Golden Spoon Investment Portfolio - Chapter 514

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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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514. Contact the Blue House and tell them we’ll do as they requested.

[Goldbank’s 0% Commission Cyber Securities Firm Establishment Indefinitely Postponed]
[Goldbank’s Growth, Which Expanded Internet Business in Octopus-like Fashion, Hits the Brakes]
[Experts: Goldbank’s Growth Limitations Revealed]
[Was Goldbank’s Legend, Which Led the KOSDAQ Craze, Just an Illusion?]

The moment an announcement came out that Goldbank’s ambitious cyber securities firm establishment had been indefinitely postponed, the media outlets that had been painting rosy prospects until yesterday abruptly shifted their stance and unleashed a barrage of pessimistic articles.
When the stock market opened amid such circumstances, individual investors, gripped by anxiety, sold Goldbank shares en masse, and the stock price, which had been climbing steeply, plummeted downward.
As panic spread rapidly through the market, even investors who had been waiting to see how things would unfold hurriedly placed sell orders, and Goldbank’s stock price, which had crashed repeatedly, eventually hit the daily limit down.

[Goldbank: 23,500 (↓3,950)]

Seok-won, who had added a touch of elegance with a silver necktie pin, sat before his desk in a white dress shirt and gazed at the Goldbank stock price chart displayed on his monitor with a melancholic expression.

“So it’s come to this after all.”

Though I had anticipated this outcome, watching Goldbank’s collapse unfold left me with a bitter taste.
I consoled myself by thinking I had given investors a fair warning through my previous interview, but it was still disheartening knowing that countless retail investors would suffer significant losses from this crash.

“But that’s the harsh law of investing—whenever someone makes money, someone else must lose it.”

A utopian scenario where everyone prospered together was only possible in dreams.
Though I felt sympathy for the individual investors who would bear the brunt of this collapse, investment was ultimately their own responsibility, and there was nothing more I could do.

“Still, the real dot-com bubble is only beginning now, so with a bit of luck, they might manage to make a comeback.”

I turned my head and shifted my gaze to the approval document spread out on my desk.

[Seum Technology KOSDAQ Listing Preliminary Review Application Plan]

The eye of the typhoon that would unleash a far greater and more intense venture investment frenzy than Goldbank was finally preparing to make its debut on the KOSDAQ market.
After carefully reviewing the application plan, I picked up the Montblanc fountain pen resting nearby and inscribed an elegant signature in the approval section.

“I’m curious to see what kind of returns this will generate.”

I closed the approval document with a decisive tap and murmured to myself.

* * *

Exiting Seoul Station, directly across the street stood a 23-story building that towered like an enormous wall, commanding the landscape with its imposing mass.
This was the headquarters of Daekwang Group, one of the nation’s leading conglomerates.

True to Chairman Yu Chun-seok’s motto that “the world is vast and there is much work to be done,” the Daekwang Group offices typically bustled with activity and vitality as employees moved purposefully through the halls.
Yet recently, reflecting the group’s mounting difficulties, the atmosphere had grown heavy and oppressive.
With Chairman Yu Chun-seok, a man of medium height with angular features, seated at the center, the key executives of Daekwang Group occupied the sofas in the Chairman’s Office, their expressions grave and tense.
Cigarette butts already formed a mountain in the crystal ashtray on the table, yet Chairman Yu Chun-seok continued to chain-smoke with visible anxiety.

“What time is it?”

In response to Chairman Yu Chun-seok’s question, An Seong-jin, the Finance Director seated on the left sofa, quickly rolled up his sleeve to check his wristwatch before answering.

“It’s 10 minutes before 3 o’clock.”

Chairman Yu Chun-seok, cigarette between his lips, squinted his eyes.

“He should have arrived by now. Why haven’t we heard anything?”
“The discussion seems to be taking longer than expected. Let’s wait a bit more.”

As An Seong-jin spoke in a soothing tone, Chairman Yu Chun-seok clicked his tongue in displeasure.

“Tsk.”

He then drew deeply on his cigarette and leaned back against the sofa at an angle before asking.

“How much did you say we need to repay by the end of this week?”

An Seong-jin, sensing the weight of the question, answered carefully.

“2.4 trillion won.”
“So with roughly 300 billion won in cash on hand, we’re short by 2.1 trillion won.”

