"The NewWave export orders have increased by 60% compared to the previous quarter."
Sunlight poured through the large glass windows, filling the CEO's office, as Seok-won leaned back into the plush leather sofa and set down his warm coffee cup.
He then turned his gaze to Executive Director Yoon Ki-hoon, seated to his right, and spoke.
"Given how quickly the order volume has been increased again, it seems MP3 players are very popular in the U.S."
"They perfectly matched the desires of young consumers who are always looking for something new. Plus, with the widespread use of the internet, creating or downloading MP3 files and listening to music has become much easier than before," Yoon Ki-hoon replied with a smile.
"On top of that, your strategy of releasing the products through Best Buy, which dominates 48% of the U.S. consumer electronics market, played a significant role in this success," he added.
Seok-won gave a gentle smile at the compliment and asked,
"So now we have to deliver well over 700,000 units. Can Digital Wave handle that entire volume?"
"They plan to subcontract initially to fulfill the current orders and expand the factory in Namdong Industrial Complex to further increase production capacity," Yoon Ki-hoon explained.
Seok-won, sitting with his arms crossed and one leg over the other, nodded slightly.
"Production capacity can't be stretched like a rubber band just because orders increase suddenly. To handle this volume, subcontracting is inevitable."
"That's correct."
"But if they focus solely on meeting order volumes and neglect quality control, the drawbacks will outweigh the benefits," Seok-won added.
Understanding immediately, Yoon Ki-hoon responded,
"I'll instruct Digital Wave to pay even closer attention to quality control."
"Make sure it's not taken lightly. Call President Ahn personally and tell him directly."
"Yes, I will."
Executive Director Yoon Ki-hoon smoothly shifted the topic.
"Also, MC Soft has completed the trial service for their online RPG, Lineia, and plans to start the official service next week."
"I tried the game myself. By now, it's fairly optimized—there's almost no lag during play, and most of the early bugs have been resolved," Seok-won replied.
"You play games too?"
Yoon Ki-hoon looked genuinely surprised.
Seok-won subtly averted his gaze and cleared his throat.
"It's a game developed by a company we invested in, so I wanted to test it properly to see if it turned out well."
"Judging by your comment that the lag and bugs are gone, it seems you must have played throughout the entire trial service period, not just once or twice," Yoon Ki-hoon observed.
It was something only someone who played consistently could notice. Seok-won, slightly caught off guard by the sharp remark, quickly changed the subject.
"Anyway, once the official service begins, the game needs to run smoothly for paying users. The servers have been expanded sufficiently, right?"
Yoon Ki-hoon pretended not to notice Seok-won's subtle attempt to dodge the question and answered matter-of-factly.
"They extended the testing period beyond the original plan, so all preparations have been completed. After switching to the paid service, staff will be on standby 24/7 to respond immediately in real time if any issues arise."
The plan was initially to switch to the paid service earlier. However, Seok-won had pointed out that if the service launched prematurely without being fully prepared, performance issues could lead to complaints and early failure in user adoption. Based on his advice, the trial period was extended by an additional month.
This allowed them to fix major and minor bugs, build positive word-of-mouth, and significantly increase the user base. The game was already a potential mega-hit, but Seok-won's intervention improved its overall quality even further, creating naturally high expectations.
"I'm already looking forward to seeing the results," Seok-won said.
After that, he spent some time receiving reports on the other companies he had invested in. Since Seok-won had intervened in many companies, the reporting session took quite a while.
"All right, I'll be heading out now."
"Go ahead," Yoon Ki-hoon replied.
As Executive Director Yoon Ki-hoon rose and left, a female secretary entered and cleared the teacups from the table.
Seok-won remained seated on the sofa, meticulously reviewing the report Yoon Ki-hoon had left behind, when the vibration of his phone alerted him to an incoming call.
Rising from the sofa, he picked up the phone from the desk and checked the caller ID before pressing the call button.
[Is now a good time to talk?]
The deep, deliberate voice of Lee Cheol-gyun came through. Seok-won sat back in his chair and replied,
"I instructed the investigation yesterday. There's no way it could already be finished—what's the matter?"
[The American fund Rothschild, which is handling Hansan Group's restructuring, presented a proposal to the creditors today to sell four of the group's main subsidiaries—including Manyoung Machinery, heavy industry, cement, and construction—to foreign investors for $1.8 billion.]
Leaning back in his chair, Seok-won furrowed his brows slightly at the news.
"$1.8 billion? That's roughly 2.4 trillion won. That wouldn't even cover all the debts, would it?"
[Correct. The four Hansan Group subsidiaries they're looking to sell have outstanding financial debts totaling around 6.35 trillion won. Subtracting the sale proceeds, over 3.95 trillion won in debt would essentially be written off.]
Seok-won let out a dry, incredulous breath.
