Not the Time to Worry About Ilhyeon's Ten Years
President Kim Dae-sang began speaking with a warm smile toward Lee Tak-hyeon and Kim Seong-ho seated across from him.
"A few days ago I saw the advertisement for Ilhyeon Securities. And I was deeply moved."
Kim Dae-sang laid a hand over his chest, his expression soft with genuine feeling.
"The slogan about saving the Republic of Korea struck me right in the heart. When even a corporation is working so hard to save this country, I had to ask myself what I, as president, was doing."
He smoothed his chest with his palm and lowered his hand, then turned his gaze fully on Kim Seong-ho.
"I spent a long time wondering how we might truly save the nation. But my own thinking has its limits. That is why I invited the two of you here. I wanted to hear it directly from people who are out in the field."
When he finished, President Kim Dae-sang looked back at Lee Tak-hyeon.
"What industries should the Republic of Korea foster from this point forward?"
The question was simple—and dangerously so. Depending on how Lee Tak-hyeon answered, the futures of both the nation and the Ilhyeon Group could shift. He could not simply say they should nurture the industries Ilhyeon already dominated, nor could he recommend propping up sectors where rival groups were already collapsing. Even if the conversation never left this room, the Blue House would almost certainly announce the meeting through official channels the moment it ended, and the substance of their talk would almost certainly be leaked. One wrong word and he would look like a greedy old man blinded by self-interest.
Lee Tak-hyeon considered for a moment before he spoke.
"Well now. That is a truly difficult problem. As Your Excellency says, we have reached the point where we must find a new engine of growth. The industries that have carried the Republic of Korea this far appear to have hit their ceiling. Finding and cultivating new industries is the only real path into the ranks of the advanced nations. I will give the matter serious thought after I return. At the moment, nothing comes immediately to mind."
With a promise to think it over, Lee Tak-hyeon neatly sidestepped the question.
Kim Dae-sang nodded and said, "I understand. I asked for this meeting on short notice, so of course an immediate answer is difficult. If a promising approach occurs to you later, I hope you will share it with me at once."
"Of course. I understand."
The president shifted his gaze from Lee Tak-hyeon to Kim Seong-ho. Smiling, he asked, "President Kim, do you by any chance have a good idea?"
"A good idea…"
Kim Seong-ho let the words trail off, wearing the expression of a man deep in thought. Yet while his face looked contemplative, the contents of the leather diary were already rising clearly in his mind.
He slowly lifted his head and met President Kim Dae-sang's eyes.
"Yes. I have a good idea."
"You have a good idea?"
Having expected little, Kim Dae-sang looked at him in open surprise, eyes widening. Beside him, Lee Tak-hyeon was equally startled. Seong-ho could not possibly fail to understand that one did not speak lightly in a place of this importance. Watching him prepare to answer the president anyway, Lee Tak-hyeon felt a flicker of genuine unease.
"What is this good idea of yours?"
At the president's question, Kim Seong-ho recalled the conversation recorded in the leather diary—the one that had once taken place between a Japanese businessman and President Kim Dae-sang—and answered.
"From now on, the world will enter the age of telecommunications."
"The age of telecommunications? You mean telephones?"
"Telephones, yes—but also high-speed communications. An internet world in which the entire globe is woven into one."
"An internet world?"
Kim Dae-sang's face registered pure astonishment. Until Seong-ho spoke, he had expected nothing more than a polite deferral—something along the lines of "I will think it over," the same answer Lee Tak-hyeon had given. He had summoned Seong-ho along with the chairman mainly to express how moved he had been by the Ilhyeon Securities advertisement, not because he truly expected a concrete proposal. To hear a plausible, even compelling vision emerge from the younger man's mouth left the president unable to hide his surprise.
"Just a moment."
Kim Dae-sang raised a hand to stop Seong-ho, then gestured to the secretary standing to one side.
"Bring me my notebook."
The secretary retrieved the notebook from the desk and returned. Kim Dae-sang opened it, took the fountain pen the secretary offered, and looked back at Seong-ho.
"Please continue. How exactly will this telecommunications—this internet—change the world?"
