The final month of 1998 had arrived.
Before the year-end executive meeting, I called in the company presidents I was close to for a private session in the planning office.
Taewoo Electronics, Taewoo Securities, Taewoo Telecom.
These were among the top subsidiaries of Taewoo Group, yet the executives, despite their status, were now presenting their reports with the humility of new employees.
"Taewoo Electronics has seen a significant increase in sales. The IT division, in particular, has delivered remarkable results. The game platform launched in the U.S. has surpassed 1 million users in a short time, and we're targeting 10 million by next year."
The game platform was proving to be more popular in the U.S. than in Korea.
With a population over six times larger than Korea's, the U.S. naturally had a market of an incomparable scale.
"What's the progress on expansion into Europe, South America, and China?"
"Europe is on track for a release by January at the latest, and there are no major issues in South America. However, entering China has been difficult—it's nearly impossible without forming a joint venture."
Breaking into the Chinese market was challenging in more ways than one.
But with its massive potential, it wasn't an option we could simply abandon.
Since we had already cultivated strong ties with the Chinese government through Taewoo Motors' expansion, it wasn't entirely impossible either.
"I'll take care of the China issue. We may have to give up half the profits by forming a joint venture, but if we succeed in entering the Chinese market, our revenue will multiply several times over."
"Also, the music streaming platform, Berry, is growing rapidly. Thanks to our policy of offering a 50% discount exclusively for Taewoo Telecom users, customer satisfaction is very high."
"Are the music programs on the three major broadcasting networks helping?"
"They're making a huge impact. Just as you predicted, the Korean music market has completely shifted to being idol-centric. Fans are using multiple accounts to download or stream songs to boost their favorite artists' rankings."
As expected, the music streaming platform was thriving, driven by idol fandoms.
The challenge, however, was accommodating general users who weren't interested in idol music.
"Add a separate genre-based ranking system alongside the main chart. That way, casual listeners won't feel alienated and will use the platform more comfortably."
"I'll coordinate with the IT division to implement this as soon as possible."
With Taewoo Electronics' update concluded, it was now Taewoo Telecom's turn.
"The gap between Taewoo Telecom and KS Telecom is now almost negligible. Depending on which company launches the stronger promotional event, the rankings fluctuate. This is largely due to the increase in subscribers driven by our game platform and music streaming service."
"So, we're neck and neck with KS Telecom. Next year, we need to pull ahead and secure the top spot."
"We're already running various discount promotions, but KS Telecom is also engaging in aggressive price competition."
The Korean market was limited in size.
Ultimately, it was a battle of market share, and for it to end, there had to be a clear winner and a clear loser.
"So they want a price war? Then we'll crush them with sheer financial power."
"Are you suggesting we lower prices even further?"
"Set our rates to be 10% lower than KS Telecom's, no matter what. Also, launch a new TV commercial every quarter."
There was no reason to back down from a financial showdown.
KS Telecom had picked the wrong opponent—competing in wealth against Taewoo Group was a foolish mistake.
"Sir, but Taewoo Telecom has limited funds available."
"I've already thought of a solution. We'll move the IT division under Taewoo Telecom."
"But the IT division has just started turning a profit."
From the perspective of President Woo Sung-il, this was an unfair move.
Taewoo Electronics had made the initial investment, but now Taewoo Telecom would reap the benefits.
"Then let's compromise. Instead of transferring the IT division, have them develop an exclusive new service specifically for Taewoo Telecom."
"That sounds feasible. What kind of service are you envisioning?"
"I'm planning to create a platform where users can watch movies over the internet. Think of it as a game platform, but for films."
The service I was referring to was OTT (Over-the-Top streaming).
In the U.S., Netflix had launched earlier this year, but it wasn't what we'd call an OTT service yet—it was merely an online DVD rental platform.
True internet streaming services wouldn't emerge for another six to seven years. That meant we had the opportunity to seize the market first.
"Are you suggesting a legal way for users to download movies? But that could make piracy even easier."
"For now, users will have to download them, but once internet speeds improve, they'll be able to stream movies in real-time on the platform. We just need to endure the criticism until then."
"Which film distributors would agree to such a deal?"
"Getting the latest films will be difficult, but we can start by securing the rights to older and classic movies."
You can't expect to strike gold on the first try.
The key was to focus on offering an innovative service—one that would also help us widen the gap with KS Telecom.
With Taewoo Telecom's report concluded, it was now Taewoo Securities' turn.
"The scale of our investment funds is increasing daily, and in the home trading system, Taewoo Securities has secured an undisputed No. 1 position."
"Maintain the course as it is."
There was nothing to criticize about Taewoo Securities.
They already had the top investment funds and home trading system, and it was only a matter of time before they became the leading securities firm overall.
"Summarize today's discussions and prepare for the upcoming executive meeting."
