The Chairman's Outrage
Yoo Jae-won received a phone call just as he was about to go to sleep on November 1, 1991. "What in the world is going on here?" It was Mirae Group's General Chairman, Jeon Myeong-heon. Quite some time had passed since their last conversation about the Busan Group matter, and today they were speaking again. Surprisingly, it was Jeon Myeong-heon who had called first.
"A total fine of 160 billion won?!"
"Grandfather, please calm down. Anger isn't good for your health." Jeon Myeong-heon's furious voice boomed through the receiver, and Yoo Jae-won did his best to soothe him. The National Tax Service had conducted a tax audit on Mirae Group, ostensibly over stock transfers within the chairman's family—in other words, the government was interfering with the succession process.
Chairman Jeon Myeong-heon had let his guard down slightly. He had assumed it was a routine audit, but it turned out to be a special one. This event had occurred in the original timeline as well. The only difference was that the fine had been 130 billion won before; this time it had risen to 160 billion, an increase of 30 billion. It seemed that Yoo Jae-won's large-scale investment in Mirae Electronics had altered the National Tax Service's calculations.
"I won't let that bastard Lee Sang-hyeok get away with this." Lee Sang-hyeok was the Seoul Regional Tax Commissioner who had imposed the 160 billion won fine. On the morning of the first, Korean time, he had held a flashy press conference announcing that income tax, defense tax, and other levies totaling 100 billion won, plus gift tax, defense tax, and corporate tax amounting to 60 billion won, would be assessed against ten affiliates connected to Chairman Jeon Myeong-heon and nine of his family members, including children and nephews. He stated that the final notice would be issued on the sixteenth. Throughout the entire process, Mirae Group had not been given a single word of prior notice or consultation. They had simply been blindsided that morning.
"Chairman, what power does a tax commissioner have to slap a 160 billion won fine on Mirae Group? Someone above must have ordered it."
"I know! That's exactly why I'm so furious. When have I ever been uncooperative with the administration? And this is how they repay me?"
Yoo Jae-won nodded. Chairman Jeon Myeong-heon had placed too much trust in the politicians. He had given them everything they asked for, expecting they would look the other way during the succession process, and had proceeded too carelessly. When transferring group shares to his sons, the chairman had allowed them to use company funds interest-free to purchase the stocks. The cumulative amount had reached 200 billion won. Furthermore, Chairman Jeon and his children had acquired shares in unlisted Mirae Group subsidiaries held by Mirae Construction at prices far below market value through pre-inheritance loopholes, generating substantial capital gains.
"You be careful too, Jae-won. They may be watching your back now, but the moment they see an opening, they'll stab you in yours."
"Yes, I'll keep that in mind." The words "So you've finally realized that?" nearly slipped out. That was precisely why Yoo Jae-won never asked the political world for favors first. Even when they offered assistance on their own, he kept the accounting clean. When purchasing shares in Daekom, he had paid a clear premium, and he had paid his taxes in full. If the government ever targeted ID Group the way they had Mirae Group, his records were impeccable enough that anyone would assume political motives.
"Good heavens, I'm worried the sparks might fly your way too." The chairman was referring to the fact that Yoo Jae-won currently held a 9% stake in Mirae Group. The National Tax Service could use that as leverage. Objectively calculating the value of Mirae Group's controlling interest was extremely difficult, but there was a common-sense threshold. The price Yoo Jae-won had paid was certainly below that line, yet it was not so low as to be outright destructive of common sense. While the chairman's children had borrowed company money for free and received shares at drastically discounted prices, Yoo Jae-won—as an outsider—had paid a considerably higher price than they had.
"I'll be fine. My gratitude toward you remains unchanged even now."
"Good. I'm glad to hear you say that. When did you say you'd be coming back to Korea?"
"On the eighth."
"Understood. I'll see you there, then." "There" referred to the opening ceremony of Kim & Jung Law Firm. Once word spread that Yoo Jae-won would be attending the grand event, many distinguished guests promised to come. Chairman Jeon Myeong-heon was among them.
After ending the call, Yoo Jae-won fell into brief contemplation. "Hmm. Could this be the decisive turning point?" The turning point in question was Chairman Jeon Myeong-heon's entry into politics. While it was natural for citizens to participate in elections through voting, the chairman had gone a step further and run for office himself. He had not run as a ruling party candidate; instead, he had personally organized a new party and entered the 14th National Assembly election. Having grown thoroughly disgusted at being treated as the political world's personal piggy bank, he had taken a path completely different from other chaebols who kept their distance from politics. His bold, headstrong personality, always ready to challenge the impossible, had also played a role in his decision.
