Chapter 81
Chapter 81
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Translator: Vine
Chapter: 81
Chapter Title: A Presidential Request
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“It’s an honor to have you.”
After the event, we made our way to a nearby restaurant.
With none other than the President in attendance, the entire building was under the control of security personnel.
The third floor, where we were seated, had become an absolutely secure zone. No one was allowed in or out except for the President, the Prime Minister, key military figures, and of course, Vice President Kim and myself.
“The side dishes are exquisite.”
The President, seeming to enjoy the food, never put his chopsticks down.
But with such an important matter at hand, how could I have any appetite?
As I was just picking at my food, the President suddenly tossed a question my way.
“So, you want to acquire KAI?”
I froze.
At his words, everyone’s gaze turned to me.
The funny thing was, their expressions weren't of surprise.
I suppose for them, who already knew a fair bit about the inner workings of the indigenous fighter jet program, it wasn't particularly shocking.
“That’s correct.”
I answered immediately, then studied the President’s expression.
It was completely unreadable.
Just as a sliver of anxiety began to prickle at me, he turned to gauge the opinions of the generals around him.
“What are your thoughts?”
“I’m in favor. As it stands, KAI lacks the ability to lead the indigenous fighter jet development program without external help.”
The first to respond was, as expected, Lee Dong-wook, the Chairman of the Joint Chiefs of Staff.
His reasoning must have been sound, as the President nodded. Then, Minister Oh Joong-geun, who had been watching for his cue, chimed in.
“He’s right. At this point, only Jaewoo can successfully lead the fighter jet’s development.”
He spoke as if he knew the whole story.
As if he knew we were secretly developing avionics and engines, and were already in the process of designing the fuselage.
But the only ones who knew that were me, the President, and the Director of the NIS.
He was probably just trying to get on the bandwagon, seeing the military's mood shift favorably toward Jaewoo.
“If that is your consensus, then I see no reason to object.”
With that short reply, the President picked up his spoon again.
It was as if KAI's fate had been sealed from the beginning—destined to belong to Jaewoo.
Then again, he was well aware of all the groundwork I had already laid.
He must have anticipated that I wouldn't willingly hand over the project to someone else, and likely guessed that I would eventually attempt to absorb KAI.
“Does that mean you’re approving Jaewoo’s acquisition of KAI?”
The Prime Minister, who was sitting beside him, asked with a surprised expression.
No, it was more than just surprise; his eyes held a hint of dissatisfaction.
Just as I started to feel a bit uneasy, the President put his spoon down again and spoke.
“If it’s the best option, then that’s what we must do.”
“But…”
The Prime Minister hesitated.
He looked as if he had a complaint but couldn't bring himself to voice it.
A sense that something was off began to creep into my mind.
“Why? Do you have an objection, Prime Minister?”
“Ah, no, it’s not necessarily that…”
“Even if you do, please drop it for now. This isn’t simply about granting a favor; it’s a measure to compensate Jaewoo for all it has done for the government.”
“…”
The Prime Minister blinked at his words.
Come to think of it, this newly appointed Prime Minister had no knowledge of what Jaewoo had done for the government over the years.
It wouldn’t be a stretch for him to think this was some kind of special treatment.
‘Special treatment? What a joke. They have no idea how much debt KAI is in.’
Wait, the President couldn't be unaware of that either.
So why was he framing it as compensation?
Unless he was planning to drastically write off the debt, that is.
“However.”
Just then, the President spoke again.
All eyes focused on his lips. With a slightly sheepish expression, he looked at me and said.
“I’m afraid I’ll have to ask you for one more favor, Chairman Jin.”
“What is…”
“If you have the capacity, I would like Jaewoo to acquire Daewoo Shipbuilding as well.”
“…”
Stunned, I remained silent.
As if he understood what a massive burden that would be, the President quickly added a caveat.
“Of course, it won’t be easy. But if Jaewoo accepts, the Korea Development Bank will likely be willing to restructure the debt for both organizations.”
My guess had been spot on.
In a nutshell, it was this:
*You take these burdens off the administration’s hands.*
*In return, I’ll give you a satisfactory debt restructuring.*
The question was whether I had any reason to acquire a shipbuilding company right now. The answer, once again, came from the President.
“The mid-term national defense plan we’re announcing soon includes the Navy’s requirements.”
“…”
“Therefore, the government is thinking of fully integrating the KDX-II and KDX-III programs, which have yet to begin construction, to launch a new Korean-style destroyer program. And who else but Jaewoo could handle such a project?”
He was likely referring to the AESA radar we possessed.
His thinking was that if we were going to build air defense destroyers, we might as well equip them with an integrated Aegis system.
When I thought about it, it wasn't exactly impossible, so I found myself at a loss for words.
“Actually, I discussed this with the Chief of Naval Operations before coming here. He said that with the AESA developed by Jaewoo, it’s entirely possible to equip a KDX-II class destroyer with an Aegis system. Moreover, since we’d be jumping straight to AESA instead of PESA, we could perform anti-air defense missions more efficiently than Japan or the United States.”
“That’s not incorrect. The multi-band AESA we developed is also highly effective at tracking high-altitude ballistic missiles. If we install that, and later modify and mount the anti-air defense missiles we’re developing with Russia, we’ll create something in a completely different class from existing Aegis warships.”
A faint smile appeared on the President’s face at my words.
It was as if the picture he was painting in his mind was already complete.
