Chairs of conglomerates often create controversy, say they will take responsibility and step down, only to return quietly.
However, Han Min-goo stepped down from all positions in the group and firmly stated there would be no return to management. Although Han Chan-young had received long-term successor training, the sudden departure left everyone in confusion.
Before leaving the company, Han Min-goo gathered the presidents of each subsidiary and asked them to fulfill their roles until the group stabilized.
The immediate issues are crisis response and restoring trust.
Eunsung Motors decided to recall its vehicles worldwide, separate from government investigations in different countries. The supply of PAS airbags was immediately halted, and they rushed to procure parts from other manufacturers.
A car cannot be completed if even one of its tens of thousands of parts is missing. Factories were halted, and vehicle deliveries were delayed. Even cars that had already been released could not be delivered to customers until the airbag replacements were made.
When the Eunsung Motors factory stopped, hundreds of partner manufacturers also halted operations simultaneously.
In contrast to Eunsung Motor’s quick announcement of measures, PAS maintained silence and did not respond to any media inquiries.
While PAS executives testified at U.S. Congressional hearings, Park Si-hyeong’s son, Park Myung-hoon, resigned from his position as CEO of overseas corporations and returned to being a regular employee, trying to dissociate himself from the president and PAS. However, it was obvious to everyone that this was just a superficial act.
President Park Si-hyeong canceled all scheduled events and did not appear at meetings or official occasions.
Both the opposition and ruling parties pressed for the president to make a statement. There was no chance of winning the upcoming election. It was necessary to kneel and apologize to win back the public’s trust and consolidate conservative support.
In the end, just days before the election, Park Si-hyeong issued a public apology. This was his second apology since a prior one regarding excessive prosecutorial investigations and the illegal surveillance issue by the National Intelligence Service.
“Esteemed citizens, I stand here with an utterly dreadful heart. I have never pursued my own interests for even a moment, nor have I harbored even the smallest selfish desire. I have worked solely for the country and its people with the belief that honesty is the best policy. My involvement with PAS was merely helping my brother’s business in certain matters, nothing more. Yet, it pains me greatly to receive such misunderstandings. Observing the events unfolding now, I sometimes question, ‘Did I become president for this?’ However, I believe I bear ultimate responsibility for all that has occurred during my tenure. Citizens, our security faces a significant crisis and our economy is also in a difficult situation. With many issues piling up both domestically and internationally, I will do my utmost to govern until the end of my term. Thank you.”
It seemed as if he regarded himself as a victim of conspiracy rather than recognizing his own wrongdoing. It was an apology better left unsaid.
The internet erupted in outrage.
– What the hell is this nonsense?
– Haha, honesty is the best. I burst out laughing.
– The characteristic of a presidential apology = no matter how you listen, you can’t figure out what they’re apologizing for.
– You’re out of touch again.
– A scheme to avoid legal responsibility at all costs.
– Until the end, the president remained the same. Consistency is acknowledged.
– Anyone can apologize with words. If you sincerely wish to apologize, I recommend making a public confession on a hot iron plate. If needed, I’ll help fund a setup in the middle of Gwanghwamun Square.
– I feel a sense of self-loathing and distress, wondering if this is why I voted for the president.
– Can’t we impeach now?
– I want to see the president go to jail.
– When you’re released later, I can imagine you saying, “Having experienced prison life…”
– Either way, this election is a failure.
– Lee Jung-hye candidates, please resign now!
I received the call.
[This is Han Min-goo.]
“Yes.”
I had a feeling I knew the reason for the call.
[All that happened at Representative Kang Jin-hoo’s residence is my responsibility. I sincerely apologize. I should have asked for forgiveness as soon as I learned, but I’m very sorry for being too late. If given the chance, I’d also like to apologize to the late CEO Kang Dong-hyun and his wife.]
“…”
Would my father have been happy to know this?
Rather than feeling happy or exhilarated, I felt a weight lifted. It felt as though I had laid down a heavy burden.
“I’ll think about it later and let you know.”
[Thank you.]
He hung up the phone.
I set my phone down and stood by the window. It was rush hour, and Tehran street was filled with cars. Lost in thought for a moment, Taek-gyu came inside.
“What are you doing? Aren’t you going home?”
“Let’s go have a drink.”
“Huh? Out of the blue?”
“I just feel like drinking.”
I went outside with Taek-gyu.
***
The fallout from the airbag defect at Eunsung Motors was greater than expected.
Once valued at over 200 trillion won, the market cap of Eunsung Group shrank to below 150 trillion won.
The business world watched in shock.
The cause of this situation was none other than OTK Company.
Initially, when the name OTK Company first emerged, it was merely a startup that had managed a few lucky investments.
Later, it was revealed that the CEO was Kang Jin-hoo, and his tumultuous relationship with Eunsung Motors came to light.
Eunsung Motors had been thriving with the support of the regime, while Park Si-hyeong wielded significant power, controlling the media and investigative agencies.
In Korea, companies that fall out of favor with the regime find it hard to survive.
No one believed OTK Company could take them on. Yet, in just a few years, both Eunsung Motors and the Park Si-hyeong regime were completely toppled.
Rumors circulated that OTK Company was now effectively the second-largest firm in the industry. Considering its current growth trajectory, it might soon surpass Seosung Group and become number one.
After the emergence of Big One, the industrial landscape was changing. There was no doubt that OTK Company would lead that change.
Everyone was invigorated. They felt the need to forge ties with Kang Jin-hoo.
However, Kang Jin-hoo rarely engaged in public activities domestically and did not attend business gatherings.
