The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 76

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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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The Regression of a Fallen Chaebol Third-Generation — Episode 076
“Well then, shall we begin?”
Two weeks later, at the Ribbon Capital Office.
After it was settled that Kim Jong-su would acquire Seongshin Savings Bank, I stepped back from the matter for a while.
I had an important final exam to prepare for.
Now that the tests were over, it was time for Jung Tae-sung to brief me on what had transpired in my absence.
“The acquisition has been confirmed. Sixty-five billion won, at a Price-to-Book Ratio of 0.8x.”
It fell within the expected range.
I’d estimated somewhere between sixty and seventy billion won, and this was just slightly above the midpoint—the fingerprints of Park Han-su making one final stand in the negotiations.
“I assume he attached conditions about maintaining the signboard.”
Jung Tae-sung looked up from the documents at me.
“……There were two. Maintaining the Seongshin name as is, and a three-year guarantee on current employee retention. Chairman Kim Jong-su accepted both without hesitation.”
Right to the end, it wasn’t money that mattered to him—it was the name and the people.
“And did we pay our share for the 5% equity stake?”
“Yes. Kim Seok-jun finalized the contract with Chairman Kim Jong-su, and we’ve completed the payment of 3.2 billion won for the 5% equity stake.”
3.2 billion won.
Cheap, considering what we’re getting for 5% and one board seat.
Even for a savings bank, the scale of capital flowing through a Seoul-based one is substantial.
“How’s the reaction been since the announcement? The regulatory authorities’ stance should have shifted. I’m hoping the strategy of putting Professor Yoon In-chul front and center paid off.”
“Exactly as you said.”
Jung Tae-sung pulled out a clipping.
“Unofficial channels are saying it’s a structure easy to explain, and the approval process is proceeding smoothly.”
“Good to hear the authorities see it that way. What about the media?”
“Media reaction is favorable. The narrative has framed it as an attempt to normalize a troubled savings bank, and about half the coverage focuses on Professor Yoon In-chul’s background. Chairman Kim Jong-su is mentioned only as an investor.”
Exactly as Kim Seok-jun always said. The authorities don’t choose what’s right—they choose what’s easy to explain.
Without Yoon In-chul’s name, this deal never would have happened.
A usurer from Jeonju acquiring a savings bank? If that question comes up even once in a parliamentary audit, the official in charge loses his head.
But put a former vice chairman from a major bank in the role of representative, wave the banner of consumer financial restoration, and the story changes entirely.
It becomes a picture that’s easy to write up.
Yoon In-chul in front, Kim Jong-su behind him, and SJ Holdings—a mere 5% stake—so far back no one even notices.
The design is playing out exactly as intended.
“It’s confirmed that Director Jung will have a seat on the board, yes?”
“Yes. Professor Yoon In-chul’s appointment as representative director has also been finalized.”
I nodded, looking at Jung Tae-sung.
“Director Jung, your role on the board is just one thing: eyes and ears. I’m not asking you to influence votes—just observe the flow and report back to me. Whether Representative Yoon In-chul is staying the course, whether Chairman Kim Jong-su is keeping his promises.”
Jung Tae-sung gave a short nod.
“Understood.”
Jung Tae-sung wasn’t the type who needed granular instructions to perform well; explaining the work to this degree was sufficient.
“How’s Jungseong Construction? They’re about to enter the difficult phase.”
“The prosecution has launched a full investigation into the Goryo Economic Daily matter. Once they start tracing the editorial directives, the chain inevitably leads up the Jungseong Construction hierarchy…….”
“They’ll be in chaos for a while.”
“They’ll be too busy minding their own survival.”
Jungseong Construction has completely exited this board, with neither the capacity nor the justification to return.
“You’ve worked hard.”
“I’m merely reporting. You’re the one who’s worked hard, sir.”
“Ah, don’t say that. For a while, I’d rather not be dragged into this sort of mental chess.”
Something must be cursed about me. In my previous life, I was grinding through M&A relentlessly, and somehow I’ve ended up shoulder-deep in the same work again.
Though one saving grace was that this project was offensive rather than defensive—a worthwhile experience either way.
