InkBound
patreon
CH506 | GSI
🕑 Added 2025-09-20 14:58:16 +0000 UTCCrossing Mapo Bridge into Yeouido, one could see a skyscraper standing tall among the drab concrete buildings, its glass walls glowing golden in the morning sunrise.
It was none other than Seoul’s landmark, the 63 Building.
As a side note, the 63 Building, originally built as the headquarters of Minguk Life Insurance, was designed with 63 floors to surpass Japan’s tallest building at the time, Tokyo Ikebukuro’s “Sunshine 60.”
When it was completed, Minguk Life proudly presented the 63 Building as the tallest building in Asia.
Of course, just two years later, that title was taken by “One Raffles Place,” which stood 28.2 meters taller. Still, the 63 Building remained a meaningful structure long regarded as a symbol of South Korea’s economic growth.
Late in the morning, a group of men in sharp suits gathered anxiously in front of the main entrance of the 63 Building, repeatedly straightening their ties and struggling to conceal their nervousness.
It was the day Seok-won, the new owner who had acquired Minguk Life, was visiting the headquarters for the first time.
With President Lee Jae-jung having resigned once the sale was finalized, Executive Director Kim Do-hyung and several other executives stood waiting. Nearby, Manager Kang Young-hoon leaned toward Manager Lee Heung-bong, a colleague who had joined the company at the same time as him, and whispered:
“I heard the new chairman who bought the company is only in his early thirties. Did you hear that too?”
Lee Heung-bong glanced around cautiously before replying.
“Of course I heard. Just a few months ago, the whole country was buzzing when a Korean was named the richest man in the world for the very first time.”
“To think he accumulated that much wealth at his age… even if he was born with a diamond spoon in his mouth, it’s still incredible, isn’t it?”
“Right, they even say Wall Street calls him the ‘Midas Touch’ because of his extraordinary investment sense.”
“Well, considering he bought our company in an all-cash deal without borrowing a single cent, he’s clearly no ordinary man.”
At Kang Young-hoon’s words, Lee Heung-bong’s expression brightened with a trace of hope.
“Since last year, the company’s been so unstable I could hardly focus on work. But now… if the richest man in the world is the one who bought us, at least we won’t have to keep living in fear of collapse, right?”
“Right.”
Manager Kang Young-hoon, who had also endured much hardship until now, nodded with hope in his eyes.
For low-ranking employees like the two of them, it didn’t matter who became chairman—as long as they could keep working at the company with peace of mind.
Especially in such harsh times, when the IMF crisis had thrown countless people out of work, that desire was even stronger.
“There he comes!”
At someone’s shout, all eyes turned in unison toward a single spot.
A sleek black Mercedes sedan glided up and came to a smooth stop in front of the main entrance.
Seeing this, Executive Director Kim Do-hyung, a slim man with gold-rimmed glasses, made one final adjustment to his attire, while the other executives with him also stiffened with tense expressions.
When Han Ji-sung stepped out of the passenger seat, he opened the rear door and stepped aside. Then, like a model striding down a runway, Seok-won emerged—tall, clad in a perfectly tailored bespoke suit, extending his long legs as he stepped onto the ground.
At once, Executive Director Kim Do-hyung and the senior staff who had come to greet him bent deeply at the waist in unison.
“Welcome, Chairman!”
More than thirty men stood lined up on either side, bowing as they greeted him. Seok-won acknowledged them with a slight nod, his face expressionless.
As Executive Director Kim Do-hyung approached with the other executives, Seok-won—who had already memorised his face from the photo attached to the personnel files beforehand—extended a hand.
“You must be Executive Director Kim Do-hyung.”
“Y-yes, that’s correct.”
Executive Director Kim Do-hyung quickly clasped his hand with both respect and care.
“I appreciate the warm welcome, but I imagine everyone has plenty of work to do. In the future, I’d prefer we avoid such troublesome formalities.”
“Ah… y-yes, understood.”
It was a stark contrast to former Chairman Shim In-yeol, who relished the superiority he felt when the executives would all line up to greet him.
As people had said, Seok-won truly was young. He didn’t display an overbearing attitude, yet the powerful charisma he radiated was enough to naturally overwhelm those around him.