The results had been favorable. Chairman Jeon Myeong-heon's Tongil National Party secured 31 seats in the 14th National Assembly election, and the chairman himself was elected as a proportional representative, proudly entering the National Assembly. Of course, in the process he had blatantly mobilized Mirae Group employees and their families for the campaign, causing social controversy and drawing wary glances from other chaebols. A chaebol-turned-lawmaker attacking chaebols from the people's side was a concerning prospect, and they watched him like hawks. In reality, the Tongil National Party's political platform was quite radical: an aggressive unification policy that actively leveraged the thawing mood with North Korea, half-price apartments, abolition of the National Security Law, elimination of university admission quotas, introduction of a graduation qualification system for university students, double-decking the Gyeongbu Expressway, and free school meals through middle school. There was even talk of dismantling the chaebols. The policies were completely at odds with Chairman Jeon Myeong-heon's own inclinations. Perhaps because he knew they would never be implemented, he felt free to make such bold promises. Thanks to this, he had certainly won the public's support. Emboldened, Chairman Jeon Myeong-heon ran in the 1992 14th presidential election as well. The result was defeat with 4 million votes.
"I'll have to keep a close eye on Chairman Jeon's future moves." At the same time, the unpredictable political world also warranted caution. President Roh in particular needed watching. After the Busan Group incident, he likely believed he had a debt to collect from Yoo Jae-won and might make some burdensome request.
"Well, he only has one year left anyway." Fortunately, President Roh's power had exactly one year remaining. Once the next president was elected in the 1992 presidential election, power would shift instantly. For now, the best course was to monitor the National Tax Service's movements while focusing on the November schedule.
Around the same time, Chief of Staff Choi Kang-wook was seated in his office with lawyer Jung Byung-woo, who had come to visit, discussing the upcoming opening ceremony of Kim & Jung Law Firm on November 10th.
"Our chairman will be attending the Kim & Jung Law Firm opening ceremony."
"Pardon? The chairman? You mean ID Group's Chairman Yoo Jae-won?"
"Of course. Who else would our chairman be referring to besides Yoo Jae-won?"
"No, it's just... I was surprised to hear that someone who's gone to America is coming back."
At Choi Kang-wook's question, Jung Byung-woo answered promptly, his posture exceedingly respectful. Anyone who had worked with Jung Byung-woo at the prosecutor's office would have blinked in disbelief at the sight. After all, even an opportunist needed ability to pull off such a performance. Jung Byung-woo's bar exam scores had been the highest in his class, as had his training institute graduation scores. His prosecutorial abilities were also excellent, and after a single stint in the provinces following graduation, he had held nothing but key positions within the prosecution. It was only natural that he had carried himself with considerable arrogance. But after being ousted from the organization for backing the wrong horse, he had come to painfully realize how unforgiving society could be. When he had been drowning in despair, the person who had extended a golden lifeline was none other than Choi Kang-wook standing before him now. He could never forget how grateful he had been that someone had reached out when everyone else had turned away. And not just anyone—Choi Kang-wook was the chief of staff of ID Group, a company that had grown into a major corporation within just a few years of founding and had gained even greater recognition in America. As ID Group's undisputed second-in-command, Choi Kang-wook was someone worth relying on. Moreover, unlike complete strangers, Choi Kang-wook and Jung Byung-woo were senior and junior from the judicial examination. Since Choi Kang-wook was two classes ahead, Jung Byung-woo had naturally addressed him as "senior" from their very first meeting. Now that his position had been secured as a law firm under the ID Foundation, his demeanor toward Choi Kang-wook was as deferential as if he were facing a chief prosecutor at the district prosecutor's office.
To Jung Byung-woo, Yoo Jae-won was an even more intimidating figure. In terms of social standing, Yoo Jae-won—who mingled with chaebols from both Korea and America—was simply someone of immense stature. Age meant nothing. "It means the chairman is taking Kim & Jung very seriously. And he's not the only VIP. Mirae Group's General Chairman Jeon Myeong-heon has also confirmed his attendance, and Democratic Liberal Party Chairman Kim Young-sam has promised to come as well."
Jung Byung-woo flinched every time Choi Kang-wook mentioned a heavyweight, particularly sensitive to Kim Young-sam. After all, the line he had originally wanted to grab was President Roh's. There was no stronger connection in Korea, so he had charged straight ahead. Chairman Kim Young-sam was also a powerful politician, and they were even in the same party. However, their factions and political lines were completely different. Kim Young-sam was in the minority within the party, while President Roh's Democratic Justice Party faction was both numerous and powerful. Growing close to Kim Young-sam meant distancing himself from President Roh, and Jung Byung-woo felt a momentary twinge of unease. But now there was no reason to be wary as before. Having secured a solid connection with ID Group, it no longer mattered who he grew close to. On the contrary, from a cool-headed perspective, building ties with Kim Young-sam—who was the likely next president—was far more advantageous than maintaining a relationship with President Roh, whose term was nearly over.
"You're doing calculations again, aren't you?" Chief of Staff Choi Kang-wook snapped Jung Byung-woo out of his calculations. "Does that mean you think even ID Group isn't enough?"
"N-no, that's not it! I was just surprised that such important figures are attending."
"Is that so? Since you say so yourself, I'll let it pass." Choi Kang-wook knew exactly how to handle people like Jung Byung-woo. They were weak to authority and money, and if given an opening, they would relentlessly exploit it. The best approach was to stamp down hard from the very beginning. "Thank you."
