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CH424 | Heir
🕑 Added 2025-09-12 16:35:02 +0000 UTCCurrently, the Hyundai Group owns two construction companies.
One is Hyundai Construction, which belongs directly to the Hyundai Motor Group, and the other is Hyundai Development, owned by the late Chairman Jang Young-joo’s younger brother.
“Do you think Chairman Jang can persuade the Hyundai family? Rumor has it that their relationship hasn’t been good since the Prince’s Rebellion.”
“If it’s a family matter, of course, he might not want to meet. But for a business deal involving such a large sum, there’s no reason he couldn’t make an appearance.”
Money was stickier than blood.
Profit generation was the purpose of a company, and those who ran these companies were willing to do whatever it took to secure profits.
“Since both sides’ demands are clear, the Hyundai Shipping issue can be resolved. But the real problem is Hyunjin Shipping. The Hyunjin family also experienced a Prince’s Rebellion, and their construction company is owned by the second son.”
“The Hyunjin family is known for avoiding business meetings whenever possible.”
“Chairman Cho Geun-ho of Hyunjin Heavy Industries even avoids using Hyunjin Air when traveling abroad.”
These were already known facts.
From the moment we started planning the real estate PF, I had been thinking about how to solve this problem.
“There’s no reason to solve Hyunjin Shipping’s problem through the Hyunjin family. Who currently holds control over Hyunjin Heavy Industries?”
“...Earlier this year, control passed to the creditors.”
“The Industrial Bank holds the largest share of the debt, right? Same as with Hyunjin Shipping.”
“So, you created the real estate PF not to target the Hyunjin Group directly, but to target the Industrial Bank?”
The Hyunjin family was in total disarray.
Various affiliates, including Hyunjin Shipping and Hyunjin Heavy Industries, had passed into the hands of the creditor group.
There were even murmurs that the real owner of the Hyunjin Group wasn’t the family at all, but the Industrial Bank.
“If we push the real estate PF to Hyunjin Construction under Hyunjin Heavy Industries, we could bring the Industrial Bank onto our side, couldn’t we?”
“Won’t the Hyunjin Group resist?”
“In the case of Hyunjin Shipping, the management no longer has any influence. Everything depends on the decisions made by the government and the Industrial Bank.”
In the case of Hyundai Shipping, there was at least a slim chance of recovery.
But for Hyunjin Shipping, without government support, there was no option other than bankruptcy or a sale.
“Chairman Lee Myung-geol of the Industrial Bank has already requested a meeting.”
“Convince him carefully. Tell him that merging Hyunjin Shipping before selling its assets would yield a much higher return than liquidating after bankruptcy. And be sure to include the real estate PF as part of the pitch.”
“Since they had to consider the government’s stance, they couldn’t act decisively before the general election. But now, their position might have changed. I’ll meet with them first and assess the situation.”
The Industrial Bank’s shares were held by the South Korean government.
Because of that, the Industrial Bank couldn’t make decisions contrary to government policy.
However, the general election results reflected the will of the people, which could allow them to consider alternative choices.
Vice Chairman Han quickly arranged a meeting with Chairman Lee of the Industrial Bank.
It was perfectly natural for the vice chairman, who oversaw the financial affiliates, to meet with the head of the Industrial Bank.
Even so, the two approached the meeting cautiously, and Han returned with relatively positive news.
“The Industrial Bank is positive about merging Hyunjin Shipping with Hyundai Shipping before selling. They say that all creditor groups of both companies want the Taewoo Group to acquire the shipping companies.”
“Of course. It’s the method that minimizes risk.”
“The problem, however, is the government. Chairman Lee of the Industrial Bank intends to personally visit the Blue House to persuade them.”
Ultimately, the decision-maker at the Industrial Bank was effectively the president.
Although the Financial Services Commission nominates appointments, the final authority rests with the president.
That meant the Industrial Bank’s chairman was always filled by someone loyal to the president.
If someone they appointed tried to persuade them, wouldn’t that naturally influence the Blue House as well?
“Since the Industrial Bank is taking the lead, this should proceed smoothly.”
“The government won’t directly drive the shipping big deal, but at the very least, they won’t interfere.”
However, just a few days later, our assumptions were completely overturned.
While handling routine tasks, the Chief of Planning rushed in, visibly alarmed.
Skipping any formality like knocking, he barged in with a face drained of color.
“The National Tax Service is launching a tax audit on Taewoo Trading!”
“What do you mean, all of a sudden?”
“It’s not just Taewoo Trading. I’m hearing that they plan to audit all affiliates of the Taewoo Group.”
Before the planning chief could finish, Captain Kang called.
[Chairman, we’ve received an urgent notice through the National Tax Service line. Orders have come down from above to audit the Taewoo Group.]
A tax audit was the government’s most powerful weapon.
It wasn’t something small- or medium-sized businesses alone feared; even large corporations couldn’t escape it.
“It seems we’ve seriously ruffled the Blue House’s feathers.”
“It appears that the Big Shipping Deal and the real estate PF have put them in a very bad mood.”
Was the problem that the Industrial Bank chairman went directly to the Blue House?
It could certainly be perceived as if the Taewoo Group had tried to sway someone in power to their side.
