WeTried Translations

Translator/Editor: Arsène

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◈ The Conglomerate Heir Just Wants to Fail ◈

Chapter 16

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The result was far from satisfying, but I felt as though I had found a glimmer of hope.

If the government didn't need the money... couldn't Daeseung spend it directly?

I immediately had Chief of Staff Lee Jinju summon the president of Daeseung Financial, the group's financial affiliate.

After shopping and construction, finance was my next target.

It was the place where money could be burned through most quickly, most pointlessly, and on the largest scale.

And wasn't charity the perfect justification?

A short while later, a man who looked to be in his late fifties entered the Vice Chairman's office, dressed in a perfectly tailored suit.

“Please, have a seat, President Jeon.”

“Yes, Vice Chairman.”

After pausing as though in thought, I spoke.

“Does Daeseung Financial have any social contribution programs?”

“Pardon? Ah, yes. Of course. Every year, we regularly donate to help people in need at year-end, and our employees also regularly participate in coal-delivery and kimchi-making volunteer work...”

“No, not that sort of thing.”

I cut President Jeon off.

Donations worth a few hundred million won or performative volunteer work would not be nearly enough.

What I wanted was a massive, spectacular way to make trillions of won in cash disappear into thin air.

“I am looking for a way to help people in need more... directly, on a larger scale.”

“How large a scale are you thinking of...?”

“Well... one trillion won, to start?”

President Jeon adjusted his glasses at my words.

“In that case, you should establish a foundation yourself, Vice Chairman. If you truly intend to manage such an enormous sum, donating to an existing foundation would create difficulties for both sides in many ways.”

President Jeon seemed to have interpreted my intentions as nothing more than the goodwill of a pure-hearted young man, and added some professional advice.

“The biggest problem is a lack of operational capacity. Most public-interest foundations in Korea are accustomed to operating on small donations. If they suddenly receive trillions of won in cash, they will be severely lacking in the specialists and systems needed to manage it efficiently and transparently. In the end, the money may simply sit in storage without being used properly, or at best be limited to one-time cash assistance programs.”

Donating to another conglomerate's foundation was naturally out of the question. Among organizations funded by donations from ordinary citizens and businesses, even the largest collected only around one trillion won a year.

“An even more serious issue is accounting transparency. It is an embarrassing reality, but some foundations are often caught spending a significant portion of donations on excessive administrative costs, or even misappropriating them for improper purposes. If the media were to report, even later on, that the money we donated had been wasted in that way, the Vice Chairman's goodwill would be tarnished, and the group's entire image could suffer the worst possible damage.”

“Hmm...”

It was true that I wanted to ruin my grandfather's company, but I did not want to watch some stranger I didn't even know squander that money however they pleased.

“That is why the wisest option would be for you, Vice Chairman, to establish and operate a foundation yourself. If we create one under Daeseung's name, we can fill it, from the board to the working staff, with people we trust. By directly controlling and overseeing every part of its business direction and budget execution, we can ensure that the Vice Chairman's intentions are carried out without wasting even a single won.”

I gradually found myself listening more closely to President Jeon's words.

“Of course, establishing a foundation is also a double-edged sword.”

“A double-edged sword?”

“Many companies have abused foundations as channels for improper gifts, illegal succession, or slush-fund creation. As a result, the media and National Tax Service watch them very closely. If a major conglomerate like Daeseung establishes a large-scale foundation, everything from its intentions to every movement of its funds will be placed under a microscope. If anything goes wrong, rather than gaining an image as a good company, we could be branded a cunning tax-evading company.”

Hmm... I wasn't planning to do anything strange with the foundation. My goal was just to spend all the money.

Would it still be a problem?

“A foundation that simply hands out money is likely to fail. Even setting aside the political risks I just mentioned, it would not be sustainable.”

At first, I thought that would be even better, since money would keep flowing into it. But I soon shook my head.

It was too unconventional, which would make it stand out and invite suspicion.

“One trillion won is, of course, an enormous amount of money, but it is nowhere near enough to solve poverty across all of South Korea. Instead... how about establishing the Daeseung Microfinance Foundation?”

“A microfinance foundation?”

“Yes. It would lend money to low-credit borrowers excluded from the formal financial system, small business owners, and young people just starting out in society.”

I tilted my head.

Lending money?

Wasn't that what banks did? Could Daeseung do that?

There was some law about separating banking and industry, wasn't there?

When I voiced that question, President Jeon continued his explanation as though he had been waiting for it.

“This is a different concept from the principle of separating banking and industry that concerns you, Vice Chairman. What I am suggesting is not a bank or savings bank operating for profit, but a nonprofit foundation serving the public interest. As one of the foundation's core programs, it would provide microcredit, meaning small unsecured loans at low interest rates. There is no legal issue with that under current law. In fact, it is something the government actively encourages.”

I only half listened to President Jeon's lengthy explanation.

Only two words stuck in my ears.

‘Low interest, unsecured loans.’

Wasn't that basically telling people to take my money and never pay it back?

“Then... do we get the money we lend back?”

I asked the most important question.

If we lent out money and received it back, that was the exact opposite of what I wanted.

