Third-Generation Chaebol

Taewoo Shipbuilding was in the middle of a full-scale strike.

Unlike the noisy protest sites, the company's headquarters remained eerily quiet.

Inside, President Oh Kang-chul gazed out the window at the serene sea of Geoje Island.

"Sir, the legal team has arrived."

"Bring them in."

The prosecution had begun investigating subcontractor executives, prompting a desperate strike.

Oh Kang-chul had responded swiftly, hiring a top-tier legal team with deep ties to former prosecutors.

"Thank you for coming all this way. I should have gone to Seoul, but circumstances made that impossible, so I had to invite you here. While you're in Geoje, I'll make sure to treat you to the best local cuisine."

"I'm sorry."

"What?"

Oh Kang-chul frowned at the unexpected apology.

Attorney Park Sung-kyun, the team's lead lawyer, lowered his head slightly.

He was a former chief prosecutor, a heavyweight in the legal field.

Bringing him here had required an immense amount of money and connections.

And yet, the first thing he said was… sorry?

"We will not be able to take your case."

"What are you talking about? What do you mean you can't take my case?"

"The situation has changed. And… you may find it difficult to hire another lawyer as well."

"What? What do you mean?"

"I can't go into details, but Hyundai Group has intervened."

"H-Hyundai Group? Why…?"

Was this what it felt like to be struck by a sledgehammer?

The shock was so overwhelming that Oh Kang-chul stammered.

Not Taewoo Group, but Hyundai Group?

Why them?

As his mind raced, the pieces suddenly clicked into place.

What if Taewoo Shipbuilding's separation and sale had been orchestrated by someone?

There was only one entity in Korea capable of pulling off such a move—Hyundai Group.

And with that realization, everything made sense.

The relentless police and prosecutorial investigations.

The thorough audits exposing embezzlement.

The simultaneous nature of every attack.

It had all been planned from the start, and only a group as powerful as Hyundai could have executed it so seamlessly.

"Are they trying to take over Taewoo Shipbuilding?"

"..."

"I—I can help. Tell them I'll cooperate. I know Taewoo Shipbuilding better than anyone. I can make the strike end with a single word. If they want to acquire Taewoo Shipbuilding, I'll make it easier for them."

"It's too late. The best you can do now… is hope for leniency."

For the first time, Oh Kang-chul felt completely powerless.

He had been prepared to fight against Taewoo Group.

But Hyundai Group?

The very thought made his head spin and his legs tremble.

"There's really nothing I can do…?"

"The longer the strike continues, the more intense the investigation will become. They've already secured plenty of evidence. Your best option is to step down and settle for a fine."

"I'll end the strike today. Will that be enough?"

"The same goes for your subcontractor contracts. Cut all ties with Taewoo Shipbuilding."

"You're telling me to take all the losses and walk away with nothing? Shouldn't I at least get something in return?"

Oh Kang-chul's voice grew louder.

He couldn't accept this.

He had devoted his entire life to building Taewoo Shipbuilding, only to be thrown away like this.

"Isn't it better than having everything taken from you? If the prosecution is followed by the National Tax Service, you won't be left with a single cent."

"What am I to warrant both the prosecution and the tax authorities moving against me? I'm not that important."

"It seems those in power think otherwise. I wish you the best in making the right choice. You don't have much time left."

With a slight bow, Attorney Park left the office.

Oh Kang-chul, on the verge of tears, turned back to the window, staring out at the Geoje sea.

Not even ten minutes had passed, yet the ocean that had once seemed refreshing now felt icy cold.

***

Later that afternoon.

I grabbed a quick meal from a delivery order at Captain Kang's office.

Since security in the building was tight, the delivery driver wasn't allowed inside, so the bodyguards had to pick up and set up the food.

Dimon watched the process with fascination.

"I heard Korea has a well-developed delivery culture, but this is something else."

"Koreans like to do everything fast. Rather than wasting time going to a restaurant, they just get things delivered."

"I like this 'ppalli-ppalli' culture a lot. And I have to say, the Korean prosecution is just as fast. I just got word—Oh Kang-chul has been arrested."

Why are people so foolish?

Oh Kang-chul had only held power because he was under Taewoo Group's umbrella.

The moment Taewoo Shipbuilding was separated from Taewoo Heavy Industries, his authority became nothing more than an illusion.

"So the restructuring will begin in earnest. I can already hear Taewoo Shipbuilding's price rising."

"Thanks to you, its value has already gone up significantly. Just shifting its private debt to the banking sector alone added at least 50 billion won to its price."

Once again, I had used SAVE Investment's funds.

Like all Taewoo affiliates, Taewoo Shipbuilding was drowning in debt, some of which came from high-interest private loans.

No investor wants to acquire a company burdened with such liabilities.

So I personally paid off the private loans and transferred the debt to SAVE Investment.

"If someone buys Taewoo Shipbuilding thinking it's free of private debt, they're in for a rude awakening."

"What do you mean?"

SAVE Investment's loan was in dollars.

Right now, with the dollar being relatively cheap, it didn't make much difference whether the debt was in won or dollars.

But if a foreign exchange crisis hit, dollar-denominated debt would more than double.

The exchange rate would skyrocket from 700 won to 2,000 won.

Of course, I didn't explain this to Dimon. Instead, I gave him a plausible excuse.

"Well, since they owe us money, we can use that to our advantage later."

"I see, that makes sense."

