Chapter 61

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Translated by Heavenly Cat

Read it only at Novelbyu.com & Utoon.net

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“Wow. I’ve toured many chairman’s offices and president’s offices here and there, but this is the first time somewhere’s this grand.”

Probably my few friends, and family or other people wouldn’t believe it either.

That Chairman Kang Seong-ho even brought a gift saying he’d congratulate me for just moving one office.

“No. I really didn’t expect you to come.”

“Of course I had to come. Our President Jeong finally escaped from that cramped place and moved to this spacious president’s office.”

The building with the Republic of Korea’s greatest height that used to be LK Tower but now changed its name to Gwangwoon Tower.

As hyung-nim originally planned, he made my exclusive office here.

Not only the president’s office, but he established a control tower where I can command several employees and proceed with investments.

Korea’s tallest building.

The view of Seoul looking through the window appeared as small as a game.

“Nice. When LK first said they’d build Asia’s tallest tower, I thought what nonsense. But now that I see it, it’s so good.”

While saying so, Chairman Kang Seong-ho examined the big TV hanging on that wall.

“Is this our company’s? Don’t tell me it’s SG’s?”

“Of course it’s Kangsung Electronics’.”

The news on TV is all noisy about Deutsche Bank.

[Today America imposed a $16 billion fine on Deutsche Bank that sold defective products during the 2008 subprime mortgage crisis along with the 1MDB scandal. This amounts to approximately 20 trillion won, and Deutsche Bank’s position is that this is difficult to accept..]

$16 billion.

$14 billion for the crime of aggravating the 2008 subprime mortgage crisis.

The remaining $2 billion was the crime of committing money laundering by being involved with 1MDB.

Due to this, markets worldwide were shaking now.

“Tsk tsk. Those bastards. That’s why they should do things in moderation.”

Chairman Kang Seong-ho shook his head and sat down.

“Originally they were setting it at a $7 billion scale. Seems they were actually having close consultations with Deutsche Bank’s side.”

“Then 1MDB burst?”

“Right. Then the US government added insolence charges.”

If things proceeded without incident, Deutsche Bank could have reduced the fine as much as possible.

But as the 1MDB incident burst and the fact they participated in money laundering was revealed, the US government imposed the tremendous fine of $16 billion.

“But Deutsche won’t stay still either. Honestly how could they handle a fine as much as $16 billion? No matter how big they are. Even our Kangsung would struggle if told to pay $16 billion at once.”

An amount reaching a whopping 20 trillion won.

No matter how giant a company, if told to pay that scale of money at once, they can’t help but shake greatly.

“They’ll somehow try to reduce it to half. Because even the German government can’t do anything right now. Thanks to someone.”

That someone Chairman Kang Seong-ho is talking about seemed to mean me.

“President Jeong really laid the groundwork properly. Thanks to the German government steadily implementing bailouts since diesel gate, now they can’t afford to help even Deutsche.”

Laid the groundwork.

I’ve never laid groundwork.

I just decided investments according to my intuition before, now, and will in the future.

“Really amazing. Since when were you planning this? Now it’s getting a bit scary, you know? Was Zhuge Liang from Romance of the Three Kingdoms exactly this feeling?”

But Chairman Kang Seong-ho seemed to very strongly believe I laid groundwork waiting only for this day from long ago.

“I was just lucky. Could I have planned all that?”

“Really? How fascinating. Strangely everything President Jeong does works out luckily. At this level, winning the lottery jackpot consecutively would be easier. Right?”

He seemed not to believe my words at all.

“Whatever it is. Thanks to President Jeong, European expansion might become easier if things go well. But President Jeong, do you know why I’m so obsessed with Europe?”

I know Kangsung Electronics tried to advance into Germany and establish new semiconductor factories, but Deutsche Bank kept blocking them.

Deutsche was to protect companies their investment money went into, and Kangsung seemed to try making holes somehow to avoid their checks.

“Our DRAM has something called a super cycle. There’s a cycle of boom and bust. Sometimes semiconductor demand explodes, and there are times when it’s treated like complete trash.”

The super cycle concept is famous in the semiconductor sector.

Especially the super cycle phenomenon is severe on the DRAM side, where during booms there aren’t enough factories so they can’t handle all the volume, and during busts there’s too much volume left over causing problems.

“Right now we’re holding first place in the DRAM market, but this alone isn’t enough.”

“You mean foundry?”

“Right. As expected, you know well.”

In the DRAM business, Kangsung is currently overwhelmingly first place.

However, as said earlier, DRAM profits fluctuate due to super cycles.

But foundry is different.

