Golden Spoon Investment Portfolio - Chapter 391

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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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391. Give me Ilhan Bank and Hansung Bank.

It was past 10 p.m., deep into the night.
A black Equus sedan pulled up to the entrance of the Lotte Hotel in Sogong-dong.
An aide sitting in the front passenger seat stepped out first, surveyed the surroundings, and opened the rear door.
A middle-aged man emerged wearing gold-rimmed glasses and neatly combed hair—it was Choi Jin-woo, the Deputy Prime Minister for Economic Affairs.
His face had grown noticeably rough from recent extreme stress, and gray hairs that hadn’t been visible before now streaked his head.
After stepping out of the car, Deputy Prime Minister Choi Jin-woo proceeded through the glass entrance doors where the doorman stood and headed straight into the Hotel Lobby.
The lobby, adorned with a soaring ceiling and an ornate grand chandelier, with natural marble flooring, was nearly empty of guests at this late hour.
Listening to the jazz piano music flowing from the bar area, Deputy Prime Minister Choi Jin-woo walked deeper into the lobby and boarded an Elevator that had just arrived, ascending upward.
Upon reaching the 35th floor and exiting the Elevator, a corridor lined with red carpet came into view.
Deputy Prime Minister Choi Jin-woo stopped before room 3505 on the left side of the corridor and pressed the doorbell.
The sound of a lock being disengaged came from within, and the door opened to reveal Han Ji-sung peeking out.
Upon seeing Deputy Prime Minister Choi Jin-woo’s face, Han Ji-sung quickly bowed and opened the suite door wide, stepping aside.

“He’s waiting inside.”
“I see.”

Deputy Prime Minister Choi Jin-woo entered the suite with his aide.
The suite was a spacious room with a separate Living Room and bedroom, and like a luxury hotel, both the interior design and furnishings were impeccably appointed.
Seok-won, who had arrived earlier and was sitting on the sofa, rose to his feet upon seeing Deputy Prime Minister Choi Jin-woo and greeted him with formal respect.

“Thank you for making time despite your busy schedule.”
“I wish we could have shared a meal, but I’m afraid I don’t have the leisure for it. My apologies.”
“Not at all.”

Deputy Prime Minister Choi Jin-woo extended his hand first, and Seok-won grasped it in return, shaking hands as he replied.

“Please, have a seat.”

Following Seok-won’s invitation, Deputy Prime Minister Choi Jin-woo sat down and glanced lightly across the table.
Seeing simple appetizers and an 18-year-old Chivas Regal prepared in advance, Deputy Prime Minister Choi Jin-woo let out an admiring “Ah.”

“Fine spirits indeed.”
“I prepared it knowing it’s your preferred choice.”
“To remember such details and attend to them so carefully—truly, that’s just like you.”

Seok-won used tongs to place ice from the bucket into the rocks glass in front of Choi Jin-woo, the Deputy Prime Minister for Economic Affairs, then uncapped the whiskey bottle as he spoke.

“Please, have a drink.”
“Thank you.”

As Seok-won poured, Deputy Prime Minister Choi Jin-woo took the whiskey bottle and filled Seok-won’s glass in return.
After lightly clinking glasses and taking a sip of the cold whiskey, Deputy Prime Minister Choi Jin-woo set his glass down and smiled with slightly relaxed lips.

“Good whiskey really does seem to ease the mind a bit.”

Seok-won studied his expression from the corner of his eye before gently posing a question.

“It seems the negotiations with the International Monetary Fund delegation aren’t going smoothly.”

Deputy Prime Minister Choi Jin-woo paused briefly, then let out a small sigh.

“Most people with any sense have already picked up on it, so there’s no need to hide it from you.”

Deputy Prime Minister Choi Jin-woo spoke while gazing down at the whiskey glass in his hand.

“Progress has been slower than anticipated.”

Seok-won then responded calmly.

“Unlike Korea’s position, which seeks only to resolve a temporary liquidity crunch caused by excessive short-term foreign debt, the International Monetary Fund will likely push for comprehensive economic liberalization and structural reform across the entire economy. Narrowing the gap between the two sides won’t be easy.”