"Thank you for your guidance."
The three company presidents bowed and exited my office.
Just then, as if waiting for the right moment, Captain Kang called.
[Sir, we've detected Japanese funds flowing into Myeong-dong. It's not a large amount yet, but I thought you should be informed.]
"Give me the details. Where exactly in Japan is this money coming from?"
[The Yakuza is funneling funds into Myeong-dong through Busan.]
"I'm heading to your office now. Have the documents ready."
I immediately made my way to Captain Kang's office.
By the time I arrived, he had also summoned Dimon.
"How much Japanese money has entered Myeong-dong so far?"
"Based on our current findings, approximately 200 billion won. The actual amount could be even higher, given the secrecy of the transactions."
"So they're targeting the Korean private loan market."
Dimon's interest was piqued.
He was now managing an external consulting firm, but his background was far more impressive.
As a former ace at a major Wall Street investment firm, he had the ability to assess financial situations at a glance.
"Since Myeong-dong's private loan market has shrunk, they see an opportunity."
"In Japan, private lenders can only charge up to 20% interest. But in Korea, there's essentially no cap. They can easily make two to three times the profits, so it's no wonder they're moving in."
Dimon's analysis was spot on.
Korea's financial sector was still underdeveloped, while Japan had been refining financial engineering for years.
For the Japanese, Korea was the perfect hunting ground.
"The repeal of the interest rate cap during the financial crisis must have them drooling."
"The cap was lifted this January. In fact, their entry into the market is already somewhat late."
"Hmm… we need to intervene."
This wasn't technically Taewoo Group's concern.
But looking at the bigger picture, it was far from irrelevant.
If the domestic market remained healthy, Taewoo Group's sales would continue to rise.
But if Japanese loan sharks enslaved the people with sky-high interest rates, it would cripple the domestic market.
Money that should be flowing into our economy would instead be siphoned off by Japanese lenders.
There was no way I could just stand by and watch.
"If SAVE Investment injects capital, we might be able to block it, but if we directly enter the private loan business, our image will take a major hit."
"That's why we need an intermediary."
That role was originally meant for Gwanghwamun Bear.
But now, he had become a star in the sky—gone.
That meant we needed to find someone else.
Among those who had stepped up as his successor, I had to choose one.
"For now, let's stall. I'll use my grandfather's influence to pressure the government. If we can get the President to implement lending regulations via executive order, Japanese funds flowing into Korea will slow down."
"There's no way Japanese firms entered Korea unprepared. There's probably a massive cartel behind this—government agencies, politicians, and corporate interests all working together."
Captain Kang's words made sense, and I nodded in agreement.
Would Japanese lenders really just walk into the Korean market blindly?
They must have had some backing to confidently bring in their capital.
"We need to push back to gauge the size of this cartel."
"Couldn't that be a case of 'ta-ch'o-kyŏng-sa'?"
"Disturbing the grass to startle the snake. These days, it's often used as a warning not to make reckless moves, but it also means forcing the enemy to reveal themselves."
If you rustle the grass, the snake will show itself.
Of course, if you weren't strong enough to handle the snake, you risked getting bitten.
But if you had the right resources, you could hunt the snake instead.
"I'll mobilize our people to gather more intelligence."
"It's been a while since the lunatics had something to do."
When Captain Kang mentioned "our people," he meant fund subscribers.
That included individuals from the prosecution, police, tax office, and other government agencies.
We had recruited people who had been pushed out of their factions by bringing them into our investment network.
Their numbers had grown significantly each year, forming a powerful faction of their own.
"Also, there's something suspicious about Chairman Lee's death in Gwanghwamun. The doctor who pronounced him dead left for the Philippines last week."
"Can you track him down?"
"I've already sent people to the Philippines. They're experts at finding people—it won't take long."
"Make sure they have plenty of operational funds. I don't want to hear that we failed because we ran out of money."
"I've arranged for them to stay at a five-star hotel in the Philippines. And there's another strange detail—just days before his death, Chairman Lee transferred over 10 billion KRW to his grandson, Lee Young-han."
There were too many oddities surrounding Gwanghwamun Bear's death.
I had already looked into Lee Young-han's background, but found nothing out of the ordinary.
That should have meant he wasn't directly involved in his grandfather's death.
Yet, he kept coming up in suspicious ways.
"First, secure the doctor's identity. And keep close tabs on who Lee Young-han is meeting with."
"We have him under 24-hour surveillance."
"People in Myeong-dong are naturally suspicious. Don't let them catch wind of anything."
"Myeong-dong may have its share of hustlers, but they're amateurs. We're using military-grade equipment, and we've even brought in the latest surveillance tech from the U.S. We can monitor him from outside their field of suspicion."
At this point, everything was a mystery.
The only way forward was to stir the grass and force the snake to reveal itself.