[Heaven and Hell in the Stock Market, Saved by Chairman Park Seok-won
Amid mounting investor anxiety triggered by the naval skirmish in the West Sea over the weekend, the stock market opened to heavy turbulence as foreign investors unleashed a massive wave of sell orders right from the opening bell, sending prices plunging.
In the early minutes of trading, the KOSPI tumbled 4.6% in an instant, while the KOSDAQ also plunged more than 3%, driving investors into panic.
With nearly every sector except defense stocks falling, many believed the market was on the verge of complete collapse. Then came a dramatic reversal.
Bluehole Venture Investment, owned by Chairman Park Seok-won, who is renowned as the world's richest man, poured in an astonishing sum exceeding 1 trillion won, propping up the rapidly falling market.
As Chairman Park Seok-won absorbed the full shock of the crash, the market succeeded in rebounding. The KOSPI closed at 751.11 and the KOSDAQ at 70.48, wiping away earlier fears and finishing the session in positive territory.]
↳The moment the market opened and I saw the board turn completely blue, my face turned blue too.
↳I seriously almost went to check the temperature of the Han River water ;;
↳Serves those foreign bastards right lol. Tried to pull a fast one and ended up getting smashed by Chairman Park instead, huh?
↳Everyone, say it together. Chairman Park is a god!!
↳Look at the nerve of dropping 1 trillion won in a single shot;;
↳Is this what being the world's richest man looks like?
↳Damn it, if I'd known this would happen, I wouldn't have cut my losses and sold!!
↳Seriously, what would our country do without Chairman Park? Shouldn't we just elect him president?
Seok-won let out a small snort of laughter as he read the comments posted beneath the online article.
"I was just trying to scoop up blue-chip stocks cheaply in a market that was plunging on fear. I didn't expect this kind of reaction."
It meant that resentment toward foreign investors ran deep. Since the stock market had been fully opened after the IMF foreign exchange crisis, their influence had grown so powerful that they could sway the two major indices at will, and people were clearly fed up with their manipulation.
It hadn't been his intention from the start, but he didn't exactly feel bad about having turned the tables on the foreign investors who had tried to exploit the heightened anxiety following the Second Battle of Yeonpyeong to shake up the domestic market and pocket easy profits.
At that moment, Na Seong-mi knocked and opened the door.
"Director Choi Ho-geun is here."
"Tell him to come in."
As he replied, Seok-won moved the mouse and scrolled down the internet article displayed on his monitor.
Soon, Director Choi Ho-geun stepped inside through the door Na Seong-mi had opened for him and approached the desk, giving a deep bow.
"I've compiled the results of yesterday's purchases."
"Let me see."
As Seok-won took the approval folder and opened it, Director Choi Ho-geun spoke with a smile.
"We spent a total of 1.35 trillion won to acquire stakes in thirty companies."
Director Choi Ho-geun continued speaking, stealing a sideways glance at Seok-won as he reviewed the purchase results.
"We still had over 600 billion won in prepared funds left, but as you instructed, we immediately halted purchases once the two major indices rose above last week's closing level."
"You did well. The goal was to buy blue-chip stocks at low prices, so there was no need to push ourselves and keep buying. This isn't the only opportunity we'll ever have."
"That's right."
After confirming all the details, Seok-won closed the leather-bound approval folder and set it down.
"We not only recovered all of yesterday's losses but finished the session in positive territory. Buying pressure has continued through this morning, and we're currently showing a return of over 7%."
"Then we've made roughly 94 billion won in just a day."
"That's correct."
Wearing a satisfied expression, Seok-won leaned back against the cushioned chair and spoke.
"Except for the stocks I selected in advance, once the others exceed a 15% return, Director Choi, use your judgment to liquidate them."
"Yes, understood."
"The defense stocks we bought ahead of time have posted solid returns as well, haven't they?"
Standing in front of the desk, Director Choi Ho-geun curled the corners of his mouth upward.
"With tensions between the North and South continuing, they've surged again today, hitting the upper price limit and already skyrocketing 37%."
"I see."
Seok-won stroked his chin with one hand, pondering for a moment before speaking again.
"That's more than enough profit. Starting tomorrow, sell in tranches and make sure we unload the entire position by the end of this week."
The defense stocks had hit the upper limit for two consecutive days and were still climbing, so when Seok-won suddenly instructed him to sell, Director Choi Ho-geun showed a faint look of puzzlement.
Then, as a thought crossed his mind, he asked cautiously.
"Are you expecting the tensions between the North and South to ease without lasting long?"
Seok-won gave a small nod as he replied.
"That's right. After going so far as to hold the first inter-Korean summit and spending their entire term carefully cultivating a mood of peace, they won't want to shatter it just before leaving office."
"So you're saying they wouldn't want the Sunshine Policy—the hallmark achievement of the administration—to be concluded as a failure."
"Exactly."
With his fingers interlaced and resting on the armrests of his chair, Seok-won continued.
"Even after the naval clash in the West Sea, the fact that they have neither suspended the Kaesong Industrial Complex nor halted tours to Mount Geumgang, but are instead maintaining both, is clear evidence of the government's intentions."
Director Choi Ho-geun responded with a look of agreement.
"Even if we set aside the Kaesong Industrial Complex, in the event of an emergency, the tourists could immediately become hostages of the North. It did strike me as strange that they continue sending visitors to Mount Geumgang without halting the program."
Even as he said this, Director Choi Ho-geun maintained a cautious tone, as though something still weighed on his mind.
"Even if the government hopes to prevent the situation from escalating, wouldn't it all be meaningless if the North moves in the opposite direction? After all, this incident began with a preemptive attack from them."
