Golden Spoon Investment Portfolio - Chapter 388

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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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388. I’m desperately struggling to survive, yet from every direction, people are demanding that I perish.

Choi Jung-yeol’s eyes widened in shock at the utterly unexpected proposal, and he asked in disbelief.

“I… I’m sorry, what did you just say?”

Seok-won smiled calmly and explained the proposal once more, his voice betraying no hint of confusion.

“I said I would give you 15% of the 75% InterPlaza stake we’ve acquired.”
“…Surely you’re not joking with me right now.”

Choi Jung-yeol stared at him with a bewildered expression, clearly struggling to believe it.
It was only natural to be suspicious when receiving such an unexpected offer out of nowhere.
Seok-won lifted the glass before him, took a sip, set it down, and met his gaze directly.

“I never joke about matters involving money.”

Only then did Choi Jung-yeol fully grasp that the proposal was genuine.
Watching as Choi Jung-yeol swallowed hard, Seok-won added:

“Of course, there are conditions.”

At those words, Choi Jung-yeol’s brow furrowed momentarily, his expression flickering with a knowing look.
When Daehung Venture Capital made this investment, InterPlaza was spun off from LineComm as an independent entity with capital increased significantly to 3 billion won.
By simple calculation, a 15% stake was worth at least 450 million won—there was no way it would be given away for nothing.
Choi Jung-yeol straightened his posture and asked with a slightly cautious gaze.

“What conditions are we talking about?”
“I heard that when InterPlaza was established as an independent entity, the original goal set by LineComm was to achieve 24 billion won in annual revenue by 2003, six years from now, and to list the stock on the market. Is that correct?”
“That’s right.”

Choi Jung-yeol nodded slightly in confirmation.

“Are you familiar with Amazon, the internet shopping mall in the United States?”
“Of course.”

I couldn’t help but know about Amazon, which started as an online bookstore and has been rapidly growing into a comprehensive online shopping mall by expanding its lineup to include music CDs, video tapes, various electronic products, and clothing since this year.
Especially since it was the company that Choi Jung-yeol had initially referenced when creating InterPlaza, it held even greater significance.

“Recently, they went public and listed on NASDAQ, hitting quite the jackpot.”
“…
“Though it sounds a bit like I’m bragging, I invested before their IPO and currently hold a 25% stake in Amazon.”
“!”

Choi Jung-yeol’s eyes widened noticeably as he listened, unable to conceal his astonishment.
How could he not be shocked to hear that this person was a major shareholder holding 25% of Amazon, whose stock price had skyrocketed since its NASDAQ listing, pushing its market capitalization well over a billion dollars?
Yu Hyun-seok was equally taken aback.
Unlike Han Ji-sung, who had learned much about Seokwon while serving as his Attendant Secretary, Yu Hyun-seok heard this fact for the first time and his jaw dropped.
Seokwon brushed past their stares and spoke with composure.

“I believe that as the internet develops and becomes more widely adopted, the scale of e-commerce will experience explosive growth. That’s why I invested in Amazon before their listing.”

Once the shock had somewhat subsided, Choi Jung-yeol naturally developed a favorable impression of Seokwon, who shared his vision.

“I believe InterPlaza, like Amazon, has the potential to grow into a company that leads the domestic e-commerce market.”
“Thank you for seeing it that way.”

Choi Jung-yeol responded with an embarrassed yet pleased expression.

“This isn’t just flattery—I mean it sincerely. That’s precisely why I decided to invest despite the poor domestic economic conditions. As I mentioned before, I don’t act carelessly when it comes to money.”

Though his voice wasn’t particularly loud, each word carried a weighty presence.
Choi Jung-yeol found himself instinctively intimidated, hanging on Seokwon’s every word.

“I believe the greatest advantage a venture company possesses is the founder’s passion. However, no matter how hard you build a company, if you don’t receive commensurate rewards, your enthusiasm and attachment will inevitably cool over time.”

Choi Jung-yeol hesitated briefly before responding cautiously.

“Well, people are people, so it’s inevitable.”
“If you discover a promising venture and invest in it, only to fail to deliver results as expected, there’s nothing more disappointing than that.”

Seokwon continued, observing Choi Jung-yeol, who was listening intently.

“That’s why I want to create motivation for CEO Choi to continue operating the company with passion.”
“…Are you saying that’s what you just proposed?”
“That’s correct.”

Seok-won nodded.

“Let’s raise the target a bit higher. If you achieve 30 billion won in sales within six years and successfully go public, I’ll provide 15% of InterPlaza shares as an incentive.”

CEO Choi Jung-yeol, now fully realizing this was no casual remark, felt doubt and wariness evaporate from his eyes, replaced by a burning fervor.
Even with the raised target, the numbers didn’t seem impossibly difficult to achieve.
No—even if the goal proved challenging, if the company went public, those shares could be worth hundreds of millions of won as performance compensation. He would have to achieve it by any means necessary.
When Seok-won gestured, Han Ji-sung, sitting beside him, pulled a thin folder from his bag and placed it before CEO Choi Jung-yeol.

“It’s better to make everything certain rather than just talk about it, don’t you think?”
“….”
“It’s a contract specifying the incentive payment I proposed.”