“Foundry is manufacturing semiconductors on commission from customers, right? This isn’t affected by super cycles, and can be called the field that brings in money best as the real deal. The problem is our Kangsung can’t exert any particular power in the foundry market.”

That was because of TSNC.

TSNC, a Taiwanese company, specializes in foundry and makes semiconductors only on commission from customers. In other words, they absolutely never produce their own products.

“In a way it’s natural. Companies competing with our Kangsung like Ampl or Kilcom all only use TSNC. Even though Kangsung’s technology is better.”

Because from their position, they don’t want to fatten rival Kangsung’s belly, and also because it’s a rival company, they could play tricks with such production lines so they can’t carelessly entrust it.

So TSNC’s management policy is exactly this.

“Don’t compete with customers.”

If they can’t overcome this, no matter how good the technology, Kangsung’s rivals have no choice but to select TSNC.

“So what I’m trying to make is a foundry company separated from our Kangsung. Integrating with semiconductor companies in Europe to create a separate company. Then technology will rise much more than now, and above all we can steal the market share TSNC is taking overwhelmingly.”

“While putting forward the management policy of not competing with customers?”

“Right. At first, companies using TSNC will probably be reluctant. But if our technology and production capacity that are far ahead, plus perfect transportation capability all surpass TSNC, eventually they’ll have to reconsider too, right?”

“The transportation capability you’re mentioning now would be our Gwangwoon Shipping?”

“Right. It’ll be good work for Gwangwoon too. Since it’ll make our Kangsung the main customer.”

For us it means solid main customers arise, so nothing bad.

“But now it’s all just delusion. Ultimately what’s important is Deutsche Bank must collapse.”

Deutsche Bank, one of the TBTFs.

Only when that place collapses can Kangsung establish the plan they desire now.

“And for Gwangwoon to make money with the CDS they bought in bulk, doesn’t Deutsche Bank have to go bankrupt?”

“You knew we swept up the volume.”

“How could I not know? I caught on right after hearing. That President Jeong planned everything from the beginning with this intention from long ago.”

The CDS volume we’re currently holding is a whopping 3 trillion won.

It was an amount combining not only sweeping up all CDS spread out before, but additionally making contracts with other companies including newly issued CDS.

Simply put, it doesn’t mean we really put in 3 trillion won, but that we secured enough volume to receive 3 trillion won if Deutsche Bank goes bankrupt.

But if Deutsche Bank doesn’t collapse?

We have to throw away 90 billion won in wasted money annually.

No. Perhaps we’d have to pay even more money than that.

“Thanks to President Jeong raising the CDS spread tremendously, there’s also Deutsche falling into more crisis. Since the spread is so high, it’s showing signs of a bank run.”

To make money with CDS, Deutsche Bank must go bankrupt.

But if Deutsche Bank really goes bankrupt, securities firms and banks that sold us CDS will be in chaos, so they’ll try to prevent bankruptcy from happening.

“Plus the German government can’t just watch either. Because Deutsche Bank is a bit big. If that collapses, not only all of Europe’s finance but the repercussions will spread worldwide. But if Deutsche doesn’t collapse, our Kangsung will slowly die. 10 years later we’ll be completely pushed out by other companies in semiconductors. You can say now is the period when our Kangsung’s fate is at stake.”

Chairman Kang Seong-ho’s expression was serious.

He seemed to have judged that if this European expansion fails, 10 years later Kangsung can no longer make a living with semiconductors.

“I hope Kangsung does well.”

“Really?”

“I told you last time too. That I hope our country’s companies do better than other countries’ companies.”

That was sincere.

Even setting aside such reasons, for us not to lose money on the CDS we invested in, things must go as Kangsung wishes.

“Right. Since President Jeong laid the groundwork, now performing the sword dance there will be my role. One fortunate thing is that Deutsche Bank made too many enemies during that time. They were too arrogant backed by the German government.”

Chairman Kang Seong-ho downed the remaining coffee at once and stood up from his seat.

“I’ll become your sword this time, President Jeong. When you’ve tied up the opponent tightly and brought them before me, would I not be able to cut that bastard’s neck? I’ve already contacted various financial groups. So that even if Deutsche Bank goes bankrupt, those people will absorb it so the shock doesn’t spread as much as possible.”

Many people say if Deutsche Bank goes bankrupt as is, it’ll become second Lehman Brothers-level.

Chairman Kang also knows that, and the financial groups cooperating with him also know.

So they seemed to try discussing methods to minimize that shock as much as possible.

“Oh right. And this orchid I bought. This is expensive. Though it’s a bit tricky to grow, it’s good when calmly organizing your thoughts. Now that you’re president, you should have things like this in your office.”