After briefly shaking hands with the other executives, Seok-won strode confidently through the rows of staff standing at attention, his steps firm and unhesitating—almost as if he were walking down an empty corridor.
Startled, Executive Director Kim Do-hyung and the other executives hurried to follow behind him.
Manager Kang Young-hoon, who had been watching from the side, straightened up once the executives had disappeared from sight. His face was filled with awe.
“Wow… his charisma is no joke.”
“Seriously. Even the older executives couldn’t move an inch in front of him.”
Manager Lee Heung-bong also stared in the direction Seok-won had gone, his expression one of genuine admiration.
Not just the two of them—everyone who had witnessed the scene couldn’t help but be impressed by Seok-won’s aura, which silently subdued the atmosphere and left the executives powerless.
At the same time, hope and expectation welled up inside them: if they had an owner like that, perhaps he could restore the company—a company that had been stripped of pride, designated as a failing financial institution, and sold off.
Once upstairs in the elevator, Seok-won sat down on the sofa of the president’s office—an office that had been left without an owner after President Lee Jae-jung, a close aide of Chairman Shim In-yeol, had resigned. Joining him were Executive Director Kim Do-hyung and five other executives.
There had originally been more executives, but once the sale was confirmed, nearly half had resigned—whether voluntarily or under pressure—just as Lee Jae-jung had.
Afterward, those who had been either incompetent or problematic during the acquisition process, simply occupying seats while collecting their salaries, were weeded out.
Because of that brutal wave of cuts, the remaining executives—including Kim Do-hyung—now sat rigidly upright, their faces taut with nervous tension.
In contrast, Seok-won lounged back with one leg crossed over the other, scanning the executives slowly before finally speaking.
“First of all, I greatly value the fact that, despite the difficult circumstances, you held your ground, steadied the staff, and ensured the company didn’t sink midway.”
Seok-won, receiving the attentive gazes of the executives who were fully focused on him, continued speaking calmly.
“Minguk Life—ah, no, now it’s Bluehole Life. In any case, since the company has been reborn under a new name, I want us to quickly shed the disgrace of being labelled a failing financial institution, stabilise operations, and restore the confidence of our worried customers. To that end, I intend to appoint Executive Director Kim Do-hyung here as the new president. What are your thoughts?”
At the sudden nomination, everyone’s eyes widened in shock.
Even Kim Do-hyung himself, the one being appointed, was caught off guard. Having received no prior hint of this, he stammered in disbelief.
“M-me? Are you speaking of me?”
Looking him straight in the eye, Seok-won spoke in a serious voice.
“Yes. You’ve worked here for more than twenty years and made significant contributions to the company’s rise into one of the top three life insurers.”
“……”
“More importantly, when Chairman Shim In-yeol misappropriated company funds to support failing affiliates and embezzled and misused trillions of won, I heard you were the only executive who opposed him and raised the issue.”
Indeed, Kim Do-hyung had not been able to stand by and watch the destruction of the company he had devoted his life to. Not only did he raise the issue privately with the former president, but he also voiced his opposition during executive meetings.
Because of that, he became blacklisted by both the former president and Chairman Shim In-yeol himself, enduring severe hardships in his career.
Had Minguk Life’s insolvency not exploded—forcing its parent, Haecheon Group, into court receivership—he might not even have been sitting in this room today.
At this point, just being allowed to remain with the company had felt like a stroke of fortune. But now, out of nowhere, he was suddenly being offered the presidency, leaving him completely dumbfounded.
“With not only proven integrity, but also demonstrated ability and a strong reputation within the company, I believe you are the most qualified person to lead Bluehole Life back to stability.”
Those present, who had initially been startled by the announcement, soon began nodding their heads in agreement.
They all knew Kim Do-hyung’s character and capability, and that made such a choice possible.
“If it’s Executive Director Kim, we can trust him.”
“Indeed, among the remaining executives, no one compares to him…”
“I support this as well.”
Confirming the consensus of support, Seok-won once again turned to Kim Do-hyung.
“Will you take charge of Bluehole Life?”
At that moment, memories from the past few years replayed in Kim Do-hyung’s mind like a film reel.
