IWSF – Ch 211

[Lunchtime.]

I ordered Jajangmyeon with Taekgyu and Senior Sangyeop in the CEO’s office.

News broke about a recall of Eunsung Motors.

Although Eunsung Motors voluntarily announced the recall, the U.S. Department of Justice continued investigating the defects and any cover-up.

The primary responsibility for the airbag defect lies with PAS, the manufacturer.

Although fines have not been finalized, they are expected to be at least hundreds of millions of dollars. Additionally, consumer and victim compensation lawsuits have not even begun.

With the suspension of airbag supplies, all PAS factories stopped, and sales plummeted.

In Mexico, where the PAS factory is located, the government froze the assets of PAS Mexico based on U.S. investigation materials. China and other countries indicated they would take similar measures.

The South Korean government has not taken any action yet, but PAS’s bankruptcy is inevitable.

Despite testimonies revealing the true owner, Park Si-hyeong denied it until the end, and President Park Si-han remained silent and avoided the media.

The Liberty Party, which should support Park Si-hyeong, was embroiled in internal strife over the responsibility for the presidential election defeat.

The pro-Park faction launched attacks against Lee Jung-hye and the non-Pro-Park faction, which retaliated by blaming the defeat on the President and pro-Park faction.

Opposition lawmakers pressured the government for a special investigation, but Park Si-hyeong pretended not to hear and did not respond at all, as he was the target of the investigation.

Separately from the special investigation, the prosecution began its own investigation.

Just as Park Si-hyeong had only considered himself, the prosecution was also solely focused on its own well-being. With a change of government imminent, it was better to be in a favorable position. They diligently investigated issues of illegal comments, government-controlled protests, and the true ownership of PAS. However, their past illegal activities remained largely unaddressed, leading to a cold public reaction.

The current president cannot be forcibly detained unless for serious crimes like insurrection or bribery. Therefore, the investigation focused on aides and relevant individuals.

Park Si-hyeong struggled to keep silent, but it proved ineffective. Several testimonies had emerged, and even aides who appeared at the prosecution after being told to be cautious quickly turned their backs.

Now, the key question is whether he will be arrested after leaving office.

Arresting a former president is not an easy task, but the evidence so far is more than enough.

Poll results indicated that 70% supported an arrest investigation.

Taek-gyu said,

“Really, why poke someone who’s just sitting still?”

I think the same way. If he hadn’t been involved with us, wouldn’t he have retired peacefully?

When I paused my chopsticks, Taek-gyu asked,

“What’s wrong?”

“Just wondering how it feels to go from the highest position of power to being a fugitive.”

“No need to worry. You’ve done so much during your time; I’m sure he can enjoy a happy retirement in prison.”

I agree on that point.

Even if he’s confined in a small cell, he might smile occasionally, remembering the money hidden in overseas accounts.

Senior Sang-yeop said,

“I just got a call from the CEO of CL Chemical. He wants to set up a meeting.”

“But you don’t like that company.”

Sang-yeop had once gotten into trouble with CL Chemical’s call options during school, leading him to debt with a loan shark.

“That’s all in the past. Business is business. Apparently, they have a great interest in the next-generation battery developed by Professor Kim Ho-min.”

I chuckled.

“It has to succeed.”

How many products fail at the commercialization stage?

Fortunately, Professor Kim Ho-min seemed to have strong confidence in solving the problems. He might have found a clue.

Unlike Seosung Group, where electronics dominate significantly, CL Group’s strongest sector among its subsidiaries is chemicals.

CL Chemical is not only the number one in Korea in large batteries for automobiles but also ranks among the top three globally. The future growth potential looks promising.

It’s only natural for the group to show interest.

Then, Taek-gyu seemed to recall something and spoke.

“Ah! That girl contacted me too.”

“Who’s that girl?”

“The daughter of the CEO of CL Chemical.”

We were taken aback by this.

