New Employees With an Annual Salary of 1 Trillion Won - Chapter 95
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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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Chapter 95. The Architect (5)
The power of the Blue House was formidable.
The Chief Secretary personally stepped forward to pressure the creditor group, and thanks to that, I was able to acquire Midopa Department Store at the amount I had proposed.
Simultaneously with the acquisition, I was able to access all the accounting data.
With Accountant Kim Do-yoon at the center, we analyzed everything about Midopa Department Store and were able to derive better results than expected.
“Although the debt scale is 600 billion won, we can record over 10 billion won in operating profit annually, and with real estate continuing to rise, it’s not a major loss.”
“So making a profit would be difficult.”
“Due to the interest on 600 billion won in debt, improving the profit structure is challenging.”
In the end, it was a matter that could be resolved by just solving the debt problem.
And to solve that problem, we had to restart negotiations with the creditor group.
“Let’s try to resolve the debt problem during detailed negotiations with the creditor group.”
“I’ll prepare several options.”
We had to negotiate various issues with the creditor group.
Starting with Midopa Department Store’s debt problem, we also had to discuss the new Mid-Interest Loan Product we would create.
“How is the Mid-Interest Loan Product design coming along?”
“It’s already finished.”
“Has the name been decided?”
“I’ve prepared several names that this administration would like.”
Accountant Kim Do-yoon handed me a list.
It was filled with name candidates for the new loan product.
Sunlight Loan, Sunshine Loan, Hope Loan, and so on.
“They’re all good names. We can decide on the final candidate when we meet with the creditor group.”
“Since government officials will also attend this negotiation, it seems like it will be decided smoothly.”
“When can we start the Card Revolving Service?”
“The system is already complete, and now we just need to promote it.”
“Let’s start promotion as soon as the negotiations end.”
Everything was about timing.
And since we had already started something big, we had to take all the benefits we could get.
Only by taking all benefits, both tangible profits and intangible benefits like image, could this become a profitable business.
***
Korea Development Bank Conference Room.
All major commercial banks had gathered, and from the government side, the Chief Secretary of the Blue House attended in person.
This showed how much interest the Blue House had in this negotiation.
At the same time, it also meant that if the negotiations went awry, we could face the Blue House’s disapproval.
“Let’s begin the negotiations. First, we’ll discuss Midopa Department Store’s debt issues. Deputy Manager Lee Jung-hoo, please start.”
“Nice to meet you. I’m Lee Jung-hoo, Deputy Manager of Tiger Fund Korea Branch.”
First, I greeted them politely.
The people attending here were at least twice my age, and some were even three times older.
Of course, I only planned to be courteous until the greetings.
If I showed too much courtesy when money was involved, I’d definitely be treated like a pushover.
“What are your thoughts on the debt issue?”
“After acquiring Midopa Department Store, we checked all debts. The exact debt amount was 612.2 billion won. And over 90 billion won goes out as interest every year. With this structure, Midopa Department Store can never recover.”
Operating profit was only 10 billion.
But if 90 billion won went out as interest alone every year, it was bound to operate at a loss.
Since all the creditors knew this fact, no one raised objections.
“The debt is indeed substantial. But didn’t you acquire it knowing this?”
“That’s why I’d like to make one proposal. Instead of repaying the debt in installments, we want to apply a 30% discount rate for lump-sum payment. And we’ll repay everything in dollars.”
Under normal circumstances, this would be an unacceptable condition.
But after the IMF crisis, banks were suffering from cash liquidity pressure.
With so many companies going bankrupt, they were gripped by fear of not being able to collect debts, creating an atmosphere that encouraged early repayment.
“A 30% discount rate means you’ll repay the debt with 428.5 billion won?”
“And we’d like to receive an additional 10% discount.”
“It seems you have another proposal.”
“We’ll deposit the funds managed by Tiger Fund Korea Branch in the creditor banks. It’s at least 10 trillion won, all in dollars.”
