Chapter 59
Chapter 59
Translation: Godtl
A negotiation that tripled our investment and even secured us equity.
Naturally, I had expected the other party to refuse.
If they had rejected it, I planned to carefully adjust the terms within that framework to reach an agreement. But China approved our contract proposal almost immediately after receiving it.
As a result, the money we had invested was inflated threefold. We kept a portion of it and sold off the rest entirely.
"I heard the news. They say Gwangun hit the jackpot again this time? The Gwangun Group hasn't even been around that long, yet it's already drawing attention not just domestically but internationally too?"
Everyone in this field probably knows by now.
That Gwangun was the biggest beneficiary of both the Ban on Korean Culture and the Belt and Road Initiative.
"Just how powerful are your Chinese connections that you can make money when everyone else is collapsing? Huh? Introduce me to them too."
"There are no such connections."
"Are you saying connections of that caliber can't be introduced so carelessly? Just how high-ranking are they?"
Chairman Kim Du-yeong was like this.
And now Chairman Kang Sung-ho, whom I met today, was the same.
They both firmly believed I had some secret hotline to China.
"Please don't even mention it. They won't even tell me who it is."
"What? Not even to Chairman Hwang, who's like a sworn brother to you? Hey, don't tell me your hotline is the Chinese President himself?"
"I'm telling you, there's no such thing!"
"Sigh. I'm really curious. Who could it be that you're hiding them so thoroughly?"
In the end, I gave up trying to explain.
"Well, I don't know what connections you have. But what businesspeople need most is ultimately networks. Especially maintaining good relations with government officials—there's nothing better than building those connections."
Collusion between government and business.
In any country, when a company grows large enough, it inevitably becomes entangled with political circles.
Large-scale corporate projects require government approval, and to receive subsidies or investments, government influence is similarly necessary.
"The people we're meeting today are exactly that type."
In that sense, our Gwangun had now reached that level of scale.
But today's government official wasn't from Korea—it was Malaysia.
"Welcome. It's a pleasure to meet you. I'm Jho Low."
Jho Low.
A few years ago, under Prime Minister Najib Razak, Malaysia established its largest sovereign wealth fund to be used for developing international competitiveness.
"Korea is a country that could be considered close to us. Moreover, the Republic of Korea is a role model for all developing countries. Despite suffering through that terrible war, it achieved miraculous growth in a short time to become an incredible developed nation. And all this without a single drop of oil."
Our Republic of Korea is a miracle nation that turned the impossible into possible.
While we now dig up roots to eat, it's because of the elders who spared no effort to build this nation, determined not to leave their descendants in such conditions, that today's Korea exists.
"That's why our Prime Minister created the 1MDB sovereign wealth fund to become a second Korea. It already boasts stable, high returns with investments from several companies. Gold Reagan and JP Madison are notable examples. We're also receiving investments from various other companies to expand the fund's scale."
A sovereign wealth fund refers to a national-level investment fund.
It's used for a country's financial stability and long-term economic development. In our country, the Korea Investment Corporation falls under this category.
The National Pension Service, while not exactly a sovereign wealth fund, shares similar characteristics.
This 1MDB that Jho Low is talking about is also a type of sovereign wealth fund.
"When we first started 1MDB, its scale was only $1 billion. But it quickly grew and now approaches $30 billion. Our ultimate target is $150 billion. I understand the Korea Investment Corporation manages about $150-180 billion."
"Our country's sovereign wealth fund manages between 150 to 180 billion dollars."
1MDB was attempting to reach that scale by issuing bonds and distributing them widely.
"Frankly, Japan and Korea have nearly finished their growth cycles, making them less attractive investment destinations. But Malaysia still has mountains of untapped potential waiting to be developed. That's precisely why global investors are keeping a close eye on Malaysia."
Even I'd heard of the 1MDB sovereign wealth fund—it had been drawing significant attention in international markets recently.
With so much development potential in Malaysia, their strategy was to leverage this capital to achieve explosive growth and deliver strong investment returns.
"That's why we're extending this investment opportunity to Kangsung Group, Korea's largest conglomerate, and Gwangun Group, who recently partnered with China to revitalize our port operations. Let me be clear—1MDB doesn't extend invitations to just anyone. We maintain rigorous selection criteria before making proposals."
Though it's amusing how they frame it as them doing us a favor with their "rigorous selection process" when we'd be the ones investing.
This isn't some ordinary fund.
It's a state-operated investment vehicle.