“Was it Yang Hana? What’s the reason?”

Taek-gyu replied nonchalantly.

“She said she wants to apologize and suggested grabbing a coffee.”

“What?”

Even though something embarrassing must have happened, she reached out first to ask to meet?

Though Taek-gyu seems like an ordinary otaku on the outside… Actually, he is an otaku, but anyway, he’s the second-in-command with a 17% stake in OTK Company.

“So?”

“He said he doesn’t like coffee.”

In fact, Taek-gyu doesn’t drink coffee.

“So what did she say?”

“She said if he doesn’t want coffee, let’s meet for a meal instead, and he said he would think about it.”

The girl is being very proactive.

“Just meet her once.”

“Not interested.”

“Why?”

Taek-gyu flicked his fingers.

“She’s not my type.”

I imagined Yang Hana’s appearance. She was among the most attractive people in the hall that day.

“Isn’t she pretty enough?”

“Not sure about that.”

“…….”

Could it be that this guy has impossibly high standards?

Sang-yeop asked.

“By the way, Christmas is the day after tomorrow. What are you going to do? A date?”

“We’re planning to have a party at home with everyone like last year. You can’t come, right?”

“What are you talking about? Of course, I’m coming. I went last year, so I’ll go this year too.”

“Aren’t you going to date?”

“Date? What date? I don’t even have a girl to meet.”

“What about the fashion model you came with that day?”

In response to my question, Sang-yeop coolly replied.

“We broke up that day.”

“…….”

That’s too cool.

Though, it didn’t seem like he was very serious about it. Still, I never expected this senior to be so free-spirited.

Won’t he soon show up with a new girlfriend?

***

Mother came home a day earlier and slept. She woke up early to prepare food with the ladies.

Once preparations were mostly done, she sent everyone home to spend Christmas with their families.

Mother handed each of the ladies a cake and an envelope.

“You all worked hard taking care of Jin-hoo this year. Have a good time with your families.”

“Thank you, ma’am.”

I hadn’t even thought of doing something like this.

After the ladies left, mother wrapped things up by herself.

“You didn’t have to do this.”

“I should treat those who worked hard alongside you.”

The dining table was filled with various dishes.

“Don’t we have a cake?”

“I spoke with Sumi earlier; she said she would send a hotel cake.”

“Really?”

I was surprised that CEO Im Sumi would think of such things.

We turned on the living room fireplace for the first time in a while. Instead of struggling to start a fire, we just added logs and turned on the gas valve.

Before long, the logs caught fire and blazed brightly.

Taek-gyu said, “It doesn’t seem very warm.”

“It’s just for decoration.”

In today’s world with good underfloor heating, who needs a fireplace? Still, having a tree and a fireplace certainly creates a strong Christmas atmosphere.

Should we play some carols?

“Do you think Santa Claus will come down the chimney and give us presents?”

“… Is that a joke?”

These days, I don’t think kids believe anymore.

Just then, the doorbell rang.

“Looks like the cake has arrived.”

When I opened the front door, a man in a suit was standing there.

He politely handed me a paper bag.

“Congratulations on Christmas. This is a gift from CEO Yang Ho-young.”

“Huh?”

This was just the beginning. Next, gifts from the chairman and other CEOs started to arrive in a line. Wine, whiskey, bags, watches, shoes, coats, and so on.

It’s not even my birthday; why is everyone sending presents to our house for Christmas?

I took out a few cards inside, and they contained messages congratulating me on Christmas, expressing how pleased they were to see me at the party, and their desire to maintain a good relationship moving forward.

Is this what chaebols do for Christmas?

Before I knew it, the area under the tree was piled high with gifts. If I added up all their prices, wouldn’t it exceed 100 million won?

Taek-gyu muttered while looking at the scene.

“Jin-hoo, Santa Claus must really exist.”

“……”

As evening fell, guests began to arrive one by one.

“Hi, we’re here!”