"Wow. Not only are they selling prime companies at rock-bottom prices, but they're also wiping out nearly 4 trillion won in debt using taxpayer money."
Every domestic bank had already received massive government bailouts due to the foreign exchange crisis. So, if the financial institutions forgive the debt, it essentially means the public's hard-earned tax money is covering it.
Lee Cheol-gyun, clearly frustrated by the brazen behavior of the Rothschild fund, spoke with rare emotion in his voice.
[They're completely shameless.]
Seok-won clicked his tongue internally and gripped his phone tighter.
"Judging by the precise figures, they must already have a buyer lined up. Where is it?"
[I'm afraid we haven't been able to confirm that yet.]
It was a minor disappointment, but Seok-won knew better than to press further; the Rothschild fund wasn't careless enough to leak critical information.
"What's the creditors' reaction?"
[As you suspected, there are complaints about the undervalued sale. But beyond Hansan Group, they're holding so many bad debts that every dollar counts, so the general consensus is to reluctantly accept the deal.]
Seok-won's expression turned cynical as he remarked,
"They'll forgive the debt, and if there's a loss, the government will cover it with taxes—so everyone just goes along with it."
[That's certainly part of it. Additionally, the recent Manyoung Machinery strike likely pushed the creditors to hurry the sale and cut ties with Hansan Group.]
When Hansan Group entered court receivership, Rothschild, which had provided a $1 billion bridge loan to improve the financial structure, sought to reduce debt by selling off key subsidiaries. During this process, a massive layoff plan triggered a full-scale strike by Manyoung Machinery's union, demanding employment security and succession of collective agreements.
Since Manyoung Machinery produced essential automotive components, any halt in production could have brought the domestic auto industry to a critical standstill and potentially damaged the country's international credibility. The strike was therefore classified as illegal, and public authority was deployed.
Although inventory levels varied slightly among automakers, core components like air conditioners, intercoolers, and distributors produced by Manyoung Machinery were only sufficient for one to seven days.
If the strike continued, the production lines of domestic automakers would inevitably grind to a halt.
'The real reason the government rushed to deploy public authority was probably to prevent a strike against the layoffs from spreading like wildfire to other companies.'
Manyoung Machinery wasn't the only company experiencing large-scale layoffs due to the IMF crisis. Almost every domestic company was implementing layoffs and wage cuts, enduring a truly harsh winter.
In this context, if the Manyoung Machinery strike had sparked a wider labor uprising across the industrial sector, the situation could have quickly spun out of control.
'The ruble moratorium by Russia has already destabilized the exchange rate. If labor unrest spread further, it would be nothing short of a nightmare for the government.'
For that reason, the government, anticipating criticism, immediately deployed thousands of police officers to suppress the strike at an early stage.
"So, they're still being criticized for sending public authority into the Manyoung Machinery strike, and now they want to quickly sell it—even at a rock-bottom price—to get out of a troublesome situation."
[Exactly. With signs that political disputes could flare up, the creditors want to pull out of Hansan Group to avoid getting caught in the fallout.]
"Then it's safe to assume that the Rothschild fund's proposal will be approved at the creditors' meeting."
[That's correct.]
Even in his previous life, Seok-won had seen the handling of Hansan Group proceed exactly according to the Rothschild fund's intentions. He nodded while holding the phone to his ear.
"First, as I said, check whether the Rothschild fund actually invested the full $1 billion in a bridge loan to Hansan Group as promised to the government. Also, make sure the restructuring funds entrusted to them by the Industrial Bank weren't misused. And dig into whether there were any backdoor deals with Lim Jong-myung, the chairman of Hansan Group."
[Understood.]
There was a lot to do, but Lee Cheol-gyun replied confidently.
[If anything new comes up during the investigation, I'll contact you immediately.]
"Good. Let's do that."
Seok-won ended the call and placed the phone on his desk.
"They're trying to manipulate a government desperate for foreign investment, picking out the juicy parts and running off with the profits. Not while I'm around."
His eyes glinted sharply as he muttered in a cold tone.
In reality, the Rothschild fund had entered Korea wearing the mask of a benevolent investor. They first injected funds into troubled companies, cleared debts, and restored them to normal operation before selling them for profit.
"But they lured the government with the promise of investing $1 billion, then used almost none of their own money, sourcing most of the investment from domestic banks instead."
While enjoying all the attention and prestige, they weren't actually bringing in foreign capital—they were borrowing from local banks to buy prime companies at rock-bottom prices for profit.
On top of that, they benefited from the huge debt write-offs funded by taxpayers.
"Not just the Rothschild fund—most of the hedge funds entering Korea at this time used the same method to siphon off national wealth."
Later, when these undervalued prime companies were reacquired, the hedge funds earned massive additional profits.
"First, we'll deal with the Rothschild scoundrels who tried to pull this dirty trick."
A cold smile crept across Seok-won's face.