"We need to wrap up Taewoo Shipbuilding quickly and move on to selling the mobile division. Most of Apple's board members are Wall Street people, so they might actually be easier to deal with."

"I won't have a shortage of work as long as I stick with you. But don't you think it's a bit of a waste to sell the mobile division?"

Coming from Dimon, that was unexpected.

He was always the one looking to buy low and sell high.

"The mobile division is at its peak. We need to sell it now."

"I don't think it's reached the peak yet. If Taewoo Electronics properly manages the mobile division, its value could rise even further."

Had he been in Korea for too long?

Or had he simply been dealing with Taewoo Group too much?

His way of thinking seemed to have changed.

"Making a proper phone will require too much money."

"But doesn't Taewoo Electronics already hold most of the technology?"

"For now, yes. But future phones will need even more advanced technology. Right now, we only have black-and-white displays, but soon, color screens will take over."

Especially with the upcoming transition to smartphones, the required technology would be even more expensive.

Developing and producing LCD screens alone would cost trillions of won.

Many Korean companies were already working on it.

My grandfather's words came to mind.

"Technology is something you buy, not build."

Even Apple followed that principle.

Rather than developing LCD panels or semiconductors themselves, they simply purchased the components.

That was the most efficient way to save both money and time.

"I understand now. It's not that you're worried about the mobile division's future, but from Taewoo Group's perspective, selling it is the most profitable move."

"If we ever really need it, we can just acquire another company later."

The half-price sale was just around the corner.

When the foreign exchange crisis hit, many companies would collapse.

And when the time came, we would buy whatever we needed—securing top-tier technology and talent for a fraction of the price.

***

The strike at Taewoo Shipbuilding had ended.

As soon as the restructuring process was completed, the public sale process began.

Naturally, Hyundai Group was the first to step forward, confident that they would be the sole buyer.

"CEO, both Hyunjin and Samsung have also expressed interest in acquiring the company."

"Of course, that was to be expected. They wouldn't just let such a valuable company go to Hyundai Group without a fight."

"Which company offered the highest bid?"

"Hyundai Group bid 1.8 trillion won, while Samsung offered 2 trillion won."

Taewoo Shipbuilding had been acquired for 1.2 trillion won.

Yet, in just a few months, its value had risen by 800 billion won.

Dimon had increased the company's value through restructuring and reform, settling all private loans, which contributed to the price surge.

"Hyundai Group must feel like they've been blindsided. Samsung is willing to pay 200 billion won more for the acquisition."

"But Hyunjin Group is the unexpected contender. They're offering as much as 2.2 trillion won."

"Where are they getting the money?"

I had met with Jo Soo-young, the vice president of Hyeonjin Heavy Industries, to stir things up.

However, I hadn't personally lent them money, nor had I introduced them to investors from Wall Street.

"It is suspected that they secured loans using their airline and shipping company as collateral."

"They must be truly determined to acquire Taewoo Shipbuilding. Well, if they succeed, they could break into the top five business rankings, so it makes sense."

Hyunjin Group was currently ranked seventh in the business world.

They were eager to expand their group's scale, even through borrowed capital.

Seeing them like this reminded me of my grandfather.

"I'd rather not sell to Hyunjin Group if possible."

"Hyunjin Group has a financial limit. If we support Hyundai Group properly, they won't be able to win."

Hyunjin Group was already heavily leveraged.

And among their subsidiaries, there weren't many that appealed to me.

"What do you think Samsung will do? Will they offer more money?"

"If they end up in a serious bidding war with Hyundai Group, I expect them to spend even more money."

Samsung Group's debt had already reached 20 trillion won.

As my grandfather always said, South Korean companies naturally expanded their scale through borrowed capital.

Of course, what they did afterward varied.

In Samsung's case, they had leveraged their experience from the financial crisis to completely resolve their debt issues.

My grandfather, on the other hand, had taken the opposite approach—advocating for the idea that "too big to fail" was a reality. He aggressively pursued acquisitions to expand the group.

"It doesn't matter whether we sell to Hyundai or Samsung. Just make sure they compete on price."

"I'll make sure they go head-to-head in a fierce bidding war."

With that, I left the matter of Taewoo Shipbuilding to Dimon and headed home.

Earlier, my grandfather had personally reached out, inviting me to dinner.

It was likely to discuss the sale of the mobile division.

By the time I arrived at the mansion, dinner was already set.

My grandfather and I enjoyed a warm, pleasant meal together.

But the atmosphere shifted the moment the dishes were cleared away and coffee was served.

"Both the president of Taewoo Securities and the Economic Research Institute have recommended selling the mobile division."

"Everyone agrees that selling it would bring more benefits than drawbacks."

Was he agreeing to the sale?

Tomorrow, I should visit the Economic Research Institute and have a meal with Advisor Fukuda.

Thanks to him, even the president of Taewoo Securities had come around to supporting the sale.

"But… I really don't want to sell the mobile division."

"For the future of Taewoo Electronics, this is a necessary decision."

"What if I strongly oppose it until the very end? What will you do then?"

"…Are you saying you're against it?"

"Yes. Taewoo Shipbuilding is already gone, and I don't want to see the mobile division fall into someone else's hands as well."

I felt utterly drained.

How much effort had I put into convincing him?

From Advisor Fukuda to the president of Taewoo Securities, and even myself—we had all tried to persuade him.

And now, all of that had come to nothing.

If that was the case, then I had no choice but to take a different approach.

"Even if you oppose it, I will go through with the sale of the mobile division."