It seemed that Chairman Im Jin-yong was slightly surprised, perhaps not expecting me to stand firmly against the regime.
There had been opportunities for reconciliation before. If we had quietly overlooked the civilian surveillance and illegal investigations by the prosecution during the press conference, we wouldn’t be so antagonistic towards each other now.
I’m not doing this out of mere pride or without thought.
In the worst-case scenario, I’m even considering splitting K Company from a connected entity into an independent corporation, and OTK Company may withdraw from Korea.
Taek-gyu and I would naturalize in the U.S.
Of course, I wish to avoid reaching that point.
Chairman Im poured the drink in his glass into his mouth.
“Let’s talk business now.”
“Yes.”
“The Seosung Group has made several mistakes over the years. Two of those mistakes stand out.”
“I think I know one of them. It’s Andromeda, right?”
He nodded.
Paul Kates, who created the smartphone OS Andromeda, approached Seosung Electronics in its early development to propose an acquisition, but Seosung refused.
By that time, they were already developing their OS.
As everyone knows, Andromeda was later acquired by Google and, together with NPL’s NOS, split the smartphone OS market.
The acquisition price by Google is said to be $60 million, but Andromeda has reportedly generated over $30 billion since then.
It’s uncertain whether it would have turned out the same had Seosung acquired it, but it’s undeniable that they missed a great opportunity.
“The other one is Nikola. The founder, Allen Eberhart, came to Seosung SB early on to request a bulk supply of 18650 batteries.”
18650 refers to a battery with a diameter of 18mm and a height of 65mm, commonly used in phones and laptops.
The biggest advantage of mass production is that the prices are low.
Electric vehicles are expensive due to battery costs. Allen conceived the idea of connecting thousands of 18650 batteries—generic small batteries instead of large automotive batteries—in parallel to lower costs.
While it’s true that he’s a genius, such an idea is something anyone could come up with. However, turning an idea into reality is not something just anyone can achieve.
It’s not just about connecting the batteries; you also need to control performance uniformly and manage heat.
Many considered it an impossible task, but Allen was confident in his independent technology to solve those problems.
“Seosung SB rejected that request.”
“At that time, Nikola was a company that couldn’t even make one car. Allen was confident that if they built it, he would buy as many as they could, but he couldn’t afford the risk for a nascent startup.”
Ultimately, Allen sought out Japanese Technics and signed an exclusive contract.
The electric vehicle released by Nikola was deemed revolutionary, selling like hotcakes, which allowed Technics, previously on the brink of failure, to stage a comeback.
Currently, it is Seosung SB that is reaching out to Nikola, but Nikola has declared that it will only accept exclusive supplies from Technics.
From Seosung SB’s perspective, it missed a golden opportunity to become a dominant player in the battery market.
If things had gone well back then, perhaps there would have been no need for collaboration with me?
Chairman Im Jin-yong poured more liquor into his glass.
“Seosung Group has grown thanks to government support.”
“It’s the same for all large corporations.”
In developing countries, resources are limited, so promising companies receive concentrated support.
It’s not an exaggeration to say that conglomerates in Korea have grown with taxpayers’ money. They have received favorable funding, had their domestic markets protected, and when crises arose, public funds were injected to save them.
“The Korean market is small. Relying solely on the domestic market will lead to decline. That’s why my grandfather and father always said we must go global. They believed that earning foreign currency, as we grew with the nation’s support, is a form of patriotism.”
“That’s true. That’s the essence of patriotism.”
The Seosung Group earns hundreds of billions of dollars from abroad each year, playing a crucial role in supporting the Korean economy.
Of course, if Seosung Electronics had not existed, another company might have filled that gap. However, just because a company worth 300 trillion won disappears doesn’t mean 10 companies worth 30 trillion won will spring up in its place.
This is evident from observing Japanese electronics firms.
While the market capitalizations of companies like Sony and Toshiba have decreased, new companies have not emerged; instead, markets have been taken by foreign firms like Seosung Electronics and N-Full.