“Will there be any issues if the tax audit proceeds?”
“With our strict tax management program and audit team, everything is closely monitored, so there shouldn’t be major problems. But as you know, who’s going to come out completely clean? Minor tax disputes may arise.”
“So, by disputes, you mean it’s not actual tax evasion?”
“Yes, but depending on the government and National Tax Service announcements, the company could be labeled as a tax-evading business.”
Tax issues were complicated.
Every year, tax laws were revised, and sometimes even NTS staff couldn’t fully grasp the changes.
Because of this, the Taewoo Group paid taxes in a way that minimized risk, but depending on interpretations of the law, additional assessments could be imposed.
The government and NTS had enough power to frame an issue as tax evasion even if it was only a matter of extra assessments, which made it risky.
“How long until the NTS reviews the documents and makes an announcement?”
“At best, about two weeks; at most, within a month.”
“If we mobilize our NTS contacts fully, how much can we delay it?”
“If every contact is leveraged, we could probably buy around two months.”
There was even a saying that bribes to the NTS had an extra zero added.
But the Taewoo Group never bribed the NTS. Instead, they built influence through legal fund investments.
The funds returned over 200% annually.
This provided higher returns than typical corporate bribes, with no legal risk, which made their influence network stronger than those of other companies.
“Two months… time is tight.”
“Even if we delay it, unless the Blue House orders the tax audit to stop, the outcome won’t change.”
“So, we’ll have to create a major issue to prevent the Blue House from paying attention to the Taewoo Group’s tax audit.”
“But once the issue is over, there could be even bigger retaliation.”
“As long as they don’t know the Taewoo Group caused the issue, it’s fine. And since the Blue House can’t manage this issue, retaliation would be impossible.”
“Are we sure that’s safe?”
Companies never directly attacked the government.
Of course, I had no intention of attacking it either.
This was merely a plan to slightly accelerate the course of history, and to make the information we already knew accessible for anyone to see.
“There’s absolutely no problem. We’re not directly attacking anyone.”
“Understood. Then I’ll contact the National Economic Party and try to highlight the unfairness of this tax audit.”
“If the National Economic Party gets involved, we might be able to buy even more time.”
The National Economic Party was a defensive shield for the Taewoo Group.
We had spent a lot to secure this shield for moments like this, and it was sufficient to pressure the government into delaying the tax audit.
I immediately moved to Captain Kang’s office.
The office was on high alert, and Captain Kang was working to block the tax audit using all available channels, including the NTS contacts.
“We’re delaying it as much as possible through the NTS network. We’ve decided to use methods like omitting accounting ledgers and tax documents or contaminating information.”
“You’ve been working hard. I’m asking you to handle something that could jeopardize your career.”
“It shouldn’t be a major issue. Even the NTS is reportedly uneasy about this audit.”
The Taewoo Group had been recognized as a model taxpayer for five consecutive years.
The NTS itself was conducting an audit on a company it had previously honored, so it wasn’t exactly a comfortable position.
“For the sake of the NTS network, we need to make them stop this audit entirely.”
“That’ll be difficult unless the Blue House issues a stop order.”
“Have we identified who orchestrated this audit?”
“It was led by the Blue House Chief of Staff. Everyone opposed it, but the Chief pushed so forcefully that no one could stop it.”
The Chief of Staff’s power was immense.
Still, it wasn’t enough to unilaterally launch a corporate tax audit.
Ultimately, it meant the Blue House had approved it.
That was why I could act without hesitation.
“Release all information on the Beomseo North Faction to the media.”
“How much should we disclose?”
“Release everything we have at once. Normally, it’s better to reveal information gradually, but we don’t have time for that now.”
“Everything? Not just the Beomseo North Faction, but also sports stars, entertainers, political and financial figures, and even the Blue House?”
The information carried tremendous impacts
Captain Kang and his team had been dispatched not only across Korea but also throughout Southeast Asia to collect data.
Through the information collection and analysis program created by Center Director Chun Min-jung, the information included perfectly mapped cause-and-effect relationships.
“Releasing that much information won’t bring down the Blue House immediately. How the media reacts to what we release will determine the situation.”
“With this level of data, we can get not just the media, but even the opposition parties to unite and attack relentlessly!”
“The most important thing is to ensure they don’t know we are the source.”
“We’ll use methods even the National Intelligence Service can’t detect. We can deploy Director Chun’s anti-tracking system in Southeast Asia."
When had Director Chun even created such a program?
She was always proactive, doing things that would help before anyone asked.
“If it’s a program made by Director Chun, it’s reliable.”
“I hear it was created by combining the encryption software used for Bitcoin with a VPN system.”
“Begin the operation immediately.”
“Starting tomorrow, the front page of every newspaper will be flooded with Beomseo North Faction news!”
For the first time, we were openly defying the government.
I didn’t want to do this either, but there was no other option.
Some might suggest apologizing to the Blue House, but doing so could have backfired when the impeachment crisis hit.
It was an unavoidable choice to protect the Taewoo Group.
If we could survive this crisis, Congressman Choi Jae-seok would take power.
Until then, extreme measures were the only way to endure.