It was an attractive condition.
Right now in Korea, there weren’t many banks that could secure 10 trillion won in foreign currency deposits.
“Having 10 trillion won in foreign currency deposited is good, but couldn’t you withdraw it just one day after negotiations end?”
“That’s why I’ll make one more promise. When withdrawing, we’ll withdraw the entire amount only in Korean won, not dollars.”
What banks needed was cash in dollars.
If we deposited dollars and took Korean won, it would be profitable business for the banks.
“Hmm, those conditions aren’t bad at all.”
“Tiger Fund is bringing in foreign currency, so what’s there to worry about!”
The Chief Secretary, who had been listening quietly, stepped forward.
He showed an intense reaction upon hearing that foreign currency worth a whopping 10 trillion won would flow in.
The moment the Chief Secretary stepped in, the creditor group had no choice but to accept the proposal.
“Understood. Then, under the above conditions, we’ll forgive 40% of the debt.”
“We’ll deposit 367.3 billion won as soon as the contract is drafted.”
“How refreshingly straightforward. There’s no point in dragging this out when nothing will change. Let’s move on to the next agenda item right away.”
The Chief Secretary was in a hurry.
Even before the ink had dried on the contract, he wanted to discuss the next agenda item: the mid-interest loan product.
“Tiger Fund has already prepared 2 trillion won for launching the mid-interest loan product. And we’ve also completed the basic design.”
“Being young makes you so quick and efficient. Very good.”
I distributed the materials I had prepared in advance.
The Chief Secretary’s eyes stopped on the product name candidates rather than the interest rates or profit structure.
“Is there a name you like?”
“I like them all, which is the problem. Sunlight Loan seems too obviously government-related, so wouldn’t Sunshine Loan be better?”
“I was also considering Sunshine Loan as my first choice.”
“What do the rest of you think?”
“I think Sunshine Loan sounds good too.”
Who would dare oppose the name the Chief Secretary wanted?
In fact, except for the Chief Secretary, no one else was particularly interested in the name.
Even if it were called Dog Shit Loan instead of Sunshine Loan, these were people who would say it was good as long as it made money.
“Tiger Fund has prepared 2 trillion won, so how are your preparations coming along?”
“The problem is that mid-interest loans mainly target companies with unstable credit or difficult situations, so there’s quite a high level of risk.”
“Still, shouldn’t we save people in difficult situations from being tormented by Japanese lending companies? And since this is a project the government is participating in, I think public interest is more important than profitability.”
I said this to provoke the Chief Secretary.
And in fact, this loan product was by no means inferior in terms of profitability either.
Although it was a loan product targeting low-credit borrowers, I had already created a system to only lend to people who could sufficiently repay.
“Deputy Branch Manager Lee is right. Are you just going to sit back and watch Japanese lending companies run wild? Wouldn’t it look better if Korea’s representative banks stepped up?”
“But the risk is too great.”
“Then how about this? Tiger Fund will guarantee 300 billion won, which is 30% of the 1 trillion won the banks are investing. In return, Tiger Fund will take 30% of the interest profits.”
The funds invested by commercial banks amount to 1 trillion won.
With an interest rate of 20%, interest income of 200 billion won per year is generated.
With 30% of that, Tiger Fund could secure a profit of 60 billion won.
“The side bearing the risk should take more profit, right? Tiger Fund is being this considerate, so are you going to keep standing by with your hands behind your back?”
“Ah, understood. However, procuring 1 trillion won all at once in a short period is difficult. We’ll need to proceed by gradually injecting funds monthly to secure 1 trillion won within this year.”
“That’s naturally possible. First, we’ll execute bank loans with Tiger Fund’s capital, then sequentially convert to government and bank funds afterward.”
“Alright, let’s do that. Tiger Fund is being this considerate, so let’s accept it now.”
Everyone seemed to think it was a structure where Tiger Fund would lose money.