“In theory, yes. However, Vice Chairman, the customers we would serve would be people with credit ratings of Grade 7 or below, day laborers who have difficulty proving their income, and young entrepreneurs with no collateral at all. They are customers at the very highest level of risk, people whose loan applications ordinary commercial banks would not even accept.”

President Jeon spoke calmly, but as the explanation continued, my heart began pounding with anticipation.

“Of course, the recovery rate would inevitably be far lower than at ordinary financial institutions. The bad-debt rate, meaning the percentage of money we fail to recover, would be beyond imagination. If we lend out one trillion won, we must be prepared for a substantial portion to become unrecoverable bad debt. But those very losses would become proof and a badge of honor of our contribution to society. We would not be pursuing profit. We would be serving as a social safety net to help them get back on their feet.”

‘A badge of honor? Money people don't pay back is a badge of honor?’

I cheered inwardly.

I had finally found it.

The perfect way to lose money legally, and even be praised for it.

Trying to hide my excitement, I cleared my throat and asked,

“Th-then, since we're doing this anyway, wouldn't it be better to give more people a chance? For example, we could loosen the loan requirements as much as possible...”

“That is exactly right, Vice Chairman!”

Perfect.

There was no surer, more legal, or more praiseworthy way to throw money away.

“Good. Let's do that.”

I nodded readily, and things moved forward at an unbelievable speed.

.

The Daeseung Microfinance Foundation officially launched.

While preparations to establish the Co-Prosperity Fund, which the government had loudly promoted as its own project, were still dragging on, Daeseung had grown impatient and created a separate foundation first.

Naturally, every media spotlight turned toward Daeseung.

Vice Chairman Kang Daeun naturally served as the foundation's chairman, but because he strongly avoided media exposure, the people who ultimately stood at the press conference podium were Chief of Staff Lee Jinju, listed as a foundation director, and President Jeon of Daeseung Financial.

As hundreds of camera flashes went off without pause, the two explained the foundation's vision and ambitions.

.

After the press conference, heavy silence filled the back seat of the large sedan on the way back to Daeseung Group headquarters.

Beside Lee Jinju, who silently watched the scenery pass outside the window, President Jeon spoke first.

“You worked very hard, Chief Lee. It was a very smoothly run press conference.”

“That was because you kept us on track so well, President Jeon. I merely read the prepared remarks.”

Lee Jinju answered modestly, but her mind remained full of complicated questions.

By now, she did not doubt that every decision the Vice Chairman made contained a profound intention beyond common sense. Yet this time, it was especially difficult to grasp what lay beneath it.

A foundation that neither made money nor simply donated it, but lent it out instead.

Lee Jinju cautiously shared her thoughts with the financial expert beside her.

“President Jeon. To be honest, I still don't understand it. Since it is the Vice Chairman's decision, there must be an extraordinary strategy behind it, but... why did he choose this approach? Considering the group's image, wouldn't it have been more straightforward to establish a generous scholarship foundation or provide medical assistance instead?”

President Jeon answered in a gentle voice, as if he had been waiting for the question.

“It is only natural that you would think so, Chief Lee. But in my view, this Daeseung Microfinance Foundation is not charity. It is the most sophisticated, far-reaching, and perfect form of investment in the future that I have ever seen, more so than any investment I have encountered.”

“Yes?”

President Jeon briefly turned his gaze toward the window.

To him, the busy downtown streets, filled with countless people, looked like the flow of an enormous body of data.

“What we are gaining now is data. The data held by banks and card companies consists only of the consumption patterns of stable people already within the formal financial system. But what about us? These people may currently be credit delinquents, small business owners, or young people from poor backgrounds, but some of them will surely succeed in getting back on their feet and become a new middle class, a new force of consumers. From the lowest point in their lives, we will be the first to obtain, and obtain most accurately, every financial record, consumption tendency, and stage of their success and failure. This is an exclusive information asset our competitors would not even dare imagine.”

Ordinary commercial banks found it difficult to access data on low-credit borrowers and financially excluded groups.

Therefore, when Daeseung's affiliates later developed new niche markets or alternative credit assessment models, the operational experience and data from this newly established foundation would become valuable assets.

“Data is only the beginning. What is more frightening is the lock-in effect. Chief Lee, when someone extends a hand during the hardest and most desperate time of your life, when everyone else has turned away, could you forget that favor for the rest of your life? The people who borrow from this foundation are indeed borrowing money, but they know that they could never have borrowed it anywhere else. By merely lending them a small amount when they are at their lowest, we gain lifelong allies.”

Lee Jinju nodded at President Jeon's words.

“And when these people gather one by one, they will become the most powerful speakers spreading Daeseung's values. Once they restore their credit, their first move will be to get a Daeseung Card, buy insurance from Daeseung Life, and open a stock account with Daeseung Securities.”

“Ah!”

Lee Jinju had naturally thought only of reducing corporate taxes through the foundation's launch, promoting the company, and improving its image. Now, she realized that the foundation's activities could also yield tangible benefits for the group.

“Did you explain all this to the Vice Chairman as well?”

“Of course. Hmm? Or perhaps not... In any case, the Vice Chairman would naturally know all of this.”

“Right. If it is the Vice Chairman...”

The sedan quietly drove through Seoul.

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