The 3th Generation of the Chaebol Wants to Live Quietly - Chapter 1114



Only Noblemtl

1114

Finally, he heard the agenda regarding the establishment of a new corporation, Plims, by Director Choi Min-hyeok.

“A new corporation called Plims? What’s the problem?”

Aide Sung Hwan-soo carefully revealed the facts he knew about Plims.

“It is said that LC Electronics recommended the purchase of Plims shares. Since it is a corporation that was created by extracting only Plims-related technologies, it is not a bad suggestion.”

“But Plims hasn’t even started yet?”

“I thought so too, but no. They say they have already achieved a level of communication that is possible to some extent using test switches and test terminals.”

“… Wait, what did I do wrong? We’re just establishing the Plims technology standard, how come there’s already a test platform? It wasn’t CDMA. It took years just to get that one working.”

“… In fact, it is not wrong. When I first heard about it, I thought it was a joke. However, when I actually met with ETRI’s Director Oh Hyeon-jong and confirmed it, the results were completely different.”

“… … ?”

Vice Minister Lee Hwan-chae could not understand this situation at all, so he called in his aide Seong Hwan-soo and an ETRI researcher to explain it to him about ten times before he understood.

No, he just opened his mouth wide.

“I, really? Is, is this true?”

Assistant Seong Hwan-soo also had a tired face.

“Yes, it is true. But there is one problem. It is about selling shares. It is connected to foreign investment regulations, so there are quite a few problems.”

“Are you saying that we should block the sale of Plims shares because of regulations?”

“No, I’m not saying we should block it. We need to ease the regulations. However, it’s clear that Director Choi Min-hyeok will use this as an excuse to set conditions. That’s the problem.”

“ah.”

Only then did Vice Minister Lee Hwan-chae realize, “Oh no.” It was a hushed fact, but it was true that a high-ranking government official had been involved in a recent incident involving the Hankyoreh newspaper.

He also heard it through various channels.

However, he did not show it on the outside.

Director Choi Min-hyeok was being so annoying that I secretly hoped he would show me the bitter taste of the moment.

But at this time, news of the establishment of a new corporation and sale of shares of Plims came out.

It was never a coincidence.

Aide Sung Hwan-soo was concerned about this.

“I’m not sure, but there have been quite a few forces attacking Director Choi Min-hyeok recently. The Han-Young Ilbo is the one that is outwardly visible, and there are other forces that are not. There was even talk of a hearing for Director Choi Min-hyeok in the U.S. House of Representatives.”

No, are you saying that there is talk in the US Congress of keeping Director Choi Min-hyeok in check?

“… So, as an alternative, Director Choi Min-hyeok brought up the issue of establishing a new corporation, Plims?”

“Yes. And I think they chose LC Electronics and us as their scapegoats… … .”

There was a brief silence between the two men.

This couldn’t have just happened.

This is a particularly sensitive time.

Vice Minister Lee Hwan-chae was astonished at the absurdity of it. He was surprised that Director Choi Min-hyeok could freely adjust the timing as he pleased.

‘So you’re saying that it’s possible to develop technology faster if necessary? Does that make sense?’

The problem is that it is impossible to refuse Director Choi Min-hyeok’s proposal.

“Surely you wouldn’t set up a new Plims corporation in the US? You could list it on the NASDAQ.”

“… that’s the problem.”

“Ugh.”

Only then did Vice Minister Lee Hwan-chae realize Director Choi Min-hyeok’s plan and click his tongue.

It was mind-boggling.

How can this be possible?

I couldn’t understand it at all.

Aide Sung Hwan-soo spoke carefully, watching Vice Minister Lee Hwan-chae’s expression.

“We can’t just leave the Han-Young Ilbo like this. We have to talk about something. If we don’t, we’re in real trouble.”

“… … .”

Vice Minister Lee Hwan-chae thought about it for a while. As Aide Sung Hwan-soo said, he couldn’t just leave it like this. Now that things have come to this, he had to talk about it.

He was particularly concerned about the Foreign Investment Promotion Act.