Deputy Prime Minister Choi Jin-woo was startled by how precisely Seok-won grasped the situation, as if he had observed the entire negotiation process firsthand.
For a moment, he even suspected that someone within the Ministry of Finance and Economy had leaked information.
But then he recalled how Seok-won had warned of the possibility of a foreign exchange crisis before the International Monetary Fund crisis, and the keen insight and discernment he had demonstrated while at Daehung Securities, and he dismissed such thoughts.
He believed that Seok-won would be more than capable of grasping the situation simply by observing the prevailing atmosphere.
Deputy Prime Minister Choi Jin-woo suddenly wore a bitter expression as a thought occurred to him, and he spoke.

“If I had taken a more proactive stance when you first mentioned the possibility of a foreign exchange crisis, the situation might be better now. It’s a regrettable thought.”

Had Seok-won agreed enthusiastically, it would have amounted to admitting that Deputy Prime Minister Choi Jin-woo and the senior officials at the Ministry of Finance and Economy had been complacent, so he remained silent.
As Deputy Prime Minister Choi Jin-woo finished his whiskey and set down the glass, Seok-won refilled the empty glass and spoke softly.

“Dwelling on what has already passed only leaves regret and provides no real benefit. What matters now is how we conclude the negotiations with the International Monetary Fund going forward.”
“You’re right.”

Choi Jin-woo, the Deputy Prime Minister for Economic Affairs, regarded him with eyes tinged with cautious hope.

“Is it true that you can help us in the negotiations?”
“Yes, it is.”

Seok-won nodded in affirmation.

“What is it?”

Choi Jin-woo, frustrated by the suffocating constraints closing in from all sides, believed that even someone as capable as Seok-won would struggle to devise a solution to break through such a tangled and overwhelmingly disadvantageous negotiation.
Yet he had carved time from his relentless schedule to meet precisely because of that sliver of hope—however fragile.
Korea’s situation had grown so dire that even the faintest straw of possibility felt desperately precious.
Seok-won, meeting his gaze, began to speak with measured composure.

“To avoid insolvency despite a trade surplus caused by excessive short-term foreign debt, and to defend against currency speculators exploiting our vulnerability, we’ll need the International Monetary Fund’s assistance.”
“That’s true.”
“However, if we capitulate to every excessive demand simply to extinguish the immediate crisis, we risk triggering severe side effects that will erode Korea’s long-term competitiveness.”
“That’s precisely what concerns me.”

Seok-won’s words, which read his innermost thoughts with uncanny precision, drew a heavy sigh from Choi Jin-woo.

“The International Monetary Fund’s demands for market liberalization and financial reform are certainly necessary steps toward joining the developed world, but if we implement them all at once rather than gradually minimizing side effects, we’ll undoubtedly face considerable chaos and adverse consequences.”
“I share that assessment.”

Choi Jin-woo, feeling the weight of frustration, placed a cigarette between his lips, lit it, and his expression grew troubled.

“The problem is, we understand this perfectly, yet we have no choice but to accept the International Monetary Fund’s demands.”

As Choi Jin-woo drew on his cigarette with bitter resignation, Seok-won spoke with grave intensity.

“We’re forced to surrender negotiating leverage to the International Monetary Fund and be dragged along because our foreign exchange reserves are insufficient, aren’t they?”
“That’s the most fatal weakness. Unlike us, anxious about when our reserves will run dry, they can afford to be patient—from the start, it’s an inherently one-sided game.”
“If our foreign exchange reserves were to increase substantially, allowing Korea to endure longer, wouldn’t the International Monetary Fund become the desperate one instead?”
“!”
“You’re aware that while public funds were injected to contain the immediate crisis, Yamaichi Securities filed for bankruptcy, triggering fears of cascading defaults among Japanese financial institutions, and the yen is collapsing due to economic contraction.”

Seok-won continued, observing as Choi Jin-woo leaned forward, now fully absorbed in his words.