“Welcome!”

Ellie, Hyun-joo, and Henry were the first to arrive. Soon after, senior Sang-yeop showed up, followed by Gi-hong and his girlfriend Hyun-jeong. The head of HR, Michael Lee, also came with his wife.

Everyone greeted each other warmly.

We gathered at the dining table to eat, then sat in the living room to drink wine and beer.

I raised my wine glass and said,

“Everyone has worked hard this past year. I hope for your continued support in the future.”

We all toasted together. Then, as we lit the candles on the cake, we celebrated Christmas and the safe passage of the year.

Ellie said with a joyful expression, “I think this kind of gathering is much better than a flashy party.”

“I agree.”

Spending quality time with people we know is what happiness is all about.

“There have been so many events this year, just like last year.”

I never imagined I would experience so much in just one year. The biggest incident has to be Big One, right?

I’m already half-excited and half-worried about what might happen next year.

Ellie took my hand and said, “You’ll do great, Jin-hoo.”

“Thank you.”

We spent Christmas drinking and talking late into the night.

Where else is welfare as important as salary?

Unlike the successful OTK Company, the current financial market in Korea is not looking good.

Unlike other countries showing signs of recovery after Big One, the Korean stock market has been continuously declining. When global markets rise, Korea falls, and when global markets fall, Korea declines even more sharply. Meanwhile, the exchange rate is on the rise, and bond yields are unstable.

There may be several reasons, but the biggest one is Eunsung Motors.

Eunsung Motors, which was the second-largest market cap on KOSPI, plummeted, dragging the entire stock market down along with its group stocks.

A car cannot be completed if even one of the tens of thousands of parts is missing, so it’s rare to source the same part from one company.

At minimum, parts are supplied by several companies, and overseas factories often contract with local partners (in some countries, they mandate that a certain percentage of domestic parts must be used).

However, Eunsung Motors monopolized the supply of important parts like airbags from one company, which led to these problems.

Recalls are one issue, but the delay in airbag supply has halved production. Situations may improve over time, but the question remains whether they can hold on until then.

Automakers have relationships with numerous suppliers: first-tier vendors, second-tier vendors, third-tier vendors… and below them are countless small and medium enterprises with around ten employees each.

My father’s company was one of them.

Eunsung Motors is managing to hold on reasonably well. Larger first and second-tier vendors are seeking other clients for survival. However, the lower-tier companies are struggling more each day.

Companies are already facing bankruptcy, and forecasts predict mass collapses if this situation continues for just a month.

The government, which should be planning measures, is completely inactive. The president himself is the one who created this situation, yet there is no will for a resolution.

When the talk was about business-friendly policies and creative economies, now they seem busy finding their own way out. If they were truly thinking about the national economy, they wouldn’t have wasted tens of trillions on overseas resources, like they were just eating a bowl of soup.

Frustrated small business owners have gathered at the Blue House to meet the president, only to be blocked.

One owner doused himself in gasoline and attempted self-immolation but was saved by citizens rushing to help.

I went to the neighboring building with Taekgyu.

The Korean branch of Golden Gate was incredibly busy. Most employees couldn’t leave their desks, eating lunch boxes or hamburgers while working.

In the branch manager’s office, Hyunjoo and Ellie were together.

“Is Golden Gate okay? The domestic stock market has been seriously declining lately.”

Looking solely at Eunsung Motors, its stock price has dropped to half compared to its peak, and other stocks, excluding IT, are also on a downward trend.

“Recalls are a problem, but delays in deliveries are a bigger issue. The domestic market is practically monopolized by Eunsung Motors, but delays in airbag supply are postponing vehicle deliveries.”

“Isn’t it just a problem that will resolve with time?”

“The issue is getting to that point.”

Hyunjoo said while smoking a cigarette.

“I’ve been looking into it, and it seems that several hedge funds have banded together to flood the market with short sales.”