This bill had already been submitted to the National Assembly thanks to Director Choi Min-hyeok.

“… Try contacting Director Choi Min-hyeok.”

“…All right.”

* * *

Secretary Seong Hwan-soo also approached Director Choi Min-hyeok cautiously.

The justification he gave was that he was seeking advice on promoting foreign investment.

There was no reason for Director Choi Min-hyeok to object to the various types of support he offered to the company.

Moreover, Director Choi Min-hyeok had to tell the story at least for the sake of the Han-Young Daily.

No, in fact, Director Choi Min-hyeok was waiting for this proposal. The reason he leaked the information to the Ministry of Strategy and Finance was because of this.

He was currently contemplating one thing.

These are the people who get involved when you start to touch the Han-Young Daily.

The Han-Young Daily will first begin to build up its case by raising issues of press infringement and the right to know.

If those behind it come forward, the story becomes complicated.

Especially other media and the National Assembly.

Director Choi Min-hyeok had to first guarantee these interests and then make them step down.

That is why he took the Ministry of Finance and Economy’s request for a meeting seriously.

No, to be exact, I was going to step forward first if the government didn’t request it.

[Okay. Let’s do it in the form of a meeting. Invite other businesspeople, but I’ll attend alone. I don’t want to do things twice or three times, so if possible, I’d like the relevant organizations to attend as well. Do you know what I mean?]

[…yes.]

Aide Sung Hwan-soo reported again to Vice Minister Lee Hwan-chae.

Vice Minister Lee Hwan-chae also wanted to meet with Director Choi Min-hyeok and have a detailed discussion anyway.

He spoke to the staff of relevant organizations, including the Director of the Information and Communication Policy Office of the Ministry of Science and ICT, to reduce unnecessary trial and error.

They said they would actually attend despite their busy schedules.

Director Choi Min-hyeok had no reason not to visit the Ministry of Strategy and Finance as it was operating flexibly.

Even when he arrived at the Ministry of Finance and Economy building, he recalled memories from his past life.

I remember coming here at the time to ask for the government’s policy project.

At that time, I was the one.

To convince high-ranking government officials, you had to give them whatever they wanted.

But today was the opposite.

About ten vice-ministerial level officials, including Director Lee Won-han, were waiting for Director Choi Min-hyeok.

“Welcome, Director Choi Min-hyeok.”

“…yes.”

There were more than ten vice-ministerial level working-level officials there.

Even though it was a meeting, it was something that was transparent.

Vice Minister Lee Hwan-chae steps forward and shakes hands with Director Choi Min-hyeok.

It was unbelievable.

Even though Director Choi Min-hyeok was acquainted with him, it was a reaction that a proud high-ranking official would not show.

“Nice to meet you again.”

The same goes for Lee Won-han, the director of the Ministry of Information and Communication. I had some acquaintance with him.

It’s because of the satellite business.

“Thank you so much for the satellite work.”

“Of course. It’s something that needs to be done. If you have any difficulties with the Ministry of Information and Communication, please contact us at any time. We will be happy to help you.”

“…Thank you for your words.”

“It’s not just a matter of conversation. Isn’t that what the government does? As a Korean, I have to do what I have to do.”

“…yes.”

Even when Director Choi Min-hyeok spoke with a smile, I couldn’t just accept it anymore.

Today, in this place, I bowed ninety degrees.

“hmm.”

Director Choi Min-hyeok saw the gazes of the passing civil servants filled with shock. It wasn’t all that strange for them to do so.

The civil servants who were waiting for him now were key working-level officials from each ministry.

[Thank you for inviting me to the meeting!!!]

He loudly proclaimed that it was a meeting.

Still, those watching did not seem to believe it.

Minhyuk Choi glanced at the article taking pictures from a distance.

He had one regret.

‘I can’t see the minister?’

It was natural.

Since today’s meeting was advisory in nature, the minister did not attend.

It was to prevent unnecessary gossip.

He was still satisfied. Rather, these people were in a better position than the minister.