That’s why the bank officials remained still despite the Chief Secretary’s urging.
However, this business was never a loss, and it was a very good business generating high returns of over 20%.
“Tiger Fund has also prepared the loan conditions and methods.”
“Please discuss that matter with the banks. If possible, please proceed with the loans according to Tiger Fund’s methods.”
The Chief Secretary had already completely turned to my side.
Whatever I said, he unconditionally agreed, and the creditor group had no choice but to nod their heads.
“And to respond to Japanese lending companies, we plan to introduce several systems. Particularly at Hanseo Card, we plan to introduce a payment rollover system.”
“You can just go ahead with that. If any problems arise, come to me anytime. I’ll resolve it at my level.”
This is how the negotiation ended.
The creditor group and I signed several contracts.
Everything from Midopa Department Store’s debt issues to Sunshine Loan was resolved in one go.
***
The General Manager returned from the United States.
Though he looked clearly tired, he gave up rest and came to the office first.
“Wouldn’t it be better to rest at home today?”
“The office is more comfortable than home. Now that I’ve arrived at the office, I finally feel some peace of mind.”
The General Manager leaned back in his chair for about 10 seconds to rest.
As if that was enough to recover his energy, he took out several documents from his briefcase.
“This is a letter I received directly from Advisor Karl Rove, who can be called the overall coordinator of the Republican election camp.”
“The content doesn’t seem like much.”
“The content isn’t important. Think of it as a kind of promissory note. It’s a letter containing a promise to provide convenience for us if they win the election.”
The content of the letter really wasn’t much.
In a way, it only contained ceremonial words that looked like spam mail.
But the moment I saw the letter, I strongly felt that the gear I had designed was rolling along smoothly.
“Did you also meet Candidate Bush?”
“I was lucky enough to meet him. If Candidate Bush gets elected, the outstanding receivables problem will likely be resolved more easily than expected.”
“You really worked hard.”
“It wasn’t really hard work. I needed a justification to build political connections anyway, and thanks to Employee Lee, I was able to build connections at a good time.”
It could be seen as part of the chairman succession preparation process.
Chairman Robertson wanted to quickly pass his position to the General Manager, and the General Manager could only take the chairman’s seat after inheriting all of Chairman Robertson’s connections.
“I also solved several problems.”
“I heard briefly from the Branch Manager. You acquired Midopa Department Store, right? But why did you bother creating Sunshine Loan?”
“I created it because I thought it was a very good investment opportunity. We can stably receive 20% interest income.”
The larger the operating funds became, the more diverse investment opportunities we needed.
Especially this investment was a very good opportunity to build connections with the Korean Government while achieving high returns.
“If we receive interest on time and repayment is done properly, it would indeed be a very good investment.”
“I plan to introduce a credit score system to approve loans. I’ve already finished talking with commercial banks.”
“Good work. Now take it easy for a while.”
“I need to work hard just until this week. The release of Soccer 2001 isn’t far off.”
“Ah! You mean the game we published? Does Employee Lee really need to worry about that so much?”
The General Manager didn’t seem to have high expectations.
He probably thought that just a game, especially a published game’s sales, wouldn’t amount to much.
But my expectations were different.
I was confident it would be a game that could change the landscape of the gaming market.
New Employee with 1 Trillion Won Annual Salary Chapter 95
E-book Publication Date | 2025.11.27
Author | Seo Oh
Publishers | Heo Heung-beom, Park Geon-won
Publishing House | Poten
Address | [04783] 10th Floor, 8 Yeonmujang 11-gil, Seongdong-gu, Seoul
Phone | 02-6320-8500
Fax | 02-6320-8585
ISBN | 9791175305892
Price | 100 won
ⓒ Seo Oh 2025
This e-book is a copyrighted work protected by copyright law.
This e-book is published under the author’s contract, and unauthorized reproduction, duplication, distribution, and sharing are prohibited without written consent from both parties.
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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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