Golden Spoon Investment Portfolio - Chapter 191

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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191. Since the situation has changed, we need to adjust our plans accordingly.

Friday, October 27th, morning.
Though everyone was busy with their work, most of the nation had stopped what they were doing and gathered in front of their televisions.
Today was the day former President Noh Ki-hoon—who had set the entire Republic of Korea ablaze with the recent four-hundred-billion-won slush fund scandal—was scheduled to hold a press conference.
Park Tae-hong, who had come to the Mapo Headquarters, sat on the sofa in his Chairman’s Office alongside his trusted aide Gil Seong-ho, waiting for the press conference to begin.
Observing Park Tae-hong smoking out of habit, Chief Secretary Gil Seong-ho broke the silence.

“I expected some kind of action from the former president’s camp, but I never anticipated he would appear directly before the press himself.”
“It means he’s desperate.”
“The Blue House has issued direct investigation orders to the Prosecution, and with evidence emerging one after another, rumors are circulating that a summons for questioning will proceed soon. He must be feeling the pressure.”

Park Tae-hong, cigarette between his fingers, clicked his tongue.

“It’s entirely self-inflicted—mismanaging slush funds so carelessly.”

Chief Secretary Gil Seong-ho squinted slightly in agreement.

“I never expected him to keep cash in domestic banks. It’s truly surprising.”
“Exactly. It’s not as if he’s surrounded by nothing but fools. How could he do such a thing?”

Park Tae-hong’s expression turned contemptuous.

“Beyond acting carelessly, he probably didn’t anticipate the sudden implementation of the Real-Name Financial Transaction System and got caught with his hands tied.”

Park Tae-hong, cigarette still in his mouth, furrowed his brows and looked at Chief Secretary Gil Seong-ho.

“Before the Real-Name Financial Transaction System took effect, nominee accounts could be created easily and were difficult to trace. If he had divided the funds into dozens of accounts for convenient access and management, only to have them all frozen without the ability to transfer them elsewhere, then the pieces fit together, don’t they?”

The explanation sounded plausible, and Park Tae-hong nodded slightly.

“Now that you mention it, there was a rumor that one former president had secretly proposed helping with the real-name conversion of four-hundred-billion-won in slush funds in exchange for donating half to the nation.”
“That’s correct.”

Chief Secretary Gil Seong-ho leaned forward and lowered his voice slightly.

“Based on all the circumstances that have come to light so far, it appears the subject of the rumors was indeed the former President No.”
“I share that assessment.”

In truth, Park Tae-hong himself would have been utterly defenseless had his second son Seok-won not tipped him off beforehand—the financial real-name system had been implemented with lightning speed under extreme secrecy.
So there was a considerable possibility that former President No, caught off guard, had his slush funds frozen entirely.

“Although the new master of the Blue House came to power with the former President No’s assistance, considering they weren’t particularly close, there’s almost no chance he would have been informed before the financial real-name system was implemented.”
“That’s likely the case. Conversely, the former President No’s side, despite the awkward relationship, had inherited the presidency from the same party, so they probably weren’t without a sense of complacency.”

In every way, former President No had been stabbed in the back, but I felt no sympathy for him.

“Regardless, he was far too careless.”

Had I not heeded Seok-won’s warning, I myself would have suffered considerable hardship from the financial real-name system.

‘One way or another, I’m receiving considerable help from that second son of mine.’

I marveled anew at Seok-won’s foresight as I reflected on this.
Just then, Gil Seong-ho opened his mouth with an exclamation.

“It appears to be starting now.”

At those words, I lifted my gaze to the television directly ahead.
As former President Noh Ki-hoon entered the press conference hall set up at the Yeonhui-dong Residence with a stern expression, camera flashes erupted relentlessly.
Standing before the podium, former President Noh Ki-hoon surveyed the gathered reporters with a somber expression before bringing the microphone to his lips.

[My fellow citizens. First, I deeply regret standing before you due to this unfortunate matter. Over these past several days, how much despair and anger have you felt? The righteous indignation and reproach directed at me from you, the people, are entirely justified.]

Raising his head, former President Noh Ki-hoon gazed directly at the broadcast cameras positioned before him and continued speaking calmly.

[However, my appearance before you today is not to seek forgiveness for my wrongs. I stand here solely to express my honest sentiments regarding the current governance fund issue that has caused you tremendous shock and disappointment, and to offer my apologies.]

Former President Noh Ki-hoon maintained an upright posture, his expression resolute.

[Though it may sound like mere excuse-making, governance funds are undoubtedly wrong. However, they have been a long-standing practice in our politics. During my tenure, there were unavoidable aspects given the political culture and electoral climate of that time. Of course, this does not mean that practices or unavoidable circumstances can be excused. The failure to boldly cast this off is entirely my responsibility.]

Listening to the drawn-out excuses, I furrowed my brow at what followed.

[During my five-year tenure as president, approximately 500 billion won in governance funds were accumulated. These funds, raised primarily through voluntary contributions from business leaders, were used mostly for political activities such as party operations under my responsibility. I have never used this money for personal gain….]

Just as Seok-won had anticipated, former President Noh Ki-hoon was voluntarily disclosing the fact that he had accumulated slush funds.
Chairman Park Tae-hong, confronted with the worst possible scenario, clenched his lower lip between his teeth.
By now, the heads of other corporations had likely been thrown into equal turmoil.
Gil Seong-ho, the Chief Secretary standing beside him watching the press conference, couldn’t hide the shock etched across his face.
After continuing his statement for some time, former President Noh Ki-hoon ignored the barrage of questions hurled by the assembled journalists and simply walked away.
Chairman Park Tae-hong picked up the remote and switched off the television, his voice rough with anger.

