Chapter 319: There’s Not a Single Place That’s Not Rotten

A tumultuous year has passed, and the new year of 2002 has arrived.

This year is bound to be eventful. It's the year of the Korea-Japan World Cup and also an election year with a new president to be elected.

Ahead of the presidential election, President Kim Hak-gwon left the Progressive Party due to internal strife, just before a by-election.

Both the Progressive Party and the Conservative Party were embroiled in turmoil leading up to the presidential election.

At least the Moderate Party was free of internal conflict due to its high approval rating, but politics is always unpredictable.

Originally, a candidate no one from the Progressive Party had expected managed to pass the primaries, riding on a wave of momentum to win the presidency after Kim Hak-gwon.

However, at this time, the atmosphere within the Progressive Party was far from favorable for such unexpected variables to emerge. The Conservative Party was barely hanging on.

"There's not a single place that's not rotten."

I clicked my tongue and shut the ledger detailing drug purchases.

This ledger, secretly held by the Heavenly Group and Hao Xun, was filled with names of politicians, journalists, legal figures, and even celebrities.

Next to it was a large bag placed on the side.

"So, you're saying there's a video documenting the drug purchases and sexual services in there? Including everything that Hao Xun has?"

"Yes, everything has been securely transferred over."

"Let's not worry about how to use this for now. Were there no copies made?"

"No, that's the original, and I confirmed it with Hao Xun that no copies were made."

I couldn't help but chuckle.

"Having copies could lead to problems. If used properly, this could be a powerful weapon, but if misused, it can be poison. Please ensure that nobody else knows it exists aside from Chairman Yoo. Be cautious."

"Understood. I'll be careful."

Yoo Sung-jin nodded in agreement.

"We're also in the process of internal restructuring. One-third of the board members in this photo are involved in this matter, and I'll make sure to sort it all out."

"Quite a lot, huh?"

"Like you said, they've gotten fat. Since everyone's comfortable, they couldn't comprehend why the war I'm directing is needed, and they were unhappy they couldn't freely engage in money games. It seems they all fell for Jang Jun-woo's charms as he led the war."

"Looks like you're almost done then."

He nodded.

"I won't hold the younger ones accountable. What sin do those who knew nothing commit? But I have sorted out all the executives who knew about it, including directors and managers."

"I can understand everything else, but why on earth is Wang Wei involved?"

A bitter smile flickered on Yoo Sung-jin's face.

"It was the Boss's order. The money invested in President Noh Ik-seon was for money launddering. The plan was to clean the money in Korea and then bribe high-ranking officials in Beijing. Since they mainly operate in places like Hong Kong and Macau, it's true they lack influence in the central political arena."

If it was for money laundering, then there's no better place than Korea.

"So what happened? Did you let him live?"

"No. I killed him. I couldn't bear to mutilate the body, so I handed it over to my subordinates in China. I thought that was the last bit of humanity I could show."

"A code of ethics towards a friend who betrayed you? That's quite loyal of you."

This is why friends known since childhood are so terrifying.

"While I couldn't save him, I still wanted to return the body to his family whole. What else could I do with my appearance?"

Yoo Sung-jin said with a hint of self-deprecation.

What if Myeong-su or Hyeon-seong betrayed me?

Could I really kill them like everyone else?

I couldn't answer quickly. The betrayal would hurt deeply, but part of me thought I might give them a chance before deciding.

"I hope such an incident won't occur again. Trusting your subordinates is fine, but being unaware to the point of having a knife at your throat is sheer incompetence."

"Yes, I won't let it happen again."

Yoo Sung-jin bit his lips and lowered his head.

I didn't feel the need to add any more words.

"Did you conclude things nicely with Hao Xun?"

"Yes. We're going to hold a brotherhood ceremony with the Black Dragon Society. I'll be going to China."

"Is that so? I didn't expect you to go as far as holding a brotherhood ceremony."

The Chinese underworld, huh. It seems like it'll be a deep relationship.

"Understood. From now on, handle it as you see fit. There's no need to report unless something special comes up."

"Yes, understood."

Yoo Sung-jin politely bowed and left.

As soon as the door closed, I turned to Manager Ma who was standing at one side.

"Store the video and ledger in the underground safe. I have a feeling we'll find a use for them someday."

Manager Ma gathered the video and ledger and left the study.

I checked the watch on my wrist.

"Hyung should be arriving at the airport soon."

At that moment, my mobile phone, hidden in my inner pocket, started ringing.

Looking at the screen, just as I suspected, it was Han Gyeong-yeong.

"Hyung can't really be a true gentleman either."

— What do you mean? Anyway, I just got into the car.

"What about food?"

— Not yet, I'm craving Korean food after a long time.

"I'll ask the Ajumma to prepare something. Hurry up and come over."

— Oh! It's been a while since I had the Ajumma's cooking. Can't wait.

I immediately called Eva to arrange for a meal in Pyeongchang-dong.

— It's been a while since the Boss called me first. I'll be right there.

An hour passed, and Eva arrived first.

