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CH417 | GSI
🕑 Added 2025-09-06 17:56:57 +0000 UTC“Did you say Modunet?”
Choi Ho-geun blinked and asked, and Seok-won nodded.
“That’s right.”
“Modunet is a high-speed internet service provider, isn’t it?”
“You know it well.”
“Our office internet is provided by Modunet.”
“I didn’t realize that.”
It made perfect sense, though—after all, speed was the most important factor when it came to
trading.
Conventional dial-up modems offered just 56 Kbps, and even ISDN (Integrated Services Digital Network), which used telephone lines for high-speed connections, topped out at only 128 Kbps. In contrast, Modunet, which used a broadband cable TV network, boasted speeds of up to 10 Mbps.
That made dial-up completely obsolete, and even compared to ISDN, Modunet was nearly a
hundred times faster. It was only natural to use it.
With a shrug of his shoulders, Seok-won said,
“I’ve said before—this is the age of the internet.”
“Yes, sir.”
“But in order to enter the internet era, what do you think is the most important thing?”
“I’m not sure…”
Resting one hand on the armrest of the sofa, Seok-won explained.
“If data is like cars, then the roads they travel on are communication networks. The roads have to be wide and smooth for the cars to zip along without traffic.”
“You’re saying Modunet is that road.”
Choi Ho-geun quickly grasped the meaning and nodded.
“Exactly. Every industrial transformation begins with infrastructure. You could say the success or failure of the internet era depends on who can provide faster communication speeds. No matter how good the data is, if it can’t be exchanged quickly, its usefulness drops significantly. That’s why, in the midst of the dot-com boom in the U.S., infrastructure stocks like Cisco and AT&T have been skyrocketing.”
Choi Ho-geun’s eyes sparkled. He leaned forward in his seat and asked,
“You’re saying Modunet could become Korea’s Cisco or AT&T?”
With his legs crossed, Seok-won threw the question back.
“You’re the one using it firsthand—so you should know best. How does it compare to other
internet services?”
Choi Ho-geun paused for a moment, thinking seriously, then replied.
“As the term ‘high-speed internet’ suggests, their connection speed is definitely faster than other providers. Of course, it’s still in the trial phase, so we’ll need to observe a bit longer.”
With full commercialization scheduled for next June, Modunet has been offering pilot services to select companies since last year.
Seok-won’s lips curved into a faint smile.
“That’s why this is our chance to buy in cheap. Once full service begins and it gains popularity, its value will surely skyrocket.”
Indeed, Choi Ho-geun, who had experienced the service first-hand, also believed it had a high
chance of success.
“But there’s one issue.”
“What is it?”
“Modunet isn’t listed on the stock market yet, so we can’t trade its shares.”
But Seok-won responded without much concern.
“I’m aware.”
“……”
“Just because a stock is unlisted doesn’t mean it can’t be traded.”
“That’s true.”
“I looked into it. KEPCO holds 9%, and Millennium Computer owns 10%. The rest is split among more than thirty companies, each holding less than 5%.”
Though Modunet was affiliated with Millennium Computer, the origins of the business actually lay with KEPCO.
It was KEPCO that initially conceived the idea of using high-bandwidth fiber-optic cables to
build a high-speed communication network.
Since electricity is an essential utility used everywhere, transmission towers and utility poles could be found even in the most remote rural areas of the country.
And starting in the 1990s, with the expansion of cable TV, homes had coaxial cables connected through these poles and towers.
‘With infrastructure already in place, all that’s needed is to add fiber-optic cables for internet—
simple, and cheap to implement.’
It was an extremely favorable setup for launching an internet business.
Unfortunately, the project was derailed right after it started.
The Ministry of Communications and Korea Telecom strongly opposed it.
‘Their official argument was that telecommunications didn’t align with KEPCO’s mission as an electric utility, but in reality, it was all about turf wars.’
Still, KEPCO couldn’t give up so easily on a potentially lucrative internet business and decided to partner with a private company—that company was Millennium Computer.
That’s how KEPCO and Millennium ended up as the two largest shareholders, with the rest of the shares divided among various private firms.
“Everyone knows the internet business has a bright future. Under normal circumstances, they
wouldn’t sell their shares unless the offer was extremely favorable. But this is an unprecedented emergency.”
Leaning back comfortably against the sofa, Seok-won beamed, revealing his white teeth.
“Companies are going bankrupt one after another, liquidity has dried up, and everyone’s
struggling to stay afloat. They can’t afford to hold on to shares in a business that hasn’t even
launched its commercial service yet.”
“Right now, firms are scrambling to sell off anything that can generate cash. So as you said, in times like these, a deal is possible.”
Choi Ho-geun agreed, clearly on the same page.
“Start by reaching out to Woo-young Bank and Asia-Pacific Group—they’re probably under the most liquidity pressure.”
“Understood.”
Choi Ho-geun gave a firm nod, then looked up slightly and asked,
“How much of Modunet’s stake should we secure?”
“The more, the better. But if we’re too greedy, KEPCO and Millennium might try to block us. So let’s aim for about 9%.”
“Yes, sir.”
Seok-won let out a quiet, satisfied smile to himself.