It was an orchid that looked high-class somehow.

In dramas and such, they carefully tend to these.

“Though I’ve never grown one, I’ll try growing it well.”

“Good. And.. Thank you. Thanks to President Jeong, I finally feel like I see a breakthrough. Actually I was at a loss until now.”

Chairman Kang Seong-ho shook hands with me while leaving the president’s office.

The words of thanks should actually be from this side.

Since he said he’ll enthusiastically wield the sword on our behalf by cooperating with European companies.

***

“What? Oppa. What is this? You were about to leave without even stopping by your sister’s representative office?”

Chairman Kang Seong-ho sighed shortly looking at his sister who came down with several employees in a rush as he was about to get in the car.

“When did you come again?”

“Since oppa suddenly came to this building, I naturally thought you were coming to see me. But you didn’t even pretend to see your sister and scurried off to President Jeong Jin-ho?”

“Since he moved his office there today. I came to give a gift too.”

“Wow. Then what about me? The person who didn’t show their nose when I took on the hotel representative position!”

Did I?

But I think I sent some gift.

“That can happen between family.”

“So Jeong Jin-ho comes before your only sister? No. Exactly what relationship does that person have with you? If you think about it, isn’t he our enemy?”

“..What?”

“Right. Like how this tower changed its name to Gwangwoon Tower too. And how he took all the money from us and only gave hotel business rights. Shouldn’t we bring this tower to our Kangsung someday?”

Then Chairman Kang Seong-ho’s face completely hardened.

“Watch your words.”

“Uh..?”

At her brother’s fierce face seen after a long time, Kang Mi-ra took steps back.

“You can have everyone in this world as enemies, but there’s someone you absolutely must never make an enemy.”

“That’s Jeong Jin-ho? Why exactly? Did he catch some weakness of yours?”

“It’s not like that but.. I’ll tell you details later. Anyway, never perceive Jeong Jin-ho as an enemy. And to people around you, absolutely never say bad things about Jeong Jin-ho either.”

Kang Mi-ra could feel seeing that Kang Seong-ho.

That the great Kangsung Group chairman is fearing a mere securities firm president now.

“I’ve never once thought of Jeong Jin-ho as an enemy. I want to continue maintaining friendly relations going forward. No. Rather I’m in the mindset of wanting to make a family relationship legally beyond friendly relations.”

“T-that much?”

“Yeah. Since this brother’s heart is like that, you change your thoughts about Jeong Jin-ho too. That guy must not be our enemy but absolutely be our ally.”

While saying so, Chairman Kang Seong-ho glanced at the employees around his sister.

“Keep the employees’ mouths shut well too.”

“Ah, yeah. Don’t worry about that. People here have heavy mouths.”

“Then I’m leaving. I’ll stop by again when there’s another chance.”

“While you’re coming to see Jeong Jin-ho you mean.”

“That’s right.”

“Tsk. Hurry and go inside.”

After seeing off Chairman Kang Seong-ho, Kang Mi-ra fell into deep thought.

Not just anyone, but big brother spoke to that degree.

Until now she thought of Gwangwoon and Jeong Jin-ho as bad guys who took money from our Kangsung, but seems she has to change that stance.

“Ah. Everyone treat today’s talk as unheard.”

“Yes. Representative. Don’t worry. Our strategy team is a place that takes secrets to the grave.”

“Good. Phew. We were having a good meeting, but I ran out in the middle for no reason because of that brother. Anyway, we’ll do it again in 30 minutes, so prepare.”

“Yes.”

After Representative Kang Mi-ra went in, the strategy team manager looked around at accompanying employees.

“Everyone knows, right? Keep your mouths shut. Since we’re a core department assisting the representative, if this secret keeping doesn’t work, we’re the first to lose our necks.”

“Yes!”

“Good. Then let’s go prepare for the meeting.”

Then the team manager looked worriedly at an employee whose complexion has been bad since earlier.

“Yoon-ah. But are you sick somewhere? Your complexion turned completely white?”

“What? N-no. I’m fine.”

“Then that’s good. Hurry let’s go. No time.”

“Yes!”

Jeong Yoon-ah moved quickly following team members, but her mind was already elsewhere.

‘W-what on earth is this?’

Clearly Chairman Kang Seong-ho said Jeong Jin-ho.

And he mentioned oppa’s name multiple times emphasizing how important a person he is.

She knew oppa is making a lot of money lately and doing well, but to think Kangsung Group’s chairman would be obsessed to that degree.

It’s like someone’s filming a hidden camera.

Even wanting to make more than friendly relations into one family.

‘Then could it be our oppa..’

Is he marrying someone from Kangsung Group!?