The Chaebols Are Back

"Yes, and Korea needs a lot of fertilizer materials."

"Are you here to get guano?"

"Similar."

"Similar? What is the purpose?"

"Before I tell you my purpose, I understand that the Republic of Nauru receives only 10% of the profits from each guano phosphate extraction. How long will you, Minister of Economy, be satisfied with 10%?"

Since you said you have a hasty personality, there's no need to beat around the bush.

"90% of the land is owned by British and Australian companies. The mine is located in the Republic of Nauru and the workers are still Nauruans. Why are you satisfied with the current situation?"

This is the Minister of Economy of the Republic of Nauru, whose expression changes when I speak directly to him.

"Did you bring me the answer to the question you asked me?"

It also seems certain that he is smart.

"Yes, you should nationalize the phosphate mines. If you nationalize just the phosphate mines, the people of Nauru will become the richest people in the world."

In the 1980s, Japan, which had grown into an economic powerhouse, had a GDP of $10,000, while the Republic of Nauru had a GDP of $30,000. In short, they are the wealthiest people in the world.

'Of course, because the population is less than 10,000.'

That's why the results were like that because it's a small country.

"If nationalization is successful, the GDP of the Republic of Nauru can exceed 30,000 dollars within 10 years. You will become the president, or rather the minister, who will achieve this."

I pretended to be a mistake and blew greed into the lungs of the Minister of Economy of the Republic of Nauru.

"i think so too."

Everything starts with money.

"Oh, you're getting ready."

"We intend to borrow the necessary funds for nationalization from foreign banks using the phosphate mines of the Republic of Nauru as collateral."

Four years after independence, the country has no money.

'Even if it's 10%.'

It must have been a significant amount of capital, but where did all that money go?

Those in power would have taken it and distributed it to the people.

'Under the illusion that phosphate mines would last forever.'

In the end, the blessing of resources ends up becoming the curse of resources.

And this is why the ruler's ability is so important.

"If it's a loan, the interest burden will be quite high."

"If you're turning 10% of your profits into 90% of your profits, why would loan interest be a problem?"

"That's true."

"Okay, so what is the answer you brought, Lee Seong-su?"

It's a look that guesses the purpose of my coming to the Republic of Nauru.

"I think $20 million would be enough to compensate the British and Australian companies for the nationalization of the phosphate mines."

"20 million dollars?"

"Yes. Wouldn't that be enough?"

This is the Minister of Economy of the Republic of Nauru, who answers my question with a smile.

"You have the money?"

This is the Minister of Economy of the Republic of Nauru, looking at me intently and asking.

"Can I meet with Your Excellency the President?"

"immediately?"

I was a little embarrassed.

"Or would you like me to prepare you for the future, Mr. Minister of Economy?"

"What does that mean?"

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"With all due respect, Mr. President, you are old. Who would want to rule the Republic of Nauru, a newly independent nation with a bright future?"

"Hahaha, hahaha!"

This is the Minister of Economy of the Republic of Nauru, laughing heartily as if it were his own.

"I wonder if I'll find another bag like this on the way?"

If you're smart, you're also bound to be greedy.

"That will happen."

"Let's get up. Actually, my brother was curious about you, even though he didn't know where Korea was located, hahaha!"

I guess I'll have to hit one more here.

"I don't mean it badly, but you two have different mothers, don't you?"

The Minister of Economy of the Republic of Nauru, whose eyes change color at my question.

"What is your intention?"

"I heard that Your Excellency the President's grown son will soon return from his studies abroad."

Intelligence always loses to greed.

"so?"

"I went to New Zealand via Australia and then from New Zealand to the Republic of Nauru, and I came here directly without meeting the President's eldest son who was studying in Australia. And now I am meeting the Minister of Economy."

"Are you betting on me?"

"It was a risky bet, but I took it."

"When you win a risky bet, the profits are also big."

The Minister for Economic Affairs of the Republic of Nauru told me.

I laughed.

"My home country, the Republic of Korea, has a lot to offer to the Minister of Economy. But I think now is the time to meet the President. Things have their own order and opportunities have their own time."

The Minister of Economy nods his head at my words.

"I like it when you only say the right thing, hahaha! Let's go. To the President."

In this way, I entered into a tacit alliance with the Minister of Economy of the Republic of Nauru.

* * *

Downtown Nauru, Republic of Nauru.

Other bodyguards, Sergeant Jang and Corporal Kim, who received instructions from Lee Seong-su, were investigating the Republic of Nauru.

Since the territory of the Republic of Nauru is smaller than that of Ulleungdo, there doesn't seem to be a place that can be called a center.

"The island is smaller than Ulleungdo."

Sergeant Kim said to Sergeant Jang.

"Young-gwang is from Ulleungdo?"

"Yes, it's small."

Sergeant Jang nodded at Sergeant Kim's answer.

'I was told to obtain security and military information.'

Sergeant Jang was a sergeant at the time of the May 16 military coup.

In other words, this person was mobilized for a military coup.

'They're even thinking about a coup.'

It was natural that Sergeant Jang's thoughts would lead to a coup.

The problem was who Lee Seong-su would trick into staging a coup on this small island.

"If it's just one company, we can capture it in 3 hours, right?"

"yes?"

"No, let's go towards the port first."

* * *

Office of the Minister of Foreign Affairs of the Republic of Korea.

"Iran was the first to propose establishing diplomatic relations, but we sent our representative as Lee Seong-su?"

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The Minister of Foreign Affairs couldn't help but look dumbfounded as he listened to the reporter's report and asked questions.