“The International Monetary Fund—or rather, the United States—won’t want the economic crisis to spread from Korea to Japan as well. They’ll likely make some concessions and move quickly to resolve the situation.”
“That’s possible.”

Choi Jin-woo, the Deputy Prime Minister for Economic Affairs, nodded slightly and asked with skepticism.

“But for that to happen, we’d need a substantial amount of foreign currency, and I don’t see how we can secure that immediately.”

At that, Seok-won replied calmly while looking at Choi Jin-woo.

“Wouldn’t 10 billion dollars be enough to change the attitude of the stubborn International Monetary Fund delegation?”
“!”

Choi Jin-woo, startled, stammered as he repeated the question.

“D-did you just say 10 billion dollars?”
“Yes. The International Monetary Fund can provide up to about 20 billion dollars in bailout financing. If we secure foreign currency equivalent to half that amount, they won’t be able to make further demands or take a harder stance.”

Of course, from my memories before regression, I knew that to completely overcome the foreign exchange crisis, Korea ultimately secured support totaling 55 billion dollars through the International Monetary Fund, the World Bank, the Asian Development Bank, and the United States and Japan.
But there was no need to mention that here, so I let it pass.

“Where exactly do you plan to secure that much currency?”

As Choi Jin-woo asked with hopeful anticipation, Seok-won smiled faintly.

“I can provide it.”
“Y-you can?”
“Yes. If you wish, I could even transfer 10 billion dollars to the Bank of Korea account tomorrow.”
“But how could you possibly….”

Choi Jin-woo’s expression showed utter disbelief.
It was inconceivable that an individual could possess such an enormous sum.

“The explanation would take too long, so I’ll tell you the details later. What matters now is that I have the dollars you need.”
“That’s true.”

Choi Jin-woo, quickly regaining his composure, nodded.
As he realized he’d found a breakthrough in negotiations that had been dragging him along helplessly, excitement bubbled up from deep within his chest.
Choi Jin-woo tried to calm his racing heart and gazed at Seok-won across from him.

“I’m not going to hand over this much in dollars for nothing. What do you want?”

This was the crucial moment, so I straightened my posture and met his gaze directly.

“Give me Ilhan Bank and Hansung Bank.”
“!”

Choi Jin-woo, the Deputy Prime Minister for Economics, widened his eyes at the completely unexpected demand, unable to conceal his bewilderment.

“Both banks are facing insolvency due to massively swollen non-performing loans, and I understand the IMF is considering them as top priorities for restructuring along with other troubled finance companies.”
“Hmm.”

Even before my regression, both banks received enormous public funds amounting to trillions of won and faced the fate of being merged into other banks or sold to foreign capital.

“If we’re going to have to intervene anyway, choosing the least disruptive approach proactively and resolving it cleanly would be more advantageous in negotiations with the IMF delegation than being forced into it reluctantly.”
“A hundred billion dollars and Ilhan Bank and Hansung Bank… You really do surprise me with things I never would have imagined.”

Deputy Prime Minister Choi Jin-woo lowered his gaze, a cigarette held between his fingers.

“You probably don’t intend to take them over burdened with all those non-performing assets. You want to receive them after the uncollectible non-performing loans are written off or separated out.”
“Exactly.”

Deputy Prime Minister Choi Jin-woo nodded as if he’d expected as much.
Under normal circumstances, he would have dismissed it outright, but for the Korean government and the Ministry of Finance and Economy, cornered at a dead end, it was far too sweet a temptation to simply refuse.
Moreover, since both banks were, as I had pointed out, in such severe condition that independent recovery was deemed impossible internally, he couldn’t help but be intrigued.

“Hmm…”

After deliberating for a long while, Deputy Prime Minister Choi Jin-woo stubbed out his cigarette in the ashtray and spoke in a heavy voice.

“There are many complications involved, so it’s difficult for me to make a decision alone. I’ll discuss this further and contact you again.”

I hadn’t expected to receive an answer today anyway, so I accepted his words readily.

“Yes. I look forward to hearing good news.”

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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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