บท 89: Chapter 89: The Impact of Investment
Surviving in Korea's political arena was quite an achievement.
Especially for opposition figures under the scrutiny of a ruthless military regime…
Kim Hak-gwon had faced a death sentence and imprisonment, even being exiled abroad.
He'd even been kidnapped overseas and forcibly returned to Korea.
Yet, he overcame all those trials and now stood as a presidential candidate.
Now, with victory in sight, his ship was once again rocking against unseen obstacles.
"Haha, we were briefly acquainted in the past," he said.
Kim Hak-gwon, scanning me as if probing for weaknesses, nodded slightly.
"I see. I must head out for my campaign soon. Please tell me what you need."
It felt like a hint that he was squeezing us into his busy schedule.
Han Gyeong-yeong seemed to sense my agitation and quickly responded to Kim Hak-gwon.
"Mu-hyeok brought me here to have a good chat with you, Candidate. But it seems you don't appreciate our visit. I'll take my leave as an unwelcome guest."
Han Gyeong-yeong genuinely stood up to leave after saying that.
Kim Hak-gwon silently lifted his gaze to watch him go.
Han Gyeong-yeong bowed his head, his expression unchanged.
"I wish you good results in the election, then."
"What are you trying to say?"
"If Mu-hyeok hadn't asked me, I wouldn't have come here to meet you. I'm a businessman, not a politician. Yet, even if I help you now, I doubt you'd be grateful."
Han Gyeong-yeong met Kim Hak-gwon's gaze directly, saying everything he needed to.
"Brother, sit down for a moment."
"Mu-hyeok, I never engage in even minor transactions with those who don't show gratitude. I'm an investor, and I won't entertain losing deals, even if it's your request, Mu-hyeok."
This guy could totally be an actor.
The mask on Kim Hak-gwon's face cracked as he listened to our conversation.
His expression twisted as he glared at Han Gyeong-yeong.
"What exactly do you mean by that?"
"What I mean? Quite simply, in contrast to the U.S., political donations are illegal in Korea. I know Mu-hyeok is helping you while breaking those laws, yet you seem displeased about accepting help."
Han Gyeong-yeong shrugged, observing Kim Hak-gwon's reddened face.
"But even if I assist you now, would you actually be thankful?"
"What did you say?"
"Brother, stop it."
If this continued, things could really go south.
"Candidate, perhaps you should also reconsider. I haven't made any demands, so why are you so openly dismissive? Honestly, it didn't sit well with me either."
"Hmm…"
"I'm aware of how my grandfather amassed wealth by collaborating with the military regime. But I'm different from him; I solely think about your victory, Candidate."
Kim Hak-gwon let out a heavy sigh after listening silently.
"I'm sorry. I've been a bit on edge lately with all this talk of unification and whatnot. If I upset you, I apologize."
After receiving Kim Hak-gwon's apology, I looked up at Han Gyeong-yeong.
Han Gyeong-yeong sighed and took a seat again.
"I apologize for being rude."
"No harm done. Now, let's discuss the matter at hand. What's really going on?"
"Mu-hyeok wants me to declare my support for you, whether in an interview or another way."
Kim Hak-gwon looked at me in shock.
He probably understood better than I did what Han Gyeong-yeong's support meant.
The economic issue was the biggest topic in Korea right now.
The conservative candidate, Seong Dae-kyu, managed to draw positive reactions despite proposing to borrow money from Japan, despite widespread anti-Japanese sentiment.
Han Gyeong-yeong's support politically meant he could draw the legendary Dream High Investment capital from Wall Street into Korea.
"Huh…"
"But before that, you need to clarify something. You must meet the IMF's requirements. Otherwise, even if I support you, it would be a hollow promise."
Despite concluding all negotiations with the government, the IMF had yet to provide any real support.
Instead, they were demanding compliance agreements from all presidential candidates.
"I'm just a company based in the U.S., so I can't violate the directives of the U.S. government and invest in Korea recklessly. You need to assure me that you'll fulfill your promises to the IMF."
After several minutes of contemplation, Kim Hak-gwon finally nodded.
"I understand. I know I have to comply with the IMF's demands; I was just hesitant because I think they're excessive."
"I get that, but if negotiations with the IMF fail, Korea will have to declare a default. Korea can't survive on its own."
"Right, I know that too."
Some economists argue that Korea should reject the IMF's humiliating demands and declare a default, opting for an independent economic path.
However, given our economic structure, that's a view with extremely low success odds.
We barely achieve 60% self-sufficiency in food, and we lack substantial underground resources.
Korea was a country that couldn't afford isolation.
The conversation between Han Gyeong-yeong and Kim Hak-gwon continued.
"If you succeed in the negotiations with the IMF, I'll invest as much as I can in Korea. Although I'm a U.S. citizen, I was born here."
"Hahaha!"
"I've never wanted to meddle in politics, at least not unless it was Mu-hyeok's request."
Kim Hak-gwon shifted his gaze back to me after hearing Han Gyeong-yeong's words.
"I want your victory, Candidate. Not for any particular reason; I just don't want the conservatives to win. Please don't forget my help."
"I'm sorry; I misunderstood you."
"It's true my grandfather and I deal in loan sharking, so I know how my reputation looks from the outside."
"I appreciate your understanding."
The meeting with Kim Hak-gwon ended on a pleasant note.
On the way back to the hotel with Han Gyeong-yeong.