In that brief moment, I quickly weighed the pros and cons.
‘If we integrate the KDX-II and KDX-III, that’s a minimum of nine ships. Plus, considering the coming boom in LNG carrier orders, there’s no reason to refuse the acquisition.’
And beyond the money, this was a test that would require pouring in all of Jaewoo’s technological prowess.
It would serve as an objective measure of our capabilities and, depending on the outcome, could be a chance to close the gap in Northeast Asia’s naval power.
No, not just close the gap—we could even surpass it.
“We’ll acquire it.”
After some thought, I made my decision.
A surprised Vice President Kim looked at me with wide eyes. Just as the President’s eyes curved into a smile, I continued.
“However, it’s problematic to limit the destroyer’s displacement to the KDX-II class. A light displacement of 4,400 tons has its limits when it comes to armament.”
“That can be coordinated with the Navy. Speaking of which, since the decision has been made, how about we move things along quickly?”
As he spoke, the President glanced at the Prime Minister.
At that moment, the Prime Minister’s expression changed.
He had been looking negative enough to bother me from the start.
“To handle that matter all at once…”
The Prime Minister hesitated under the President’s almost pressuring gaze.
But it was only for a moment. He soon nodded and turned to me.
“We will form a committee soon, so please prepare.”
“Yes…”
Though I answered, I didn’t feel entirely good about it.
It was the Prime Minister's attitude.
It felt like he was being reluctantly pushed into this.
I have a feeling… there’s something I don’t know.
*******
“The Prime Minister’s reaction seemed a bit off, don’t you think?”
On the way back up after the event had concluded.
I spoke up as I gazed out the car window, the memory of the situation suddenly coming to mind.
Vice President Kim, who had been sitting silently beside me, replied as if she had been waiting for me to ask.
“It was probably because of the KAI issue.”
“What about KAI?”
“There were rumors that we weren’t the only ones interested in KAI.”
“…”
My head snapped in her direction.
Perhaps my gaze was too sharp, because Vice President Kim’s face flushed slightly as she continued.
“I… I only heard about it this morning from Chairman Lee Dong-wook, but it seems S&U was planning to acquire KAI to enter the aerospace sector.”
“S&U, which has never even assembled a fighter jet engine? For what reason?”
I asked, dumbfounded.
The aerospace industry wasn't child's play.
Why would a company with no significant track record in that area suddenly try to jump into what was essentially uncharted territory for them?
“I don’t know the specific details either. Only that they were trying to work through the Prime Minister. But before they even had a chance to make a move, the decision was suddenly made today, so of course the Prime Minister wouldn’t be happy.”
“Is there any chance they could interfere?”
That was the most important thing to me.
I couldn't just stand by and let someone throw a wrench in the works now that the ball was in our court.
But it seemed my worries were unfounded, as Vice President Kim let out a short, dismissive laugh.
“How could they? The President is fully aware of all the preparations Jaewoo has made for the fighter jet program. Besides, the Air Force isn't stupid. They would never agree to an incompetent company like S&U acquiring KAI.”
“Hmm…”
Even so, the feeling of displeasure lingered.
After a moment’s hesitation, Vice President Kim delivered the clincher.
“Actually, that’s probably why the President made the acquisition of Daewoo Shipbuilding a condition.”
“…”
“If they were to use their political influence to cause trouble, it would be a burden for the President as well, wouldn’t it? So he attached a condition that they couldn't possibly accept, forcing them to give up.”
It sounded plausible.
Honestly, could S&U, with its limited financial resources, even acquire two companies at once?
But we had more than enough capacity, and the President had used that to his advantage.
“Still, he proposed the debt write-off because it is a burden on us…”
“Exactly. The President must have felt apologetic. In any case, thanks to that, the only thing S&U can do now is talk behind our backs.”
“…Talk behind our backs?”
“Media manipulation. But that’s not something you need to worry about either. When it comes to handling the media, Jaewoo is far better at it than they are.”
She wasn’t wrong about that either.
When it came to dealing with the media, money was key, and we were certainly more comfortable in that regard.
In conclusion, if there was nothing to worry about, that was a relief, but the unpleasant feeling that had taken root just wouldn't go away.
“S&U… Moon Ji-hoon.”
As I mulled it over, that name suddenly came to mind.
Right, that bastard was a managing director at S&U.
Oh Hyun-ji, the old flame of this body's original owner, Hyun-seung.
He was one of the men in her orbit.
I was wondering about the source of my displeasure, and it seemed he was the cause.
“Has there been any recent change in S&U’s management?”
I asked, just in case.
As if confirming my suspicions, Vice President Kim immediately nodded.
“About five months ago, Chairman Moon Ik-hyun’s son, Moon Ji-hoon, was appointed CEO.”
“Is that so?”
With that, I was certain.
He was the one behind the Prime Minister.
But instead of feeling angry, why did I find it amusing?
“S&U won’t be around for long, then.”
“Pardon?”
“After finally taking over the company, the first thing he does is venture into a field far beyond his capabilities. Isn’t the future of that company as clear as day? This is just the first of his blunders. He’ll probably make many more foolish moves like this in the future.”
“…That’s true. The aerospace industry isn't something that produces results overnight. For him to just jump in like that…”
Vice President Kim nodded in agreement.
“Anyway, it looks like I’ll be seeing his face sometime soon.”
“…You will?”
“Just… a feeling.”
“…”