He hadn’t told Department Head Choi Ho-geun, but the reason he was so eager to acquire shares of Modunet was because it was destined to become the first Korean company to go public directly on the NASDAQ.
‘If I remember correctly, within just a month of listing, its stock price soared over 360%, and its market capitalization hit 4.5 billion dollars. I think that’s right.’
That valuation was even higher than the combined worth of Hyunwoo Motors and TG
Electronics, showing just how inflated the bubble had been.
When Modunet was listed on NASDAQ, the ticker symbol they chose was actually "KOREA", a clear reflection of the company’s strong position at the time and the overwhelming optimism surrounding its future.
Of course, just as its start had been dazzling, Modunet faced a steep downfall with the burst of the dot-com bubble.
But what truly mattered was this:
Right now was the perfect opportunity to buy into a jackpot-bound company at rockbottom prices.
‘I can’t afford to miss out on a chance like this.’
Grinning darkly, Seok-won chuckled to himself.
***
December 19, 1997.
“In the 15th presidential election, New Era National Council candidate Kim Jae-choon has been elected.
With votes tallied overnight from 303 voting centers across the nation, Candidate Kim secured 10,326,275 votes out of a total of 25,642,438 valid ballots—accounting for 40.3%—and was confirmed as the winner.
Gongjeong Party’s candidate Choo Tae-guk trailed narrowly behind with 9,935,718 votes, just 1.6% less than the winner.”
Whirrrrr.
As the mechanical hum of the espresso machine sounded, Seok-won poured himself a cup of coffee, rich with the aroma of freshly ground beans. Holding the mug in one hand, he walked into the living room.
The large TV in the living room had been airing news coverage of the presidential election results all day.
Sipping the warm coffee, Seok-won spoke in a calm voice.
“It kept going back and forth until the very end, so I was worried the results might somehow get overturned. But thankfully, it didn’t.”
Had the outcome been different, the impact would have been enormous—enough to completely alter the flow of history.
If that had happened, all the intricate plans Seok-won had laid based on memories from before his return would have been rendered useless. That’s why he had stayed up all night, watching the ballot count with a tense heart.
“…President-elect Kim Jae-choon, who began his first presidential bid in 1971, has finally
secured victory on his fourth attempt after unsuccessful runs in 1987 and 1992.
This marks a historic milestone as the first peaceful and democratic transition of power between ruling and opposition parties via an election in our 50-year constitutional history.
President-elect Kim is expected to hold a series of phone calls today with U.S. and Japanese
leaders to request active cooperation in IMF assistance and overcoming the financial crisis.
Meanwhile, the defeated candidate…”
“To stabilize the exchange rate, the first priority has to be a full suspension of indiscriminate loan recalls by Japanese financial institutions. Let’s see if he can pull it off.”
In the original timeline, Korea had just barely avoided national default thanks to successful
negotiations for foreign support.
But this time, the situation was worse.
Because Seok-won had made a fortune—amounting to billions of dollars—through credit default swap options and short-selling Japanese financial stocks, Japan's own financial instability had become far more severe than before.
Clicking his tongue, Seok-won stood in place and took another sip from his mug.
“If I’d known it’d end up like this, I would've gone a little easier on them.”
Just then, his phone rang in his pants pocket. Checking the caller ID on the screen, he
immediately answered.
[“President Park, it’s me.”]
Hearing the voice of Woo Chun-il, the newly elected Secretary General, Seok-won grabbed the remote control off the living room table and turned off the television before responding promptly.
“Congratulations on your election victory.”
[“Thanks. It’s all thanks to your unwavering support, both materially and otherwise.”]
Woo Chun-il, the Secretary General, chuckled heartily.
“I’d say this outcome is the result of the president-elect’s years of effort more than anything I’ve done.”
[You're right about that. It’s been a long and winding road to get here.]
His voice carried the weight of many emotions.
Seok-won, adopting a humble tone, gently offered some praise.
“You’ve remained steadfast through those long and difficult years, Secretary General. That makes you the top contributor to this victory.”
Woo Chun-il laughed again, clearly not displeased with the compliment.
[I know you're just trying to flatter me, but it still feels good to hear.]
“I’m only stating the truth. In this election alone, you handled everything from fundraising to all the dirty work.”
[Keep polishing my image like that and I really don’t know what to do with myself. I’d love to keep chatting, but I have a meeting coming up. Let’s get to the point.]
“Please go ahead.”
[Do you have any plans tomorrow evening?]
He did have something on his schedule, but Seok-won shook his head without hesitation.
“No, nothing in particular.”
[Good. Then could you come to Ilsan?]
“Ilsan…?”
[The president-elect wants to have dinner with you—to show his appreciation for your help
during the election.]
Seok-won had expected to be summoned sooner or later, but he hadn’t anticipated it would
happen this quickly, especially given how busy things must be with the transition of power
underway.
Mildly surprised, he quickly regained composure and responded calmly.
“Understood. What time should I be there?”
[Around five o'clock should be good.]
“Then I’ll make sure to be in Ilsan by five.”
[Excellent. I’ll let the president-elect know.]
After exchanging a few more words and ending the call, Seok-won stroked his chin thoughtfully and murmured to himself:
“Doesn’t feel like they’re calling me in just to say thanks… What’s the real reason for such
urgency?”