How he had thrown himself into work, day and night, from the moment he first joined the company until he finally became an executive—only to discover the disastrous state of its operations, leaving him furious and disheartened.
How he had tried to compromise for the sake of his family, yet when Chairman Shim In-yeol and the former president’s faction crossed the line with their actions, he could no longer hold back and raised objections—only to suffer relentless persecution as a result.
A flood of emotions surged and faded in that brief moment.
He had carried his resignation letter with him at all times, always prepared to leave the company at any moment. Yet now, like a miracle, a helping hand had been extended to him, and he felt his chest swell with overwhelming emotion.
“……”
Struggling to steady himself, Kim Do-hyung looked at Seok-won, who patiently awaited his reply, and spoke in a slightly trembling voice.
“I may be lacking in many ways, but if you entrust me with the responsibility, I will do my utmost.”
Satisfied with the answer, Seok-won gave a nod.
“It’s reassuring to have President Kim take charge of Bluehole Life.”
By immediately addressing him as “President” instead of “Executive Director,” Seok-won brought a faint flush of pride to Kim Do-hyung’s face.
As Seok-won turned to the gathered executives, they all spoke with bright expressions.
“A truly excellent decision.”
“With President Kim, I have no doubt we’ll see outstanding results.”
“Of course!”
Since the owner himself had made the decision and Kim Do-hyung had accepted, voicing opposition would have been meaningless. Their response was the natural outcome.
After the chorus of congratulations settled, Seok-won lifted his cup, took a sip of coffee, set it down again, and naturally shifted the topic.
“Fortunately, the injection of public funds has significantly reduced the company’s debt. But unless we improve our weakened financial standing, it won’t be easy to regain the trust of policyholders.”
At that, President Kim cautiously presented a solution he had prepared in advance.
“You’re absolutely right. That’s why we’re considering liquidating a significant portion of the company’s assets, including real estate, to secure liquidity.”
“In a market like this, with real estate performing poorly, putting assets up for sale isn’t the best option.”
Speaking lightly, as though it were nothing, Seok-won continued.
“Within a week, I’ll inject five hundred million dollars. Use it for a rights offering to increase the company’s capital.”
“……!”
At first, Kim Dohyung shrank back a little when his proposal was met with such a lukewarm reaction. But when he heard what followed, his eyes widened.
“Fi… five hundred million dollars in a rights issue, Chairman?”
The other executives, equally stunned, turned to look at Seok-won.
“That’s right,” he replied calmly. “It’s not like I’m short on cash, so why would we sell assets at bargain prices?”
Seok-won spoke as though it were nothing, but the executives and President Kim were left gaping in disbelief.
It wasn’t just the sheer size of the sum—five hundred million dollars, tossed out as casually as pocket change. It was also because, until now, every owner had only ever siphoned company funds for themselves. Never once had they seen one invest back into the company. That alone was shocking.
So this is what it means to be the richest man in the world…
The change in ownership is real.
Both President Kim and the executives realized, with renewed confidence, just what kind of man stood before them.
“If we show the market that the company’s finances are stabilizing, policyholders will feel reassured and won’t hesitate to maintain their contracts,” Seok-won said.
President Kim’s voice grew almost jubilant.
“Absolutely. The moment word spreads that Eldorado Fund has injected such a massive amount in a rights issue, all their fears will vanish at once.”
“Good,” Seok-won nodded. “We’ll proceed with that. But there’s another matter we need to prioritize first.”
“What would that be?”
“Recovering the company funds that former Chairman Shim In-yeol embezzled for himself.”
The executives’ eyes went wide.
It was something no one had dared to mention, because they thought it impossible.
“The prosecutors are still investigating, but the amount he siphoned off secretly over the years is in the hundreds of billions of won. We can’t just let that slide, can we?”
His voice, calm yet weighted, carried a pressure that made both President Kim and the executives hold their breath.
“By whatever means necessary, I want every last won recovered. Not a single penny left behind.”
Seok-won’s command was firm, absolute.
He had no intention of letting a man who had wrecked the company, dumped its losses onto the taxpayers, and walked away with only a slap on the wrist live a life of indulgence on stolen wealth.
