Golden Spoon Investment Portfolio - Chapter 477

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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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477. No, we have to make it happen by force if necessary.

Inside the Presidential Office at the Blue House, with the steep rocky cliffs of Inwang Mountain visible through the expansive floor-to-ceiling windows, President Kim Jae-chun sat in the center of the sofa, flanked by Chief Secretary Woo Chun-il on one side and Deputy Prime Minister for Economic Affairs Cheon Byung-su on the other.
The air in the room hung heavy, a palpable reflection of the President’s foul mood.
President Kim Jae-chun’s jaw clenched as he fixed his gaze on Deputy Prime Minister Cheon Byung-su and spoke.

“Are you telling me everything published in the Kumsung Daily News article is true?”

Under that piercing stare, Deputy Prime Minister Cheon Byung-su swallowed hard.
He wiped the perspiration from his palm onto his trousers and responded in a faltering voice.

“Well… regrettably, our investigation confirmed that the Rothschild Fund, while entrusted with restructuring the Hansan Group, has invested only $345 million instead of the promised $1 billion bridge loan.”

Chief Secretary Woo Chun-il, seated across from him, wore an expression of disbelief as he spoke.

“We entrusted the Hansan Group restructuring to the Rothschild Fund on the condition that they would invest $1 billion upfront to normalize the group, did we not?”
“…Yes, that’s correct.”
“Hmph. Yet they haven’t even invested half of what they promised.”

Chief Secretary Woo Chun-il himself had been one of the first to enthusiastically support the Rothschild Fund’s proposal when it initially arrived.
Now that problems had emerged, he was subtly acting as though he’d never agreed to it—a contradiction that left Deputy Prime Minister Cheon Byung-su inwardly exasperated.
But challenging him here would yield nothing, so he swallowed his frustration and continued speaking while observing the President’s still-rigid expression.

“What’s even more serious is that there are major problems in the restructuring and sale process itself.”
“What do you mean?”

As President Kim Jae-chun furrowed his brow in inquiry, Deputy Prime Minister Cheon Byung-su explained the additional facts that had come to light, his expression growing more troubled.

“As you’re aware, the Hansan Group’s total debt immediately after insolvency was 6.1894 trillion won.”

President Kim Jae-chun remained silent, arms crossed, his gaze steady—a signal to continue.

“To facilitate a smooth sale, the creditor consortium agreed to forgive 3.8137 trillion won, and the Rothschild Fund would assume 1.5325 trillion won of the remaining debt.”

At that moment, President Kim Jae-chun interjected, his brow deepening.

“That 1.5325 trillion won—isn’t that the $1 billion bridge loan they promised?”

Cheon Byung-su, the Deputy Prime Minister for Economic Affairs, hesitated for a moment before carefully opening his mouth to speak.

“That’s correct. The creditor consortium demanded full repayment of the bridge loan before the asset sale negotiations. It appears the Rothschild Fund attempted to secure the shortfall beyond the $345 million through domestic banks.”

The moment Kim Jae-chun heard this, his eyes flashed with fury as he erupted in a roar.

“It’s infuriating enough that they didn’t bring in the foreign currency they promised. But you’re telling me the banks diverted loan funds that should have gone to domestic companies to fill the bridge loan gap!”

His voice was so thunderous that the entire office reverberated, causing Cheon Byung-su to shrink back into his shoulders.

“Y-yes, sir.”
“So the banks knowingly lent money despite being fully aware of what the Rothschild Fund was scheming?” Woo Chun-il, the Chief Secretary, asked.

Cheon Byung-su let out a small sigh before responding.

“Not only small and medium enterprises, but even the top ten conglomerates have debt ratios that are excessively high. The banks are in a position where additional lending is virtually impossible, regardless of their willingness.”

Kim Jae-chun clicked his tongue in disapproval upon hearing this.

“Is this because of the IMF crisis?”
“Yes, sir. The IMF is demanding strict adherence to the BIS ratio. The banks are in a difficult position—they can barely extend loans to domestic companies whose creditworthiness has substantially declined.”