“Still, this time around, getting my hands involved has yielded something valuable.”
Jung Tae-sung’s expression shifted to curiosity at my words.
“The Seonjin Trading Company matter was defensive, but this time I jumped into an acquisition battle. It’s my first time, so I’ve built up experience. Next time I’ll do better.”
“Sir, I’m confident you’ll handle anything well.”
“You’ve been saying nothing but nice things lately—it’s getting dangerous.”
“I apologize. I’ll be more careful…….”
“No, that’s not what I meant. I’m saying it’s dangerous because I’m enjoying this too much and might get used to it.”
Jung Tae-sung smiled at my words, and I beamed back, nodding enthusiastically.

* * *
“Welcome back.”
The next morning, at the Ribbon Capital Office.
Arriving early, I found Han Jae-yi already there. These days, she’d delegated the American markets to Danny and shed her reversed sleep schedule, now managing the domestic market.
“What’s with that? When it’s just us, speak comfortably. You’re giving me the chills.”
As I hung my jacket on the rack, Han Jae-yi gave me an exasperated look before speaking.
“Your exams are over, right? How’d you do?”
“One way or another, I think I did well.”
“I figured. When you say it like that, you’re definitely top of the class again.”
Han Jae-yi opened her laptop and sat down.
The screen was crammed with spreadsheets.
Ribbon Capital’s current operations.
“How did things develop while I was away?”
“Starting with the won side.”
Han Jae-yi turned the screen to show me.
“The KOSPI dropped to 938 in October. With foreigners dumping so much and no one to absorb it, prices kept falling with no bottom in sight.”
The Lehman Brothers collapse was having massive ripples through the domestic market.
Foreigners were selling billions a day, while retail investors on the other side got caught holding the bag. The circuit breaker tripped several days running, and news spread of screams from brokerage trading floors. The won became light as paper, and the government pumped out emergency measures, but the market wasn’t listening. Fear was feeding on itself, growing larger by the hour.
Terror was devouring terror and multiplying endlessly.
“I figured this was the bottom, so I loaded up on blue chips—companies like Taesan Electronics and Youngpo Steel, the export stocks that fell hardest. Now that the KOSPI’s climbed near 1,100, some positions are in profit territory.”
I nodded.
Picking up large caps in this zone was the safest bet.
The financial crisis hadn’t fundamentally altered Korean companies’ prospects.
Fear lifts, and things return to normal.
“What about the dollar side?”
“I went heavy into the US market. We entered when the S&P broke below 900, so timing’s decent.”
Han Jae-yi scrolled through the spreadsheet, showing me per-share entry prices and current prices. The organization was clean.
“There’s one thing I want to ask though.”
Han Jae-yi took her hands off the laptop and looked at me.
“The dollar position—we’re keeping it in dollars, right?”
“Yes.”
“But Quantitative Easing has started. The Fed said they’d buy 600 billion dollars worth of Mortgage-Backed Securities, and they’ve cut the base rate nearly to zero. If they’re flooding the market with money like that, shouldn’t the dollar weaken?”
By textbook theory, Han Jae-yi was right.
Increase the money supply, and currency value should fall.
But this isn’t a textbook market.
“Senior, what is Quantitative Easing?”
“It’s when the central bank directly pumps money into the market…….”
“No, simpler. Just the essence.”
Han Jae-yi paused to think.
“Converting debt into currency?”
“Right. But what are all the world’s financial institutions doing right now?”
Han Jae-yi’s eyes moved. Her face was the picture of realization.
“Deleveraging. Paying down debt.”
“And to pay down debt, what do you need?”
“Dollars.”
I nodded, and Han Jae-yi continued.
“So even though the Fed is releasing dollars, the rate at which they’re being sucked up is faster, leaving no dollars in circulation.”
“And there’s one more thing. Until the fear clears, money flows to safe havens.”
“US Treasuries. Dollars.”
“It’s contradictory, but the very source of the crisis is America, yet America is also the refuge. The dollar-using countries are collapsing, yet the whole world is hoarding dollars.”
Han Jae-yi gradually nodded, working through the logic.
