Chapter 104: Creditors
Several months later.
Cheongunjae, a traditional Korean restaurant located between Gwanghwamun and Yeouido.
A middle-aged man stepped cautiously into the private room after exiting his black sedan.
Many were interested in the rapid growth of Dojin Tech, a startup.
But this man had a particular reason to act first.
“It’s been a while, Representative Kang.”
I stood up and extended my hand as he entered.
“Nice to see you, Representative Baek. Or should I say, Chairman now?”
Baek Moo-jin.
A former senior political affairs secretary at the Blue House, he had recently become a power broker in the current administration thanks to his role in the election of Seo Gi-tae, the National Future Alliance candidate, in the 18th presidential election.
He smiled awkwardly at me and bowed his head.
“It’s all thanks to you, Representative Kang.”
As soon as Baek Moo-jin sat down, he picked up the glass of water but didn’t drink from it.
Instead, he quietly looked me in the eye.
“If it weren’t for you back then, I would have become a scapegoat for the National Unity Party, and my political career would have been over.”
I smiled quietly at his words.
“You would have overcome the crisis on your own, Representative Baek. I just made things a little less troublesome for you.”
That’s what I said.
But in reality, just a few months ago, Baek Moo-jin’s political life was like a candle in the wind.
The previous administration’s slush fund issues and the trail of political funding were set to make him a scapegoat.
The leadership of the National Unity Party, then in power, was more inclined to abandon him than protect him.
“…The information you gave me was like a nuclear bomb.”
“It wasn’t that dangerous since it had a safety pin.”
At my words, Baek Moo-jin’s eyes widened as if he didn’t understand.
“If it had been leaked improperly, it could have completely devastated South Korea’s political landscape.”
The room was quiet.
Soft music played outside.
The list of political funds I gave to Representative Baek Moo-jin.
It detailed when, how, and how much funding key figures in the National Unity Party received from Ahsunng.
Baek Moo-jin and Seo Gi-tae used that information to threaten the National Unity Party.
They achieved a great victory by bringing several key senior lawmakers to the National Future Alliance.
“Thanks to that, not only was the slush fund issue covered up, but your move to switch allegiance to the now-ruling National Future Alliance was truly a masterstroke.”
“And thanks to the additional key evidence of the JDK incident that you provided, our National Future Alliance candidate, Seo Gi-tae, was able to defeat the National Unity Party’s candidate, Lee Han-gil, and win the election.”
Just as Baek Moo-jin said.
In the original history, candidate Lee Han-gil, from Ahsunng Group, won the election by maintaining an overwhelming approval rating with the image of an “economic president.”
But this time, the outcome was completely different.
Through my memories from before the regression, I knew the decisive evidence that JDK’s actual owner was Lee Han-gil.
I also knew in detail how funds flowed to Lee Han-gil through stock price manipulation at JDK.
‘Since I was the one who erased the traces before former President Lee Han-gil from Ahsunng was imprisoned, there’s no way I wouldn’t know.’
Anyway, I provided Baek Moo-jin with everything I knew.
After switching allegiance to the National Future Alliance, he used this information not only to bring senior lawmakers and their allies from the National Unity Party to the National Future Alliance
but also to strongly pressure candidate Lee Han-gil.
“If we hadn’t highlighted Lee Han-gil’s moral issues through the JDK incident, it would have been impossible for candidate Seo Gi-tae to win.”
In fact, pre-election polls showed a gap of more than 15% between candidates Lee Han-gil and Seo Gi-tae.
“All I did was provide you with some information I knew.”
I spoke as if it were nothing.
But the way Baek Moo-jin looked at me was as if he were facing his savior.
“Without you, it would have been impossible for me to become the chairman of the National Future Alliance.”
Thanks to my help, Baek Moo-jin became the chairman of the ruling party.
This also gave him the opportunity to run for the presidency in the next election.
‘I can’t be sure if he’ll win…’
Since I altered history, it was hard for even me to predict how the political landscape would unfold.
If I had let Lee Han-gil become president,
I would have known who would become president afterward.
But by electing a candidate who should have lost, history had changed.
‘Still, I couldn’t let Lee Han-gil from Ahsunng become president.’
If he had become president,
I could have faced attacks from both Ahsunng and political opponents.
“As you know, I didn’t help you without any conditions.”
At my words, Baek Moo-jin’s expression suggested he knew something.
“Perhaps… because of Ahsunng?”
True to his long political experience, he was quick on the uptake.
“Soon, Ahsunng might launch a major attack against me. I’d like you, Chairman Baek, to be my shield then.”
Baek Moo-jin didn’t hesitate at all.
“Since you saved me, of course I’ll help you. No matter what attack Ahsunng launches, I’ll do my best to block it.”
“It’s reassuring to hear you say that. I hope we can continue to help each other a lot.”
Baek Moo-jin smiled brightly and nodded.
“But… why is Ahsunng trying to attack you?”