In contrast, Seosung Group had President Im Jin-yong stepping up early to form alliances. As a result, they strengthened cooperation through joint ventures and share exchanges, growing together.
Business leaders found it hard to meet Kang Jin-hoo directly, so they tried to build relationships with Park Sang-yeop and Oh Hyun-joo.
This atmosphere oddly spread to the Business School at Korea University. Despite claims of a meritocracy, alumni connections were undeniable.
Large corporations and financial institutions eagerly sought out upcoming graduates from Korea University’s Business School. Particularly, anyone who had attended school briefly alongside Kang Jin-hoo was guaranteed a job offer.
Students were equally keen on getting in touch with Kang Jin-hoo.
Applications to the Business School surged to more than three times compared to the previous year. Students were lining up to join the campus club “Siltuary.”
This club was known as the place where Kang Jin-hoo and Park Sang-yeop first met.
***
The presidential voting has begun.
We went to vote early to avoid media exposure.
“Don’t you have any predictions on who will win?”
“Isn’t it obvious who will win?”
In recent polls, the New Politics Party candidate, Heo Chang-min, was leading by about 5 percent. The exit polls will likely reflect a similar outcome.
“Polls have been wrong more than once.”
“Surely they’ll get it right this time.”
The situation is very different from Brexit and Ronald’s win.
We decided to gather at home to watch the vote counting broadcast, and by evening, everyone started to arrive at my place.
Senior Sang-yeop and Henry were the first to arrive.
Henry had gone on a business trip to the U.S. after China and returned yesterday. This was to send materials like steel and cement produced in China to the U.S. So it’s been hard to see him at the company lately.
“How was the business trip?”
“Yes. As I mentioned before, I’m using various excuses to demand renegotiations.”
In short, prices have risen significantly since the contract was made, so they want to renegotiate. It’s not an unreasonable stance.
After the Big One, raw material prices skyrocketed. If they sell elsewhere, they can get much higher prices, and selling to us barely covers costs. No wonder they’re making a scene.
“I firmly stated that there will be no renegotiation since a contract is a contract.”
“Good job.”
Except for the quantity we use directly, the rest will be sold to the U.S. government at the purchase price. If they unilaterally break the contract, the U.S. government won’t just sit idly by.
Unlike Senior Sang-yeop, who came in casual attire, Henry is all dressed up today. This is because Hyun-joo, noona was also supposed to come.
A little later, Hyun-joo and Ellie arrived.
“Hi! We’re here!”
“Welcome.”
Afterward, the delivery food ordered by Taek-gyu arrived one after another. The living room table was set with pizza, chicken, jokbal (marinated pig’s trotters), and bossam (steamed pork).
I took out a lot of beers from the fridge.
We all clinked our cans and toasted.
“The vote counting has started.”
I watched the vote counting broadcast while grabbing some pizza and chicken. About an hour later, Taek-gyu murmured while drinking cola.
“There’s not much tension.”
He was right.
From the beginning of the count, Heo Chang-min was about 3 percent ahead, and as time passed, the gap slowly widened. The chance of a reversal was almost non-existent.
As the counting moved into the second half, Heo Chang-min’s victory was practically assured. The vote percentage gap with the second place was around 5 percent.
Senior Sang-yeob said,
“If it weren’t for that incident at the end of the election, Jung Hye could have really won.”
“Right.”
Heo Chang-min received 43 percent, Jung Hye 38 percent, and Choi Moon-gil 15 percent. The rest belonged to minor candidates.
If the moderate conservatives hadn’t turned their backs, the result would have been the opposite.
As the magic number was surpassed and the victory was confirmed, cheers erupted from the New Politics Party headquarters. In contrast, the Liberal National Party offices wore gloomy expressions, and Jung Hye lowered her head.
The PAS (People’s Alliance for Change) was in disarray, and a change of government became certain.
Heo Chang-min announced that the new government would investigate resource diplomacy, defense industry corruption, and the issue of collusion between politics and business. In other words, he intended to expose Park Si-hyeong’s corruption.
Sister Hyun-joo, smoking a cigarette, remarked,
“Park Si-hyeong is completely finished.”
“That’s about right.”
Hyun-joo noona smiled. Her expression seemed to say, “Since you touched my brother, you’ll have to pay the price.”
I looked at Taek-gyu.
Does this guy even realize how terribly noona thinks of him?
Ellie asked, “What will you do now?”
“Well, I’m not sure.”
Thinking back, it had truly been chaotic for months. I hadn’t really rested, not only in America but also after returning to Korea.
Now, I felt a bit relieved.
“For a while, I should relax and take it easy.”
Then Ellie smiled and said, “So when will we go on that vacation we didn’t take before?”
Henry perked up his ears, looking determined to go.
I guess I should think about when to go.
***
I drove towards Dongtan. It had been a while since I visited; my mother usually came to Seoul.
When I arrived home, my mother surprisingly asked, “What brings you here without any notice?”
“Do I need to inform you when I’m coming home?”
“Well, I might not be here.”
“Then I can just wait.”
There are bodyguards and I know the house’s security code.
I felt a presence inside the house.
“Is anyone there?”
“Yeah, we have a guest. Come in quickly.”
Upon entering the house, I was shocked to find an unexpected guest.
I was taken aback and asked, “What brings you here?”
The woman sitting on the sofa stood up to greet me.
“Hello. I came to the area for work at a nearby hotel and thought I’d stop by to say hello.”
It was none other than Im Soo-mi, the president of Ceylon Hotel.
Having a CEO in the house I grew up in felt surreal.