"There's no need to thank me. In fact, I still have several questions about you, Attorney Jung. But I'll trust the chairman's judgment. The judgment of a man who started with nothing at a young age and built a 10-billion-dollar company."
At the cool-headed chief of staff's words, Jung Byung-woo's gaze trembled. Jung Byung-woo wanted to meet Choi Kang-wook's eyes with the same composure he had once shown suspects during his prosecutorial days, but he could not withstand that icy stare. It was truly a mystery why someone like this had left the prosecution to join ID Group. "I hope you don't disappoint the chairman who chose you."
"Yes! I absolutely won't." Jung Byung-woo raised his voice. Only then did a slight smile appear on Choi Kang-wook's face as he extended his hand. "In any case, since we're family now, let's do our best going forward."
Jung Byung-woo bowed at the waist and shook Choi Kang-wook's hand. Because he was bent over, he could not see Choi Kang-wook's face, but the chief of staff's eyes remained cold—completely different from when he dealt with Judge Kim Chang-wan. It seemed Jung Byung-woo would have to work tirelessly if he wanted even recognition, let alone trust, from Choi Kang-wook.
November 8th. "Chairman, this way." After completing immigration procedures at the domestic VIP counter, Yoo Jae-won looked around and turned toward the familiar voice. Chief of Staff Choi Kang-wook stood waiting with a sign, looking as reliable as ever. Since the arrival had not been publicized, there was no swarm of reporters as there had been before. Still, people at the airport recognized Yoo Jae-won, and the murmurs grew louder. When boarding, he had used the first-class lounge and boarded early, so there had been no crowds. Since it was a flight to Korea, there had been some Koreans in first class who had also recognized him, but no one had approached for an autograph. The quiet atmosphere had made requesting signatures awkward. But upon arriving in Korea and descending into the airport, the number of people who recognized him had increased dramatically, and in the noisy environment, the area quickly became crowded. Thanks to Greg and Fisher, who had accompanied him from America, providing security, order was maintained.
"I'm relieved to see you looking well. I'll escort you to the car." Choi Kang-wook immediately guided Yoo Jae-won to the vehicle. Waiting there was the Grandeur limousine that Chairman Jeon Myeong-heon had gifted him. Compared to the Rolls-Royce he had been driving in America, it looked rather modest, but to Yoo Jae-won it felt far more familiar. Kim Dae-seok, accustomed to Korean roads, took the wheel, with Fisher in the passenger seat. The rest climbed into the back. The car soon departed. Choi Kang-wook remained the same as ever. "Then I'll report on the company's recent developments."
After exchanging greetings, he immediately began work. To adjust to the time difference, Yoo Jae-won had taken a flight arriving at 9 a.m. Korean time. By sleeping during the flight and waking upon arrival, his biological clock would align with Korean time. Thanks to this, it was now peak working hours, and Yoo Jae-won was able to hear a detailed report from Choi Kang-wook about the operational status of ID Group Korea. Fortunately, it did not take long. ID Group's Korean branch had once been larger than the American organization. But now the situation had reversed, and compared to America it was slim to the point of being skeletal, so there was not much to report. Choi Kang-wook focused on the item regarding the Kim & Jung Law Firm opening ceremony scheduled for the afternoon of the tenth.
Kim & Jung Law Firm would be located in a building in Cheongdam-dong near Apgujeong, where the Rodeo team was based. It was an office that Hwang Jae-hong, the Korea branch manager of ID Investment, had selected together with Yoo Jae-won's parents—a relatively new, state-of-the-art building. Though it was a fifteen-story building, the total price had been too burdensome to purchase outright, so they had only bought the first and second floors where Kim & Jung Law Firm would be located. When shown photographs of the completed interior, it had a sophisticated appearance with extensive use of full glass and hardwood, much like the ID Flagship Center. While some executives had voiced concerns about excessive spending, Yoo Jae-won found it acceptable. Land prices in Gangnam had already risen to absurd levels, but Gangnam real estate had continued climbing without pause from 1990 through the mid-21st century. Spending several billion won to purchase and renovate the first and second floors of the building would be recouped within a few years, with plenty to spare.
"These are the VIPs who have confirmed their attendance at the event." No grand event could do without VIPs. Yoo Jae-won had a rough idea of who would be attending, but this was his first time seeing the confirmed list. He carefully read through the document he had received. The first name that caught his eye was naturally Mirae Group's Chairman Jeon Myeong-heon, followed by Chairman Kim Young-sam of the Democratic Liberal Party, marked as top class. In addition, there were Sambo Computer's President Lee Yong-kwon, Minister of Communications Hong Byung-do, and senior secretaries from the Blue House—impressive names that reflected ID Group's stature. "Hmm?" But when he turned to the next page, Yoo Jae-won let out an involuntary sound of confusion at one particular name. Ilseong Group Chairman Choi Hyun-hee. Why was this name listed here?