“Seosung Electronics was able to leap to a global status thanks to semiconductors and smartphones. The issue now lies ahead. If we fail to create new growth engines, we could fall behind at any time.”
“Is that growth engine the automotive industry?”
Chairman Im Jin-yong nodded.
“What do you think about hydrogen vehicles?”
“What’s your opinion, senior?”
“There are differing views even among our experts. Some believe the electric vehicle era won’t last long and we’ll transition to hydrogen, while others think both electric and hydrogen vehicles will coexist.”
“So, you’re suggesting that hydrogen vehicles will occupy a certain segment.”
“Yes, they have several advantages over electric vehicles. If we can reduce prices through technological development and mass production, it won’t be impossible to displace electric cars.”
“Conversely, if electric vehicles can solve the issues with secondary batteries, they could push hydrogen vehicles aside and seal their fate.”
Upon my words, Chairman Im Jin-yong’s eyes sparkled.
“Is that possible?”
I spoke with conviction.
“It will definitely happen.”
***
Three days later.
Professor Kim Ho-min came directly to OTK Company. After receiving a call from the reception desk, I quickly made my way to the lobby.
“If you had told me, I could have come to you.”
“It’s fine. Today happens to be a day without lectures anyway.”
I guided him to the CEO’s office. Professor Kim Ho-min scratched his head and said, “I’ve been thinking for a few days. I also talked with Professor Kim Myoung-jun.”
“What did he say?”
“He strongly recommended it as a great opportunity.”
Just as I thought, our department head is the best. I should express my gratitude later.
“Can you keep all the promises we talked about? That you won’t interfere at all with the development direction and that you’ll treat the researchers well?”
Hearing this, it seemed he was almost decided.
I nodded. “Of course.”
“You may not know, but being a researcher is not an easy job. There’s a lot of work, but the pay is low, and there’s not much guarantee of success later on.”
“I promise to provide the best treatment for both you and the researchers.”
Professor Kim Ho-min looked at me and asked, “Can you really make me wealthy? It’s not just about money; I want to show our people that even with hard work in research and development, they can succeed far beyond just being entrepreneurs or investors.”
“Yes. You will be their role model.”
Professor Kim Ho-min extended his hand.
“Alright. Then I look forward to working with you, CEO.”
I took his hand.
“I look forward to working with you as well, Director of the Research Institute.”
***
I met with Hyun-joo noona, just the two of us, after a long time.
“I brought coffee.”
“Thank you.”
She still looked tired.
“Your necklace and earrings suit you well.”
Hyun-joo noona chuckled at my comment.
“Thanks for the gift. Shouldn’t I do something for you too?”
“I have plenty of money, so I’ll just take your goodwill.”
Hyun-joo noona lit a cigarette. I sat down and sipped my coffee.
“How’s work going?”
“Always busy.”
“I heard Golden Gate is doing really well lately.”
Golden Gate, which entered the Korean market, has begun to actively expand its operations. They reached out into stocks, bonds, funds, futures and options, asset management, corporate loans, and project financing.
The most distinct feature compared to domestic securities firms is their overseas funds.
Since last year, they launched several funds investing in the ASEAN market, and their operational capabilities built in the global market have produced incredible returns. Of course, it’s also thanks to the recovery of the world economy.
Once the profitability was made known, funds began pouring into the investments.
Domestic securities firms, which had been operating as if swimming in shallow waters, all began to express their concerns. Still, several firms quickly responded by expanding their operations and launching new products.
For a long time, foreign investment banks had struggled to gain a foothold in Korea. The reason Golden Gate was able to establish itself in a relatively short time is largely due to the efforts of Hyun-joo noona, the branch manager.
“How about you guys?”
I updated her on our progress.
“We’ve recruited a head of the research center, and we’re in the process of setting it up as planned. I think the funds will come from the OTK Games dividends next quarter.”
Hyun-joo noona pushed her glass aside and asked.