An Seong-jin then spoke with an uncomfortable expression.

“The remaining cash isn’t 300 billion won—it’s only 260 billion won.”
“What are you saying? Four days ago you clearly said we had 300 billion!”

As Yu Chun-seok furrowed his brow and pressed for an answer, An Seong-jin, the Finance Director, wiped the sweat beading on his forehead with the handkerchief clutched in his hand before responding.

“Four hundred billion won was used to repay the European subsidiary’s debt.”
“Why are you telling me this now!”

Yu Chun-seok’s expression darkened as he erupted in anger.
An Seong-jin hastily opened his mouth to defend himself, his tone aggrieved.

“The Romanian automobile manufacturing plant’s debt repayment was insufficient, so I informed you yesterday that emergency funding support was necessary and received your approval.”
“What?”

Yu Chun-seok belatedly recalled the matter and pressed his forehead with the hand holding the cigarette.

“Hmm. I was so focused on negotiations with the government that I completely forgot about it.”

Realizing that the precious cash reserves had diminished when liquidity was already scarce, Yu Chun-seok felt his insides burning with anxiety.
The Daekwang Group, which had aggressively pursued mergers and acquisitions to expand its scale, carried the heaviest debt burden among the top five conglomerates at 72 trillion won.
Of that, approximately 100 billion dollars—12 trillion won—consisted of borrowed funds that overseas subsidiaries had drawn from local financial institutions.
Proclaiming “global management,” the group had established an astounding 396 overseas subsidiaries, spreading its tentacles not only domestically but across Southeast Asia including Vietnam, Indonesia, and Thailand, as well as Central Asia, Eastern Europe, and Africa.
When the IMF foreign exchange crisis erupted, while other major conglomerates implemented restructuring to reduce debt and adopted defensive postures, the Daekwang Group displayed the complete opposite behavior.
Rather than shrinking, it aggressively pursued the acquisition of the bankrupt Ssangbong Automobiles and even coveted Sasung Automobile, which was targeted for restructuring, adopting increasingly aggressive management strategies.
The group had gambled on the theory of “too big to fail”—that the government would inevitably intervene and rescue a corporation so massive that its collapse would reverberate throughout the entire national economy.
Yet before the colossal tsunami of the foreign exchange crisis, even the Daekwang Group, ranked second in the business world, had no means to endure.
Moreover, since its foundation was not solidly built but rather a sandcastle erected on the beach, it could not withstand the fierce waves and crumbled helplessly.
As he stubbed out the nearly finished cigarette in the ashtray and placed a fresh one between his lips.
The door swung open.
A middle-aged man wearing horn-rimmed glasses entered through the firmly closed door.
It was Jung Jin-woo, the Senior Managing Director and Yu Chun-seok’s closest confidant.
Yu Chun-seok, who had been waiting for him, quickly removed the cigarette from his mouth and asked urgently.

“How did it go!”

The other executives, including Finance Director An Seong-jin, regarded Jung Jin-woo with hopeful gazes.
With all eyes fixed upon him, Jung Jin-woo could not answer immediately and stood hesitating with a darkened expression.

…

Seeing this, Yu Chun-seok instinctively sensed that matters had not unfolded as desired and his expression hardened.
Even the executives detected the heavy atmosphere, and as a weighty silence filled the room, Jung Jin-woo finally opened his mouth with difficulty.

“I made every effort to persuade them until the very end, but the Blue House flatly refused. They insisted that any foreign debt borrowed by our group must be resolved by us alone—we cannot shift the burden to the domestic market.”

The moment the words left his mouth, Chairman Yu Chun-seok slammed his palm against the armrest of the sofa he was sitting on and erupted in fury.

“Are they telling me to simply abandon all the overseas factories and businesses we’ve painstakingly built up over the years?”

Executive Director Jung Jin-woo spoke with his head bowed like a condemned man.

“The Blue House and the government’s position is that if funds from domestic financial institutions—whether through maturity extensions or new credit lines—end up flowing into overseas debt obligations, then the restructuring serves no purpose whatsoever.”
“These foolish people! If we can just weather this crisis, those overseas subsidiaries spread across the globe won’t be squabbling in this narrow land of Korea—they’ll become invaluable assets that position Daekwang as a true global enterprise. Why don’t they understand that?”

