Third-Generation Chaebol

Being the Head of Planning was an incredibly demanding position.

With every project across all subsidiaries under my oversight, my days were a constant whirlwind of responsibilities.

Before I knew it, 1996 had come to an end, and 1997 had begun.

And now, there were only a few months left before the foreign exchange crisis hit.

So, I welcomed the new year of 1997 not at home, not at a celebration—

but in my office, listening to a report from the Planning Director.

"Taewoo Motors' expansion into China has been a huge success. Last year, we surpassed 100,000 units sold in China alone. Sales in the U.S. have also grown by over 70% compared to the previous year."

"Taewoo Motors' growth is astounding."

"It's all thanks to your leadership, sir. The surge in revenue has significantly lowered the company's debt ratio."

It hadn't been an easy process.

With unexpected profits pouring in from China and the U.S., my grandfather had, of course, wanted to expand aggressively.

But I managed to redirect those funds—

investing them into our joint venture with Aramco and our partnership in China, effectively locking away most of the profits.

"I'd also like an update on our IT ventures."

"Our e-commerce business is progressing smoothly. The Sharot Group launched their 'Internet Department Store' ahead of us, but thanks to our superior platform and user experience, we're dominating in market share."

Sharot Group had already entered the e-commerce industry?

Unexpected.

But we had Amazon.

And with Jeffrey personally overseeing our operations, we had successfully secured an early foothold in the market.

"Sales still aren't taking off yet, are they?"

"They are increasing every month, but they're still nowhere near offline retail numbers."

"Rome wasn't built in a day. What about the hotel booking platform?"

The IT department wasn't just working on e-commerce.

In my past life, online hotel reservations were standard.

But in this era, bookings were still being made via phone calls or in-person visits.

"Online hotel bookings are still low, but with ongoing advertising efforts, we expect website traffic to increase soon."

"And how is the IT department's collaboration with our other subsidiaries being received?"

"With the IT boom in the U.S., even just the rumor of a subsidiary working with our IT division has been driving up stock prices."

Our IT department wasn't generating major revenue yet—

But its impact on stock value was enormous.

Even my grandfather and the board were staying hands-off, given its strategic importance.

"The exchange rate keeps climbing. It's already broken past 850 won per dollar."

"A high exchange rate benefits Taewoo Motors and our other subsidiaries. Importing raw materials is more expensive, but we're also selling finished goods at higher prices, so the net result is positive."

"But if the exchange rate continues to rise, foreign debt will become a major problem. The Planning Office should prioritize reducing our liabilities as much as possible."

"We've already started working in that direction, per your repeated instructions, but... the Chairman isn't pleased with it."

My grandfather still believed that debt was an asset.

To him, a business couldn't function properly without maintaining a certain level of debt.

"We'll keep persuading him. I've been telling him to stay low until the storm passes."

"I'll compile more reports and present them to the Chairman."

The report continued for another hour.

Summarizing everything—

Korea's economy was starting to struggle, but Taewoo Group was experiencing record-breaking success.

Taewoo Motors, IT, and Electronics—

All divisions were expanding rapidly, both domestically and internationally.

After spending a year in the Planning Office, I could feel the impact of my work.

It was a moment of pride.

But then—

Knock, knock!

My secretary rushed in, looking flustered.

"Sir! The Chairman is calling for you. He wants you in his office immediately."

My grandfather? Calling for me?

I didn't know why—

But for some reason, my heart began to race.

I rushed up the emergency stairs to the Chairman's office.

And the moment I arrived—

I finally understood why my heart had been pounding so hard.

"A Japanese bank is offering a 20 billion yen investment. Ha! With Taewoo Group thriving, everyone wants a piece of us."

"That's not an investment—it's a loan. They're just looking to profit off us with interest!"

Why were they so eager to lend us money we didn't even ask for?

And of all places, from a Japanese bank—not even Wall Street.

We couldn't afford to take a single yen from them.

When the foreign exchange crisis hit, the first to pull their short-term loans was Japan.

That drained Korea's foreign reserves overnight— Forcing us into the IMF's hands.

"But the yen is weak right now. This is a golden opportunity to secure low-interest financing."

"Taewoo Motors and Taewoo Electronics are thriving. We can expand using our own profits. There's a reason Japan is offering this loan—we must not take it."

"Ah, but emotions have no place in business. Money is money, whether it's Japanese, American, or otherwise."

A few months—that's all we had left.

If we took this loan now, everything I had worked for would be wasted.

"I don't see why Taewoo Group even needs this money. Every division is running smoothly."