For anyone looking to do business in Malaysia, there couldn't be a better opportunity than this—it would create solid connections with the Malaysian government.
Imagine how much easier business would be with active government support.
Moreover, the Malaysian sovereign wealth fund showed strong profit potential, precisely because Malaysia was in its growth phase as Jho Low claimed.
"······."
Jho Low.
His demeanor was remarkably pleasant.
He delivered his presentation with genuine passion, meticulously explaining 1MDB's high-yield investment model.
But why was it...
Every time he spoke, crimson smoke seemed to billow from his mouth, enveloping him until he gradually took on the appearance of the serpent that tempted Eve with the forbidden fruit.
The eerie sight made it hard to focus on his words.
"I sincerely hope you'll make the right decision. Malaysia will become a rapidly growing nation like Korea. And through close cooperation with our government, you'll gain access to numerous benefits—we'll make sure of it."
With those final words, Jho Low rose from his seat first.
He particularly emphasized—quite forcefully—that partnering with 1MDB would facilitate cooperation with the Malaysian government.
"That was practically a veiled threat."
"Though he said it with a smile, that's how it sounded to me too. That we wouldn't get government support unless we invested in 1MDB. I've heard Kangsung Group is looking to expand further into Southeast Asia."
"Yes. Malaysia is a key market there. Since we're currently focusing on Europe and Southeast Asia for expansion... I suspect the sovereign wealth fund approached us knowing that."
Kangsung Group had announced ambitious plans to aggressively invest in Southeast Asia and displace Ample, the current dominant force in the global smartphone market.
"Admittedly, it won't be easy with Ample's overwhelming market strength, but if we take it step by step, won't we eventually grab them by the collar? And it's not just smartphones we sell. Air conditioners are essential in hot countries like Malaysia."
That's likely why Chairman Kangsung was considering joining hands with 1MDB.
With Malaysian government support, selling electronics there would become significantly easier.
"We're definitely going in. What about Gwangun Group?"
"As for us..."
My elder brother glanced subtly in my direction.
Chairman Kang Sung-ho was also looking at me.
"...I think it would be better for me not to participate."
"Ah—right. Chairman Jeong prefers short-term investments, doesn't he? Investing in the sovereign wealth fund would require a long-term perspective. Besides, I heard you've already handed over most of the operating rights to the Chinese side."
That was part of it.
But more than anything, Jho Low's snake-like visage still flickered in my mind.
There are occasional conspiracy theories that the world's richest people are some kind of aliens—it felt like I'd seen the real-life version of that.
"That wasn't quite what I meant."
"What? Are you saying that bastard Jho Low is a fraud? Don't worry about that. I thoroughly investigated him just in case. He's the real deal running 1MDB. And this is a sovereign wealth fund we're talking about. A state-run operation—how could they possibly pull off fraud with that?"
Sovereign wealth funds are transparently managed by governments, making them far safer than other investment funds.
I knew that too, yet I couldn't shake that eerie image from my memory.
"Rather than Southeast Asia, why not focus on Europe?"
"I'd like to. But the resistance in Europe is too strong. Especially from Deutsche Bank in Germany—you know them?"
Germany's largest bank.
While our domestic banks struggle just to establish securities firms for investments or conduct M&A, foreign banks operate differently.
Especially Deutsche Bank—it serves as the backbone of Germany's financial system, handling massive capital and wielding influence across all of Europe.
"Those Deutsche bastards are blocking us at every turn. That's why we haven't been able to properly expand our business in Europe."
Yet every time I heard the name "Deutsche," it felt like my head was spinning.
"Do they have a reason to act that way?"
"Of course. We're pushing forward with semiconductors and displays, right? Well, Deutsche holds shares in Infinite, a European semiconductor company, and Aslan, a display manufacturer. They don't like us moving into their territory. Plus, those bastards even hold Ample stock. They really can't stand seeing us succeed."
Ample smartphones are number one globally.
They're so dominant that Kangsung Group is practically the only competitor worth mentioning.
But since Kangsung Group could be considered the world leader in semiconductors, that's exactly where we're trying to expand further.
"Our production mainly relies on China, right? But seeing this ban on Korean culture situation, it doesn't seem sustainable anymore. That's why we're looking to expand production facilities elsewhere. Setting up semiconductor plants in Germany would give us a strong foothold to target all of Europe."
However, with Deutsche Bank—Germany's largest bank and a major player in European securities markets—actively opposing us, Kangsung Group had temporarily shifted its focus to Southeast Asia.