Chairman Yu Chun-seok vented his rage, his face flushed with anger.

“Chairman, you have blood pressure to consider. Please calm yourself.”

Financial Director An Seong-jin, wearing a gloomy expression, tried to soothe his anger from beside him, but Chairman Yu Chun-seok’s voice only grew louder, his face burning red.

“How can I calm down when the tower I’ve painstakingly built over the past thirty-two years is crumbling before my eyes?”

Unable to contain the fury burning inside him, Chairman Yu Chun-seok picked up the teacup before him and gulped down the green tea in one go. In that moment, Executive Director Jung Jin-woo, who had quietly settled onto the sofa, carefully opened his mouth.
In the meantime, Jung Jin-woo, who had quietly taken a seat on the sofa, carefully opened his mouth.

“However, the Blue House has presented an alternative proposal.”

Chairman Yu Chun-seok, who had been loosening his necktie with rough hands, suddenly widened his eyes.

“A proposal?”

Executive Director Jung Jin-woo hesitated, swallowing hard before responding.

“They said that if you and the group pledge everything you own as collateral to the Creditor Consortium, they will provide 4 trillion won in new credit and extend the maturity of short-term debt by six months.”

The moment Chairman Yu Chun-seok heard this, the wrinkles etched into his forehead deepened further.

“Everything that I and the group own? Specifically, how much are they asking us to pledge as collateral?”

Executive Director Jung Jin-woo didn’t answer immediately, hesitating before finally closing his eyes tightly and speaking.

“…Literally everything—all assets including stocks—must be pledged as collateral for the support to be possible.”

Jung Jin-woo’s account sent the room into considerable turmoil.

“No. How could they…!”
“Isn’t that going too far?”
“Good heavens.”

The agitated executives couldn’t hide their shocked expressions, their mouths hanging open.
It was only natural—they had essentially been asked to surrender everything belonging to Chairman Yu Chun-seok and the Daekwang Group, save for his body itself.
Chairman Yu Chun-seok himself, rendered speechless by the absurdity, exhaled sharply before his face contorted and his fury erupted.

“Are they seriously calling that a proposal now!”

Before Chairman Yu Chun-seok, whose neck veins bulged with rage, Jung Jin-woo spoke while continuously wiping cold sweat from his brow.

“I too have protested and pleaded that these terms are far too difficult to accept, but the Blue House’s position has been unyielding.”

Jung Jin-woo gazed at Chairman Yu Chun-seok, who was breathing heavily and snorting, and continued with difficulty.

“They issued an ultimatum: if you refuse to accept the proposal, they will immediately proceed with court receivership through the Creditor Consortium.”
“This…!”

Chairman Yu Chun-seok trembled violently, his fists clenched tight, consumed by humiliation and rage.
The executives’ faces paled as they realized this wasn’t mere pressure—the Blue House and government were contemplating the complete dissolution of the Daekwang Group.
Jung Jin-woo attempted to persuade Chairman Yu Chun-seok in a somber tone.

“As you well know, new credit facilities are entirely out of reach, domestic financial institutions are refusing to extend maturity dates and demanding debt repayment, and we’re barely avoiding bankruptcy day by day with ultra-short-term credit facilities maturing in just ten days.”
“…”
“The scale of credit we’re rolling over on these ultra-short terms amounts to a staggering 10 trillion won. Painful as it is to say, if we cannot secure government support… we will face immediate bankruptcy.”

As everyone wore expressions of despair, An Seong-jin, the Finance Director, lowered his gaze and added his words.

“Humiliating as it is… as the executive director says, there is no other choice if we are to avoid bankruptcy.”

Chairman Yu Chun-seok closed his eyes, biting his lower lip firmly, facing a humiliating situation he had never experienced in his entire life.
To demand he surrender everything he possessed, let alone the Group, was an absurd requirement.
Yet no matter how much he racked his brain, there was no alternative but to accept the government’s demands.
Finally, Chairman Yu Chun-seok, his face now appearing a decade older, reluctantly opened his mouth.

“…Contact the Blue House and tell them I will comply with their demands.”

Then, clinging to the belief that he was indispensable, he had been confident that the Blue House would never abandon him or the Daekwang Group. Now that conviction shattered into a thousand pieces, and despair consumed him at the harsh reality before him.

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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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