Kim Jae-chun furrowed his brow and continued.

“Meanwhile, foreign investors like the Rothschild Fund have high creditworthiness, so the banks can lend to them, is that it?”
“…Yes, sir.”

Cheon Byung-su bowed his head like a guilty man, despite the fault not being his own.
Kim Jae-chun, who had been suppressing his seething rage, finally lost his composure and exploded.

“We opened the doors to attract foreign investment, and instead of bringing in dollars, they borrow from domestic banks and snatch away the precious companies we’ve painstakingly nurtured at rock-bottom prices? What kind of absurd situation is this!”

Kim Jae-chun repeatedly struck the armrest of the sofa with his palm, his neck flushed with rage.
Woo Chun-il, seated beside him, then spoke with a grave expression.

“Now that it’s been revealed that the Rothschild Fund, which manages the Debt Adjustment Fund in trust, provided nearly 200 billion won to Hansan Group affiliates, there’s no way to avoid controversy over the outflow of national wealth.”
“I’m already so furious I could burst. If the people learn of this and remain silent, that would be even stranger.”

Kim Jae-chun, his brow deeply furrowed, glared at Cheon Byung-su—who looked as if he were sitting on a bed of nails—and rebuked him sharply in an angry voice.

“How could you fail to prevent this from happening in the first place? What on earth have you been doing?”

Though Cheon Byung-su had grievances, he could not deny that his failure to manage the situation properly was an undeniable fact, so he simply bowed his head.

“I have no excuse.”

Watching this, President Kim Jae-chun’s face darkened with displeasure as he vented his anger.

“If this is how it stands, then deploying police force to suppress the Manyoung Machinery strike early last time wasn’t an unavoidable action to overcome the foreign exchange crisis—it means the government was played like a fool by the Rothschild Fund’s scheming!”

That hadn’t been the intention, but the outcome had become exactly that.
President Kim Jae-chun repeatedly struck the armrest of the sofa with his palm, pouring out his frustration.

“How pathetic will the people think the government and I are? And won’t the opposition party use this as ammunition to attack us?”

Just thinking about it made his blood boil, and Cheon Byung-su, the Deputy Prime Minister for Economic Affairs, stood with his head bowed like a criminal, silently enduring the endless reproach.
After venting his anger for some time, President Kim Jae-chun’s shoulders heaved as he steadied his ragged breathing.

“Immediately terminate the consignment management contract for the Debt Adjustment Fund and halt the sale of Hansan Group subsidiaries. We’ll review everything from scratch.”

At this, Cheon Byung-su, the Deputy Prime Minister for Economic Affairs, looked up in surprise.

“There are aspects where the fund’s use lacked transparency. Terminating the consignment management contract should certainly proceed, but regarding the Hansan Group matter, I respectfully suggest we reconsider once more.”
“Are you saying we should sit idly by and watch while they engage in this misconduct, deceive the government with lies, and sell off domestic companies at inflated prices using our money?”

President Kim Jae-chun furrowed his brow and raised his voice.

“I am also furious at what the Rothschild Fund has done, but with the Russian crisis and Japan’s non-performing debt issues in the financial sector, the exchange rate is unstable again. If we apply the brakes to the Hansan Group subsidiary sale at such a time, it’s difficult to gauge what repercussions might follow.”

At this, President Kim Jae-chun asked with a stern expression.

“Are you saying that imposing sanctions on the Rothschild Fund could make it difficult to attract foreign investment?”
“That is correct.”

As he answered with a grim expression, President Kim Jae-chun’s eyebrows shot up sharply.

“How can the Korean government be forced to tiptoe around a single fund? It makes no sense!”
“If foreign investment capital withdraws again while we haven’t fully escaped the foreign exchange crisis, it could lead to catastrophic consequences.”

Cheon Byung-su, the Deputy Prime Minister for Economic Affairs, hesitated for a moment before expressing his concerns once more.

“Russia has already shown us what happens in the worst-case scenario, hasn’t it?”