“I’ve been curious for a while, is there a reason you’re rushing things like this?”
There’s a proper order to work.
First, you acquire the car company, then expand the factory based on sales, and after that, you invest in new research and development.
However, I’m simultaneously working on the acquisition, technology development, factory construction, a battery joint venture, and the establishment of a battery research institute.
“If everything proceeds as planned, that’s great, but if things go wrong, it could all collapse one after another.”
“I’m not unaware of the risks.”
If I hadn’t had foresight, I wouldn’t be taking on so much at once.
“But why?”
“Because the future is approaching faster than expected.”
The current industry is rapidly changing in every aspect.
Sharing economy, big data, artificial intelligence, mobile payments, etc.
In China, street vendors accept payments through Jinipay instead of cards or cash. So much so that it’s become nearly impossible to conduct commerce without it, leading locations like Myeongdong and duty-free shops, where many Chinese tourists visit, to start accepting it.
Just a few years ago, blockchain technology was almost unheard of, yet it’s now on the rise, and the prices of various cryptocurrencies, including BanCtoken, soar daily.
In the U.S., calling an Uber instead of hailing a taxi has become the norm, and in China, Dada Chuxing, established by Alizini and WeChat, has taken that spot.
Compared to this, Korea is almost like the Galapagos Islands. All sorts of regulations are blocking innovation.
“Self-driving cars and electric vehicles will change the world. That time isn’t far off.”
Hyun-joo crushed her cigarette into the ashtray.
“What kind of future are you envisioning?”
I smiled.
“To be honest, I don’t know either.”
The information I have is fragmented and limited. They’re like individual points. But connecting those points forms lines, and connecting lines creates areas.
“Maybe we can figure out what kind of picture this paints?”
“But why did you call me here?”
Hyun-joo leaned back on the sofa and sipped her coffee.
“I’ve heard that the Financial Supervisory Service will be investigating transactions between Golden Gate and OTK Company.”
“The Financial Supervisory Service?”
If the Fair Trade Commission is the Grim Reaper for corporations, the Financial Supervisory Service is the Grim Reaper for financial companies.
“What’s the reason?”
“They’re going to look into whether any preferences were given during the transaction process and if there were any illegal activities. If they find issues, they’ll impose penalties.”
“Is it the Financial Supervisory Service’s turn after the National Intelligence Service, the Prosecutor’s Office, and the National Tax Service?”
“Who knows what’ll come next? They might even launch another tax audit.”
As long as Ronald is around, it’s impossible to pull off nonsensical actions like before. Yet, it’s also true that if they conduct a legal investigation, there’s no way to stop it.
“I met Chairman Im Jin-yong before…”
I shared the conversation I had with him, and Hyun-joo nodded.
“That’s true. At least Park Si-hyeong seemed more capable than other politicians. If everyone can improve the economy and create a prosperous country, I thought I could overlook a few personal flaws.”
Park Si-hyeong championed business-friendly policies under the belief that if companies thrived, citizens would prosper. Thanks to various privileges, large companies grew significantly.
However, the situation for small and medium-sized enterprises worsened, with lower wage increases leading to stagnant real incomes.
It’s only natural to think that. Most manufacturing jobs are handled by small businesses; how can the economy for ordinary citizens improve when they are struggling?
Still, people continued to support Park Si-hyeong.
“Even with so many scandals coming to light. If it were any other president, they would have been impeached by now.”
“That’s why a person’s image matters so much.”
A politician with a clean image suffers significantly from even minor scandals.
In the case of Park Si-hyeong, it’s the opposite. He has flaws but is seen as capable, so when corruption scandals arise, there’s a general attitude of, “Well, that’s expected.”
If evidence were found and the relationship with PAS were exposed, could it really be a fatal blow?
Isn’t there any other good way?
At that moment, a hologram appeared before me.
-Bankruptcy of Hoseong Savings Bank-
Go
oh.. Hologram-sama. 🙏