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CH269 | Heir
🕑 Added 2025-09-07 05:52:03 +0000 UTCThe merger and acquisition process was finally complete.
The fruits I wanted to harvest hadn’t fully ripened yet, so I needed to give them more time. That gave me the perfect excuse to return to Korea.
I arrived at Incheon Airport with the Director of Planning.
A crowd of dozens of bodyguards was waiting for us.
“Vice Chairman, things might get a bit hectic. There’s a large group of reporters and people gathered at the arrival gate.”
“Sounds like our schedule must have leaked.”
“It’s more than that… There’s been a rumor going around that you were returning to Korea, and reporters have been stationed at the airport for days.”
“I’m not sure why all the fuss. But since they’ve been waiting, I’ll say a few words and then head to the office.”
Thinking little of it, I made my way to the arrivals hall.
But the scene that greeted me was far beyond anything I had imagined.
There weren’t just a few reporters—there were swarms of them. And behind them, an uncountable sea of people were waiting for me.
[Kyaaahhh!]
A scream only idols or celebrities would normally receive.
Somehow, someone had even prepared custom banners, waving them like a fan club at a concert.
[Vice Chairman Kim Min-jae, could you comment on the AIG merger?]
[Is it true that the Wall Street investment firm is owned by you, Vice Chairman Kim?]
[Can you speak on the aftermath of the subprime mortgage crisis?]
The barrage of questions from the press was relentless.
If I tried to answer every one of them, I’d be stuck at the airport until dawn.
So I kept it short with a brief public statement.
“This was a decision made for Taewoo Group’s global expansion and the development of the Korean financial market. A detailed response will be distributed through official group channels.”
[Just one more question, please!]
[Can you clarify your connection to SAVE Investment Firm?]
I gave the Director of Planning a subtle nod.
At once, the bodyguards moved in to clear a path, and I quickly made my way out of the airport like I was fleeing the scene.
“I didn’t expect a reaction like that. Some people even brought telephoto lenses.”
“Your popularity exceeds that of most idols, Vice Chairman. The fact that you’re still young and single has made you the top bachelor in Korea, according to the media.”
“I’m sure my grandfather’s thrilled. Where is he now?”
“He’s at the office. These days, he’s the first to arrive and the last to leave.”
“You should’ve tried to stop him. He’s not exactly young anymore. What if something happens to him?”
“You know better than anyone that the Chairman doesn’t listen to anyone—not even me.”
No one in Korea had a more stubborn will than my grandfather.
Who else but me could possibly break through that?
Determined to make him leave work early—if only for today—I headed straight to the company.
Knock, knock, knock!
I opened the door to the chairman’s office and cheerfully greeted him as if nothing had happened.
“Grandfather! I’m back.”
“I’ve never had a grandson like you. You go off and pull something that big without a word of consultation, and what the hell is this about SAVE Investment? You’re telling me you created it? Do you know how many times that firm toyed with Taewoo Group? And now it turns out you were pulling the strings the whole time?”
It was true—during the IMF crisis, SAVE Investment had dealt some heavy blows to Taewoo Group.
But there was no helping it.
To save the debt-ridden conglomerate, I had no choice but to sell off every unprofitable affiliate I could.
“It was all for Taewoo Group. Please calm down. I brought back the largest insurance company in the U.S. as a gift.”
“Ha! I don’t even know what to say to that. Other grandsons bring back snacks or watches from overseas trips. But you…”
“Isn’t a gift supposed to suit the receiver’s tastes? I figured you’d prefer an insurance company over a watch, so I prepared accordingly.”
I continued speaking as smoothly and shamelessly as I could.
That was the only way to get Grandfather to cool down—at least a little faster.
“Sigh… How did a guy like you come out of this family? But what’s the point in getting angry now. Come sit down.”
“I’ll explain everything. And I promise that from now on, I’ll consult with you before making any major decisions.”
“Even if you do consult me, you’ll still go ahead and do whatever you want, won’t you?”
“But isn’t that still better than finding out from the media?”
“Hahaha! What could I possibly say to you? You’re the guy who brought me the largest insurance company in America, after all.”
Grandfather’s lips twitched slightly upward.
He was clearly still upset—but how could he not be pleased now that AIG was in our hands?
That twitch of a smile was him trying to suppress his growing amusement.
“As I mentioned, SAVE Investment was a company I created during my time studying in the U.S. I built it together with the same team from Taewoo Securities who were assigned to mentor me.”
“You really kept it under wraps. I always suspected you had ties to SAVE, but I never imagined you were the actual owner.”
“I had help hiding it—even from the U.S. government.”
“If you went to such lengths to keep it hidden, why come clean now?”
It wasn’t as if I wanted to reveal it.
But at this point, everyone who needed to know already knew.
Even if I kept my mouth shut, it was only a matter of time before rumors spread that I was the real owner behind SAVE Investment.
“I had no choice. To acquire AIG, I had to leverage SAVE. And ever since I first founded the company, I intended to bring it under the Taewoo Group umbrella.”