“Voluntary my ass. Who in their right mind would dare refuse when the Blue House demands money?”

Chief Secretary Gil Seong-ho, finally emerging from his shock, turned toward Chairman Park Tae-hong with a grave expression.

“If things proceed this way, the corporations that provided slush funds won’t be able to escape investigation.”
“Hmm. That’s likely.”

It was a situation that would naturally draw a heavy sigh, yet what astounded me was how precisely everything unfolded exactly as Seok-won had described in the Study Room days ago.

‘How could he have foreseen all of this?’

I found myself inwardly marveling at Seok-won, thinking he must have walked on hot coals like some genuine shaman.
But then I realized this was no time for such musings, and I turned to Chief Secretary Gil Seong-ho with a question.

“The money we transferred to the former President’s side has been thoroughly laundered so it won’t become a problem, correct?”
“Of course.”

Chief Secretary Gil Seong-ho answered immediately, then hesitated slightly before adding:

“We’ve handled our end cleanly enough to avoid detection, but if evidence emerges from the former President’s side, we’ll inevitably be implicated.”
“That’s bound to happen.”

I furrowed my brow in thought for a moment, then stubbed out the cigarette—already burned down to almost nothing—in the crystal ashtray.

“First, conduct a thorough review to see if there’s any remaining material or evidence that could become problematic for us, and keep a close watch on how the slush fund investigation develops.”
“I’ll see to it immediately.”

In a tempest as fierce as this, rash action could sweep you away entirely. The wisest course was to lie low and wait for the storm to pass.

‘The real problem is that this doesn’t look like it will pass quietly at all.’

By revealing that slush funds flowed to both ruling and opposition parties under the former President No’s watch to save his own skin, the political establishment found itself unable to escape public condemnation.
It was as clear as day that they would line up the corporate executives who had handed over slush funds before the Prosecution’s cameras one after another, using them as sacrificial lambs to deflect the incoming storm of anger and criticism.
If that happened, Chairman Park Tae-hong would find it difficult to avoid a Prosecution investigation as well.
Leaning back against the sofa, Chairman Park Tae-hong exhaled a long sigh before speaking in a subdued voice.

“Manager Gil.”
“Yes. What is it?”
“That succession plan we laid out before.”
…!
“Start the process of transferring my Daeheung Textiles shares to the Ubo Foundation and the eldest.”

Chief Secretary Gil Seong-ho’s expression shifted to one of surprise at the unexpected directive.

“Weren’t you planning to proceed slowly over an extended period?”
“That was the plan. But circumstances have changed, so we need to adjust accordingly, don’t we?”

Chairman Park Tae-hong spoke matter-of-factly.

“Is this because of the slush fund incident?”

At that question, Chairman Park Tae-hong nodded heavily.

“Once investigations into corporate executives begin, I won’t be able to avoid Prosecution questioning either.”
“That is….”

Chief Secretary Gil Seong-ho, unable to find words to respond, shook his head with a darkened expression.

“If I’m constantly summoned by the Prosecution and face indictment and trial, I won’t be able to focus properly on managing the Park Group.”

A bitter shadow crossed Chairman Park Tae-hong’s face.

“It would be fortunate if it ended there, but if I were to receive a prison sentence, it would be a serious problem. So I need to prepare in advance.”
“While a Prosecution investigation is unavoidable, since there are numerous corporate executives who handed over slush funds, even if you’re indicted and found guilty, you likely won’t receive a prison sentence.”
“You’re saying the same thing as the second one.”

Chairman Park Tae-hong chuckled and spoke again.

“Of course that’s true. But whether it’s a non-custodial indictment or a suspended sentence, I’ll inevitably have to step back from active management for a while and observe a period of restraint.”

Manager Gil opened his mouth to object, then closed it again.
It was painfully obvious that if he returned to management so casually after being implicated in a massive scandal that had shaken the entire nation and even facing prosecution investigation, the public’s perception would be far from favorable.

“Beyond that, I’ve been thinking of gradually handing the Park Group over to my sons anyway, so you could say we’re simply accelerating the succession process a bit earlier than planned.”
“I understand, sir.”

Manager Gil, sensing that his mind was already made up, responded with resignation.

“Even if we proceed with the succession, it’s not something that can be finished in a day or two, so I’ll continue leading the Park Group in the meantime. And later, even if I step back, if those boys seem incapable of managing properly, I’ll kick them out of their positions without hesitation.”

Manager Gil offered a faint smile at the sight of Chairman Park Tae-hong speaking with a wry grin.
Though he was sixty-five this year, Chairman Park Tae-hong possessed vigor far exceeding his age, so such a thing was entirely within his capability.

“And once the textile stake reorganization is complete, transfer the securities and venture capital divisions to my second son as we discussed before.”
“Understood, sir.”

Chairman Park Tae-hong, who had been issuing instructions with utmost seriousness, suddenly wore an indifferent expression.

“Well, since that boy has more money than I do, it won’t make much difference giving him this, but I should still give him his fair share.”
“Sir?”
“It’s nothing.”

Chairman Park Tae-hong waved his hand dismissively.

“Oh, and about promoting my second son to Executive Vice President at year-end.”
“I’ve already hinted to Representative Go Young-il that we’ll be making that personnel announcement.”
“Cancel that.”

Manager Gil looked at him with a puzzled expression and asked.

“Then are you planning to promote your second son to Executive Vice President or Vice Chairman instead, sir?”
“No. I’m thinking of simply listing him as a registered director and letting him move freely.”

Chairman Park Tae-hong shook his head and hung a meaningful smile at the corner of his mouth.

“You can’t force a dragon that’s already grown into a confined well, can you?”

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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