"Anyway, Chairman Jeong, you'd prefer Kangsung not to invest in this sovereign wealth fund either?"
"Yes. It makes me... uneasy."
"Well now... If anyone else had said that, I would've laughed it off. But coming from Chairman Jeong, it gives me pause. I'll keep it in mind for now. I'll assume Gwangun won't be participating."
Chairman Kang Sung-ho excused himself, saying he needed to return to the office.
"Doesn't he seem a bit upset?"
"Really?"
"Kangsung and Gwangun—if both companies invested together, it would look better and share the cost burden. But you outright refused."
"Did I sound that cold?"
"Heh. This is the legendary Chairman of Kangsung Group we're talking about. Having someone firmly reject him to his face isn't something he's used to."
But no matter how I looked at it, that Jho Low person gave me the creeps.
Besides, any thought of Malaysia's sovereign wealth fund had long since flown from my mind.
'Why did Deutsche Bank trigger such a strong gut feeling?'
There must be some connection between the Malaysian sovereign wealth fund and Deutsche Bank—why else would that name alone spark such an intense premonition?
The strange thing is, Deutsche Bank isn't even invested in 1MDB.
Yet the feeling was this overpowering.
Could there be something hidden that others mustn't find out?
＊＊＊
"Are you certain? Absolutely no issues at all?"
"Yes. I've checked multiple times. Jho Low is clean. And 1MDB itself has no notable problems either. Though they have been raising funds recently for large-scale infrastructure expansion."
Kangsung Chairman Kang Sung-ho had been ready to invest in 1MDB without a second thought.
Frankly, nothing Jho Low had said was wrong.
Malaysia was in the midst of explosive growth, and the sovereign wealth fund seemed like a surefire way to profit.
In fact, plenty of companies were eager to invest in 1MDB.
Moreover, if Kangsung Group wanted to push Ample out and dominate Southeast Asia, they needed the support of those governments.
That's why he'd been ready to commit.
But then, one last obstacle had appeared.
'The fact that Jeong Jin-ho said that...'
A warning—not from just anyone, but from Jeong Jin-ho.
To Kang Sung-ho, that single warning carried more weight than all the research compiled by Kangsung's top-tier elites.
Some might call it an overreaction.
But those people had never stood beside Jeong Jin-ho and witnessed it firsthand.
The man had an uncanny insight.
An almost supernatural analytical ability.
"Chairman, 1MDB is a renowned sovereign wealth fund in Southeast Asia. I've heard even American capital is heavily involved. For the group's expansion into the Malaysian market, this seems like a solid choice."
"Yes. This isn't just an option—it's essential. If we secure Malaysia, we can use it as a foothold for aggressive expansion across all of Southeast Asia."
Kang Sung-ho knew this too.
Even if every penny invested in this sovereign wealth fund vanished, it would still be worth the cost.
But did Jeong Jin-ho really not realize that?
Jeong Jin-ho understood better than anyone how crucial this investment was for Kangsung Group.
Yet he had drawn a line.
And now, Kang Sung-ho had to make a choice.
Jeong Jin-ho—or the elite team meticulously assembled through countless layers of vetting.
"..."
His deliberation didn't last long.
"Let's pretend this never happened."
"Excuse me?!"
"Ch-Chairman!"
"If we reject this, we have no idea how the Malaysian government might retaliate! Expanding into the Malaysian market could become impossible!"
He knew.
Logically, he understood all of it.
But human intuition was terrifying.
They say intuition is the sixth sense honed by experience.
And right now, that experience was screaming at him.
That Jeong Jin-ho's words held more value than those of hundreds of elites.
"With Deutsche Bank blocking us, expanding into Europe is practically impossible. That's why we targeted Southeast Asia—if we refuse this—"
"I know. But let's push forward anyway. Do you really think Malaysia's retaliation would be worse than what those Deutsche Bank bastards could do? So let's charge ahead."
Even Kang Sung-ho wavered at his executives' arguments.
By his own reasoning, investing in the sovereign wealth fund was the optimal move for future business.
But his decision was already made.
'Let's trust him one more time.'
Trusting Jeong Jin-ho had never cost him anything so far.
And though he had no idea what the man was thinking, if this time his words proved true again...
'After this, I'll never doubt him again.'
From then on, he'd believe anything Jeong Jin-ho said.
Even if he claimed the sun would rise in the west tomorrow.