“SAVE Investment has a lot of money. It’s been stockpiling more cash than Taewoo Group itself —and managed to keep it all under wraps.”
“I’ve been saving it for this day. Acquiring a company the size of AIG required patience—and capital. So I waited.”
At last, Grandfather cracked a full smile.
It may have been a smile born of disbelief, but the mood in the room had shifted in an instant.
“Well, what’s done is done. The acquisition can’t be undone now. But the real question is—can you manage it properly? From what I’ve heard, AIG’s debt is staggering.”
“We can cover most of that debt using SAVE’s funds.”
“Won’t that be an enormous expense?”
“If we can maintain AIG’s credibility by paying down its debts early, we’ll be able to generate far greater returns from its existing assets.”
AIG possessed an enormous portfolio of assets— real estate, bonds, insurance contracts, and more.
But the most valuable asset of all wasn’t physical or financial.
It was their customer database.
AIG had the largest customer base in the United States, and those clients represented a vast well of untapped revenue potential.
“Well, it’s you handling it, so I won’t worry too much. But tell me—are all the surprises over now? Or is there still more? I never know what you’re thinking.”
“Actually… I still have one more big plan in the works.”
“Hold on. Let me take a breath first before you say it. Hoo… Hoo…”
Grandfather took a long, deliberate breath in and out, trying to brace himself.
Once I was sure he’d steeled his nerves, I dropped the next bomb.
“I’m considering acquiring GM or Ford.”
“…You don’t mean buying cars , right? You mean the car companies ?”
“The current situation of the U.S. auto industry is catastrophic. Their financial structures are so fragile, they could collapse at any time.”
That was the next fruit I had my eyes on— a big, ripe opportunity in the form of a legacy American automaker.
“So you’re planning to devour one of the American automakers too? You do realize that trying to swallow something that big might split your jaw—or burst your stomach, right?”
“The same could’ve been said about AIG. Could we really compare the size of Taewoo Securities to AIG? But still, the shrimp swallowed the whale.”
Grandfather leaned on his hand, lost in thought.
“GM is the second largest automaker in the world. Ford is fourth. And you’re saying you can swallow that ?”
“Our own Taewoo-Kia Motors is ranked sixth. Just looking at the numbers, it’s actually more plausible than when we went after AIG.”
“AIG is an insurance company. Auto companies are manufacturers. They’ve got way more employees, and their operational costs are on a completely different scale. That could become a black hole that sucks in every last cent Taewoo Group has.”
I was the one who understood Grandfather’s concerns better than anyone.
And I knew exactly how cautious I’d need to be moving forward.
Because right now, GM and Ford… they were in the same kind of desperate state Taewoo Group had been in during the IMF crisis.
“I’m well aware of that. Although the depth of the slump in the U.S. auto industry hasn’t been fully disclosed yet, it’s estimated that their debt exceeds $170 billion.”
“$170 billion? That’s over 200 trillion won. There’s no way Taewoo Group’s financial power can revive a company with that kind of debt.”
“If we sell off unnecessary affiliates and assets, we can reduce the debt to below $70 billion.”
“Even so, that’s still an enormous sum. I absolutely cannot approve this. It looks like Taewoo Group would fall into ruin alongside the U.S. auto market.”
Grandfather’s passion for automobiles was undeniable.
But his opposition signaled how serious the risks were.
“We could receive support from the U.S. government. That would lower the debt burden we take on.”
“No matter how much government aid we get, if the fundamental structure of the U.S. auto companies doesn’t improve, they’ll keep piling up losses.”
“Structural reform can be done. That’s what we did, and what Kia Motors did. If we can acquire even just one U.S. automaker, Taewoo Motors could grow enough to challenge the global number one.”
Currently, the world’s top car seller was Toyota.
Even by combining our sixth-ranked Taewoo Motors with fourth-ranked Ford, sales volume could nearly match Toyota’s.
Of course, the auto industry wasn’t as simple as 1 + 1 = 2.
Mergers usually caused some drop in total sales, and catching up to Toyota in one shot was tough.
If the number two wanted to catch number one—
Aggressive investment was essential, requiring not only acquisition funds but also additional capital for growth.
“I do want to be number one in the world. But the debt of the U.S. automakers is just too massive.”
“Would you approve if we could acquire one without using a single won of Taewoo Group’s funds?”
“You mean using SAVE Investment’s money? No matter how much they have, do you think they can spend $70 billion?”
“I don’t plan on using SAVE Investment’s cash either. I intend to leverage some of their assets to swallow one U.S. automaker.”
As long as there were insurance policies, money was never truly a worry.
Though the face value of those policies couldn’t be fully realized, they were powerful cards in negotiations to reduce significant debt.
“If you can acquire it without spending a dime, I’ll approve. But I’ll never approve taking on the automaker’s debt in full.”
“I have no intention of expanding at the cost of Taewoo Group’s stability.”
“That’s more like it. Hmm, which company are you thinking of acquiring?”
Just like I expected from my grandfather!
His eyes were already gleaming with greed at the thought of devouring an American automaker.