“So what about our country?”
“Worse. Our economy is heavily export-dependent, and foreigners control a huge share of the stock market. They’re selling Korean stocks to take dollars home. Sell Korea.”
“So the won keeps falling.”
“The exchange rate already hit 1,500 won per dollar, and we could see 1,600 by early next year.”
Even as the Fed floods the market with money, the dollar will remain strong in the short term, and won weakness will persist.
Converting dollars to won now would be terrible timing.
Of course, if my memory of the previous life holds, a currency swap with the US will stabilize things soon enough.
Before that happens, I’ll convert what we need into won, then keep the rest invested in America.
“Keep the dollar position. Don’t move.”
“Got it. I’ll manage it that way.”
Han Jae-yi was about to stand when I called her back.
“Senior.”
“What?”
“Take this with you.”
I pulled a small box from my bag and handed it over. Her eyes went wide.
“This is an iPhone, isn’t it?”
The smartphone that would change the world. It had launched in America last year, but hadn’t reached Korea yet.
There were exchange rate issues, and Korean telecom companies were refusing to import it to protect their data revenue margins.
“I heard they’ve already switched over to these in America. I asked Danny to send two units.”
I pulled an identical device from my pocket and showed it to her. I’d been using mine since yesterday.
Coming back, the absence of a smartphone had been the hardest adjustment. This early model had fewer features than future versions, but it was infinitely better than the feature phones we had now.
“But won’t this not work in Korea?”
Even as she said it, Han Jae-yi was opening the box and pulling out the phone.
“It’s passed radio frequency certification. I’ve included all the paperwork in the box—just take it to a store and ask them to register it.”
Since it wasn’t sold domestically, we’d had to spend hundreds of thousands of won getting individual RF certification, a hassle that Jung Tae-sung had kindly handled.
“It’s amazing.”
Han Jae-yi’s eyes were sparkling.
She looked far more alive than during the briefing.
Watching someone who juggles billions get this excited over a single phone, I felt a smile slip out.
“They say they don’t know when this will come to our country…… Thank you.”
“I’m giving it to you so you can adapt early. The world is going to revolve around smartphones from now on.”
I know what this will change.
Communications, media, retail, finance—everything.
“Tell Danny I said thanks.”
“I paid for it myself, so why are you thanking Danny?”
Han Jae-yi stood and laughed.
“I’ve got to open a store in a bit. I’ll check the markets when I’m back.”
“Shouldn’t the market come first?”
“Just today.”
With that, Han Jae-yi grabbed her bag and left the office. I shook my head in resignation, unable to stop her.

* * *
Buzz—
That night, the moment I stepped out of the shower, my phone vibrated. I checked the screen and found a message overflowing with excitement.
[This is so amazing! I was listening to the radio today and didn’t know the song title, so I downloaded an app from the App Store and played it? It told me the song name right away!]
“Good grief, she’s like a kid.”
It was a message from Han Jae-yi, clearly having a blast with her new smartphone.
“Can’t blame her. When I first used a smartphone back then, I was exactly the same.”
In my previous life, I’d also stayed up all night exploring new features.
“And so the world changes, piece by piece.”
Quantitative Easing will flood the market with massive amounts of capital. That money will flow into corporate investment, and technology will leap forward exponentially.
“The industrial axis is about to shift.”
Just as in my previous life, old industries will fade and new ones will emerge one by one.
“But my place isn’t there.”
Someone will drive that transformation, just as before. My role isn’t to compete with them—it’s to ride their value chain.
It’s what I decided from the beginning.
“Han Jae-yi and Danny are handling investment well…… Now I need to grow Shinhwa Welltech and Synapse.”
Semiconductors will keep getting smaller, and demands for purity will only increase.
The same goes for robotics. Manufacturing will face growing demands for precision work and operational volume.
Which means robots will have more to do.
I turned my head to look at the calendar.
“There’s no time. I need to move fast.”
With that, I picked up my phone and dialed a familiar number.
The call connected before the tone had sounded three times.
“Director Jung, sorry for the late call. I’m thinking of heading down to Ulsan tomorrow.”

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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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