“…I touched a sore spot for Chairman Cheon Ho-tae. They won’t be able to move easily, but they won’t just sit still either.”
Baek Moo-jin’s expression turned slightly serious.
“They’re definitely not the type to just take it. I’ll move carefully too. Let me know right away if anything happens.”
“Thank you.”
With this, I had a shield to block any moves Ahsunng might make in politics.
After finishing lunch and returning, Seong-hwan handed me a cup of coffee.
“Hyung, it doesn’t seem like Ahsunng has made any moves yet?”
Of course.
“They won’t be able to move easily until ND-7 is resolved.”
Seong-hwan nodded at my words.
But his face was still filled with worry.
“Still, it’s better not to let your guard down. The more I know, the more dangerous they seem.”
Perhaps because he’d been involved in the business for quite some time,
Seong-hwan seemed to be learning the realities one by one.
Then, a breaking news alert appeared on the TV mounted on one side of the executive office wall.
“…Breaking news. Domestic smartphone manufacturer Pintech & Curetech has applied for a creditor workout due to sluggish sales of its recently launched flagship phone, the IM-1100, and a liquidity crisis. Pintech had aggressively expanded through mergers and acquisitions since last year, but it’s facing difficulties in funding due to the impact of the recent global financial crisis…”
It was a bit sooner than expected,
but since I had already anticipated Pintech’s collapse, it wasn’t particularly surprising.
However, unlike me, Seong-hwan’s eyes widened in shock.
“Pintech was in such bad shape?”
“As the news said, their aggressive mergers and acquisitions became a double-edged sword. Add to that the global financial crisis and the failure of the phone they poured their efforts into, and a liquidity crisis was inevitable.”
“So now, only Ahsunng and Cheongun are left in the domestic smartphone market?”
“Probably.”
Of course, since I planned to enter the mobile market soon,
the three-way competition was likely to continue.
“Speaking of Pintech, even though they applied for a workout due to a liquidity crisis, it seems they still have considerable assets.”
“The creditors will find a suitable buyer and hand it over soon.”
Seong-hwan glanced at me.
Just by looking at his expression, it was clear what he was thinking.
“Hyung, what if we acquire Pintech?”
As I expected, that was what he was going to say.
And I was thinking the same thing.
“I was actually waiting for the news to come out.”
“You were waiting? You knew Pintech was going to fail?”
I nodded.
“With such aggressive mergers and acquisitions, how could they have held on?”
On top of that, the world was facing an unprecedented global financial crisis.
So, a liquidity issue was only natural.
“So, you’re thinking of starting your mobile business after acquiring Pintech?”
“Right.”
“With camera modules, batteries, and display panels, plus the printed circuit boards (FPCB) and multilayer ceramic capacitors (MLCC) we can produce after acquiring Cheongun Electric, we can make everything in-house now. We can definitely make mobiles too.”
Cheongun Electric, acquired for 1.7 trillion won, produced various IT components besides camera modules.
“Except for semiconductors, we can now produce most of the core components needed for a smartphone in-house.”
Aside from design and performance,
when it comes to cost competitiveness, we’re definitely more competitive than any other mobile company.
But the mobile market isn’t one where you can compete solely on cost.
“First, tell Hong Chung-ki and Oh Seong-hak to review the acquisition of Pintech & Curetech.”
We needed to thoroughly analyze what conditions Pintech’s creditors would offer
and what assets could be acquired.
…
…
…
Two weeks later.
Oh Seong-hak entered my office.
“Sir, we’ve completed the investigation into the possibility of acquiring Pintech & Curetech.”
I looked up at him.
“What were the results?”
“I’ll submit a detailed report separately, but to summarize, it’s quite attractive. The creditors also seem eager to proceed with the sale as quickly as possible.”
Oh Seong-hak handed me the concise materials he had prepared.
“In the case of Pintech, their brand value is quite high, and their domestic and international network and distribution channels are very solid. Most importantly, many of the subsidiaries they recently acquired aggressively are high-quality companies that could create synergy with us at Dojin Tech.”
“Are there any notable companies?”
Oh Seong-hak flipped through the materials and continued his explanation.
“The most representative ones are ‘Neo Display,’ a display panel manufacturer, ‘Energin,’ with strong battery technology, and ‘Human Technology,’ which excels in mobile design and R&D.”
The materials Oh Seong-hak had prepared contained more detailed information.
And in my opinion, they weren’t bad companies at all.
I lightly stroked my chin in thought.
Oh Seong-hak continued his supplementary explanation.
“Especially ‘Human Technology’ has a large pool of top-tier mobile engineers in the country, so if we’re to enter the finished mobile market, it’s a company we absolutely need.”
I was definitely tempted.
With just the current development team, it was insufficient for mobile development, or more accurately, smartphone development.
But before making a decision, there was one thing I needed to confirm first.
“So, what level of support are Pintech’s creditors requesting?”