Since the new government took office, it was crucial not to delay delivering a message of hope to the people, so decisions regarding IT and Media City were expected to be made swiftly.
“Thank you for your valuable input. We’ll thoroughly review this proposal and get back to you. Also, could you provide more details on the $2.2 billion investment plan? The government will actively consider it.”
I felt like cheering. This was an incredible proposal.
When the transition committee chair said they would actively consider it, it was just another way of saying they would approve it.
Oh Se-hyun politely shook the hand extended by Lee Jong-chul. However, Lee Jong-chul didn’t offer his hand to me. Was this his way of asserting hierarchy?
As we left the hotel, Oh Se-hyun was grinning from ear to ear.
It was practically a confirmation that the government would support us if we brought in the $2.2 billion.
Lee Jong-chul pretended otherwise, but he was clearly desperate for the dollars. It’s not like they would support us out of affection.
“By the way, were you serious about what you said earlier?”
“What do you mean?”
“About not investing in IT.”
“Yes, I was serious.”
“Why? If the government is fostering it, it’s a goldmine. We’ve already got quite a few venture companies knocking on our door.”
I sighed briefly and looked at Oh Se-hyun.
“Uncle, we own a company that competes with Daehyun Motors. Aren’t ventures just places where kids scramble to make pocket change? We should be playing in the big leagues.”
“Aren’t you underestimating them? Once they grow, they’re not something to dismiss.”
“Uncle, do you know how much Sunyang Electronics made in operating profit during the semiconductor boom a few years ago? A whopping 2 trillion won. No matter how big a venture gets, it can’t even touch the toes of Sunyang Electronics.”
I have no time to look at IT companies that might only make 1 or 2 trillion in revenue twenty years from now. Not when corporations worth hundreds of trillions are beckoning to me.