"We're considering entering the telecommunications business. You yourself said the future lies in the internet. If that's true, we should move into telecommunications—mobile phones and internet services."

Telecommunications?

Of course, it was a lucrative industry—

But not now.

In just one year, multiple telecom companies would collapse— That's when we could buy them for pennies on the dollar.

"Starting a telecom business from scratch is too risky. We should acquire an existing company first."

"Exactly! That's why we need the loan—to acquire a telecom firm."

"We should secure the acquisition first. There's no need to rush into borrowing. We can get an even lower interest rate from Wall Street if necessary."

"You want to borrow from Wall Street instead of Japan?"

Borrow? Not a chance.

I just needed to stall—

Anything to block the Japanese loan.

"Taewoo Motors and Taewoo Electronics are gaining market share in the U.S., drawing more interest from Wall Street."

"True. Our joint ventures with American firms have certainly raised Taewoo Group's profile there."

"I'll have the Planning Office scout telecom companies for acquisition."

I just needed to buy time.

Once the signs of the financial crisis became undeniable, the idea of borrowing money would vanish entirely.

"Fine. Do that. But speaking of acquisitions—

What's taking so long with SS Oil?

It's been ages since we formed our joint venture with Aramco, yet we still haven't established our refinery."

"The acquisition is progressing across multiple channels. If all goes well, we could secure SS Oil by the end of this year—next year at the latest."

"You do realize that over 5 trillion won is tied up in our joint venture with Aramco? If setting up a refinery is proving difficult, wouldn't it be wiser to withdraw that money and invest elsewhere?"

How could he be this impatient?

I just needed a few more months—but buying time with him was never easy.

"I will establish Korea's largest oil company. When that happens, Taewoo Group will surpass Hyundai and Samjin to become the nation's number one conglomerate."

"Ha! Just imagining it excites me. But remember this—if you fail, you'll have to step away from company affairs for a while."

"I won't rely on my last name to stay in power. I'll prove my worth through results."

I used every ounce of my energy to persuade and reassure him.

It was utterly draining— and at the same time, rage bubbled up inside me at the Japanese bank that had suddenly pushed the loan offer.

I couldn't just let this slide.

It was about time for George to launch another attack on the yen.

As I had predicted, George made his move.

In January 1997, he flew to Japan.

At a press conference, he announced his assault on the yen—sending its value into chaos overnight.

I watched the broadcast from Captain Kang's office, while Team Leader Han casually munched on popcorn beside me.

"Quantum Fund just reached out. Once the press conference ends, they want to meet you in person."

"Me? Shouldn't they be talking to Dimon about Wall Street matters?"

I had entrusted Dimon with full control over SAVE Investments.

When the financial crisis hit, I'd need to bring him back to Korea—but for now, I wanted him stationed at SAVE.

"If George is secretly coming to Korea, he must have something important to discuss with you."

"Tell them to contact me when he lands. If George Soros is coming all the way to Korea, of course, I'll meet him."

"I'll send the message now."

Han quickly texted the Quantum Fund team—

And not even a minute passed before a reply came through.

"He's already in Korea. He wants to meet at his hotel. What do you want to do?"

I let out a chuckle.

"Korea and Japan really are close, huh? He's already here. Let's head out now—we can't keep a busy man waiting."

Han and I made our way to the hotel.

Inside the suite, George was casually slicing into a massive steak.

"I thought you'd had plenty of good food in Japan. And yet, here you are, still eating."

George smirked, taking another bite.

"Turns out, yen doesn't taste as good as I expected. My hunger hasn't quite been satisfied."

A press conference had just netted him at least a billion dollars, but his appetite for profit—and food—was insatiable.

"People on Wall Street should always keep their stomachs full. But is steak alone really enough?"

"Not quite. That's why I'm catching a flight to Thailand next. I hear the food there is exceptional."

I chuckled.

"Thailand's real estate and financial sectors are bloated with bubbles right now. Sounds like you'll be in for a very… rich meal."

George laughed heartily, pointing his fork at me.

"Haha! I knew you'd see it. You're not like those scavenger hyenas who just steal scraps from others. You have a nose for fresh prey."

The Asian Financial Crisis would begin in Thailand.

Once its real estate bubble popped,

construction firms and financial institutions would topple like dominoes.

Eventually, Thailand would be forced to seek help from the IMF.

And then?

The crisis would spread—to the Philippines, Indonesia, Malaysia— until it swept across Asia, crashing into Taiwan and, inevitably… Korea.