"yes."

"Are you crazy?"

"What's even more surprising is that this was a request made directly by the Iranian prime minister."

"How did the young guy boil Iran?"

The Minister of Foreign Affairs thought that when the President praised Lee Sung-soo, it was simply the President's favoritism.

'He certainly seems capable.'

It was the Minister of Foreign Affairs whose thoughts on Lee Sung-soo were gradually changing.

"It's just amazing."

"I must report to Your Majesty."

* * *

Office of the President of Mitsubishi Petroleum.

"Middle East oil prices have risen 50% to $3."

The president of Mitsubishi Oil was unable to hide his bewilderment when oil-producing countries suddenly raised the world oil price to $3.

In the midst of all this, we couldn't help but be happy when Kim Byung-chul, chairman of Korea's Eunseong Group, said he would supply 10 million barrels at $2.80 per barrel.

"I'm surprised that Chairman Kim Byung-chul suddenly said he would give it to me for $2.80."

"Boss, don't you think it's strange?"

The Mitsubishi Oil Import Director spoke to the president with a skeptical look on his face.

"What's strange?"

"It's cheaper than the international price. Are they trying to sell the reserves they have in Korea?"

"Why are you asking me that?"

The president looked at the director in charge of imports.

"sorry."

"If you know what I'm saying, do it right. You should have found out before the oil producing countries suddenly raised the price."

"sorry."

"What are the conditions for selling it cheaper than the international oil price?"

"We demanded a lump sum of 10 million barrels, along with the transportation classification fee that was being paid. We believe that it is natural to pay the freight fee for the tanker."

"What's obvious? It could have been transported by Mitsubishi Marine."

"sorry."

"This is why lifetime employment is a problem, a problem."

The director frowned for a moment at the president's words.

"Then how should I notify Chairman Kim Byeong-cheol?"

"If you can buy it 7-8% cheaper than the international price, you should buy it. Why are you asking such an obvious question?"

"Yes, it was a given."

In this way, 10 million barrels of Iranian oil out of the 12 million barrels secured by Lee Sung-soo were sold to Japan's Mitsubishi Oil Refinery.

How much does it cost in monetary terms?

It's 28 million dollars.

Lee Sung-soo made $18 million in profit in just a few days.

And this profit was scheduled to be deposited into Lee Seong-su's account right after it was deposited into Chairman Kim Byeong-cheol's affiliated company's account.

* * *

The Blue House Presidential Office.

"A tanker carrying 2 million barrels is scheduled to arrive on February 1st?"

"Yes, it is Iranian oil."

The Port Authority Director reported to the President.

"Seongsu?"

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"They say Chairman Kim Byeong-cheol imported it."

"Seongsu, Seongsu did it, hahaha!"

The president felt he had got the man right.

"Chief Secretary."

"Yes, Your Majesty."

"Where is Seongsu now?"

"They say they have arrived in a small island nation called the Republic of Nauru."

"Republic of Nauru?"

"Yes, it is said that Chairman Kim Byung-chul and Special Secretary Lee Sung-soo met in Sydney, Australia before arriving there."

"So, Seongsu, Seongsu."

"Your Excellency, what matters is how much Special Advisor Lee Sung-soo paid for the Iranian oil."

"It won't be three dollars. I have a good eye for people."

"Yes, Your Majesty."

"When Seongsu returns to Korea, I will promote him to sergeant and raise his treatment to that of a 5th-grade administrative officer."

"Yes, I understand, Your Majesty."

"The Minister of Foreign Affairs has something to report?"

The President speaks to the Minister of Foreign Affairs, who is standing still.

"Yes, Your Excellency, the Iranian government was the first to propose establishing diplomatic ties, and the Iranian Prime Minister has requested that the South Korean working-level representative be appointed as Special Secretary Lee Sung-soo."

"Hahaha. So Seongsu roasted the Iranian Prime Minister."

"Your Majesty, what should I do?"

"There must be a reason why you want to send Seongsu there. Let's do that."

People gathered in the office even thought that the president was blindly favoring Lee Sung-soo.

"Does age matter? Ability matters."

"You are right."

"By the way, what will you accomplish in a place called the Republic of Nauru? Hahaha!"

He was also a president who had high expectations for Lee Seong-su.

* * *

Office of the President of the Republic of Nauru.

He now has a tacit comradeship with the Minister of Economy of the Republic of Nauru.

"You're going to help fund the nationalization of phosphate mines?"

I saw the greed in the eyes of the President of the Republic of Nauru when he first heard me speak.

"I think $20 million in compensation to the Australian and British companies would be sufficient."

"I guess so."

"Mr. President, there is no interest."

The Minister of Economy spoke as if providing support.

"It's not free. What do you want?"

"The Republic of Nauru receives a dividend of 10% of the profits generated from the currently unnationalised phosphate mines."

"so?"

"90% is taken by Australian and British national companies. As I said at the beginning, I am an investor. I want to get 70% of the profits from the phosphate mine in Nauru and 30% for myself."

In some ways, it is securing mining rights.

"30%?"

The frowning President of the Republic of Nauru.

"Do you think I'm being excessive?"

"20% would be good, but 30% is too much."

I knew this would happen.

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'That's why I asked for 30%.'

I thought to myself, showed a regretful expression, and nodded.

"If Mr. President says so, I will invest $20 million and get a 20% return."

The President of the Republic of Nauru smiled as if he thought he had won the negotiation, as I spoke in a tailspin.

"Your Majesty, in return I have a request to make."

"Are there any additional conditions?"