Seok-won leaned back in his chair as he spoke.

“Take it with you, review it thoroughly, and then give me your answer.”

CEO Choi Jung-yeol stared at the folder containing the contract for a moment, then lifted his gaze back to Seok-won.
He hesitated slightly before asking.

“Why are you doing this much for me?”
“As I mentioned at the beginning, I believe the founder’s passion is essential for a venture company to succeed. That’s why I’m making this investment to help you successfully achieve the initial goal of going public.”

Seok-won smiled faintly as he spoke.

“Once you go public and hit the jackpot, my investment will multiply several times over. It’s good for both of us, isn’t it?”
“I see.”

CEO Choi Jung-yeol answered with a smile.

***

October 16, 1997.
Early morning.
In a darkened bedroom with only a desk lamp illuminating the space.
Seok-won, who had been sleeping alone under the covers on a king-size bed, stirred restlessly at the sudden, jarring ring of his mobile phone.
When the ringing persisted without ceasing, Seok-won extended one arm from beneath the blankets and fumbled across the nightstand until his fingers closed around the phone.

“Mm… hello.”
[Boss. It’s Landon Shore.]

Seok-won answered without opening his eyes, his voice still heavy with sleep as he lay in bed.

“What’s happened at this hour?”
[I apologize. An urgent matter has come up, and I knew you were sleeping, but I had to call.]
“What is it?”
[Moody’s has just downgraded Korea’s sovereign credit rating from A2 to A3, and the won’s credit rating from A1 to A2+ as well.]
“!”

Seok-won’s eyes snapped open. He pushed himself upright and leaned back against the headboard.
Then, rising quickly, he asked in a low, strained voice.

“Wait—they lowered the sovereign rating when we announced the IMF bailout just days ago, and now they’re cutting it again?”
[That’s correct.]

Seok-won’s brow furrowed as he held the phone to his ear.
Even as the Korean government and IMF delegation were negotiating a rescue package in Seoul to resolve the foreign exchange crisis, the international credit rating agencies had slashed Korea’s sovereign rating not once but twice in succession—dramatically.
It was as good as screaming outright that even if the IMF bailout went through, the economic situation wouldn’t improve, so everyone should extract their money from Korea and flee as quickly as possible.

“What about S&P and Fitch?”
[The other two agencies appear poised to announce additional downgrades shortly.]
“Ugh. We’re struggling desperately just to survive, and from every direction they’re telling us to die.”

Seok-won rubbed his forehead as he spoke.

“What’s their reasoning for the additional downgrade?”
[They’re saying that even with the IMF bailout, the private sector’s short-term foreign debt exceeds 70 billion dollars, which is insufficient to resolve the foreign exchange crisis.]

Seok-won’s eyebrows twitched slightly as he absorbed this.

“It hurts more because what they’re saying isn’t entirely wrong.”

Both domestic and international media outlets were predicting that if a bailout were to occur, it would represent the largest amount of support the IMF had ever provided—and this was precisely why.

[The moment Moody’s announcement came out, the won, which had been trading sideways in the New York Foreign Exchange Market for several days, weakened again.]
“That’s to be expected. This will work against the Korean government in negotiations with the IMF.”
[There’s nothing particularly good about it.]

Seok-won exhaled softly and replied.

“Understood. Let me know immediately if any other information comes in.”
[I will.]

After hanging up, I picked up the wristwatch I’d set aside and checked the time.
It was just past 4 a.m.
Going back to bed seemed pointless, and I doubted sleep would come anyway, so I got up and left the bedroom.
Opening the refrigerator in the kitchen, I poured some cold water into a cup and drank it, finally feeling my mind clear a little.
After doing some light stretching by rotating my neck, I made my way to the trading room I’d set up in the house to get a more detailed picture of the New York situation.
Before regression, I could have easily accessed the internet with a single smartphone and checked news from the other side of the world instantly, but this era didn’t allow for that.
While a few media outlets were running experimental online editions, they were still in their infancy, and articles updated slowly.
Because of this, the fastest way to get information was through a Bloomberg terminal.
I sat down at my desk with a cup of coffee and turned on the Bloomberg terminal, and real-time data from the stock market, bonds, and foreign exchange markets came pouring in along with breaking news.
When I searched for Korea-related information, sure enough, it was filled with nothing but negative reports, including breaking news of a downgrade in the country’s credit rating.
Just as Landon Shore had said, the won exchange rate had jumped back up to the late 1,100 range, and I let out a low groan.

“Hmm.”

My gaze at the won exchange rate chart on the monitor was grave.

“At this rate, once daylight breaks, both the foreign exchange market and the stock market will collapse again.”

It vividly demonstrated how painful the cost of losing market confidence was and how difficult it was to recover from it.
I stared at the monitor, deliberating, and soon muttered in a subdued voice.

“I need to meet with Choi Jin-woo, the Deputy Prime Minister for Economic Affairs, sooner than I’d planned.”

If things continued this way, we’d end up capitulating to everything the IMF wanted and accepting a bailout on their terms. Before that happened, I needed to step in and shift the momentum in our favor.

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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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