Several days had already passed since the Second Battle of Yeonpyeong, yet the North was still denouncing the South Korean government and navy in harsh terms, making such concerns entirely understandable.
"They threw the first punch to avenge what they suffered in the previous naval clash near Yeonpyeong. But instead, they ended up losing a patrol boat, suffering multiple casualties, and taking far greater damage. Since they were defeated, they're probably taking an even harder line and sharpening their rhetoric to cover that up."
Seok-won let out a derisive snort as he spoke with firm conviction.
"As the saying goes, a barking dog doesn't bite. If they were truly intent on escalating things, they wouldn't just be blustering with words—they would've shown it through action."
"Hmm. Now that you mention it, that does make sense."
"From the North's perspective, after enduring the Arduous March and facing severe economic hardship, the dollars coming in from the Kaesong Industrial Complex and Mount Geumgang tourism are a major help. Why would they smash their own honey pot?"
At that, Director Choi Ho-geun's expression hardened with anger.
"We helped them through the Sunshine Policy while millions of North Korean residents were starving to death. And this is how they repay it? I honestly don't understand what they were thinking when they stirred up trouble in the West Sea."
"Probably out of fear."
At Seok-won's low, subdued tone, Director Choi Ho-geun asked back with a puzzled look.
"What do you mean, fear?"
"With North Korea's internal economy practically collapsed, once inter-Korean economic cooperation and Mount Geumgang tourism became active, their economic dependence on the South increased dramatically."
"That's true."
"Have you heard the story about how Choco Pies handed out as snacks to North Korean workers at the Kaesong Industrial Complex became wildly popular? They were given simply to be eaten, but the workers secretly took them outside the complex and even distributed them inside the North through the jangmadang markets."
"I believe I read about that in a newspaper article."
"And when countless South Korean tourists visit Mount Geumgang, what do you think happens if North Korean residents see them and realize that the South—something they had only heard about through rumors—is far more prosperous?"
"Ah…."
Director Choi Ho-geun let out a low exclamation.
"It would become difficult for the North Korean regime to maintain its system."
Seok-won nodded and unclasped his interlaced fingers.
"If they leave things as they are, it becomes a threat to the regime. But if they suspend inter-Korean economic cooperation, the flow of dollars dries up, and their economy immediately suffers. From their perspective, they're trapped in a dilemma—unable to move forward, yet unable to retreat."
"That certainly seems to be the case."
"The original purpose of implementing the Sunshine Policy was likely aimed at exactly this."
But knowing that it would ultimately end in a dismal failure, Seok-won could not hide the bitterness that flickered across his expression.
'The United States also expected that once China achieved economic growth, its one-party Communist system would naturally collapse and it would become a democratic nation—but that, too, was an overly optimistic assumption.'
It was the result of overlooking the fact that both countries were powerful authoritarian regimes that did not permit political freedom.
"On top of that, with the presidential election coming up soon, there was probably an intention to assert their presence to both the ruling and opposition parties."
Director Choi Ho-geun frowned.
"In the end, innocent young men from both Koreas were sacrificed for the benefit of the North Korean regime."
"That's right."
It was the kind of matter that made one's chest feel tight just thinking about it.
Seok-won, sensing a bitter taste lingering in his mouth, spoke in a calm voice.
"Which is why the current atmosphere won't last very long."
"Once tensions ease, the defense stocks that rose on the theme will plunge, so this must be the right time to sell."
Director Choi Ho-geun replied with a look of understanding.
"I'll proceed with the liquidation as you instructed."
After receiving a few more directions regarding future trading strategy, Director Choi Ho-geun left the office with the approval folder in hand.
Left alone again, Seok-won began reviewing reports submitted by the Eldorado Fund and its affiliates. Then, from one corner of his desk, his mobile phone began to vibrate.
Picking it up and checking the number displayed on the screen, Seok-won immediately pressed the button to answer the call.
[It's me. Is this a good time to talk?]
At the voice of Lee Cheol-gyun—formerly of the police intelligence division, now running a private intelligence firm that gathered and relayed various forms of domestic information—Seok-won adjusted his grip on the phone and asked,
"Judging by the sudden call, it sounds like something's happened."
[As expected, you catch on immediately.]
Though he had a rough idea of what it might be about, Seok-won feigned ignorance and said,
"Go on. Tell me."
[It seems SA Oil will soon be under investigation by the prosecution.]
The moment he heard the news, a sharp glint flashed in Seok-won's eyes.
"What are the charges?"
[Stock price manipulation and accounting fraud.]
"That's not something that can be brushed aside lightly."
[According to the prosecution's investigation, the executives have allegedly been using multiple borrowed-name accounts since the year before last to drive up SA Oil's stock price systematically. In addition, they are suspected of inflating operating profit and net income through fraudulent accounting.]
"If that's true, it could seriously shake the company. Are you certain?"
[Yes. The prosecution has already secured a substantial amount of evidence and has applied to the court for a search and seizure warrant.]
"Then that means the search and seizure will likely take place today, or tomorrow at the latest."
[Most likely, the prosecution will move before the day is over to prevent any destruction of evidence.]
Holding the phone to his ear, Seok-won nodded as he spoke.
"If a search and seizure warrant has already been requested, SA Oil must have caught wind of it. They'll probably try to act as quickly as possible."
[That's correct.]
"Keep monitoring the situation and inform me immediately if there are any developments."
[Understood.]
Seok-won calmly lowered the phone.
It was an incident that would send major shockwaves through the stock market the next day, yet his expression showed little change, as if he had already anticipated it.
"As expected, the incident unfolded just as I remembered."
Murmuring to himself, Seok-won allowed a deep smile to form on his lips.