Chapter 23: Did I choose the wrong opponent?
Park Jeong-ho spoke with fiery passion.
“Didn’t you promise , when I begged you to take the chairman’s seat, that we’d leave things to the market principles? If we halt trading now, the market will freeze completely and plunge into an uncontrollable panic!”
“Then what do you expect to do! At this rate, the exchange might be forced to close as soon as tomorrow!”
“You should conduct a paid-in capital increase.”
Park Jeong-ho said it as if he had been waiting for the mont.
“What did you say?”
Shin Man-cheol doubted his own ears.
A paid-in capital increase at a ti like this?
“Announce another paid-in capital increase, and at the sa ti request ergency funding from the Bank of Korea. That is the only way.”
“Now look here, President Park! Do you think that’s as easy as saying it? Given the current state of the market, who would accept the capital increase? And with what justification would the Bank of Korea provide ergency funding?”
“It is possible. I have already communicated sufficiently with the other directors. And the Bank of Korea will not sit idly by while the newly established Korea Securities Exchange goes bankrupt. With governnt-level pressure, the request for ergency funding will be accepted.”
At Park Jeong-ho’s voice full of conviction, Shin Man-cheol fell into deep anguish.
Everything was unfolding as if according to a prewritten script.
If what he said was true, wasn’t he nothing more than an actor on a stage?
“Didn’t you say you weren’t putting here as a puppet? But now you’re telling that all this has been progressing without my knowledge? The board, and even the Bank of Korea?”
“Chairman, complicated political matters like these are best handled from behind the scenes by rchants like . You only need to remain firm in your seat and hold the center steady. That is the most important role you must play right now.”
It was sophistry, yet not entirely wrong.
After deep deliberation, Shin Man-cheol eventually accepted Park Jeong-ho’s proposal.
There was no other way to prevent the imdiate bankruptcy of the exchange.
“……I will convene the board and make it an official resolution.”
“A wise decision, Chairman! For now, a 1 billion hwan loan will be released from the comrcial banks. That should put out the imdiate fire, after which we can await the Bank of Korea’s injection of funds.”
A satisfied smile spread across Park Jeong-ho’s face.
Everything seed to be proceeding exactly as he had planned.
The secret office in Myeong-dong operated under an ergency system for several days.
“Park Jeong-ho has been eting bank executives one after another. It seems he has already finished talks with most of the major comrcial bank presidents.”
Breathing heavily, Yoon Ji-seong reported urgently as he stepped into the office.
His face showed both urgency and a touch of excitent.
“As expected.”
I replied calmly, turning my gaze toward the blackboard.
On the blackboard were tightly written the prices of Daegung stock, KEPCO stock, and Yeonjeung stock, which had been fluctuating frantically since the market opened that morning.
Daegung stock had already surpassed 25 hwan, continuing its mad sprint, while Yeonjeung stock and KEPCO stock were also sharply rising in tandem.
“What are the rumors in the securities world? Has talk begun about the exchange’s liquidity crisis?”
“No. Strangely enough, it’s been utterly quiet on that front. Not a single rumor is circulating yet.”
“And the banks’ stance?”
“On the surface, very firm. They are insisting firmly that, under the current loan ceiling system, no further loans are possible. If even a whisper spreads that banks are tightening funds, the already overheated securities market would plunge into chaos.”
Yoon Ji-seong explained as he flipped through his analysis reports.
Judging by the market situation alone, his words were correct. But I already knew the future.
“They will release funds in the end.”
“A considerable sum has already flowed into the exchange. Banks don’t want to, and can’t, lend further without collateral.”
At my resolute words, Yoon Ji-seong asked in puzzlent.
“Not through normal ans. But there are always ways. They could redirect money from bank trust accounts in the form of short-term bonds, or funnel funds into securities firms through paper companies acting as interdiaries.”
Those who had designed this sche would do whatever it took to prevent a paynt default.
Until they secured funds through a paid-in capital increase, they would have to buy ti by any ans necessary.
“Even if they decide on a paid-in capital increase, it cannot be executed imdiately. And even if they request ergency support from the Bank of Korea, it would take ti due to the complicated procedures. In the end, they will resort to expedients to buy ti and prolong this frenzy.”
Just then, the office door burst open and Kang Cheol-min rushed in, panting.
“Just now! I saw the exchange directors gathering one after another! It looks like an ergency board eting has been convened!”
“As expected, they will discuss the paid-in capital increase today.”
I spoke calmly.
In contrast, Yoon Ji-seong wore a dazed expression, as if he couldn’t believe the situation.
“Truly…… they’re really going to do a paid-in capital increase? In this situation?”
“They will. No, they must.”
I enunciated each word firmly.
They had no other choice.
“Once the paid-in capital increase is announced, the value of physical certificates will skyrocket. At that mont, we must throw in everything we have.”
“Will you once again mobilize people and spread out the sales over ti?”
Swallowing dryly, Yoon Ji-seong asked cautiously. I slowly shook my head.
“No. This ti will be different. We must act far more swiftly, and with certainty.”
“……What thod do you an?”
Both Kang Cheol-min and Yoon Ji-seong fixed their eyes on .
At that mont, Ma Dong-jin, who had been silently standing by, spoke quietly to .
“It is ti for you to depart.”
I rose from my seat, patted the two n on their shoulders, and gave them a aningful smile.
“Both of you keep a close watch on the market and prepare thoroughly. I will go and do what I must.”
As I left the office with Ma Dong-jin, I could feel the mixed gazes of puzzlent and expectation from the two behind .
At the end of a quiet alley in Nakwon-dong, Jongno.
Beyond an elegant tiled wall, a signboard reading Hansanru ca into view.
It was known as the finest high-class courtesan house, a secretive place that not just anyone could enter.