These were eyes that wanted a lot from Director Choi Min-hyeok.

‘It must be because of the dollars.’

* * *

The story about the Foreign Investment Promotion Act began with the example of a Japanese general trading company.

The active investment of Japanese funds was intended to prevent the outflow of Japanese funds rather than to invest in the Japanese funds that were currently inflowing.

Director Choi Min-hyeok was quite satisfied as he silently listened to each person’s story.

There was no high-handed talk.

“… Just tell me what you need. I will add the Foreign Investment Promotion Act right away.”

There was no talk of establishing a new investment corporation, Plims Investment Corporation.

It simply suggested a way to make it easier for foreigners to invest.

Director Choi Min-hyeok smiled faintly at the story told by Vice Minister Lee Hwan-chae, who lowered his head even further.

“You don’t have to be like that.”

“yes?”

“Oh, the Vice Minister speaks so softly, it’s a bit burdensome.”

“No. Director Choi Min-hyeok has achieved some results, so I think it is natural.”

“Do you really think so?”

“Of course.”

Director Choi Min-hyeok brought up the subject casually when the other person appeared to be more humble than expected.

“It would be a great help if the government steps in to establish a new corporation and sell shares of Plims. However, what I am worried about is the fact that there are media companies like Hanyoung Ilbo that are spying on us.”

The staff, including Vice Minister Lee Hwan-chae, flinched and trembled.

Because they also know to some extent how this started.

Director Choi Min-hyeok lowered his voice and spoke subtly.

“I didn’t ask you to do anything special. The Constitution guarantees freedom of the press. However, defaming an individual with fake news is a different matter.”

“That’s true, but… … .”

“Oh, let me say this again. I’m not asking you to come forward to protect me. On the contrary. I’m asking you not to stop me from coming forward to protect myself.”

“… … .”

Vice Minister Lee Hwan-chae remained silent. He glanced at the others. They were equally embarrassed. What Director Choi Min-hyeok said was that they should actively step forward and block those involved in this matter.

Even the National Assembly was the target.

Director Choi Min-hyeok did not want to deal with them individually, so he pressured Vice Minister Lee Hwan-chae.

Vice Minister Lee Hwan-chae also knew that.

Director Choi Min-hyeok slyly mentioned one fact.

“We offered LC Electronics $200 million for a 1% stake in Plims. LC Electronics didn’t particularly object. I think Oseong Group and HY Group are no exception. The same goes for foreign governments and companies.”

Vice Minister Lee Hwan-chae was surprised by two things: the value of Plims’ stake and LC Electronics’ response. The next was foreign investment.

If a 1% stake is worth $200 million, a 10% stake would be worth $2 billion.

30% is $6 billion.

If these dollars flowed into the country, we could breathe a sigh of relief.

Vice Minister Lee Hwan-chae spoke cautiously.

“… What are your plans for the Han-Young Daily?”

“I want to take over the Han Young Ilbo, but that would be difficult. Even large corporations would be strongly opposed to it. So, as a compromise, I plan to replace the Han Young Ilbo management. I think that would be the best option.”

“… … .”

Vice Minister Lee Hwan-chae couldn’t give any answer. He didn’t even ask how to do it. He was really curious, but it would never be an easy task.

He sighed, knowing what Director Choi Min-hyeok wanted.

Because it is not easy to convince those involved in this matter.

But he couldn’t do that when he thought of the Plims stake.

If other major corporations get involved in this, we will eventually have to mediate.

There may be some dissonance, but it will all work out as Director Choi Min-hyeok intended.

“… Well, of course we can mediate. But there will be strong opposition from civic groups… … .”

“I’ll take care of that. What I’m saying is that if the government doesn’t step in, then the new company Plims will be listed on the Korean stock market. What do you think?”

Of course, they didn’t say when they would list.

Even how to handle the stake.

Vice Minister Lee Hwan-chae did hesitate, but it didn’t last long.

“… We’ll discuss this internally and then decide.”

“I’ll wait for your reply.”