He was listening with complete seriousness now. Kim Seong-ho explained how the internet would reshape everything, and he spoke as well of the direction the Republic of Korea itself ought to take.
"The internet will come to dominate the world. We must prepare accordingly. That is why I believe the growth engine of the Republic of Korea is broadband first, broadband second, and broadband third."
"Broadband?"
Kim Dae-sang stared at him fixedly, fountain pen still in hand. Meeting that gaze, Seong-ho continued in a calm, measured voice.
"A great wave is approaching. We need to restructure our industries to match it and prepare ourselves for what is coming. We must lay an information and communications network across the Republic of Korea so that we can properly absorb that wave. If we build high-speed networks starting with schools and other educational institutions so that they can meet the coming changes in information technology, our country will rise once more—not merely as the dragon of Asia, but as a dragon of the world."
Kim Dae-sang's mouth fell open. Determined not to miss a single word, he began writing furiously in his notebook. Lee Tak-hyeon watched in silence as the president jotted down the word "broadband," then turned his head toward Seong-ho. For a long moment he studied the younger man's profile, then folded his arms and sank into thought.
When he had finished recording everything, Kim Dae-sang summoned the secretary again, instructed him to return the notebook to the desk, and whispered something into the man's ear. The secretary carried the notebook out, set it carefully on the desk, and quietly left the office.
Once he was certain the secretary had gone, Kim Dae-sang smiled at Lee Tak-hyeon and Kim Seong-ho.
"I am more convinced than ever that inviting the two of you was the right decision. I have heard something truly excellent."
"I am glad it was of service."
"Chairman Lee, you will be able to step down someday without a single worry. With such a dependable son-in-law supporting you, Ilhyeon's future looks brighter than ever."
At the president's words, Lee Tak-hyeon smiled and looked at Seong-ho's profile. Seong-ho did not for a moment believe that the gaze from beside him was a warm one.
"Ride with me."
Lee Tak-hyeon called out to Kim Seong-ho just as the younger man was about to climb into his own car. Seong-ho closed the door and walked over. He offered Hwang Do-beom a brief, polite nod, then took his seat. Once both men were inside, Hwang Do-beom shut the door, and the car carrying them pulled out of the Blue House grounds.
Lee Tak-hyeon watched the Blue House recede through the window for a moment, then spoke to Seong-ho.
"Broadband… a high-speed communications network. You handled the conversation well."
He opened with praise for what had been said in the meeting and continued in the same vein.
"I do not know whether you had thought of it in advance or it came to you on the spot, but broadband was an excellent choice either way. It is not an industry we are directly involved in, yet it is deeply connected to us—so we can erase any suspicion while still reaping the benefits. You did very well."
"Thank you. But this time I truly spoke with the country first in mind, not the Group."
"That is precisely why it was even better. By thinking of the nation, you also helped Ilhyeon. How beautifully those two things align. However…"
Lee Tak-hyeon broke off the praise and simply looked at Seong-ho in silence. Then, slowly, he opened his mouth again.
"From now on, speak to me first."
Seong-ho could hear the displeasure in the chairman's voice, and he understood exactly what had offended him.
"I apologize. The thought came to me in the moment and I spoke without first consulting you. Had you known, you could have presented it to President Kim Dae-sang in an even better light. I am sorry."
The immediate apology eased some of the anger that had been building in Lee Tak-hyeon.
"Good. It seems you at least understand what you did wrong."
He paused, settled back against the seat, and continued.
"That was a discussion of the nation's next growth engine. Even saying the same thing, the way it is framed can change both the Republic of Korea's next ten years and Ilhyeon's next ten years. The proper course would have been to say you would think it over, leave that room, and discuss it thoroughly with me."
Lee Tak-hyeon's gaze remained openly displeased as he spoke.
"This is a brand-new government, freshly created and eager to drive bold new policies. Planting even a small seed in such a policy could have secured Ilhyeon's next decade without a single worry… You were far too careless."
"I apologize."
Seong-ho offered no excuses. He simply bowed his head. Seeing that he made no attempt to justify himself, Lee Tak-hyeon let out a quiet sigh.