At his grave tone, President Kim Jae-chun’s eyebrows twitched slightly.
Then Chief Secretary Woo Chun-il carefully interjected.

“As Deputy Prime Minister Cheon points out, there could be problems attracting foreign investment. I believe it would be best to urge the Rothschild Fund to honor the original agreement while resolving the matter as smoothly as possible.”

President Kim Jae-chun, who had been contemplating with his arms crossed, finally lifted his head and spoke.

“Just handle it according to my original instructions.”
“But….”

As Deputy Prime Minister Cheon Byung-su leaned forward and began to speak urgently, President Kim Jae-chun raised his hand to stop him.
Then he spoke in a low, settled voice.

“If this hadn’t become a major issue, it would be one thing, but the people already know about it. If we let it slide like this, what do you think will happen to public opinion?”
“That is….”

Deputy Prime Minister Cheon Byung-su closed his mouth with an embarrassed expression.
Watching this, President Kim Jae-chun slowly leaned back.

“Dozens of companies are still closing every month, and countless people are suffering the pain of having to leave companies where they’ve worked for years. Yet they’re enduring this hardship and sacrifice, telling themselves it’s unavoidable to overcome this national crisis of the foreign exchange crisis. But the moment they realize their efforts have only been filling the pockets of foreign speculators like the Rothschild Fund, the political situation will plunge into tremendous chaos.”

It wasn’t simply that South Korean citizens were docile and enduring this harsh period without fierce resistance.
Even as they felt immense pain and despair, they were accepting sacrifice with a single resolve: to overcome what was the greatest national crisis since the Korean War—the IMF crisis—and rise again.
The moment they realized foreign speculators were profiting from their sacrifice, an anger as great as the suffering they’d endured would surely erupt.
President Kim Jae-chun spoke with unprecedented gravity.

“If that happens, won’t the rationale for the structural reforms the government is pushing so hard also disappear?”
“….”
“In the worst case, we could lose all political momentum and fall into a lame-duck situation from the beginning of my term, floundering helplessly. Can you take responsibility for that?”

The words “that’s too much of a leap” rose to Deputy Prime Minister Cheon Byung-su’s throat, but since it wasn’t entirely implausible, he averted his gaze and remained silent.
Chief Secretary Woo Chun-il, acting like a true politician, was more sensitive to the possibility of losing political initiative to the opposition party than to economic concerns.

“That said, we can’t ignore foreign investors’ concerns. Instruct the Prosecution to uncover every immoral and illegal act the Rothschild Fund committed during the Debt Adjustment Fund and Hansan Group restructuring process.”
“If we do that, won’t this scandal grow even larger and work against us?”

When Woo Chun-il asked, President Kim Jae-chun’s eyes flashed with sharp intensity.

“Initially, we’ll face some criticism, but as the fraudulent activities come to light, the public’s condemnation will shift away from us and toward the Rothschild Fund. In fact, we need to make sure it happens that way.”

As a longtime confidant, Woo Chun-il immediately grasped what the President was thinking.

“You intend to redirect the people’s anger toward the Rothschild Fund through prosecution investigations while simultaneously establishing justification for imposing sanctions on foreign investors.”

President Kim Jae-chun nodded slightly and turned his gaze toward Cheon Byung-su, the Deputy Prime Minister for Economic Affairs.

“Even so, foreign investment attraction could contract compared to before, so find ways to encourage foreign investment.”

Cheon Byung-su was already using every available method to attract foreign capital, and internally he sighed at being asked to produce something more. However, even he had to admit that the Rothschild Fund had crossed the line far too egregiously to simply overlook, so the Deputy Prime Minister for Economic Affairs had no choice but to respond.
However, because the Rothschild Fund had crossed the line far too much for him to simply turn a blind eye, Cheon Byung-su, the Deputy Prime Minister for the Economy, had no choice but to respond.

“…Understood.”

Inwardly, he cursed the Rothschild Fund for complicating an already headache-ridden situation.

‘Damn bastards!’

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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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