“You managed to make a reservation. I heard this place doesn’t accept just anyone.”
When I asked casually, Ma Dong-jin answered briefly.
“Without the great one’s na, it would have been impossible.”
He knocked on a small side door next to the main gate.
Soon, a neatly dressed man erged from within and scanned us from head to toe.
“What is the na of the reservation holder?”
“Ma Dong-jin.”
“Confird. Your companions have already arrived and are waiting.”
At the low, resonant ntion of his na, the man smiled faintly and bowed.
When he sent a predetermined signal toward the main gate, the heavy door, which had been firmly shut, slid open soundlessly.
The orderly scenery of the courtyard ca into view.
“This way, please.”
Guided by the man, we crossed the well-tended garden toward the annex without encountering a single soul.
It was clear this was a place where secrecy was thoroughly guaranteed. When we reached the annex, the man stopped and spoke respectfully.
“This is the place. Please go inside. Until you call, no one will disturb you.”
As we stepped inside, the side door closed silently behind us.
When I entered with Ma Dong-jin, voices were already flowing from within, as if a lively drinking party had been underway.
“President Cheon, President Ma. But do you know who on earth gathered us here today? I can’t guess at all.”
“How would I know? Out of nowhere, a letter cos, saying if we’re interested in buying Daegung stock, we should co to Hansanru. That’s why I ca—curiosity.”
Then a young and lively voice chid in.
“Well, thanks to that, we get to drink for free in Hansanru, a place we’d never even dream of entering otherwise. Isn’t that great? Haha!”
“Haha, indeed. Who would’ve thought I’d ever drink in Hansanru in my lifeti.”
“Exactly. Even if you try to make a reservation, they flat-out refuse. Do you know how high they hold their noses?”
The boisterous chatter continued.
I deliberately cleared my throat to make my presence known.
In an instant, the noise inside stopped as if it had been a lie.
Ma Dong-jin quietly opened the door.
When I removed my shoes and stepped inside, three middle-aged n all turned their gazes toward at once.
I slowly scanned their faces.
The seasoned Yang Bong-gi, the imposing Cheon Sang-do, and the vigorous-looking Ma Jin-woo.
“Shall I stand guard for you?”
Ma Dong-jin asked from the doorway.
“No. That won’t be necessary. Just see to it that no one else enters.”
“Yes.”
Giving only that short reply, Ma Dong-jin closed the door behind him and went outside.
The room fell silent again.
The three pairs of eyes remained fixed on .
They couldn’t hide their bewildernt at how much younger I appeared than they had expected.
“You’ve already begun drinking, I see. Am I too late?”
I spoke with a soft, unaffected smile.
Yang Bong-gi asked cautiously.
“Are you…… perhaps the one who sent us the letters?”
He spoke in standard Korean, but his Northern accent could not be fully concealed.
Still smiling, I answered.
“Yes, that’s right. I suppose I look too young to be believed. President Yang Bong-gi.”
At the sound of his own na from my lips, Yang Bong-gi’s eyebrows twitched slightly.
“And I see President Cheon Sang-do of Mando Securities has also co.”
I turned my gaze toward Cheon Sang-do.
With arms crossed, Cheon Sang-do looked at with an intrigued expression.
Finally, I smiled at the youngest among them, Ma Jin-woo.
“And even President Ma Jin-woo of Daeryuk Securities…… all three of you have co.”
As though taking the seat that was ant for , I naturally walked over and sat down at the head place they had left vacant.
Even then, the three n exchanged only glances without speaking a word.
Their faces showed how absurd it seed that so youngster had appeared, called out their nas one by one, and sat in the seat of honor.
“Why do you all look so surprised?”
I asked with a gentle smile.
“If you’re curious about sothing, please feel free to ask.”
The youngest and most hot-tempered, Ma Jin-woo, couldn’t hold back any longer and spoke first.
“So it’s really you who called us here?”
“Yes, I told you. I personally sent letters to the three of you.”
“……Ha! This is ridiculous. Listen here, young man! Are you playing so kind of joke?”
“Have you forgotten where you are?”
I instantly erased my smile and retorted with a cold voice.
“Would I summon you here to Hansanru, a place so notoriously difficult to rent, just to play a childish prank?”
At my icy counter, Ma Jin-woo’s bluster weakened.
Beside him, Cheon Sang-do made a slight gesture as if to restrain him.
I paid it no mind and continued.
“To judge a person only by appearances…… I must say, I’m a little disappointed in you, Presidents.”
I slowly scanned the three n’s faces as I spoke.
“Did I choose the wrong people? I believed that all three of you were in desperate need of physical Daegung stock certificates. Especially if you wish to participate in the soon-to-co paid-in capital increase.”
At the ntion of “paid-in capital increase,” it was Yang Bong-gi, the eldest, whose gaze deepened first.
Cheon Sang-do and Ma Jin-woo also perked their ears.
As presidents of securities firms, there was no way they didn’t already know of that information.
That was why, even with nothing but a mysterious letter, they had rushed all the way here.
‘Of course, the fact that the eting place was Hansanru surely couldn’t be overlooked either.’
I drew the four new wine cups on the table closer.
Then I picked up the wine bottle filled with reddish Gamhongro and poured into each cup.
The sweet yet spicy fragrance of the liquor spread softly throughout the room.
“Now then, whoever drinks from this cup will be doing business with . If you have no intention, you may rise and leave right now.”
After filling the cups to the brim, I set down the bottle as I spoke.
Another tense battle of wits began among the three.
It was precisely the reason I had summoned them all at once, not individually.
They were rivals to one another as well.
Even if they were the husks left out of Park Jeong-ho’s ga, the fact that they had risen to beco presidents of securities firms ant their calculations were quick.
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