"You are usually so cautious, yet in this one respect you are still lacking. Be more careful from now on."
"Yes. I will make certain nothing like this happens again."
Faced with that response, Lee Tak-hyeon found he could no longer scold him. And although Seong-ho had not been careful enough, the present situation was not entirely disadvantageous for Ilhyeon. Now that they knew the direction of the government's policy drive earlier than anyone else, Ilhyeon could move faster than the rest.
"Chief Hwang. When we return, call a meeting of the presidents from the electronics and electrical affiliates."
"Yes, sir. Understood."
Lee Tak-hyeon gave the order to Hwang Do-beom, then glanced sidelong at Seong-ho. He parted his lips as if to say something, then closed them again, repeating the motion several times, clearly struggling with the words. Watching the movement of the chairman's mouth, Seong-ho knew exactly what he was wrestling with.
He's trying to decide whether to summon me to the meeting or not.
It had been Seong-ho who proposed the policy to Kim Dae-sang. As the one who had planted the idea, he had every right to sit in on the discussion. Only a short while ago, when he still held the post of Head of the Restructuring Headquarters, the chairman would not have hesitated to bring him in. But things were different now. If the president of Ilhyeon Securities attended such a meeting, Seong-ho's standing within the Group could become awkwardly elevated. That was what Lee Tak-hyeon was fretting over, and Seong-ho understood the concern perfectly.
"Chairman. I believe I will need to be away starting tomorrow to inspect the southern region."
"Inspect the southern region?"
"Yes. I intend to visit the Ilhyeon Securities branches in the southern districts. Unlike the capital area, I have received reports that the Buy Korea fever has not spread well there."
"I see… Then you should go."
By volunteering the reason himself, Seong-ho had neatly removed himself from the upcoming meeting.
There's nothing in it for me if I go. No reason to attend.
Contrary to Lee Tak-hyeon's worries, Seong-ho saw no benefit in being present. He judged it far more useful to pour his energy into the Buy Korea campaign already underway.
With that particular anxiety lifted, Lee Tak-hyeon finally turned to the subject of Ilhyeon Securities.
"So. I hear Buy Korea is going well? As President Kim Dae-sang said earlier, it even has a certain emotional power."
"Yes. We are doing everything we can to turn that positive response into actual performance."
"Since the subject has come up, I am curious. How is the performance looking?"
When the chairman asked about results, Seong-ho hesitated for a moment instead of answering at once.
"What is it? I heard people are lining up at the branches to subscribe to the fund. The results should be quite solid, shouldn't they?"
"It is still too early for anything to show up clearly in the numbers."
"So nothing has appeared in the numbers yet?"
"Yes. We are still short of where we need to be."
The slogan had only just begun to catch fire among the public. People were lining up to join the fund, but the market itself had not yet moved enough for fund management to produce real returns. Lee Tak-hyeon nodded as if he understood and allowed a faint smile to touch his lips.
"True enough. It is still too soon for the numbers to appear. But do not worry. With this much attention, it will not take long for the results to follow. That said…"
He glanced at Seong-ho again.
"The advertisements flooding the broadcasts and newspapers—how long do you intend to keep those running?"
"As long as the ads continue to produce results, I plan to keep them going."
"Keep them going, is it… I see…"
Lee Tak-hyeon leaned back into the seat and muttered to himself.
"That will eat up a considerable amount of advertising money."
Seong-ho knew the remark sprang from the thought that the capital raised through the rights offering might all be drained away as advertising costs. He also knew that beneath the muttered words lay not worry, but a quiet sense of relief. A struggling Ilhyeon Securities was more convenient for Lee Tak-hyeon than a successful one.
Seong-ho looked at the chairman's faintly smiling face and spoke to himself.
What you ought to be worrying about is not here. It is somewhere else entirely.
While Lee Tak-hyeon fretted over Seong-ho's position and fretted over Ilhyeon's next ten years, something else was already rotting from within—and Seong-ho alone knew it. Watching the chairman, he allowed himself a small, private smile.