"You made it. Looks like there's still about an hour until Hyung arrives. Let's chat for a bit. Have a seat."

Eva sat down on the sofa, wearing a cheerful smile.

"Headache from the U.S. issues?"

"You could say that. The U.S. tax authorities are getting into action. Honestly, it's James who's the real problem."

"That's why they ordered you to come to Korea in a hurry."

Before the anger from the American terror attack had died down, the American energy giant Enron filed for bankruptcy protection.

The $700 million accounting fraud exposed by the whistleblower's statements triggered Enron's accounting scandal, squeezing the already frozen American economy further.

President Bush and Vice President Dick Cheney's close ally, Ray, claimed innocence, but Bush ordered a thorough investigation to demonstrate he had no ties to Enron in his hometown.

Bolstered by Bush's strong will, tax authorities launched a massive audit of Enron's accounting.

The revealed amount was already $700 million. There might be even larger frauds lurking.

"Still, keep an eye on Eva for the time being. You never know how things might unfold. Enron is probably just the beginning."

"Yeah, I'm keeping an eye on it. The euro has just begun to circulate, and that's a big problem. I've heard counterfeit currency is popping up already."

In 2002, the euro was officially issued by the EU and began to circulate worldwide, leading to the rapid emergence of counterfeits.

"Counterfeit money, huh? Those fraudsters are always swift. How did they manage to produce counterfeits in just three days?"

"The European Union is on high alert."

"It's just the beginning. But it'll stabilize soon. The euro received immense interest even before its launch. It might struggle against the dollar, but it's bound to take the place of the yen."

"I think so too."

The euro was the EU's answer to seize the dollar's position as the world reserve currency.

Unifying the currencies of the entire Europe was their goal.

However, the UK and Denmark flatly rejected the use of the euro from the beginning, and many other countries in the EU continued to use their own currencies.

In reality, it was a half-baked currency. Yet it was still sufficient to threaten the dollar, even if it was merely a fleeting dream.

"No currency will ever replace the dollar in oil and financial markets. It's been a monopoly for nearly a hundred years. It's not that the dollar is the reserve currency, but rather that the U.S. is the most stable country economically, militarily, and diplomatically. If it were purely based on economic power, the yen would have taken the dollar's spot in the 80s."

Eva nodded in agreement, wearing a smile.

"You can't ignore whether a city like Wall Street, where money from all over the world converges, exists. Once a nation becomes a reserve currency, it will never easily yield that position. Newcomers always emerge, but champions seldom do."

"Exactly. The U.S. wields such power. Anyway, focus on domestic matters for now. How's Il-seong Group doing?""

"Oh, right. Jungwoo Electronics has finally caught up to Ilseong Electronics in the semiconductor sector. As of the third quarter of last year, the gap in technology is almost gone between us and Ilseong."

"That's quicker than expected. It sounds like Chairman Kim of Jungwoo Group put in a lot of effort."

"But their deficit has been skyrocketing. Frankly, Il-sung is in a bigger messs than we are. Jungwoo Group has it easier with bank loans compared to other major companies, and they get advance payments from Future Investments, so they're not facing major issues, whereas Il-seong Group is different.""

Eva spoke confidently. I simply smiled and nodded.

"Because of the separation of finance and commerce, they can't borrow from Ilseong Life and Ilseong Card. They can't even conduct capital increases freely because we're opposing them. It might not be long before Chairman Seo goes bald."

"What? Hahaha!"

I couldn't help but laugh out loud at the image of Seo Yong-geon going bald.

"With his personality, he wouldn't even dare to ask anyone to lend him money. Before, he would just bend down and ask someone like Chairman Cheontae to borrow funds. Now, could that man walk in and ask the Boss for money? All that stress would end up affecting his hair and scalp. Poor subordinates too."

"Just imagining that brings a smile to my face."

The chicken game is, in the end, akin to cannibalism.

Last time, Ilseong Electronics emerged victorious in the semiconductor chicken game, but this time it would be different.

The sources of cash flow are Ilseong Life and Ilseong Card, but they can't access funds freely from either.

So, the only way to secure funds would be through capital increases, yet we're blocking that with our shares.

Even if they somehow manage to push it through, it would dilute the shares held by Seo Yong-geon.

If we secure even just half of the shares issued in a capital increase, it would become difficult for Seo Yong-geon to protect Ilseong Electronics' management rights.

In the end, it will come down to who has more money.

Seo's last hope might be some intervention from the U.S. government to save its domestic semiconductor companies.

However, the Bush administration, preoccupied with the war on terror and the U.S. accounting fraud scandal, would find it hard to lend a helping hand.

He might lose some hair.

At that moment, I heard a knock on the study door.

"Boss, President Han has arrived."

"Let him in."

Han Gyeong-yeong entered, waving cheerfully.

"Oh, Eva's here too."

"You arrived quickly!"

"I hurried over because I asked the Ajumma to prepare, so I didn't want it to get cold."

"Alright then, let's eat."

I chuckled lightly and stood up.

The food should taste particularly good.