"Tsk, you were right. I completely lost my mind back there."
Han Gyeong-yeong shook his head in disbelief.
"Still, how can Mu-hyeok not realize the extent of his power? To Kandehshi, he trembles, yet acts high and mighty with us?"
"Being Korean, their perceptions will never change. The powerful always remain the same. What can we do? Still, we have no choice but to rely on Kim Hak-gwon."
I chuckled, and Han Gyeong-yeong nodded in agreement.
A while later, all presidential candidates signed agreements to comply.
However, the outflow of foreign capital from Korea ahead of the election was already spiraling out of control.
* * *
A few days before the election.
Han Gyeong-yeong held a press conference.
Major daily newspapers and numerous foreign media gathered for this large-scale event.
James Han, rewriting Wall Street's history, was making his first official statement to the press, so it was no surprise that foreign media were present.
"Hello, I'm Han Gyeong-yeong. I'm not sure if I'm someone who should be holding a press conference."
With Han Gyeong-yeong's greeting before the microphone, the press conference began.
"Please briefly explain what happened on Wall Street; it hasn't been properly reported in Korea yet."
"It's hard to explain in detail, but I bet on the fears people have. The economic crisis that started in Asia inevitably affected many countries, including the U.S. That choice brought me an astronomical amount of money."
"There's a rumor that you collaborated with Wall Street hedge funds in attacking Hong Kong. What do you think about that?"
Han Gyeong-yeong frowned slightly.
"I'm an investor. Calling it an attack is too extreme. It's true I invested in Hong Kong, and I suffered significant losses too. There are no absolute answers in investing. It's an area that can't simply be seen as good or evil."
The American reporters raised their hands eagerly.
"James, why did you come to invest in Korea, especially now that foreign capital is fleeing?"
The question came in English, and Han Gyeong-yeong responded in the same language.
"I've read the reports from investment banks in New York. I agree with their content. But there's a saying: crises are opportunities. That's why I came to Korea, my homeland."
"Aren't you American?"
"Yes, I am. But Korea is also my homeland. I couldn't just stand by and watch my country in crisis."
The Korean reporters in the front row stirred restlessly.
"There's a rumor that you'll rank in the Forbes global rankings next year. Is it true that both the first and second places will be Korean-Americans?"
"No comment."
The American reporter's question was a good bait for the Korean journalists.
As the risky questions kept coming, Han Gyeong-yeong glanced at the moderator.
The moderator picked up the microphone.
"Please refrain from repeating questions. We have limited time left. Next question, please."
While controlling the heated press conference, the moderator pointed to a reporter Kim Mu-hyeok had prepared in advnce.
"It's reporter Byeong-hyeok from Goryeo Daily. What are your thoughts on this election? Who do you think can save Korea's economy?"
"Political issues are a bit sensitive…"
"It's more of a question about responding to the economic crisis, rather than politics."
Han Gyeong-yeong hesitated, showing signs of reluctance before finally speaking.
"Well… this is just my personal opinion. Mexico had a similar situation to Korea for a while. However, the new government in Mexico was not favorable to investors. Ultimately, the outflow of foreign capital accelerated, leading to a serious liquidity crisis. Political turmoil is never favorable for investors."
"Are you saying that Korea's politics are chaotic too?"
Han Gyeong-yeong shook his head.
"This means that the government's stance is crucial for investors. Korea is a democratic country. Although a military regime held power for a long time, the people eventually pushed them out. It's a case you won't find anywhere else in the world—a military regime falling due to the people's outcry, not a civil war."
Flashes from cameras erupted.
It was a statement the media would love.
"Returning to the main topic, I'll share my thoughts on this election. Who becomes president is also important from an economic perspective. The top authority in the country matters greatly to investors."
Someone shouted from behind the reporter who asked the question.
"So, who are you supporting?"
"Personally, I believe if Kim Hak-gwon becomes president, Korea will become a more investor-friendly country."
"Does that mean you'll invest in Korea if Kim Hak-gwon wins?"
Silence fell over the room.
After a brief pause, Han Gyeong-yeong's voice flowed through the microphone.
"Yes, Korea needs to become an investment-friendly country. If I had voting rights, I would cast my vote for Kim Hak-gwon."
Han Gyeong-yeong's support for Kim Hak-gwon at the end of the press conference caused a significant stir.
[If Wall Street legend Kim Hak-gwon becomes president, I will invest.]
[Is Han Gyeong-yeong's choice Kim Hak-gwon?]
[The investment deity Han Gyeong-yeong supports Kim Hak-gwon.]
Although the period was uncertain for changes in approval ratings, one could feel the atmosphere shifting sharply towards Kim Hak-gwon from the previously conservative side.
* * *
December 18, 1997—Election Day.
In the evening, I sat in my study with my grandfather, watching the election results broadcast together.
The exit polls from each network were finally announced.
It was a close race within the margin of error.
"Hmm… Mu-hyeok, what do you think?"
"It's hard to predict. We hoped for a rebound with Han Gyeong-yeong's support, but the gap in approval ratings is significant."
Excluding the minor candidates, this was the first competition between the two major party candidates since the shift to direct elections.
"We prefer candidate Kim Hak-gwon, but even if the conservative party comes to power, we can adapt. Let's just wait and see."
My grandfather nodded at my words, then asked with a smile.
"Isn't Han Gyeong-yeong's company yours, Mu-hyeok?"
It was no longer something I could hide.
"Yes, it's my company."
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